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Sunday 20 September 2015

Bitcoin for fun and (a little) profit

Everyone knows about Bitcoin, but how many actually have any? There are many ways to buy it now, but you need to have some specific need to justify the cost. What if you just want some to play with?

The answer is faucets. These are sites that will give you a small amount of Bitcoin in exchange for being exposed to some advertising and usually you need to respond to some CAPTCHA (to prevent automated access). It really will only be a small amount, generally less than a cent's worth, but if you do this a few times each day it can build up.

Here's my suggestion of one way to approach this:

  1. Get a Xapo wallet. This a place to store your bitcoins. It will be on their servers and secured with your password. There's an app (Android at least), and you can even get a debit card
  2. Open a Bleutrade account. This is also a wallet, but also allows you to trade in many other cryptocurrencies
  3. Go to Moonbit and log in with your Xapo email address. You can visit as often as every five minutes to claim whatever amount has accumulated. There are bonuses for visiting daily, recruiting people, and some random bonus for no apparent reason. You can play with this, but we will exploit it below
  4. Use the Moonbit referral link to log in again with your Bleutrade Bitcoin address. You should be able to find that on the Wallet page if you click the + on the Bitcoin line and then Deposit. When you claim on the faucet with this account your Xapo account will get 25% of the amount too. This will build up over time.
  5. Once you have accumulated a reasonable amount of Bitcoin on Bleutrade use it to buy some of their Bleutrade Share. When you have enough of this you get a share of their trading profit twice a day. You probably need at least one share to get anything, but it will then give you a small amount each day. It's not much, but what do you expect for so little work?
  6. Of course you can use your referral links (as I am here) to recruit more people and earn from their efforts. 
  7. You can transfer your Xapo funds into Bleutrade to use there, but there is generally a fixed fee for this, so wait until you have a reasonable amount, e.g. $1 worth
I have tried some other wallets, including a local one on my PC so I could experiment with transferring between them. I have yet to actually buy anything with Bitcoin, but I have donated some to some projects. I've accumulated a few dollars worth. The price is not fluctuating much these days, but it would have to go up a lot to make me rich.

There any many other faucets, but I find Moonbit to give a reasonable return without being too annoying. Others want you to play games or watch videos. That's fine if you have the time. Bleutrade have their own faucets, but I don't make much from those. Bitcoin Zebra is related to Moonbit and gives a random amount each hour when you visit. Another simple faucet is freebitco.in.

I have looked at the Bitlanders social site that rewards you with Bitcoin, but it could take years to make a few dollars and I don't find it that interesting otherwise. I've also tried an Android app that pays random amounts each hour if you look at some ads, but the rewards are too small to be worth it to me. 

As with most things you are not going to make a lot for doing so little, but everything you make has some real worth and if you have the time you could make something worth having. I suspect some people play lots of faucets each day. The choice is yours.

I prefer to spend time socialising on Tsu where I make a nice little income, but I'll keep building my Bitcoin pot for future use.

Let me know your thoughts. I find cryptocurrencies fascinating and I think we will all be using them in some form in the future.