Introduction – What is Bitcoin Faucet?
Bitcoin faucets are a simple route to get introduced to Bitcoin currency. Bitcoin mining and trading are rather complex and risky ways for a newcomer with cryptocurrencies.
Since the popularity of Bitcoin has gained, various ways have been unearthed to spread awareness and earn more out of the cryptocurrency. Like Bitcoin lottery, betting, lending, etc. Faucets are one of those simpler means to get some additional cents.
Bitcoin faucet is a website or an app where you have to undertake and complete some tasks. Rewards in the form of Satoshi (one millionth unit of 1 Bitcoin) gets added to your web wallet upon completion of the task.
Bitcoin faucet isn’t a get-rich-quick scheme. Rather it gives rewards in meagre amounts, like dripping droplets from a tap. Hence was named “faucet”.
Bitcoin Faucet — Origin and purpose
Faucets have been in existence for more than a decade now. The inception of faucets was done to increase awareness of cryptocurrency as it was relatively a newer concept to people at that time. One of the senior developers of Bitcoin, Gavin Anderson, gave birth to the concept of Bitcoin faucets.
Also, there were limited exchanges dealing with cryptocurrencies in the early days of Bitcoin. Not sufficient platforms were available for you to buy or sell Bitcoins. Hence faucets worked as a good way to spark the interest of people towards Bitcoin currency.
BTC faucets can also help you earn some passive money. Bitcoin owners earn passive income through ads being shown on their webpage or app. Though they need to disperse some as rewards, they earn some money from it.
How does Bitcoin Faucet work?
Bitcoin faucets involves completion of some simpler tasks on the webpage and earn rewards in return. These tasks could be clicking and viewing of ads or videos, completing captchas or playing games like betting, dice games and other casino games.
The rewards are distributed in the form of Satoshi. Satoshi is the smallest unit of Bitcoin, which is one millionth of 1 Bitcoin. The kind of task you take up and complete decides the reward price.
You need to provide your web wallet address, and the rewards will be deposited to your wallet. Some faucets share the rewards automatically while in others, users are required to trigger the payout.
Before you choose a Bitcoin Faucet
The next step for you is to find the faucet which fits best for your requirement. And to select the one, you need to consider some important things.
Refresh Time – Check the refresh or loading time for the Bitcoin faucets you are comparing. This refresh time can vary from 15 minutes to a few hours for different faucets.
Claim amount – is the amount you earn and frequency of earning. This claim amount depends and varies according to the simplicity or complexity of the task being undertaken.
Minimum withdrawal – Check if the faucet has any condition on having/earning a certain amount of currency to withdraw it. There are a couple of faucets which have a minimum withdrawal limit of 10,000 satoshis.
Withdrawal method – is quite important to know before you start investing your time in the faucet. First & foremost is to have a web wallet to get your earnings transferred. Some faucets transfer the prize money/currency to your digital wallet directly or automatically. And there are other faucets which require the withdrawal to be triggered by the person.
Referral fee – Make sure to check how much you can earn by recommending the faucet (app or webpage) in your known or social circle. Basically, the referral bonus through recommending the faucet in your social circle.
Using Bitcoin Faucets
Bitcoin faucets can be used through signing up with the faucet. You need to provide your email and your wallet address. And then you are ready. Different faucets have different time periods, completion of which only you can claim your reward. Hence the times helps in counting the times spent on the website by you.
Since automated programs or robots can cheat the algorithm, various safeguards like captchas or answering basic maths questions are implemented.
One thing you should be careful of is to be aware of the fraud or cheat with Bitcoin faucets. You should be careful about the deceptive advertisements which make you click on unwanted ads.
A Bitcoin faucet will not make you rich overnight. You won’t receive a large sum of Bitcoins through faucets. But collecting smaller amounts over a period is a good start. Especially when you are new to cryptocurrencies. These are the freebies which give you the taste of owning cryptocurrency.
So do not refrain or limit yourself from using faucets. Do not restrict to just one or two faucets. You need to explore different types of faucets and decide for yourself which suits you best to you.