How do Bitcoin Faucets work? – Explained in Detail
A bitcoin faucet is a website that offers visitors the opportunity to get a few coins without having to provide any payment.
Bitcoin faucets make money by placing advertisements on their sites or charging for access.
Typically, the user would have to enter their bitcoin wallet address in order to receive payouts, but others may not require this information. Users are given a small number of coins from the site each time they visit or complete some task such as solving captcha puzzles or running a certain software program for an allotted amount of time.
The rewards are not high, but enough for beginners to get started with bitcoin.
Popular bitcoin faucet websites such as Freebitco.in and Moon Bitcoin pay out between 10 and 160 micro bitcoins (0.000001 – 0.000006 BTC) per visit, according to the website Coin Tasker . It is worth noting that micropayments are not always a reliable source of revenue since the payouts will eventually end once the faucet runs out of funds to give away.
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What are Bitcoin faucets?
Faucets are websites that provide users with a chance to win small amounts of bitcoin, usually in the form of satoshis (0.00000001 bitcoin).
Although the number of faucets is constantly growing, these sites are not all created equal. Some faucets will reward their users for visiting their site, while others will only give away coins if they complete some sort of action on the site. Most faucets will require users to keep coming back once they have claimed their first satoshi to receive further payouts, but some still allow users to claim larger amounts of bitcoins without doing anything at all.
Faucets can be created using a web app called CoinPot – available for free on the Google Play Store – or for those with a bit more technical knowledge, using the source code posted in Pastebin.
How can I earn Bitcoins?
There are numerous ways to earn bitcoins, and this article will not go into detail about all of them, but here are some tips that will hopefully help you get started:
Bitcoin mining: This is essentially the process of verifying transactions and adding them to the public ledger (the blockchain), which keeps track of every bitcoin transaction since its inception in 2009. It needs a lot of computational power in order to be profitable.
This is essentially the process of verifying transactions and adding them to the public ledger (the blockchain), which keeps track of every bitcoin transaction since its inception in 2009. It needs a lot of computational power in order to be profitable. Trading: This involves buying and selling bitcoin through an exchange service. There are countless ways that you can make a profit through trading, but you will need to have access to some bitcoins before you can actually start trading.
How to use Bitcoin faucets?
Here is a step by step guide on how to use bitcoin faucets:
Start up CoinPot. Enable your browser’s access to the internet and allow CoinPot to access your browser’s public IP address (not a private IP address geolocation if you are using an Android device). Click “Create Your Faucet”. Give your Bitcoin faucet a name, for example “My Faucet” or something that describes the service. Save that page and go back to CoinPot. Click “View Logs”. This will show you when your faucet has paid out and how much it has paid out in total coins. Click “Start dispensing satoshis”. Your faucet will now start paying out to your wallet every 5 minutes. You can check your balance in the Log tab. If you’re using an Android device, then you will also need to install the Bitcoin Wallet app so that you can receive your payouts from CoinPot and hold your coins in the wallet.
Here is a video tutorial on how to use bitcoin faucets:
Where can I find Bitcoin faucets?
There are many bitcoin faucets available online, but the following is a list of websites that we recommend:
Moon Bitcoin: This faucet is one of the most popular ones, with over 9 million users. It offers 5 minutes to claim 150 satoshis as a first-time user.
Freebitco.in: This faucet is roughly as popular as Moon Bitcoin. They offer a similar service and have a wide variety of games available for free bitcoins. Their minimum payouts are much smaller though, as they only pay 50 satoshis every 15 minutes compared to the 150 satoshis given by Moon Bitcoin.
Bitcoin Zebra: This faucet is widely used by beginners because they offer a large amount of free bitcoins. However, it has a minimum claim requirement of 1,000 satoshis for new users, so they do not spam the faucet system. It also offers games and other tasks to earn more coins from the faucet if you so wish.
Bonus Bitcoin: This faucet is worth mentioning because it doesn’t have as many restrictions as most others do. You can claim up to 50,000 satoshis every hour, and it also features a referral system where you will be able to grow your account with an additional 5% of what your referrals win off the same service.
Top 10 Bitcoin faucets for 2021:
Who uses Bitcoin faucets?
Bitcoin faucets are used by a wide range of people from all over the world. A lot of bitcoin enthusiasts use these services in order to test out their e-wallets and see how they work. Other people use them to just collect extra amounts of bitcoins for a rainy day.
Bitcoin faucets also contain ads so that they can generate revenue that can be used to pay the website’s bills. These ads help them keep running, and they’re also where a lot of the company’s income comes from (aside from the small percentage paid out when you claim).
Are Bitcoin faucets still worth it?
Bitcoin faucets are still worth it, despite their very low payouts. They were created for beginners, so they are a good place to start if you’re new to the world of cryptocurrencies. These faucets do not require you to give them any form of personal information and they are completely free to use. A lot of people use bitcoin faucets because they want to test out their wallets and see how all the different cryptocurrency technologies work.
Bitcoin faucets also help users learn more about cryptocurrency because most of them contain information about what Bitcoin is, why it’s important, and how it can be used.
Alternatives:
If you don’t want to use a faucet, there are other alternatives for you too. Check out our list of the best bitcoin faucets here. Altcoin faucets are another alternative to traditional faucets.
How to make money with bitcoin faucets?
Most of the best bitcoin faucets out there do not pay any significant amount of money, so it’s very hard to make money from them. Most will pay you in the range of a few Satoshis up to 100 (sometimes more) per claim. Faucets that require you to solve a captcha can be even more frustrating because they will only pay you a fraction of a Satoshi at best.
In order to make money from these faucets, you are going to have to visit them on a regular basis, and collect what they offer. The more often you go back and claim your rewards, the more likely you are going to be able to get some sort of payout, however small it may be.
Conclusion:
Bitcoin faucets are still worth your time if you’re a beginner and want to test out cryptocurrency using real money. These faucets offer a simple way to earn some free bitcoins and they do not require any personal information from users, which makes them very secure and protected from cyber attacks. There are also some downsides as well. Bitcoin faucets, as you may have noticed, only contain links to external websites and they do not support sign-ups. This means that you’ll need to create an account on these websites and visit the faucets from there.
All in all, bitcoin faucets are a great place to start if you’re new to cryptocurrency. They don’t require any personal information and they pay out small amounts of bitcoins for free every time you complete a task or earn a certain amount of Satoshi’s.
Do you use any of these bitcoin faucets to earn free bitcoins? If so, what do you think of them? Let us know in the comments below!
References:
- https://en.bitcoin.it/wiki/Faucet_sites
- http://www.indiatoday.com/whats-on/opinion/op-ed/story/bitcoin-faucets-how-to-use-them-201706080005;
- https://en.wikipedia.org/wiki/Faucet_(payment_method)#Radiohead_coverage_226;
- http://www.cnetwithbitcoin.com; http://cdn2.hubspot.net/hub/pdt-blog/forums/t=5958650/images_archive/#cu=%5B%7Bsrc%5D=null&block_id=702&thumb_id=1128780; https://en.bitcoin.it/wiki/Faucet_(payment_method)#Radiohead_coverage_.226;
- http://www.mainlycoin.com/?p=25081;
- https://en.bitcoin.it/wiki/Faucet_(payment_method)#Radiohead_coverage_.226;
- http://www.btcmanuals
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