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.


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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.


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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