Yet another opportunity to get some more bitcoin for free, or conversely, some free Stellar Lumens. It all depends on which project you believe in the most and what are you willing to hold on to. There is a distribution of free Lumens for bitcoin holders coming up tomorrow. What you do with those Lumens once you get them is entirely up to you, but if you are a bitcoin holder, you can take advantage of this distribution cycle.
Free Lumens for Bitcoin Holders, Really?
The rules to take advantage of this distribution cycle are clear. The Stellar organization published the rules of this distribution 3 months ago, and anyone who read knows how it works. In any case, we summarized all the rules of this ‘free Lumens for bitcoin holders’ distribution so you can get them if you want:
- Anyone who can prove ownership over their coins on addresses with balances up to block #472889 on the bitcoin blockchain, can get free Lumens.
- To prove ownership, bitcoin holders must be able to sign a message from those public addresses.
- Stellar will only proceed to give free Lumens to bitcoin holders who are willing to identify themselves via Facebook – to comply with US regulation on restricted jurisdictions and sanctioned individuals.
No Such Thing as a Free Lunch!
This last requirement will discourage quite a few bitcoin holders who will prefer to remain anonymous. The campaign to distribute free Lumens for bitcoin holders, is ultimately not entirely free. Nevertheless, the Stellar Foundation – which is a non-profit – has pledged not to use the Facebook information for anything else after they comply with these US regulations. The decision is therefore in your hands. If you are willing to disclose your ID via Facebook, then you will be eligible for some free Lumens.
How do I claim my Lumens?
After you understand if you comply with the Stellar Foundation’s rules, and you decide to give up anonymity, you will need to do the following to claim your free lumens:
- Open a Stellar account before June 27th, 2017.
- Be ready to follow the link to the claim page. The Stellar Foundation will publish that on June 27th.
- Once you open the link, you will have to authenticate with Facebook.
- After that, enter your Stellar account ID.
- Proceed to enter your bitcoin public address.
- Sign a message that proves you control the funds on that address.
- After the Stellar Foundation checks the signature, you will get your free Lumens.
This process might sound a little suspicious to some bitcoin holders. The fact that the Stellar foundation is also distributing free Lumens to Ripple holders, might even heighten those suspicions. This will inevitably lead some to start theorizing about conspiracies surrounding the ‘free Lumens for bitcoin holders’ campaign. There is always a possibility that this scheme like others before it – Byteball for example – is the initiative of some government or some obscure government entity. Conjecture rather than truth is more likely in this case, although it is impossible to be 100% sure.
Free Lumens for Bitcoin Holders Still Means Free Money!
In any case, free Lumens for bitcoin holders will still end up being free money. After you get yours, you can trade them at a trusted exchange for more bitcoin, or for other cryptocurrencies, or you could keep your Lumens if you believe in the projects. There’s nothing like getting free money, that is why we are sure there will be many takers even if it is a conspiracy and even if these bitcoin holders are initially reluctant to disclose their identity.
Click here to read the official blog post about this distribution of free Lumens for bitcoin holders.