How to Use Your Bitcoin Wallet to Get Free Coins
Last updated on February 22nd, 2018 at 11:33 am
Few things te life are spil appealing spil free money. For that reason, few things set off spil many noodsein bells spil the promise of free money! After all, if something sounds too good to be true, it most likely is… Right?
Wij usually don’t postbode thesis type of posts but ter this case, the opoffering of free money has bot tested by our team to be genuine and safe! The amounts on offerande are also worth your time, assuming you hold a fair amount of bitcoins.
With Method 1 (Byteball), you can make for harshly $50 for every total bitcoin which you own. With Method Two (Clams), you can make around $32 for every active Bitcoin, Litecoin or Dogecoin address which you wielded before the 13 th of May 2014.
Note: the sums mentioned above depend on the current market value of Byteball ($800) and Clams ($6.90), so your precise prize will vary overheen time… Te both cases, you can either keep your free altcoins or instantly convert them to Bitcoin, another altcoin, or fiat.
Does this still sound too good to be true? Well, there are a duo of minor strings fastened:
1) Some manageable privacy risk, which we’ll demonstrate you how to mitigate, and
Two) Performing a duo of moderately-advanced wallet functions, which we’ll guide you through te detail.
Why Are Projects Providing Away Free Money?
Spil bootstrapping is the hardest part of launching any fresh cryptocurrency, the successful distribution of coins to fresh users is critical. If nobody’s using a fresh coin, then it doesn’t matter if it has amazingly innovative technology, skilled developers, or a sultry core community.
Metcalfe’s law states that the value of a (telecommunications) network is proportional to the square of its users, and this law is identically applicable to cryptocurrency.
It’s clear from the above diagram that the busiest network is the most useful, therefore the most valuable and most likely to attract everzwijn more users ter a positive terugkoppeling loop. Spil the altcoin market is beyond saturated – 756 and counting – competition for users is exceptionally fierce…
Hopefully it’s commencing to make sense why certain coins are just given away – and your “too good to be true” noodsignaal is fading!
Spil a distribution method, providing away quantities of a fresh coin to Bitcoin holders – individuals with a proven rente ter cryptocurrency – is perhaps the surest way to build an initial base of receptive users. If the fresh coin also supplies (te terms of technology, economy, rente and so on), it stands a fine chance of gaining the initial traction necessary to rise above its competitors.
How to get free coins with Byteball
Byteball (GBYTE) wasgoed released ter September of 2016 and is notable for not using a blockchain to order transactions, but rather a Directed Acyclic Graph (DAG). If you’ve everzwijn mined Ethereum you may be familiar with this term. Indeed, Byteball is sometimes touted spil the Ethereum-killer, spil it offers lightweight peer-to-peer brainy contracts. Thesis contracts enable conditional payments, prediction markets, insurance, betting and various bot-operated markets from within the standard client. Byteball also provides a stealth-coin asset, known spil Blackbytes.
Method #1 – Byteball’s Offerande
Every utter moon, you’ll get free bytes and blackbytes for all the Bitcoins overheen which you can prove ownership – fractions can count spil well. The next druppel will occur at around Four:07 AM (UTC) on July 9 th 2018. Each bitcoin will earn you 0.0625 bytes (presently worth around $50) and 0.132 blackbytes (presently worth around $Two.50).
Thesis Byte drops will proceed through 2018 and perhaps into 2018, until all GBYTE is awarded. Toughly 25% has bot distributed thus far, so this is a medium-term, repeating chance!
How to Eis Your Bytes
Step 1 – Wallet Installation
Download and install the onberispelijk Byteball wallet for your system. All major platforms, including mobile, are supported. Opt for the light / quick wallet if prompted. If running on a 32-bit version of Windows, you can attempt this 32-bit test version of the Byteball client software.
Step Two – Initialize the Bot
After installation, open the wallet and click this listig on the Byteball wallet pagina:
This will add the “Transition bot” to your Byteball wallet. This bot treats the assignment of fresh bytes and blackbytes to your wallet, based on your bitcoin holdings (spil well spil any existing bytes or blackbyte holdings – we’ll voorkant this opzicht zometeen).
Step Three – Talk to the Bot
An initial address will be automatically created by your wallet. Now it’s time to talk with the bot!
If the bot’s window isn’t already open, click the “Chat” tabulator
at the bottom right corner of the wallet interface.
Then select the “Transition Bot” spil your fresh conversation fucking partner
(don’t expect scintillating repartee but you can look forward to some free coins!)
Step Four – Listig the Bot with Your Receiving Address
An interaction with the bot is now initiated. The very first step, spil the bot explains, is to give the bot your Byteball address. This address wasgoed automatically generated and named by your wallet previously. Click the ellipsis bubble next to the text input folder and then select “Insert my address…”
32 character wallet addresses is blurred for privacy reasons.
Step Five – Prepare to Sign for Your Bitcoin Addresses
The bot then requests a puny Bitcoin payment to a Bitcoin address managed by the Byteball team. While this is a viable method to prove ownership, there’s another method which is both swifter and free – message signing.
At this point, familiarity with the functions and features of your Bitcoin wallet will be enormously helpful. Spil there are so many Bitcoin wallets available, it’s unlikely for this guide to voorkant all of them. Wij will demonstrate how to sign for an address using the Bitcoin Core total wallet and the Electrum light wallet. If using a different Bitcoin wallet, please consultatie its documentation for help on the following Three steps…
Step 6 – Display Address Balances
Te order to know which addresses to give the bot and sign for, it’s necessary to examine all the addresses contained within your Bitcoin wallet addresses. Note that so-called switch addresses may not be displayed by default within your wallet.
Unless all your Bitcoin payments were received by a single address (which is not recommended for privacy reasons), your wallet’s balance will be composed of amounts held within various addresses under your wallet’s control.
It’s necessary to inform the Transition bot of every address containing a significant amount of Bitcoin. Thesis amounts will be totalled by the bot to determine how many bytes and blackbytes you’re eligible to receive.
You may display all your Core addresses which hold value by opening the Console and coming in the listunspent instruction:
Click “Help” then select the “Debug window”.
Select the“Console” tabulator then come in the listunspent instruction.
Core will then list non-empty addresses and their values. Note down which addresses contain funds (copy-pasting the informatie into a text verkeersopstopping is the easiest way). This list is especially useful for finding switch addresses not automatically listed by the Core wallet te Step 8.
If the“Addresses” tabulator isn’t visible, click the “Wallet” spijskaart and then click “Addresses.”
Ensure that the “Receiving” and “Change” lists are expanded.
Now you can view all the addresses which hold your bitcoins, not just the receiving addresses which your wallet regularly displays. We’re getting under the spandex hood of your Bitcoin wallet here, understanding how switch addresses work will help you to improve your privacy ter future.
Step 7 (Optional) – Consolidating Numerous Bitcoin Addresses
Combining numerous addresses into a single address can save a lotsbestemming of time, depending on the number of addresses you intend to sign for. It takes about one minute to accomplish the signature process for each address, so determine accordingly.
To consolidate your addresses, simply send all your bitcoins to an address under your control. This should be a fresh or existing receiving address within a wallet you own.
Caution: perform this step well te advance of the next byte druppel – at least a week te advance to be on the safe side. If your consolidating transaction isn’t confirmed by the time the druppel occurs, you’ll miss out on the chance. Wait for a lull ter Bitcoin network activity – thesis usually occur overheen weekends – and consultatie our guide for informatie on setting an suitable toverfee.
Step 8 – Sign Text Messages Using Your Bitcoin Wallet
The same private key used to authorise payments from a Bitcoin address may also be used to create an un-forgeable cryptographic proof which linksom that text with that particular address. This process is known spil signing and it’s entirely secure – see the below section, “A Note on Signing Security Concerns”.
Unluckily, some individual wallets and most exchange wallets don’t feature signing functionality. If your wallet doesn’t support signing, you’ll either have to send the suggested micropayment to the Transition bot’s Bitcoin wallet or transfer your bitcoins to a wallet which does support signing.
This BitcoinTalk forum postbode, albeit slightly out-dated, provides a lotsbestemming of helpful information on which wallets support signing, spil well spil how to sign with them. Here’s how the process works, ter Three ordinary steps:
1) This very first step requires a little copying-and-pasting of addresses inbetween your bytes and Bitcoin wallets.
The Byteball bot asks for a Bitcoin address. Give it one which contains BTC. The bot will then ask you to sign your auto-generated Byteball address, using the provided Bitcoin address.
Two) Here’s how to sign your Byteball address using your Bitcoin address(es):
Select “File” menukaart then the “Sign message…” device.
For Part 1, click the left button to select from a list of receiving addresses
(listunspent exposes which contain funds).
Clicking the right button will paste any switch address you copied from the
Select the “Tools” menukaart then the “Sign / verify message” option.
Paste the relevant addresses and click Sign. Now copy the output.
Signing is a useful operation, ter the event you everzwijn wish to prove ownership of a Bitcoin address. However, spil the Core wallet advises, you should always name and date any statements you sign, particularly those with legal implications.
Ter this case, your signature can only be used to associate your Bitcoin addresses with a Byteball address. This is unlikely to cause you any problems ter future, albeit do see the cautionary note contained ter the below section, “A Note on Privacy Concerns.”
Step 9 – Give the Bot Your Signed Message
Get the signed message and paste it to the Byteball Transition Bot. If all goes well, the bot will let you know:
The Bot now knows you own the particular Bitcoin address you signed for!
If you were using a consolidated Bitcoin address, the process is now accomplish! If not, repeat Steps to 6 – 9 until you’ve signed your Byteball address with all your value-containing Bitcoin addresses.
Step Ten – Check Your Total Pending Byteball and Blackball
Visit this webstek and paste your Byteball address into the field provided. Within a few minutes of completing the signing proces, it’ll display the total amount of bytes and blackbytes you can expect to receive ter your Byteball wallet when the druppel occurs.
Multiply your number of finish bitcoins by the expected byte prize and compare the result by the total displayed by the webstek. If the webstek displays less than expected, it can only mean that you’ve forgotten to sign for one or more addresses.
I got the coins! Should I Sell or Should I Hold?
Once you have your free GBYTE, you vereiste determine whether to hold it or sell it! Below are some points which may help you to determine!
Note the run-up to June 9 th (crosshaired) and the subsequent dip and recovery.
Reasons to Hold
- The pattern so far has bot that Byte price dips on the druppel spil a percentage of newly-awarded coins are instantly sold, but then recovers shortly thereafter. This implies that price will proceed to rise, at least until the final coins are awarded.
- Holding GBYTEs te your linked wallet makes you eligible for a 20% verzekeringspremie ter the amount you’ll receive (based on your linked bitcoins) ter the next distribution round. A similar verzekeringspremie also applies to any blackbytes you hold.
- Byteball has yet to be listed on the major altcoin-only exchange, Poloniex. A price spike may be anticipated when (or if) it gets listed there, or on any other big exchange.
- Byteball’s DAG technology is promising… Slick scaling, effortless clever contracts and swift transactions are implied. Review the webstek and white paper for more details.
- Byteball’s distribution method and relative lack of promotional hype suggests a serious project geared towards major long-term success, rather than short-term build up. This would represent something of a welcome exception te the altcoin space.
Reasons to Sell
- If you truly need bitcoins or fiat te a hurry, then it’s better to sell bytes than a kidney!
- Byteball’s code hasn’t bot subject to any intensive peer review. It could contain secret bugs or exploits which harm the system.
- The DAG concept, spil supported by Witness knots, has also yet to be reviewed and challenged by cryptocurrency experts. There exists the possibility of a misaligned incentive structure or unknown attack(s) which could harm or even pauze Byteball’s security proefje.
- Byteball’s real-world resilience to a persistent fork – or even numerous simultaneous forks – has yet to be established.
It’s up to the individual to weigh the above points and come to a decision. Good luck!
A Note on Security Concerns
It occurred to this author that, if the Byteball wallet were a particularly crafty chunk of malware, it might trick users into providing signatures which could be used to authorise a transactions from users’ Bitcoin wallets – and drain them! However, this concern may be securely dismissed, for the following reasons:
1) Six Byte distributions have bot ended thus far, with no reports of any such malicious activity.
Two) The Byteball wallet generates the text to be signed (specifically, your Byteball address) before requesting any signatures from your Bitcoin wallet. It would have to a remarkably sophisticated malware to know which of your
Trio) The following conversation with Bitcoin Core developer, Gregory Maxwell, te which he confirms that preventions against such a signature attack have bot implemented te Bitcoin:
HeySteve: is it possible to construct a message to be signed by a bitcoin address, such that the signed message could also be a signature used to authorise a transaction?
gmaxwell: If by “signed by a bitcoin address” you mean the standard signmessage functionality, then the response is No because wij very cautiously constructed signmessage so this could never be possible.
What transactions are signing is sha2(sha2(masked transaction)) and what signmessage signs is sha2(‘Bitcoin signed message:’ || message)
(I might be slightly wrong about the precies string.)
I think the very early draft of that functionality didn’t do that– e.g. sha2(message), and someone (most likely mij or Peter Todd) pointed out that you could be tricked into signing something that wasgoed actually a transaction hash.
HeySteve: yes, that wasgoed my worry. I signed a series of 32 character altcoin addresses using my Bitcoin addresses
A Note on Privacy Concerns
If you go after the above proces, the Byteball developer and anyone he shares the information with(willingly or otherwise) will be able to associate your IP address with all Bitcoin addresses for which you signed. Further, it would be possible for other addresses you own to become associated with your linked addresses.
You may mitigate thesis issues instantaneously after the druppel occurs by anonymizing your bitcoins.
Method #Two – CLAMs Offerande
Clams / Clamcoin (CLAM) is a Proof of Stake cryptocurrency launched ter May of 2014. By the process known spil “digging,” CLAMs are loosely distributed to historical owners of Bitcoin, Litecoin and Dogecoin. All addresses of significant value, created prior to the 12 th of May 2014, are eligible for digging.
Ter other words, you can only eis free CLAMs if:
- you have a BTC, LTC, or DOGE wallet (backup) from May 2014 or earlier, and
- The address contained value(s) above “dust,” or the standard transaction toverfee at the time.
You will receive Four.6 CLAM for each suitable address! Spil the value of Clams has ranged inbetween $Five and $7 of late, this can add up to a considerable windfall! Unluckily, it’s difficult to calculate your expected CLAM prize beforehand. However, if you were an active Bitcoin user te mid-2014 and are familiar with wallet management procedures, then digging for Clams will very likely prove worthwhile!
How to Voorkoop Your Clams
Step 1 – Wallet Installation
Visit the Clams Client webstek to download and install the adequate graphical client for your system.
Step Two (Optional) – Download Blockchain Bootstrap Opstopping
Syncing your Clam wallet with the current version of the blockchain can take a long time, particularly if you have a slow internet connection.To speed up the process, download this
1.Five GB blockchain bootstrap spil a opstopping or torrent. Place this opstopping within the same folder spil your Clams wallet.dat opstopping – use your OS’s search feature to locate this folder or consultatie this wiki pagina (substitute “Bitcoin” with “Clam”).
This optional step permits the Clam client to sync primarily from your hard drive, rather than the internet. Further details on this process may be viewed here.
Step Three – Prepare Your Bitcoin, Litecoin or Dogecoin Wallet for Digging
Unlike the Byteball process described above, Clams does accept address signatures – it requires your sacred private keys! Spil sharing the private key to an address permits the spending of funds contained therein, it is very recommended that all funds be moved to a fresh wallet before performing this process!
Sharing your wallet’s private keys (even with Satoshi Nakomoto himself) is the single most dangerous activity any cryptocurrency user can perform – akin to sharing the login details of your online banking account.
This is why wij strongly recommend very first transferring any and all funds within the “dig wallet” to a fresh wallet. This would be a good excuse to invest ter the security of your cryptocurrency holdings by purchasing a hardware wallet, if you haven’t already got one. Hardware wallets require the generation of a fresh wallet ter order to securely store your funds.
If you’ve bot delaying the purchase of a hardware wallet due to their expense, consider Clams spil a way to get one at a discount – or even free!
There’s no time limit on the Clams distribution, so you have ample time to research the best choice of a fresh wallet. If you choose your existing wallet, you may be able to create an extra wallet within the same software – Electrum offers this functionality, for example.
Whatever you determine – either getting a hardware wallet or creating an another software wallet – ensure that your fresh wallet is decently set up and protected before importing all funds from the old dig wallet. Recall to backup your fresh wallet.dat verkeersopstopping or cryptographic seed, plus set and backup a password.
Once your old dig wallet is empty – and reminisce to reroute any pending payments to an address within your fresh wallet! – it’s safe to proceed with the next step.
Step Four – Digging for Clams!
The graphical wallet makes importing your old BTC / LTC / DOGE dig wallet’s wallet.dat verkeersopstopping (which contains the private keys) a plain process. Before performing this activity, ensure that you’re importing the juist opstopping – that belonging to your old wallet! If you don’t know where this verkeersopstopping is located, refer to Step Two (and raise your wallet backup awareness).
To avoid any possible confusion, consider renaming the directory containing your old dig wallet to something like old_Bitcoin_wallet_backup. Don’t delete this verkeersopstopping either – you never know when it might permit you to take advantage of another altcoin distribution!
Ensure that your wallet has fully synced before proceeding any further.
Now perform the following deeds ter your Clam wallet:
From the “File” menukaart, select “Import Wallet…”
Navigate to the location of your old dig wallet and choose it.
If you’re incapable to locate the wallet opstopping, configure your system to display hidden folders and files. The Clams wallet will now do the surplus! You should see your freshly-dug Clams emerge shortly.
Clam wallet following a successful dig.
Should I Sell or Should I Hold?
Once you have your Clams, you’ll need to determine what to do with them! Albeit far off its all-time high, like many altcoins, Clams’ price has bot on the rise lately:
CLAM-BTC daily chart for 2018 displays a clear uptrend.
To aid ter your decision, here are a number of positive and negative factors to take into consideration.
Reasons to Hold
- Clams is a Proof of Stake coin so, just by holding CLAM te an always-open wallet, you’ll earn more coins overheen time through the werkstaking process.
- The popular and long-running Just-Dice gambling webpagina permits you to invest your CLAMs te the webpagina, earning a share of its constant profits. The webpagina will also give you the werkonderbreking prizes for your invested coins. If left alone for a while, your investment will accrete steadily – rather like a pearl!
- Clams are available for (leveraged) trading on the popular altcoin exchange, Poloniex.
- Albeit not technically-innovative, Clams is based on proven blockchain technology.
Reasons to Sell
- If you need fiat or bitcoins, you very likely need them more than CLAM.
- Albeit there are projects te the pipeline, the coin is not being developed aggressively.
- The Clam economy is centred around Just-Dice, with little other activity at present.
Any further questions you might have are best asked ter the Just-Dice talk opbergruimte. This is the most active discussion forum for Clams, where you’ll very likely be able to get your question answered by dooglus himself.
Toeslag Free Money Method – Stellar!
Stellar is programma a 2nd distribution of lumens to Bitcoin holders. The distribution period is from the 27 th of June until the 27 th of August. This author did not participate te the previous Stellar druppel so can’t comment on the process. Further details are available on the Stellar webpagina, essentially one needs to sign for active Bitcoin addresses and provide a Facebook account, or hold coins on a participating exchange.
The Fairness of a “Bitcoiner Drop” Distribution
Effectiveness isn’t the only criteria for judging a coin’s distribution. Allegations of an unfair or selfish distribution can harm a coin’s reputation overheen the long term. Distributing fresh coins to holders of existing coins is arguably the fairest way to distribute a fresh coin, assuming the primarily held coins were fairly distributed.
If you’ve attempted this method yourself please let mij know your practice te the comment section below!