The Bitcoin Challenge

Get started with Bitcoins

scratchThis challenge is intended to help you to get off the ground with all things Bitcoin (Ƀ).

So, get started, share experiences and ideas. Ultimately, maybe, make some money.

The Rules

  • Use NO seed money. The challenge is to start from ZERO. No matter how good a deal appears to be, do not spend your own money. The sites you will visit during the challenge will be littered with “too-good-to-be-true” offers.
  • Do not break the law. This is an educational challenge. So many people associate Bitcoins with criminal activity. That is not what we are about.
  • Keep it honest. Only post comments and referral links for services that have been tried personally.
  • Don’t get fired (or dumped) for obsessing. Some of the challenges involve repetitive tasks for small gain. It is all too easy to put too much focus on the mindless stuff.

The Challenges

Each challenge will be accompanied by an explanation post. Other progress can be shared there. If no links are showing, they are a work-in-progress: Come back to check for updates.

Start up tasks

  • Get a Mobile Wallet. A wallet is like a bank account. You use it to send and receive Bitcoins..
  • Set up Micropayment Accounts. 1 Bitcoin (BTC) can be worth $1000. Many of your earnings will be in much smaller denominations. To avoid excessive transaction charges, some sites use Micropayments to accrue earnings centrally, only paying to your wallet once certain thresholds are reached.

Earn a little, quickly

You will want to see money in your electronic wallet, even if it is a little. The Rules state that you can’t use any seed money, so you have to earn some.

Build you income streams

  • Crowdfund in Bitcoin. Crowdsource an event or add a Donate button or add a tip jar to something that is free. Let people show their appreciation with a small donation.
  • Get Referral income. Referrals are an excellent way of earning a passive income, but there are no guarantees. Most sites you will visit as part of the challenge will offer some sort of refer-a-friend incentive. Take a copy of every referral link. Share these links wherever it is appropriate (these posts will be peppered with them).
  • Sell a file (say, an eBook) for Bitcoin. There are sites out there that will allow you to upload files and let others download for bitcoin.
  • Provide a service and get paid in bitcoin. Not easy, but people are doing it.
  • Invest in something and show a profit. Beware of scams: Use small amounts.
  • Mine for Coins. Firstly, cloud mining is a scam. If you give them your money, they will steal it. Why bother? FREE programmes are designed to entice you in. They pay out and incentivise you to re-invest. NEVER re-invest.

Share the love

What goes around, comes around. Do your bit.

  • Click referral links. If you are visiting a site, try to click a link rather than typing a site address. It costs you nothing and could make someone else a small referral fee.
  • Allow others to share links. As long as you are sharing a site you trust, you can post links here in the comments. Let others do the same. You may even find a new site you love.
  • Tip someone. If you think someone has helped for free, share the love and give a small tip. (See below for my shameless begging)

tipjargClick the Jar to tip via CryptoJar, A Crowdfunding Tip Jar and Online Wallet.

donateAlternatively, scan the QR code using your Mobile Wallet App and tip directly.

8 thoughts on “The Bitcoin Challenge”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s