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Tag Archives: Bitcoin Faucet

What is a Bitcoin Faucet?

Bitcoin faucets are like a reward system, usually consisting of a website or app, that gives out small amounts of bitcoin called satoshis.  Satoshis are the equivalent of a hundredth of a millionth bitcoin, or 1 million Satoshis per bitcoin.  In order to collect these rewards, visitors to the website usually must complete a captcha or a task that is assigned by the website.  Bitcoin faucets were introduced to the community in 2010 by Gavin Andresen.
How does a Bitcoin Faucet Operate?

btc Faucet
At predetermined intervals of time, bitcoin is given away from faucets.  The amount is usually small fractions of bitcoins, less than 1000 satoshi.  Some faucets work in a similar fashion to raffles or lotteries and give random larger rewards.  Mining fees, which are always very small in bitcoin, are still large enough to affect bitcoin faucets because they give such small amounts away.  In order to compensate for this, bitcoin faucets normally save up small individual payments on their own ledgers, and then send the larger payment to their visitors bitcoin address.

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What is the Purpose of a Bitcoin Faucet?

There are three main reasons for the existence of bitcoin faucets.  Certainly they are not just ran by altruistic people who want to give away bitcoin for free.

Giveaways like a bitcoin faucet draw a lot of traffic to a webpage or app.  This is generally the most specific reason that bitcoin faucets exists.  Giving away money is a really effective way of obtaining a large number of page views or downloads of your app.  Additionally, websites or apps that are promoting services or content related to bitcoin are looking to attract visitors who will either want information or services related to their use of bitcoin.  More or less, the faucet exists to give a little away in exchange for getting the kind of visitors you desire.
Bitcoin Faucets are also an effective way of introducing new people to bitcoin.  A lot of faucets provide their users material or information so they can get used to using crypto-currency without having to spend any money of their own.  Bitcoin is still a new technology, and to those who are unfamiliar with how it works it can be quite confusing.  It is in the best interests of those invested in bitcoin to bring as many people as possible into the fold.  The more mainstream bitcoin becomes, the more legitimate it becomes.  Lastly, and perhaps most importantly to those who run bitcoin faucet, the more mainstream bitcoin becomes the more valuable it becomes.
To come full circle, bitcoin faucets also exists with the purpose of making money.  The number of live bitcoin faucets running has grown exponentially since their introduction in 2010.  Due to this, it is a lot harder to achieve the kind of ad revenue or referrals that could have made a bitcoin faucet profitable in the past.  Now, most bitcoin faucets are designed around other bitcoin services and are run by the website or app in order to bring in new customers.

How to Set Up a Wallet to Receive Bitcoin

A bitcoin wallet is the digital equivalent of a traditional currency wallet.  It serves the purpose of storing your bitcoin for you when you are not using it.  Additionally, it is how you send and receive bitcoin when you wish to make a transaction with another individual or company.  In order to collect from bitcoin faucets, you must have bitcoin wallet address to receive the coins. There are several options to obtain a bitcoin wallet, some web based and some that are stored on your computer.

Wallets that exist on your computer have security strengths and operation weaknesses.  If you properly secure your home computer bitcoin wallet, then your risk of losing your bitcoin to nefarious behavior is very slim.  However, you will have to download the entire bitcoin block chain ledger before you can use it.  Even with a very fast internet connection, this can take several days.

Web based wallets have the advantage of storing your bitcoin without any hassle, but do run the risk of being hacked and losing your coins.  In the past, some web based wallets have even absconded with their users coins.  That being said, there are several reputable web based wallets.  Do a little google research and you can easily find them.
How to Take Advantage of Bitcoin Faucets and Get Free Bitcoin
Getting bitcoin from a bitcoin faucet is a simple process.  You can go whatever faucet you have found, or whatever app you have downloaded, and supply them with your bitcoin address.  You will need to be present on the bitcoin site or engaged in the app while the timer for disbursement of the faucet counts down.  Once that timer has counted down, you will be presented with a “Claim Now” button or something similar.  At this point the site or app will present a simple math problem or captcha that you can fill in.  Then the reward is claimed and the bitcoin will be transferred to your wallet.  Rinse and repeat to keep getting free bitcoin from faucets!
Where Can You Find Bitcoin Faucets?
A simple google search will send you to hundreds of individual faucets.  You will also find multiple webpages that will give you substantial lists of bitcoin faucets and their operational status. Remember that bitcoin faucets are numerous and often come and go, so refresh your list of go to faucets often.

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