Bitcoin Faucet

As we all know a faucet is a tap, usually a source of water. A bitcoin faucet is a source of Bitcoin and they have been around for some years. A Bitcoin Faucet is a rewards system whereby Bitcoin or fractions of one rather are given as a reward for performing or completing a task described on a website. Some faucets also dispense other cryptocurrencies.

The very first Bitcoin faucet was developed in 2010 by one Gavin Anderson, a software developer in the US. His ideas were so innovative that he was designated by the inventor of bitcoin, Satoshi Nakamoto to lead the development of the client software for the bitcoin network which is now known as Bitcoin Core.

How it works is fractions of a Bitcoin, such as a satoshi (a typical payout os less than 1000 satoshi – see glossary) are offered as a reward for completing tasks such as a captcha completion for example. Mining fees are reduced by accumulating up these small increments in ledgers and when there is sufficient are sent to a user’s Bitcoin address.

According to Wikipedia the purpose of Faucets is to “introduce new people to bitcoin, or to altcoins. A majority of faucets provide information to new users as well as offering them some free coins so that they can ‘try before they buy’, experimenting with a test transaction or two before putting real money on the line. Since this whole experience is so new and a bit complicated to people, who perhaps don’t quite trust it with their hard money, this is a beneficial way to promote digital currency and bring in new users. Faucets are also high traffic sites. When you are giving away free money it is not that difficult to increase visits to a web page. It is a great way to introduce new people to Bitcoin. It is not easy making money from a faucet website as the cost involved giving away Bitcoin does not always cover the revenue made. It required some experience and strict business understanding to make it work.

Advertising generally makes up the revenue for a Bitcoin Faucet website. And an integrated payments processor/manager is required to organise the payments to users.

Most Bitcoin Faucet sites have a referral system where a proportion of new user’s earnings are used as rewards to existing users. Earnings do not percolate to the top so this is not a pyramid scheme.

Due diligence should always be used when intending to participate in a Bitcoin or other alt coin Faucet system One needs to also check the regulations relating to bitcoin in one’s country of residence.

This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.

9 thoughts on “Bitcoin Faucet”

  1. This is the proper blog for anybody who desires to search out out about this topic. You notice a lot its almost exhausting to argue with you (not that I actually would need匟aHa). You definitely put a new spin on a subject thats been written about for years. Nice stuff, simply great!

  2. This web site is known as a walk-via for all of the information you wanted about this and didn抰 know who to ask. Glimpse right here, and also you抣l positively discover it.

  3. Oh my goodness! an amazing article dude. Thank you Nonetheless I am experiencing challenge with ur rss . Don抰 know why Unable to subscribe to it. Is there anybody getting identical rss downside? Anyone who is aware of kindly respond. Thnkx

  4. Thanks for all of the work on this web page. My mom really loves getting into research and it’s really easy to see why. I hear all about the compelling tactic you present functional tips via the web blog and as well as improve contribution from others on the content plus our daughter is actually becoming educated a great deal. Enjoy the rest of the new year. You are doing a stunning job.

  5. Thank you for your own efforts on this web page. My niece delights in carrying out internet research and it’s easy to understand why. Many of us hear all about the lively method you render simple things through this blog and therefore foster response from others on that idea plus my princess is always starting to learn a lot of things. Enjoy the remaining portion of the new year. Your carrying out a fantastic job.

  6. I wanted to create you that tiny observation so as to say thanks again considering the splendid information you have documented on this page. It was really particularly generous with you to allow easily just what a number of us would’ve offered for sale for an electronic book to get some dough on their own, principally since you could possibly have done it in the event you considered necessary. These suggestions as well worked to be the easy way to realize that most people have a similar fervor much like mine to know a little more with reference to this matter. I am certain there are numerous more pleasant situations ahead for individuals that look into your site.

  7. I precisely wished to say thanks yet again. I’m not certain what I would’ve carried out in the absence of those information provided by you on such a problem. It previously was an absolute distressing concern in my position, but taking a look at this specialized form you solved it took me to cry for fulfillment. I am just thankful for the information and trust you know what an amazing job that you are undertaking educating others with the aid of your blog. I am sure you have never come across all of us.

  8. I definitely wanted to write down a small remark in order to appreciate you for all of the awesome tricks you are sharing at this website. My long internet investigation has finally been paid with extremely good tips to share with my family. I would assert that many of us site visitors are extremely lucky to exist in a fantastic community with so many special people with helpful ideas. I feel quite blessed to have encountered your website page and look forward to really more amazing minutes reading here. Thanks a lot once again for all the details.

  9. I not to mention my buddies were actually checking the excellent hints located on your website and before long I had an awful feeling I never thanked the web site owner for those strategies. Those boys were definitely as a result warmed to read them and now have in reality been enjoying those things. Thanks for actually being well kind and for obtaining these kinds of superb resources millions of individuals are really wanting to discover. My very own honest apologies for not expressing appreciation to sooner.

Leave a Comment

Your email address will not be published. Required fields are marked *