Bitcoin Faucet Meaning
If you’ve started to get interested in the world of bitcoin and cryptocurrency at some point you’ll stumble across the term ‘bitcoin faucet’ and you’ll probably be confused by its meaning.
Afterall, isn’t a faucet something that releases a stream of water when you turn it on?
In crypto terms, a bitcoin faucet means a special niche website that drips ‘bits’ or Satoshi (the tiny divisible fractions of bitcoin) for free.
Yes, they give away bitcoins for nothing!
Sounds too good to be true and your immediate thoughts are probably ‘where’s the catch or scam?’
Well actually there isn’t one.
Free Bitcoins on offer
Bitcoin faucets do genuinely give away small amounts of crypto for the simple reason that they want you to keep visiting.
The more traffic they get the better the revenues from advertising will be for the people who’ve developed the site.
Some of the advertising can be pretty dodgy and is probably best avoided. But there’s nothing stopping you from going back to the faucet over and over again and grabbing your free chunks of crypto.
Of course, the amounts that they give away are tiny, so you’ll need to make a lot of claims to make it worthwhile. But when there’s free money at stake, who cares!
So, this is what’s meant by a bitcoin faucet. It’s a great, risk-free way to get started in the world of cryptocurrency and for many it gives them their first taste of the digital money.
5 BTC at a time!
Interestingly, the first ever Bitcoin faucet gave away 5 Bitcoins at a time - currently worth around $55,000! Someone even complained that this wasn't enough each day.
For more on this, read: Surprising, fascinating and weird facts about Bitcoin