Bitcoin Earning Methods - Pros and Cons
Airdrops
Airdrops are a popular way to earn Bitcoin without investing money. They are promotional events where cryptocurrency companies distribute coins to users who complete certain tasks, such as joining a community or following social media accounts.
To participate, you can join airdrop communities and follow the specific instructions. However, keep in mind that not all airdrop communities are reliable, so you should double-check before you join.
| Pros | Cons |
| A simple way to earn Bitcoin with zero investment | Potential issues with regulations and taxes |
| A great introduction to cryptocurrencies, the ability to learn more about them | A token could potentially be worthless |
| Potential way of earning a passive income, if the received tokens' price increases | Safety and reliability issues, especially because of “pump and dump” schemes |
Faucets
Crypto faucets can be websites or apps that reward their users with small amounts of Bitcoin for completing straightforward tasks, such as viewing ads, solving captchas, playing games, watching videos, and more.
Some of the most popular faucets include Cointiply, Freebitco.in, and Bonus Bitcoin. The biggest downside to this method is that it has a limited earning potential, but it's a great introduction for starting with Bitcoin and learning more about it. Just like with Airdrops, make sure to choose a reliable platform before joining.
| Pros | Cons |
| The ability to earn Bitcoin with minimal effort. | The low earning potential, which may not be worth the time investment. |
| The opportunity to learn more about the cryptocurrency ecosystem. | The need to accumulate a significant amount of Bitcoin before being able to withdraw it. |
| The potential to accumulate small amounts of Bitcoin over time. | The possibility of encountering scams or fraudulent faucets. |
Using Freecash
Freecash stands out from other similar methods by offering a unique GPT reward system that allows users to choose from a broad range of available tasks to earn Freecash coins. These coins can then be exchanged directly on the platform for Bitcoin, providing users with the flexibility of earning Bitcoin through various tasks.
This feature sets Freecash apart from other methods that offer limited earning opportunities or require users to complete specific tasks to earn rewards. With Freecash, users have the freedom to choose tasks that suit their skills and interests, making the earning process more engaging and enjoyable.
| Pros | Cons |
| Users can choose what tasks they want to complete, aiming to earn BTC | No mobile app available for iOS |
| It takes only a few minutes to withdraw BTC, with a threshold of only $2 | Certain tasks may require you to sign up to a third-party service |
| A safe and reliable method of earning that doesn’t require any monetary investment | Some surveys are not that lucrative |
Pay-to-earn games
Blockchain-based games use blockchain technology to provide users with unique features such as security, transparency, and decentralization. Popular examples include Axie Infinity, Splinterlands, and The Sandbox, where users can earn Bitcoin by completing various tasks such as battling other players, breeding virtual creatures, or creating and selling virtual assets. These games offer advantages over traditional games in terms of security, transparency, and decentralization, allowing users to have full control over their assets and transactions.
| Cons | Pros |
| Certain P2E games will require you to invest vast sums of money to profit | The most entertaining way of earning BTC |
| Constant grinding for earning makes the game repetitive after some time | Lots of choices of games of multiple genres |
| Potential loss of money | Transparency and legitimacy |
Staking
Bitcoin staking is a way for BTC holders to earn rewards by helping to secure the network. Staking involves holding Bitcoin in a designated wallet and using it to validate transactions and create new blocks. In return, validators are rewarded with more Bitcoin for their contributions.
Essentially, it's like earning interest on your savings account by leaving your money in the bank. Staking helps to keep the network secure and decentralized while allowing users to earn passive income. Some of the popular staking platforms for Bitcoin include Kraken, Binance, and Coinbase.
| Pros | Cons |
| The potential for significant passive income with minimal ongoing effort. | The need to hold a significant amount of Bitcoin to earn significant rewards. |
| The ability to participate in the Bitcoin network and contribute to its security. | The potential for reduced profitability due to market fluctuations and changes in network difficulty. |
| The lower risk compared to other methods such as trading. | The risk of losing Bitcoin due to network attacks or technical issues. |
Bitcoin Earning Methods - Comparison Table
The table you’ll find below will show you the best five methods of earning Bitcoin, as well as the time required to earn 0,000039 BTC ($1), earning potential, and difficulty level of these methods, as well as additional details about them.
| Method | Time Required to Earn 0,000039 BTC ($1) | Difficulty Level | Earning Potential | Additional Details |
| Airdrops | Task duration for Bitcoin airdrops varies based on factors such as complexity and requirements, ranging from minutes to hours. *1 | Medium | By participating in multiple airdrops simultaneously, it's quite possible to earn more than $100 (0.000037 BTC) per month. | Earnings from Bitcoin airdrops are subject to taxation in most countries. |
| Faucets | More than five hours.*2 | Low | Up to $100 per month | Some faucets charge transaction fees for withdrawals, which can further reduce the amount of Bitcoin earned. |
| Using Freecash | Depending on factors such as the task choice, how fast a user can complete the task, and such, it takes roughly 30 minutes. | Low | The unlimited potential of earning BTC. | Requires collecting Freecash coins by completing tasks and exchanging them for BTC |
| Playing play-to-earn games | Earning rewards or income from playing blockchain-based games can take anywhere from a few minutes to several hours, depending on the game and the frequency of gameplay. | High | Around $2000+ per month, according to various sources. | Crypto games have a daily cap on earnings to sustain the economy. |
| Staking | N/A | Medium | Depends on the amount of BTC staked, the duration of the staking period, the current market conditions, and the overall network participation and competition. | Staking BTC can be a means of generating passive income, but it's recommended only for experienced cryptocurrency investors |
*1 - Some of the things to take into consideration when it comes to earning BTC through Airdrops:
- The legitimacy of the project: Before participating in any airdrop, it's essential to research the project behind it and ensure that it is legitimate. This can involve looking at the team members, the project's roadmap, and any partnerships or collaborations.
- Size of the airdrop: The size of the airdrop can vary widely, from a few dollars worth of tokens to hundreds or even thousands of dollars. It's essential to consider the potential value of the tokens being offered and whether it's worth the effort required to participate.
- Requirements for participation: Some airdrops require users to complete certain tasks, such as following the project on social media or referring friends. Evaluating these requirements and determining whether they are reasonable and achievable is important.
- Timeline for distribution: Airdrop tokens are typically distributed over a period of time, ranging from a few days to several months. It's important to consider the timeline for distribution and whether it aligns with your investment goals and overall strategy.
- Potential ROI: Ultimately, the success of an airdrop will depend on the potential return on investment (ROI). This can be difficult to predict, but it's important to evaluate the potential value of the tokens being offered and the likelihood that they will increase in value over time.
*2 - The key factors of earning Bitcoin through Faucets are:
- Frequency of payouts and minimum withdrawal amount: Choose a faucet provider that offers frequent payouts and low withdrawal minimums to maximize your earnings.
- Reputation and reliability of the faucet provider: Research the reputation and reliability of the faucet provider to avoid scams and ensure timely payments.
- Referral programs and other bonus incentives: Look for referral programs and other bonus incentives to earn additional Bitcoin through your network.
- Security and privacy measures: Ensure that the faucet platform has strong security and privacy measures to protect your earnings from theft or fraud.
- Ease of use and simplicity of the faucet platform: Select a faucet provider that is easy to use and navigate, with a simple interface and clear instructions for earning Bitcoin.
