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What is Bitcoin? - How to earn Bitcoin without mining

BitForex Editor
Aug 17, 2020

Did you take Bitcoin for granted when it was nothing? There is another opportunity for you on how to get free bitcoins instantly. Many people ignored the cryptocurrency when it first debuted in 2009. Hopefully, they don't regret it. However some would wish they had invested in the currency when it's just started out, and it worthing just $0.0008. In 5 years, Bitcoin grew multiple times over since that time and it is now standing at a whopping 10,000 US dollars. If only they had known.


But despite the immense value of the digital currency, Bitcoin is still a profitable asset to invest in. Because even at about 10,000 US dollars, Bitcoin is still on the rise.  Prior to its rise — during the start-up phase of the currency, one of the reasons why a lot of people didn't invest in it was that they were skeptical. Who can invest in Bitcoin?

Although bitcoin started out as a means to trade unnoticed in the United States some time ago, now, anyone can trade the digital crypto. And it is not illegal.

There are numerous coin holding apps out now where you can exchange Fiat currencies for  fungible digital assets

like Bitcoin, Ethereum, lite coin, and the rest. All we want you to know is that cryptocurrency is not restricted to anybody or any particular sector.

What is Bitcoin?

There is no textbook definition for what the currency is. However by understanding the way the currency works and how it is run can give you a good idea.  The currency is digital and virtual which means you cannot touch it like you hold a dollar bill.

The currency is run on the blockchain which regulates the flow of the currency and processes all transactions. The blockchain is decentralized. This means that there is not one body circulating the money like a central bank. Rather, the blockchain involves a network of computers where transactions are recorded. This ensures that the records cannot be tampered with.

Now what we want you to take away from reading this piece is to know everything possible about Bitcoin, how you can get free bitcoin, and without mining. Mining is one of the famous ways to easily possess bitcoin amongst others.

So what is mining?

Perhaps you can picture men in a hole digging towards the Earth's core to find some precious crypto coin. The reality is not too far from that. Mining Bitcoin doesn't happen physically, rather it is a digital process. Here is a short detailed explanation of how Bitcoin mining works.

You already know that the blockchaim verifies its transactions via multiple computers. Hence, bitcoin miners are putting their hardware resource to help make the block gain work effectively and by doing so they get rewarded for it with tokens.

However, mining cryptocurrency is expensive and it is likely only profitable to a person who has the necessary resources. You need powerful computer processors,  and a constant power supply.

Some other ways to earn cryptocurrency are through airdrops. Unfortunately, Bitcoin has passed the stage where it would need airdrops to gain a steady foot in the crypto market. That leaves us with another way to earn Bitcoin which was introduced by Uulotto.

Meanwhile here are some of the ways to bitcoin without mining.

1. Exchange

Asides bitcoin,  there are other cryptocurrencies that you can trade for Bitcoin. You can trade Ethereum, litecoin, and STEEM on exchange platforms. For instance l, you can acquire the  STEEM crypto of you wrote on the steemit platform. The pay in STEem Wich you can exchange to Bitcoin at your discretion. Sometimes people HODL their coins. If you HODL your crypto you believe that it can appreciate before you trade it off.  This is one of the ways that many become reach from cryptocurrencies, trading.

2. Buy using Fiat currencies.

You can get trade your cryptocurrencies for another. In the same way,  you can also trade national currencies for Bitcoin. Today 1 BTC  is worth about 10,000 US dollars. For instance,  if you have $500, and you want to exchange it for Bitcoin, you would have 0.05 BTC at the end of the day. These figures might not be accurate as you read this due to high fluctuations in market prices.

How to get free bitcoins without mining?

So what is this method of earning Bitcoin?

Recently a certain company launched in CApp town. That promises to give free bitcoins. But it requires a little bit of effort on your part. Uulotto offers free BTC faucet instant payout on their platform.

Get bitcoin claim free BTC by playing games online at Uulotto.  You are required to play a simple game. You can earn up to $200 in Bitcoin. This initiative is also launched on CApp Town. Capp Town which means Cryptoapplictuion town and it is a first of its kind that features a variety of cryptocurrencies apps in one place.  It is based on the BitForex exchange and includes other popular apps like Paxful one of the foremost cryptocurrency exchange apps.

These are some of the important features of Uulotto;

You will Get Free BTC every hour

By playing a simple game that would be available to users every hour.  It's a game of luck and the more you try the sooner your luck finds you. You can earn anything up to $200 by playing.

Win High - Low Jackpots Up To 1 Bitcoin.

The Hi-Lo Game by the competent algorithm system implemented is a fair game. Players can earn as much as one Bitcoin by multiplying their cryptocurrency.

Free Weekly Lottery With Big Prizes. When you refer someone and they play the free bitcoin game,  you stand a chance to win the free lotteries every week.  Even without referrals you still stand a chance if you play the game.

The company even plans a feature that will take effect soon. If you fund your Uulotto wallet, there will be an annual interest of 4.17% which will accumulate on a daily basis.

Cryptocurrencies are quickly becoming the legal tender of the future. The wide acceptance of not only Bitcoin but other currencies after it has been highly welcome in general, despite controversies here and there. The high security of currencies in the blockchain is a big plus too, and any effort to make some crypto money would be a good investment.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

More details:

BitForex / Social Trading / CAPP Town

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