What Is A Bitcoin Faucet And Why Do They Give Away Free Coins?

Bitcoin frenzy has gripped the world and it’s hard to avoid the banner headlines screaming about the latest value record the ‘original’ crypto coin has broken.

Equally there are fears from some quarters that it is a bubble waiting to burst, but whatever the reality, you may be asking how you can get your hands on some of this ‘digital gold’.

Well as you’ve probably gathered by the title of this post, one quick and easy answer way of getting hold of some coin without any financial outlay is through what are known as faucets. Two of the most popular and reliable faucets around are:




Although we’ve covered this topic elsewhere on Freecoyn, for the purpose of this article we’re going to go back to basics with an explanation of what faucets are, how they work and why they give away free cryptocurrency to visitors.

For many, the first reaction they have when they hear about websites dishing out free bitcoin is suspicion. “Free money, what’s the catch?” they ask. Well the simple answer is that there isn’t one. Faucet websites are genuinely giving money away.

Faucets (or taps if you speak the proper Queen’s English 😊) are websites that distribute small amounts of Satoshi (fractions of bitcoin named after its mythical creator, Satoshi Nakamoto). There are 100,000,000 Satoshi per whole bitcoin.

Incentive

The faucet owners do this to incentivise you to keep visiting the website to increase their advertising revenue through impressions and click through rates. It also improves various ranking metrics which can enable the web owner to join more lucrative advertising networks.

Most faucets you’ll visit ask you to complete at least one Captcha to prevent bots before you can claim your coins. Faucet owners can also make money from this process so some will place two or even three on their websites.


Generally, the amount you earn is dependent on the prevailing price of bitcoin at that moment so it can vary wildly in line with the roller coaster ride that has been bitcoin.

Because the earnings from individual faucets are too small to be processed through the Bitcoin blockchain (the transaction ledger) they are sent to what is known as a microwallet.

These are free websites that are used by faucet owners to make payments and allow you, the visitor, to gather all these small amounts together to reach a withdrawable sum of coin sooner.


Two of the most popular microwallets around are CoinPot and FaucetHub, but there are several others. CoinPot is only connected to a handful of faucets, but they are among the best paying and most reliable out there. It also features a really easy to use GUI so it’s really worth joining.

The CoinPot faucets: Moon Bitcoin, Moon Litecoin, Moon Dash, Moon Dogecoin, Bit Fun and Bonus Bitcoin. This is the CoinPot interface:


CoinPot also enables you to mine the currencies it supports (bitcoin, bitcoin cash, litecoin, Dash and Doge) using your browser.

You can set how much CPU power you want to allocate to this process but you need to strike a balance between earnings and the potential wear and tear on your PC that browser mining may cause.

All the CoinPot faucets are well-paying and reliable. They also offer generous referral schemes, together with daily bonus payments.


FaucetHub is connected to many more faucets, some good some bad. You’ll need to sift through the ones that are reliable and pay well and those that have either stopped worked, pay very little or have simply turned into scam websites.

FaucetHub also features browser mining which is carried out through your account and the earnings added within minutes.

These aren’t the only microwallets out there, but they seem to be consistently among the most popular and widely used.

Journey Of Discovery

So, as you can see there’s a whole world of faucets out there for you to discover. The great thing about it is that you don’t have to spend any money to get involved. All you need is a PC and some spare time and you can literally be earning bitcoin within minutes.

The earnings can be low to start with but once you’re familiar with how it all works you can pick and choose the best faucets and then start building up referrals to maximise the amount of coins you earn.

The message is: Don’t be nervous about faucets – dive in and earn while you learn about the fascinating world of cryptocurrency.

The only word of caution is do your homework before signing up to any of the companies that advertise on faucets. There seems to be a lot of get rich quick schemes doing the rounds which are probably best avoided unless you know what you’re doing.

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