When the value of bitcoins reached an all-time high of over two hundred dollars a year ago, people began to ask the question: Is there a free bitcoin generator online? 

There are many online avenues for generating coins at home. Some websites offer tutorials that explain how to set up a free account on a specific website. The instructions will usually tell you that you can begin by loading your computer with downloaded software and then follow a series of instructions to generate “bitcoins”. These instructions, however, have changed dramatically since the site was first released.

Protect Yourself

In order to make real money with the bitcoin generator online, you need to know how to protect yourself. First, you should know that any site offering you to transfer “bitcoins” is fraudulent. The only legitimate website offering you to transfer “bitcoins” is Silk Road. While the site was taken down in August, it has recently returned, and it is still running as a criminal enterprise.

Fortunately, you do not need any specialized knowledge to hack into a Silk Road server and gain access to your private keys. The site’s database is public, but the login information is encrypted. You do not need any special skills or training to break into the site’s system. Simply use common sense. If a site is asking you to pay to get into the front door, it is likely a fraudulent service.

There are also free online bitcoin generators. However, these programs are not as secure. It is very easy to make a fake account and use it to make purchases. Many free sites will ask you to download a certain piece of software before you can start using it. Make sure you are dealing with a real company before you give them your financial information.

Don’t share your bank account information

Before you make any transactions with a bitcoin generator online, you should read all of the fine print. Make sure you understand exactly how much money you are putting up and how you will receive it. Even though most sites offer an easy-to-use interface, they may not be telling you everything you need to know.

There is also a risk of identity theft with these online bitcoin generators. Your bank account information could be stolen if you choose to withdraw from an account at a site you did not open. There are also ways for malicious third parties to hack into and seize your funds. Keep in mind that the movement is still in its early stages. For this reason, you should take precautions to prevent this from happening to you.