What are Bitcoins?

Bitcoins are a completely digital currency. Its distribution happens over so called peer-to-peer connections. All transactions are carried out through a strong encryption and a high grade of anonymity. Every transaction is traceable but not the user behind these transactions.

The system’s advantage is, that no bank or state can have influence on the price and cash flow. That means: Bitcoins have no standing orders or borders, every user everywhere can create and transfer Bitcoins.

Bitcoins are limited to 21 million. Doesn’t sound much but draw attention to the fact, that every Bitcoin can be divided into 100 million parts. That means there are 21 quadrillion single transferable Bitcoin units (“Satoshi”)!

What do I have to do to get free Bitcoins?

Your first task is: get the Bitcoin software from here. Start up the program and create your first Bitcoin address. this address is 33 characters long, quite crypted and impossible to remember. With the Bitcoin software you can manage all your addresses. Right, you can create as many addresses as you want.

All information are stored in your so called “wallet”. Keep it secure and make backups often. Get a separate USB stick for that. Remember: If you loose you wallet, you loose your free hard earned Bitcoins!

Now you can start to get some free Bitcoins with your new addresses. Just use the offers from our free Bitcoins list.

Where do I get more Bitcoins?

There are different ways. You can buy Bitcoins – just use the many trading platforms like bitcoin.de, Binance or KuCoin. Here you can trade Bitcoins into your preferred currency.

Another more complex (and more expensive) method is the “mining” of Bitcoins. To be a profitable miner you need special mining hardware, so called ASICs. special software, the so called miner, tries to verify complex cryptographic methods and creates Bitcoins in so called blocks, each worth 6,25 Bitcoins. Miners stick together in mining pools to combine all the computing power to handle the high difficulty of finding a valid block.

But 6.25 Bitcoin per block was not always the most you could earn. Every 210,000 blocks the reward is halved. When Bitcoin was introduced, a block was worth 50 Bitcoin (imagine that!). On November 28th 2012 the first halving came along and the reward shrunk to 25 – still an astounding amount. On July 9th 2016 the reward got halved again to 12.5 Bitcoin per block. We are currently at the third halving which occurred n May 11th 2020. The reward now became 6.25 Bitcoins. The next halving is estimated to take place on on May 4th 2024 down to 3.125 Bitcoin per block.