NOTE: This article is for information purposes only. CoinPot and all its associated Bitcoin faucets have now closed down. If you're looking to earn free Bitcoins visit Freebitcoin and Cointiply.
If you’re familiar with the CoinPot microwallet you’ll have noticed a few changes recently.
For starters, CoinPot Tokens were introduced alongside a lottery game. The premise is simple – you either buy tokens with cryptocurrency or you earn tokens each time you, or one of your referrals, makes a faucet claim then use them to enter the lottery or the new Multiplier game (more about this later).
Other uses, such as redeeming them against game credit, are promised for the future.
Next came the associated Moon Bitcoin Cash faucet changing domain. This caused a bit of controversy because users felt they weren’t properly notified – on arrival at the old website they were simply told it was dead, with no indication as to where to find the new one.
An announcement was made on the CoinPot website under the news section, but for many this was not enough and there was a lot of grumbling in various corners of the web.
Now, another week brings another development: CoinPot has launched a Multiplier game which you can spend your tokens on.
If you’re familiar with the hi-lo games that are popular in the cryptocurrency community, such as that found on FreeBitcoin, then you’ll instantly recognise the CoinPot offering and understand the rules, which are very simple.
The Multiplier game screen:
You decide whether you want to roll high or low, choose a multiplier (how many times your stake you’ll get if you win), then select how many tokens you want to gamble with.
The higher the multiplier you choose, the less chance of winning you have. If you select the lowest multiplier of 2x then you have a 50% chance of winning; with the highest multiplier of 1000x you have a 0.1% chance of winning.
The game is what’s described as ‘provably fair’. If you want to hurt your brain, here’s an explanation of what it means, as per the CoinPot website:
“How does it work?
Multiplier rolls are guaranteed to be fair because the seeds for the roll are known beforehand.
The algorithm that we use is as follows...
We concatenate the Client Seed and the Server Seed in the format...
CLIENTSEED:SERVERSEED
This string is then hashed using SHA2-512 which gives us a 128 character hex string
We take the first 8 characters of this hex string and convert it into its equivalent integer value
We then find the modulus of this integer on division by 1000 - giving a number between 000 and 999
This number is used as the result of your roll!
Prior to each roll you are given the Client Seed and Server Seed Hash (below). Optionally, you can modify the Client Seed to any alphanumeric value - but the Server Seed is fixed. Once the roll has completed, the Server Seed is made available to you (in the Recent Rolls list) so that you can verify the fairness of the roll.”
We have no idea what this means, but we think it sounds good and, well, fair.
The other thing to note is that the game has zero house edge which means neither CoinPot or the player has any built in mathematical advantage to winning.
What all this means is that CoinPot has given users yet another reason to keep in visiting and hopefully means the service is here to stay. Judging by the amount of chat there is about the microwallet on the major cryptocurrency forums, it certainly seems like it’s a hit with users.
What Are Microwallets?
If you’re unfamiliar with the world of faucets and microwallets, here’s a very quick lesson: Faucets are websites that pay out tiny amounts of cryptocurrency to incentivise you to keep returning. This in turn boosts their advertising revenue and enables them to pay out more in the future.
You’ll find faucets for all the main cryptocurrencies, but the most popular format is bitcoin where the payouts are made in Satoshi – the fractions of a bitcoin (100,000,000 Satoshi = 1 bitcoin).
The amount faucets pay varies considerably, although it’s invariably tiny, with payments often referred to as ‘dust’. However, claim often from a selection of good faucets and this dust will soon become a usable amount of coin.
To make the process of collecting a significant amount of cryptocurrency together quicker, the payments are made into what is termed a microwallet. Here, all the fractions of coin are added together into one lump sum ready to be transferred to your bitcoin wallet, such as Coinbase.
CoinPot is one such microwallet among several others out there. Despite only launching in 2017, it has grown dramatically in popularity because of its easy-to-use format, high-paying connected faucets and extras such as a browser mining facility and instant conversion between coins function.
At the time of writing, the CoinPot family of faucets consists of:
- Moon Bitcoin
- Bit Fun
- Bonus Bitcoin
- Moon Bitcoin Cash
- Moon Litecoin
- Moon Dash
- Moon Doge
All you need to do to get started is sign up to the faucets using the links above, create a CoinPot account, link it to your bitcoin address then start collecting coins.
It’s very simple to do, costs you nothing and earns you completely free cryptocurrency which you can then spend, trade or simply convert into cold hard cash.
If you need a bitcoin wallet, we recommend Coinbase for ease of use and security. Also, if you sign up using our referral link and buy or sell more than $100 of cryptocurrency you’ll earn $10 in bitcoin, and so will we.
Feel free to get in touch with your questions and queries – we’re always happy to help!
Other pages you might like:
- CoinPot launches lottery
- Top Faucet List
- Moon Dash Faucet Launched
- Do I Need To Buy A Whole Bitcoin To Invest?
- Is Moon Bitcoin Faucet Legitimate?
- Is CoinPot Microwallet A Scam Or Legitimate?
- What Are The CoinPot Faucets?
- Browser Mining Guide
- Moon Bitcoin Review
- Is CoinPot Microwallet Legitimate
- Complete Faucet List