How to Use Your Bitcoin Wallet to Get Free Coins

Few things in life are as appealing as free money. For that reason, few things set off as many alarm bells as the promise of free money! After all, if something sounds too good to be true, it probably is… Right?

We usually don’t post these type of posts but in this case, the offer of free money has been tested by our team to be genuine and safe! The amounts on offer are also worth your time, assuming you hold a fair amount of bitcoins.

With Method 1 (Byteball), you can make for roughly $50 for every full bitcoin which you own. With Method 2 (Clams), you can make around $32 for every active Bitcoin, Litecoin or Dogecoin address which you owned before the 13th of May 2014.

Note: the sums mentioned above depend on the current market value of Byteball ($800) and Clams ($6.90), so your precise reward will vary over time… In 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 couple of minor strings attached:

1. Some manageable privacy risk, which we’ll show you how to mitigate, and

2. Performing a couple of moderately-advanced wallet functions, which we’ll guide you through in detail.

Why Are Projects Giving Away Free Money?

As bootstrapping is the hardest part of launching any new cryptocurrency, the successful distribution of coins to new users is critical. If nobody’s using a new coin, then it doesn’t matter if it has amazingly innovative technology, skilled developers, or a passionate 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 equally applicable to cryptocurrency.

2 users = 1 connection, 5 users = 10 connections, 12 users = 66 connections, etc.

It’s clear from the above diagram that the busiest network is the most useful, therefore the most valuable and most likely to attract ever more users in a positive feedback loop. As the altcoin market is beyond saturated – 756 and counting – competition for users is incredibly fierce…

Hopefully it’s starting to make sense why certain coins are just given away – and your “too good to be true” alarm is fading!

As a distribution method, giving away quantities of a new coin to Bitcoin holders – individuals with a proven interest in cryptocurrency – is perhaps the surest way to build an initial base of receptive users. If the new coin also delivers (in terms of technology, economy, interest and so on), it stands a great chance of gaining the initial traction necessary to rise above its competitors.

How to get free coins with Byteball

Byteball (GBYTE) was released in September of 2016 and is notable for not using a blockchain to order transactions, but rather a Directed Acyclic Graph (DAG). If you’ve ever mined Ethereum you may be familiar with this term. Indeed, Byteball is sometimes touted as the Ethereum-killer, as it offers lightweight peer-to-peer smart contracts. These 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 as Blackbytes.
“DAG-chain” example from the Byteball white paper, G being the genesis unit.

Method #1 – Byteball’s Offer

Every full moon, you’ll get free bytes and blackbytes for all the Bitcoins over which you can prove ownership – fractions can count as well. The next drop will occur at around 4:07 AM (UTC) on July 9th 2017. Each bitcoin will earn you 0.0625 bytes (currently worth around $50) and 0.132 blackbytes (currently worth around $2.50).

These Byte drops will continue through 2017 and perhaps into 2018, until all GBYTE is awarded. Roughly 25% has been distributed thus far, so this is a medium-term, repeating opportunity!

How to Claim Your Bytes

Step 1 – Wallet Installation

Download and install the correct 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 try this 32-bit test version of the Byteball client software.