The digital currency Bitcoin has made headlines over the past few years, heralded as a revolutionary new way of sending and receiving money. With many advantages over traditional currencies, Bitcoin’s popularity continues to rise as it makes its way into the mainstream.
What Bitcoin is
Bitcoin is an open-source digital currency which makes it easy to exchange and transfer money at a low cost. Transactions are recorded using a shared public ledger called a block chain. Bitcoin does not have one administrator or central repository and it is outside the control of governments. Transactions are made between Bitcoin wallets (i.e. users) using private keys (secret pieces of data) to prove ownership of wallets and to prevent alterations of transactions.
Advantages of Bitcoin
People from around the world use Bitcoin for a variety of different reasons. Here are some of the obvious reasons for using the currency:
- Users are anonymous – the Bitcoin address that is generated for user purchases changes with each transaction and is never associated with his or her identity.
- No meddling from 3rd parties – users have much more freedom than with traditional currencies as it is a peer-to-peer system with no way for banks or governments to freeze Bitcoin accounts.
- No taxes on purchases – Purchases have no sales tax as there is no way to track transactions.
- Low transaction fees – transaction costs are generally low because there is no bank or credit card involvement. Merchants save around 2-4% per transaction, which is what they would otherwise pay to credit card companies.
- Security – Bitcoins transactions are secured by sophisticated cryptography, ensuring that you, and only you, have access to and can make payments with your bitcoins. Unlike credit cards, fraud is almost a non-issue with Bitcoin.
- Convenience – to transfer money to people in different countries, you can keep things in the same currency, rather than having to worry about conversion.
- Potential appreciation – Bitcoin’s value swings by the second. If you get paid in bitcoin by a survey site and time it right, by the time you exchange your bitcoin for cash, it might be worth more than what it was when you initially received it.
How to use and get paid by Bitcoin
You can transfer your Bitcoins from your own Bitcoin wallet to another person’s wallet. Although some retailers accept Bitcoins, most retailers have been fairly slow to adopt the currency. Services such as Snapcard fill this gap, and act as an intermediary, allowing you to make online purchases with large retail outlets using Bitcoins.
Getting paid by Bitcoin is as simple as having your own wallet, and receiving payments directly to your Bitcoin id. Some sites also utilize services such as Snapcard to make sending payments easier, and receiving payment via such Bitcoin services is quite common.
How to open a Bitcoin wallet
In order to get paid or sell Bitcoin, you will have to have your own wallet which will enable you to manage payments associated with your Bitcoin id. Coinbase is one such wallet provider and is reliable, straightforward, and free to use. Similar to currency exchange services, they charge a small fee (called the “spread”) when you buy, sell, or transfer your wallet contents.
After you receive bitcoin, you can transfer it directly to your bank account or PayPal account. These options vary by country, but are simple to set up. With Coinbase, you can also buy Bitcoin, Ethereum, or Lietcoin via your bank account, or credit card.
How to earn Bitcoins taking surveys
You can earn Bitcoins by participating in surveys and by getting involved with GPT (get-paid-to) websites. Although we are only aware of a couple survey sites that directly offer Bitcoin, you can also take surveys through GPT sites and earn them that way.
The following are bitcoin survey sites:
Complete online surveys via your desktop or through the Toluna app in exchange for points. USA members can earn bitcoin in denominations of $20, paid via Mybitcards.com.
Take surveys and participate in product testing in exchange for points. Redeem your points for Bitcoins in denominations of $5-$25 USD. Available internationally, but people living in North America will have the most success.
Watch videos, complete surveys and complete surveys for OPTin Coins. Redeem your points for Bitcoin paid directly to your Coinbase account. Ethereum redemptions also available. Website is international, but users in the USA will have the most success with the program.
A GPT program that only requires your Bitcoin wallet id to start earning. Take surveys through Peanut Labs, complete jobs through Figure Eight and complete offers in exchange for bitcoins. The simplest way to get paid directory to your Bitcoin wallet.
Complete surveys, watch videos, do small tasks, and refer friends in exchange for points. Redeem your instaGC points for bitcoin by providing your Coinbase email or Bitcoin address. The amount of bitcoin you receive will be based on what it’s trading at for that day and will be stated.
SurveyTime started offering bitcoin in November, 2019. Receive $1 in bitcoin (instantly!) for every survey you complete. No panels to join or complicated points systems to figure out. Available internationally.