What are Bitcoin Faucets
Bitcoin faucets, as the name suggests are like a dripping tap water faucets tap but in this case, it is cryptocurrency units trickling instead of water. Just as the leaking water drops slowly before it accumulates into a larger pool of water so do the satoshi units before a whole bitcoin is released. Users have to wait for a certain duration before they are able to have more satoshi (1 Satoshi = 0.00000001 BTC i.e. hundredth of a millionth BTC) released. There are countless faucets that come and go in the bitcoin space. Cryptocurrency faucets are reward systems that dispense rewards in the form of a tiny fraction of crypto coin for visitors to claim. These rewards are dispensed at certain intervals of time set by the operator for the faucet. 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.
Purpose of Bitcoin Faucets
The bitcoin rewards are in place to attract visitors to the faucet’s webpage. These faucet sites contain advertisements, more than your ordinary webpage. The faucet owners display these ads on their site. The revenue generated by the ads is in turn is used to pay the users. The more repeated visitors to the site the more money the owner receives from the advertisers the more is available to pay out. If you understand bitcoin, then you will know the amounts of bitcoins released by faucets are so negligible that you wouldn’t spend your precious time claiming rewards on them. We’re talking a thousand satoshis per release just for reference
- 1 BTC = 100,000,000 Satoshis
The 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. Nonetheless they are a good beginning point before moving on to more advanced bitcoin strategies, such as trading on exchanges.
How to use Bitcoin Faucets
Using a bitcoin faucet is very simple. Visit the faucet webpage then enter your bitcoin wallet address. 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.
Recommended Bitcoin Faucets
You can find them by just searching the term Bitcoin Faucet on Google or any other search engine .The number of results you get will surprise you. You will find hundreds of bitcoin faucets to choose from. As it stands currently the two most “major” faucets are
Popularity of faucets fall in and out of favor all the time so this will be subject to change. But for the immediate these are the most prominent ones. They payouts are low so this is recommended for beginner level cryptocurrency enthusiasts.