What if I shared with you how to make FREE money? Sound impossible? Well, enter the world of the BitCoin Faucet.
Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies.
Bitcoin faucets were developed by Gavin Andresen in 2010 ~ wikipedia
I recently stumbled upon this concept and while I don't devote a lot of time to it, it is a fun way to make a few "satoshis" which is one-millionth of a bitcoin.
Below is an article written by Gautham that really gets down to the nuts and bolts of the faucet concept ...
Bitcoin Faucets, Explained in Detail
Where can I get free bitcoin? It is a common question asked by newbies to bitcoin. The answer is bitcoin faucets, you will not get much out of it, but it is free nevertheless.
Bitcoin faucets, as the name suggests are like dripping faucets … but in this case, it is cryptocurrency units in place of water. Just as the leaking water takes some time to accumulate into a droplet before it drips, users have to wait for a certain duration before they could collect the accumulated coins.
What are bitcoin faucets?
Bitcoin faucets (it can be for any cryptocurrency) are reward systems that dispenses rewards in the form of a tiny fraction of bitcoin for visitors to claim. These rewards are dispensed at certain intervals of time.
Why bitcoin faucets?
Rewards are in place to attract visitors to the faucet’s webpage. These faucet sites usually contain advertisements. Advertisers pay the faucet owner to display these ads on his site. Advertising costs are calculated on Cost per Thousand impression (CPM) basis. This means, if the site gets more visitors and if each visitor spends more time on the site, then the site owner gets more money from displayed ads. These rewards attract more visitors and they come back regularly to claim their rewards. The visitor generally ends up spending more time on the faucet.
In simple words ... Faucets get more repeated visitors to the site; in turn, the owner gets more money from the advertisers.
Faucets also play an important role in the bitcoin ecosystem. It encourages more people to understand and adopt bitcoin.
Who uses bitcoin faucets?
If you understand bitcoin and how it works, then you will know in no time that the bitcoin units given away by faucets is of negligible value. You wouldn’t spend time claiming rewards on them. Majority of visitors who use these faucets and claim rewards from them are beginners, still learning about bitcoin or minors who cannot do transactions legally on any of the bitcoin exchanges.
How to use bitcoin faucets?
Using a bitcoin faucet is very simple. Once you visit the faucet webpage, you have to enter your bitcoin wallet address or the email id associated with your Coinbase wallet and hit enter. A timer will start counting the amount of time you spend on the site. Once you spend a certain amount of time on the site, you can claim your reward by clicking the “Claim Now” or similar button. You will have to prove that you are a human by filling in a Captcha or by solving a simple mathematical problem, (this prevents any automated script from claiming rewards at regular intervals). That is it…! You have claimed your reward. Your reward will be credited either immediately or on a designated weekly payout day to your wallet.
Typically, faucets have a minimum time interval limit between claims by each visitor, in order to prevent one person from claiming all the available bitcoin from faucet’s wallet. This duration varies from 5 minutes to 24 hours, depending upon the faucet.
Where can I find bitcoin faucets?
You can find them by just searching for Bitcoin Faucet on Google or any other search engine of your choice. The number of results you get will surprise you. You will find hundreds of bitcoin faucets to choose from, go ahead, explore and earn a few satoshis while at it. (1 Satoshi = 0.00000001 BTC i.e. hundredth of a millionth BTC)
Gautham has an eye for anything new. He has been part of multiple startups and his current project focuses towards the social good sector. An entrepreneur, engineer and enthusiast (bitcoin, of course), he has been moonlighting as a writer for multiple publications and currently writes at NewsBTC. Find him on twitter as @gautham_n and on facebook at /gautham.nm
Here are a couple of my favorite BitCoin faucet sites ...