Bitcoin Faucets and How They Work
Bitcoin Faucets are sites that reward users with satoshis for completing a small task. It is a simple way to get free bitcoin, but the catch here is that you don’t receive a lot of it. Learn more in this blog.
Given all the headlines it has made this year, you probably know about Bitcoin and its workings, and perhaps wonder if now is a good time to dip your toes into cryptocurrency. However, investments come with market risks, and going down rabbit holes on Google may not be very helpful when it comes to financial decisions. But what if you were rewarded small amounts of Bitcoin and dabble in them without mining?
Enter Faucets — Bitcoin faucets or cryptocurrency faucets are small amounts of cryptocurrencies that some websites provide as a reward for completing specific tasks. Users can access or distribute cryptocurrencies without mining. These tasks can range from completing a captcha to viewing ads or clicking on links. The rewards are relatively small and thus called faucets, similar to water dripping from a faucet. Only in this case, it’s a small amount of cryptocurrency that is dripping in your cryptocurrency wallet.
Bitcoin faucets are sites that reward users with satoshis for completing a small task. It is a simple way to get free bitcoin, but the catch here is that you don’t receive a lot of it. To understand this, let’s first understand the term ‘satoshi’ — it is named after the inventor of Bitcoin, Satoshi Nakamoto, and is used to describe the reward that a user gets. A satoshi is one hundred millionth of a bitcoin or BTC, or equal to 0.000000001 BTC. Now it may not seem like much, but it is very helpful for those who want to get into bitcoin trading. It’s a fairly simple way of knowing how the exchange or trading of bitcoin (BTC) works without involving risks.
Bitcoin faucet — Origin and purpose
Bitcoin is a buzzword in today’s world, but that was not the case in 2009 when Satoshi Nakamoto created a decentralized form of a currency run by crypto enthusiasts in a network dedicated to it. With all the special features, such as the absence of central authority or the ease of accessing it anytime the user wants, the major hurdle was that there was no exchange or marketplace for it. One could mine them or buy it from someone who had BTC, but there was no major use for it at the time.
To tackle this problem, in 2010, a man named Gavin Anderson came up with the idea that is now known as Bitcoin faucet. The idea was fairly straightforward — any visitor to the website would have to complete a simple task like completing a captcha and get a 5 BTC reward in exchange for it. Its purpose was to make Bitcoin cash more popular and foster a mass adoption of cryptocurrency and bitcoin networks. By the end of 2012, more than 19,500 BTC were distributed to the users that visited these websites, and for the first time in history, BTC gained traction and saw a spike in its price. Satoshi also praised this ingenious idea of Gavin Anderson and because it proved profitable for all parties, more websites started doing the same.
A micro wallet is much like a traditional bitcoin wallet, but it also allows a user to collect small amounts of bitcoins before transferring it to their own wallet. But why not use a traditional bitcoin wallet in place of a micro wallet? It is because if a user directly links the traditional bitcoin wallet to the faucet, the fees that would be charged for it would eventually cancel out the bitcoin earned from the faucet. Besides this, another advantage of a micro wallet is that there are no extra steps nor any process to get a micro wallet.
Micro wallets are automatically created when someone creates an account with the bitcoin faucet website. Although the micro wallet is free, there is a limit to storage that ranges from 5000 to 10,000 Satoshis. When the limit is reached, the satoshis will be paid out to the user’s main bitcoin wallet, with the help of applications. There are many bitcoin faucet websites or applications available on the internet but below given is a list of some of the best bitcoin faucets:
Coinpayu.com — It is one of the highest paying faucets available for getting free bitcoin today. By completing a task or viewing advertisements, a user can earn up to 10,000 satoshis. This website also provides an affiliate program where a user can invite new users and have a passive bitcoin income.
Bitfun — Bitfun is a great option for users who are passionate about gaming or like to play games. It is a simple way of earning free bitcoin by signing up for online games.
Moon Bitcoin — Moon Bitcoin is one of the most famous bitcoin faucet options available to users. It provides instant payouts and is popular due to its history of consistent and high payouts.
Bonus Bitcoins — Bonus Bitcoins is one of the best instant payout faucets that are available on the internet and is completely free. It pays out up to a range of 5000 satoshis every 15 minutes. It also provides users to earn a 50% commission by using affiliate links to invite friends.
Cointiply — Cointiply is one of the highest paying bitcoin faucets available on the internet. A user can win up to thousands of satoshis daily. It also provides a 25% commission on the referral program that it provides.
Frequently Answered Questions (FAQs)
How do I get Bitcoin for free?
A user can use bitcoin faucets to get bitcoins for free. Bitcoin faucets are websites or applications that reward users with satoshi for completing a small task. It is a simple way to get free bitcoin. Some popular websites for bitcoin faucets are Moon bitcoin, bitfun, etc.
How many satoshis are in bitcoin?
Satoshi is the reward that users get when they complete a task on a bitcoin faucet. A satoshi is one hundred millionth of a bitcoin or BTC and can also be represented as one satoshi = 0.000000001 BTC
Are bitcoin faucets profitable?
In general, for bitcoin faucets to become profitable for a user, they have to be used a dozen times. But one of the crucial advantages it brings to the user is a way of knowing how trading of bitcoin (BTC) works without the associated risk.
Is BTC faucet real?
It is indeed real and provides users an opportunity to earn free bitcoin by completing a simple task and also allows users to understand the trading of bitcoin without the risk involved.
Now that you know about Bitcoin Faucets, and have found a way to dabble in cryptocurrency droplets, consider stepping your crypto journey up a notch and sign up for a real wallet on Unocoin. We enable millions of Indians to trade and invest in Bitcoin, Ethereum and Tether in a safe and secure manner. Explore more on our website: https://www.unocoin.com/in