If you do a search for free bitcoins, you will be deluged with great offers to earn bitcoin by visiting websites or playing online games. There are suggestions that you start mining. After all, everyone knows that miners get great payouts.
First of all, most of the places that recommend joining sites where you earn bitcoins for watching videos, visiting websites, or any of the usual online low-paying schemes pay in satoshis.
What is a satoshi? It’s the smallest unit of bitcoin that gets to be recorded in the blockchain. What is it worth? One hundred millionth of a bitcoin (0.00000001 BTC).
What does this mean in terms of dollars? It converts to $0.0000824865 USD. This is on a day when a bitcoin is worth about $8,300. It’s a fraction of a cent. If you had a thousand satoshi, you would have 8 cents.
Be careful before you enter into the world with enticing suggestions that you can earn bitcoin. If it seems too good to be true, then it likely is too good to be true.
About mining bitcoin. Once upon a time, it was a reasonable way to earn bitcoin but it has become more challenging and you will be competing with mining farms. One of the largest mining farms is in Sichuan. It has three mining data centers and each center operates 2,500 mining machines. Hard to compete with that.
You can join cloud mining. All you need is your home computer and you can join a large mining center. Do your research. There have been complaints about slow payment and other hassles from cloud mining companies. Often you have to make a deposit in your account with the company to become involved.
It might be better to implement some other method of finding money and converting it into bitcoin. It can be as basic as what some people call the coffee factor. Take your coffee money for a week and use it to buy bitcoin. Be conservative and figure that you spend $3 a day on coffee at work. Take that $15 a week and buy bitcoin.
$60 will buy 0.01 bitcoin. On New Years Day, 2017, you could have bought that same amount of bitcoin for $9. The Web Bot creator Clif High who has been bang on with his predictions states that bitcoin will be worth $13,000 by February 2018. Rather than spend time earning satoshis or joining a mining cloud, consider buying a fraction of a bitcoin while it is still on the rise.