If you are like me, you probably know jack about how to "Mine Bitcoin". So it caught me by surprise to stumble upon an easy & legitimate means of earning my own Bitcoin (BTC), without spending any of my regular hard earned real life cash.
The people over at FreeBitCo.in have an ingenious method that lets anyone use their browser to aid in their BTC mining operation. All you need to know how to do is click some buttons. The incentive for assisting them, gives you your very own pile of BTC. You can withdraw your BTC at any time to any accredited cryptocurrency exchange or wallet system.
It's really quite simple. There are two methods which we can take advantage of to grow our own stash of BTC. These are the Passive (in-browser) Mining App and the provably fair Hourly Roll Game.
Every 60 minutes your account earns a roll in the, Provably Fair Roll Game. This roll will always award some BTC with a chance to win additional BTC on exceptional rolls above 9885. You simply pass the robot captcha and click the ROLL button when its active. The return in 60 minutes & repeat.
Enable the "Play sound" checkbox on the page and go on about your normal business. You will be alerted when your next roll is ready. The grand prize roll always yields an amount of BTC equal to $200 USD at the real-time exchange rate. The amount of BTC you earn for the other tiers is also fixed based on USD pricing. I've charted them out for you below.
Reward Points (RP): RP can be used for purchasing a variety of physical prizes or Bonuses which increase awards from the Roll game for a period of time. You can also save up your RP and once it reaches 100,000 you can exchange it directly for BTC. These are the categories you can shop in with your RP:
Lottery Tickets (Tickets): You also earn tickets with every roll. These are automatically applied to the Weekly BTC Lottery. The more you earn the better chances you have at winning the grand prize, which can be as much as a full Bitcoin worth of BTC or more. The reward of the Lottery is dependent on the number of total ticket entries. You can also opt-out of Lottery and earn additional RP instead. A typical weekly lottery prize tier looks like this:
You can increase the amount of BTC you have by devoting some of your computer's idle processing power to passively mining BTC in the background. This is super simple as well. Simply visit the provided Mining Link when logged in to the site. Then click START Mining after adjusting settings as you choose.
In addition to the free non-gambling methods already discussed, there is also at least one Game of Chance available, the Multiply BTC Game. As with all Games of Chance, it requires a bet and if not careful can easily soak up your stash of BTC. Try to avoid Games of Chance as a primary source of earning. It's important to remember that ALL Games of Chance are designed to benefit the house and not the player (you). So if you just simply want to earn bitcoin without risking any than keep to the two no risk, no cost options mentioned earlier: Browser Mining App & Free Hourly Roll Game.
Another important feature to note is that the BTC you have stored within your FreeBitCo.in account is in a compound interest bearing savings account. Once your account reaches the target of 30,000 Satoshi (0.0003) BTC (about $2-3 USD) your account will begin earning daily compound interest automatically. Generating additional BTC revenue for your stockpile.
You don't have to take my word for it. Independent reviews of the service lends additional credence to its legitimacy.
Whether their business model will hold up and changes will need to be made is still unseen. However, take advantage of the system now while its payouts are still lucrative and accessible.
I will be taking advantage of a lesser used feature of the site and opening up the Auto-Share feature for my referrals
I will be sharing 100% of all my referral commission with ALL of my referrals. The more people we have signed up within my referral link the more BTC we all will get on the weekly payout schedule.
if you have joined my referral network, you may also want to join the Free Bitcoin Reciprocal Referral Project - Minds Group. here I will be posting screen grabs of the weekly referral payouts so you can see the auto-share feature working for you.
Since FreeBitco.in is not a Cryptocurrency Exchange, you will need to have an account with an accredited Crypto Exchange to withdraw your BTC & exchange it for cash. I've heard good things about CoinBase from sources I trust so it is my preferred Crypto Exchange. If you Sign-Up with my Referral Link after you have exchanged $100 worth of crypto, both you (my referral) and myself (your referrer), get $10 of Bitcoin free.
You are by no means obligated to use CoinBase or my referral link for CoinBase to participate in the Referral Profit Share Project. This is just an extra bonus for those who want to give CoinBase a try for holding/exchanging their Bitcoin earned from FreeBitco.in
In this day and age Internet scams are everywhere. I will do my best to keep anything I recommend scam free. This doesn't mean that I cannot be fooled myself. However, I will be fully transparent about everything I find and know about any service I recommend. Good or Bad. This section is reserved for addressing any concerns that you wonderful people voice in the comments on here.
Special Thanks to: @StephenBeets00001 for voicing some fantastic concerns on here. I always appreciate constructive criticism!
Is this is really secure and legal?
I have not seen anything on the site or in its claims that question the legality or security of the service. Everything is done quite anonymously using hashes and no real user data is required by FreeBitco.in. I've both deposited and withdrew BTC using my CoinBase account without issue or the need to provide any form of identification information. It's important to know that this is not a Wallet service, you cannot cash out into real-world money using their service. You will need to withdraw your BTC using another accredited Crypto Wallet service like CoinBase.
As far as I know, there are no laws in the US that prevent you from mining BTC. However, as with any money you earn, if you turn it into $USD you are obligated to report that as income to the IRS.
Is this open source, does not rely on ads or in-app purchases?
There are no ads on the site anywhere. There are no in-app purchases either unless you count the optional ability to deposit BTC.
Will this install malware/badware/spyware/crapware/adware on my PC or mobile devices?
There is nothing to install. Everything is done within the browser without needing any extra plugins. You will need to grant permission for the Mining app to access your CPU but I have not seen any form of malicious intent personally. I've used the Mining and Hourly Roll game on multiple Windows PCs & Android devices using both Chrome and Firefox without any issues of infection occurring. If it helps, I am a Professional Systems Administrator for over a decade so I'm no slouch when it comes to protecting my devices.
It's essentially gambling for Bitcoins. I don't gamble.
As mentioned in the article, there are games of chance available on the site which you can use to gamble your Bitcoins. However, these are entirely optional. Both the Hourly Roll Game & In-Browser Mining app do not cost anything to use. They give you BTC and never take it away from you. Mining with multiple idle devices is the best way to grow your BTC stash. However, it's worth doing the Free Hourly Roll game too as there is a chance it will give you $200 USD worth of Bitcoin (at whatever the current rate is for USD).
How does FreeBitco.in make money to pay us interest?
When you hold money in your FreeBitco.in account, they split it into 3 parts - the first part is used to cover user withdrawals, the second part is used to bankroll their MULTIPLY BTC game and the third part is used to expand their bitcoin mining operation (which is currently 9.065 Petahashes or 0.036% of the total hash power of the bitcoin network). They make a profit and assume the full risks of their businesses and in return for you saving your money with them, they give you a risk-free fixed rate of return.