CoinPot is a microwallet that was launched in July 2017 to service a select few free bitcoin faucets, yet many people seem to be concerned about its legitimacy, with some even suggesting it might be a scam site.
After reading multiple posts about the subject on various prominent bitcoin-related forums, the main concern seems to surround what is seen as a lack of communication between CoinPot and users when things go wrong. Inevitably this leads people to yell ‘scam!’.
However, we’ll state early on that we’ve been using CoinPot virtually since its inception and not had a single issue with either payments, deposits or conversions.
We’ve experimented with three of the five supported currencies – bitcoin, litecoin and dogecoin – and each have worked exactly as they should. We havn’t tried Bitcoin Cash or Dash yet but can only assume they work as well as the others.
We’ve also used the browser mining function offer by CoinPot, including its widget (more about this here) and again have found everything works smoothly and as expected. Payouts have arrived as promised and been credited to our account within five minutes every time.
Not A Scam
As you can probably gather, we at Freecoyn do not believe CoinPot to be anything other than a reliable and easy to use microwallet. It is certainly not a scam in our opinion.
Nor have we had any issues with the linked faucets. Again, all are reliable and well-paying and perform exactly as they should.
That said, we haven’t had cause to contact CoinPot for support so cannot comment on whether this is forthcoming for genuine issues or not.
As a result, we don’t know if the shouts of ‘scam site’ mostly originate from frustrated users who haven’t had an immediate answer to their query.
So then to those who have experienced problems.
From what we can gather CoinPot is a small outfit with a very limited staff. As we have said already it services a small family of faucets, unlike other microwallets, such as FaucetHub, which are connected to hundreds.
So that’s probably the first issue. A small staff means it’s unlikely they can respond to all queries and complaints at the same speed as other, bigger operations.
The next issue that we’ve noticed is that many of the problems reported by users later turn out to be human error rather than anything untoward with the site. Incorrect usage of bitcoin and other cryptocoin addresses when making transaction seems to be a common cause of user angst.
Intuitive: The CoinPot interface is very easy to use and gives you all the information you need. As of November 2017, CoinPot now supports Bitcoin Cash and Dash as well.
Additionally, claims that coins have been ‘stolen’ have later turned out to be a case of a user entering an incorrect wallet address or even, in a few case, not realising that bitcoin amounts are sometimes truncated if they end in zero. This means the amount appears to be smaller when in actual fact it’s not.
Yes, believe it or not, we have seen several message board threads that have centered on this until the penny has dropped and the enraged poster finally realises what has happened.
Again, with such a small team working on the wallet, it’s unlikely that they have time to deal with these problems as a priority. Users have got to be responsible for their own actions and can’t rely on the staff to repeatedly explain the obvious or to extricate them from a self-dug hole if it all goes wrong.
Also, it appears that CoinPot do respond to some enquiries and we have read of people receiving a prompt answer to their email.
Whether this is because they had a query resulting from an issue that was genuinely not their fault or whether they just picked a good day on which to contact support is something that’s difficult to ascertain.
There are also way more people who have had a positive experience of CoinPot than those who have complaints judging by comments online.
So overall it seems that for most users CoinPot is a very efficient system which offers the added bonus of offering a quick convert feature which enables you to amass coins of your choice more quickly – a definite advantage over other microwallets.
The One Downside
The only downside to CoinPot in our opinion is that the family of faucets it’s connected to is small making it harder to collect a large pot of coins. That said, the faucets that are linked are well-paying and very reliable so it’s swings and roundabouts.
If you’re just beginning your journey into bitcoin faucets and are being to research what’s out there, our advice to you would be to ignore those who say CoinPot is a scam and sign up.
Used correctly, you’ll find the attractive GUI very intuitive and the system of collecting coins and moving them around seamless.
It will give you a great insight into the world of cryptocurrency and enable you to get a feel for the procedures involved and how to use bitcoin wallets in a completely non-technical environment.
Our verdict: Definitely not a scam.