Venezuela

Venezuela is currently going through a challenging economic period. The IMF predicts inflation may reach 1,000,000% by the end of 2018. As a result, many merchants and consumers are looking to use cryptocurrencies to trade products and save money.

In this article, we’ll explain how Venezuelan residents can get a head start by getting free Bitcoins. We’ll cover Bitcoin faucets, ways to mine for free, and a new service, CoinCola, an OTC trading platform that offers Venezuelans several ways to earn crypto tokens with little to no money upfront.

1. Tipping

The Venezuelan bolivar is unstable. As a result, many international brands – Calvin Klein, Subway, the travel brand Destinia – now accept payments made in cryptocurrencies like Bitcoin and Dash.

Fortunately, any Venezuelan can join these brands in accepting tips and payments made in cryptocurrencies. According to the Dash Core Group, 200 Venezuelan merchants join their payment system each month, and the number is likely to keep growing given the crisis.

The simplest way to accept payment in crypto is to get a Bitcoin, Dash or other wallet – then get a public QR code that lets people pay you easily. This makes crypto payments as easy, or easier, than plastic card ones.

2. Earn Bitcoin by completing tasks

Perhaps the simplest way to get Bitcoins for free is by using a service like Bitfortip that pays users for completing tasks:

Bigfortip

As you can see, the page features several questions on the left hand side. Answering these queries can earn Venezuelan users a Bitcoin reward, with the best answers getting the highest payouts. Other websites reward users for:

Completing forms and filling out surveys (CoinBucks)
Playing video games (BitJoy)
Viewing websites and videos (CoinAdder)

An alternative option is to look into the next item on our list: free Bitcoin gambling.

3. Free Bitcoin Gambling

If you haven’t heard of these, here’s how they work. When you go to a website like FreeBitcoin, you can win Bitcoins for free. You can then either “cash these out” by transferring them to your wallet – or play various games, like Hi-Lo, to multiply your winnings.

FreeBitcoin

The first difference from the previous methods is that you can get more Bitcoins if you’re lucky. The second is that you can usually get some tokens for free, without having to complete any actions or do anything else. This can make this an attractive option.

Next on our list, we’ve got…

4. Free Bitcoin Mining

As you likely know, mining requires hardware or a paid subscription to a cloud mining service. Fortunately, some mining pools, like Nice Miner, give you a little processing power for free when you sign up. This lets you earn a small number of satoshis just for registering.

The advantage here is that you’re mining all the time via the cloud at all times. You don’t have to complete a task or check in to collect free tokens. You don’t even have to keep your device online. All you do is register and come back to collect tokens when you need them.

Nice Miner gives you 50 GH/second for free. MinerFarm gives you 100 GH/s. 99Mining pays out over 0.000576 Bitcoin per day after you register. With these services and the others on the market, Venezuelans can easily get a few extra dollars worth of tokens for free each day.

Nice Miner

Now let’s look at another way to get free Bitcoins…

5. Cryptocurrency Faucets

Bitcoin “faucets” give Venezuelan and international users free tokens in exchange for simple actions – like feeding a virtual Zebra (at Bitcoin Zebra).

The reason faucets exist is twofold. Gavin Andresen, who made the first one, wanted to promote the use of Bitcoin by making it easy for anyone to get them. In addition to this, faucet operators get money from ad impressions, which lets them fund their websites and turn a small profit.

Payouts are relatively small – but if you rotate faucets and log in frequently, you can make a few dollars a day. This may not be a big deal for people in many countries, but in Venezuela, a few dollars can be equivalent to an adult’s monthly income – so faucets help.

Bitcoin Zebra

None of these methods will make you crypto-rich. But if you don’t look the gift horse in its proverbial mouth, free Bitcoins are free Bitcoins. If you want to earn more of them, and faster, you’ll want to consider the below 2 methods instead.

6. CoinCola’s Partner Programs

CoinCola is one of the biggest (if not the biggest) OTC crypto exchanges in Asia. It has recently announced plans to focus on the Venezuela market, and is offering users two generous propositions.

Users can refer a friend for a 50% commission reward. Every time a referred user completes a trade, CoinCola gets 50% – and the referring user gets the remaining half. This lets Venezuelan users get Bitcoin for free, even if they don’t make any trades themselves. CoinCola’s affiliate program also allows users to earn free Bitcoin by referring traders via affiliate links.

(You can learn more about the offer here).

Another way to get Bitcoins using CoinCola and other OTC exchanges is…

7. Arbitrage

This method is a little different to the ones listed above, because it requires that you either:

  • Own Bitcoin tokens.
  • Are prepared to buy Bitcoin tokens.

Here’s how it works. Simply out, you buy Bitcoin or other cryptocurrencies for a set price, and (usually) in bulk – then sell it off, usually in smaller chunks, at a higher rate. This is called arbitrage.

The reason we specifically mention CoinCola here is simple. Through October 31st 2018, their transaction fee for buying and selling Bitcoin in Venezuela is either 0 or 0.5%, depending on whether you complete a trade by posting an advertisement or not.

With a commission fee this small, making money through arbitrage is easier and less risky, which is why you may want to consider this specific exchange if you’re in the country.

Now let’s recap by going over the 3 main ways Venezuelans can get Bitcoin for free:

  1. Completely free methods like tipping, completing tasks, mining, faucets and cryptocurrency gambling.
  2. Referring friends to CoinCola
  3. Arbitrage on OTC exchanges

To learn more about why CoinCola is joining the Venezuelan market, click here.

The first method is slow, but it works for anyone. The second is faster and can be very profitable, given how popular cryptocurrency is in Venezuela today. The third is arguably the most profitable, but requires some initial funds – which you can get using the first two tips.

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