Bitfortip is a platform that lets users earn bitcoin by answering questions or providing information and tips. The startup launched an Android app last month and is currently working on an iOS version. Bitcoin.com talked to founder Panagiotis Pollis to learn more about how it works.
What is Bitfortip?
Founded in February 2015 and available in 11 different languages, Bitfortip currently has 7,690 users, Pollis told Bitcoin.com. “The idea came to me when I couldn’t find a favorite t-shirt of mine on my own and I was willing to tip someone in order to search online for me”, he shared.
Like Yahoo! Answers, but with monetary rewards, users of the site have mostly posted on the platform in hopes of finding an uncommon item that they have seen offline, such as a particular lamp, seashell, car, or copper plumbing valve. Some are there looking for a great price on an item that can be found in a store. At other times, the poster will ask for instructions, such as how to setup a Litecoin mining rig. In each case, they have to put down a small amount of bitcoin to ask.
Since the Android app launch, the startup has seen an increase in registration rates. “It took 1.5 years to reach 3,800 users”, Pollis said, but added that it only took them 6 months to double their user base and get to where they are now. The majority of the users are from the U.S, India, Greece, Germany, UK, Colombia, Venezuela, Canada, Nigeria, South Africa, he revealed. The platform’s Android app has 31 reviews on Google Play with 4.7-star rating.
How to Earn Bitcoin?
“When you sign up, a unique Bitcoin address is generated in your account”, according to the app’s website. Users will then see the message: “Before you can submit an inquiry you need to fund your account with at least with 0.0001 bitcoin to give as a reward. After you fund your account, you can post an inquiry with a bitcoin reward of your choice”.
Once a question is marked as correct by the asker, “The bitcoin reward is immediately released and credited to the person that gave the right answer”, Pollis said. “The person that won, when he logs into his account again, he will see his balance.”
Currently, there is no time limit on when questions have to be marked correct. The asker can also request the question to be deleted. “I’ve had some recommendations from users to force an administrator to mark an answer as correct after a time period”, he said. “But I so far refused to do so because that has two downsides”, he explained, citing the inquirer might disagree with the answer that he personally found as correct and does not want spend the asker’s money without his approval.
For earnings, the minimum payout is 0.0001 BTC and is sent immediately when the user presses the withdraw button on the site, and confirms by email. To date, 449 questions have been posted on the site and received 6,450 answers, Pollis shared, adding that:
Images courtesy of Shutterstock, Google and Bitfortip