As an astute investor or even a newbie to cryptocurrency, you can earn free BTC to grow your total crypto holding and wealth. Also, when the price goes up, you can cash out your BTC and get handsome returns on your efforts to earn Bitcoin.
However, to benefit from such free BTC, you will need to know how to get free bitcoin. Also, you have to be aware of the obligations that come with it, such as declaring them when filing your tax returns because they are deemed taxable income in some instances.
Here are some of the ways through which you can get free Bitcoin:
Leveraging referrals and exchange sign-up bonuses
Are you getting into crypto for the first time or want to register on another crypto platform? You could earn free Bitcoin if you research exchanges that offer sign-up bonuses and make an account.
Some platforms also offer referral bonuses for using their services and referring other people to use them. For example, one of the top exchanges previously gave new users $5, which they were to invest in crypto.
Moreover, the exchange offers a bonus of $10 to you as the user and your referral when they create an account and trade for not less than $100. This way, you could get free Bitcoin for joining and then referring someone to a crypto exchange.
Earning free Bitcoin on savings accounts
Some exchanges such as YouHodler can offer you a Bitcoin savings account to earn Bitcoin interest after opening the account. As is the case with the conventional bank savings account, you can earn interest on your BTC deposits with such platforms.
However, crypto savings accounts have a key difference from traditional savings accounts — they have better interest rates. For example, on YouHodler, you can earn 4.8% interest on your BTC. And it’s so easy because, for YouHodler, all you need to do is to deposit Bitcoin into your YouHodler wallet, and you get Bitcoin interest payout weekly.
Earning free Bitcoin as crypto credit cards’ rewards points
You may have used a reward credit card. Well, a cryptocurrency credit card works in the same way as the other reward credit cards. However, the only difference is that you don’t earn cash back or points every time you swipe your card; instead, you get cryptocurrency.
Although most people enjoy simple rewards in the form of cashback, and you could still use your cashback earnings to buy BTC or other digital coins, crypto credit cards can enable you to grow your crypto holding seamlessly.
But you need to be cautious because the free Bitcoin you get on these cards only makes economic sense if you are aware of the high-interest rates. Therefore, if you decide to use a card to earn Bitcoin or rewards in other digital currencies, ensure you charge only an amount you can pay off in full each month and avoid attracting interest. It would be best not to carry forward a debt balance.
As you can see, getting free BTC is possible if you know how to go about it. You can opt to earn sign-up and referral bonuses on some platforms, earn Bitcoin interest on savings accounts or get crypto credit card rewards.
The crucial thing is to check and understand the terms and conditions for each option and the obligations that accompany them. This is the best way to make informed decisions.