Bitcoin, having grown to become the most popular and most-traded cryptocurrency in the world. Continues to be a part of a trend that doesn’t show any signs of fading away. Neither issued or supported by any government or nation was first introduced in 2009, cryptocurrency is a form of digital money.
Websites or online apps acting as a reward system, for users who complete tasks set forth by a particular website or app are known as Bitcoin faucets. Users are awarded Satoshi for completing tasks or a captcha. Satoshi is (one-hundred-millionth of a Bitcoin).
Often, earned Satoshi’s are directly deposited into an individual’s wallet or micro wallet.
It’s crucial to note that faucets aren’t a get-rich-overnight scheme, as the reward amounts are minuscule and fluctuate on the value of Bitcoin at any time. Thus many users who take part in Bitcoin faucets substantially allow their earnings to build over a time period until they have accumulated a larger payment sent to their wallet.
This also minimizes any existing any mining fees. But how did the idea of Bitcoin faucets come into existence?
The Purpose of Bitcoin Faucets
Since Bitcoin is relatively new, many people around the world are still learning about its basics, investing and incorporating it into their own financial portfolios-a far-fetched idea. Thus Bitcoin faucets were created.
It is a great method of introducing the concept of Bitcoin to people without the risks of investing involved. Many faucets are working towards providing information about Bitcoin to new users. It is indeed a great way for individuals to learn more about Bitcoin and it also creates the opportunity to earn coins without the associated risk of losing money.
Faucets are largely growing in popularity among Bitcoin enthusiasts, there are several different faucets for users to explore. Where does the actual Satoshi Go?
Any Satoshi that has been earned by completing faucet tasks gets deposited into your wallet, Bitcoin wallet functions like a traditional wallet, all your Bitcoin keys can be linked to bank accounts.
For added security and to a wide array of individuals, there are several wallets to choose from, these include mobile, online, and desktop wallets. It really comes down to personal preference. But what about micro wallets?
For added security and in order to serve a wide array of individuals, there are different types of wallets to choose from, like mobile, online and desktop wallets. It comes down to personal preference. But, what are micro wallets?
Micro wallets
A micro wallet allows you to collect small amounts of Bitcoin before transferring out to your wallet as the fees for transferring micro-amounts of BTC will cancel out anything earned.
When faucets pay tiny amounts of Satoshi, it gets deposited to user’s micro wallet provider. It is automatically created when a user creates an account with a faucet.
However, micro wallets have limits in the range 5,000 and 10,000 Satoshi. Once that limit is met, the Satoshi will be paid out to a user’s main Bitcoin wallet.
Why offer Bitcoin Faucets?
Faucets attract high website traffic, thus they serve twin purposes one is educating the new users about Bitcoin, secondly, a high-traffic faucet is a great way to get more and more people familiar with a company or brand. Depending on the content being promoted, an income for the website can also be generated, something that’s not an easy job to accomplish in the highly competitive market.
Why Faucets Give Away Free Coins?
Now, that many have heard how Bitcoin has been rapidly growing and has made quite a handful of fortunate people loads of money. So, why faucets just give away free coins? Is it an act of generosity? By rewarding Satoshis to users, faucets receive revenue. Now, how is that possible? Ads.
Many popular and successful faucets host a lot of ads. Irrespective of the fact, that the ads are pay-per-click, pay-per-impression, chances are the site is making a steady income just by having advertisements on the page. In addition to ads, faucets sites might also have affiliate links that may bring revenue, if users sign up for something or buy something.
However, it’s common for faucet sites to be completely overloaded with advertisements to point out that the user’s experience is being interfered with. This is one way to grab a few free coins.
Conclusion
Typically, users get involved with faucets as they have been eager to earn free coins and have a keen interest to learn more about the industry. It is a risk-free and a stress-free way for stepping in the crypto industry without having to spend any of your money on investments.
Additionally, the process is safe and secure, owing to the fact that users can keep their Bitcoin keys in total anonymity. So, if you’ve been searching for something new to try or have always wondered what all the buzz surrounding Bitcoin was about, now is the time to find out. What do you have to lose?
The users can keep their Bitcoin keys anonymous. If you have been looking for trying something new and have always wondered about the buzz surrounding Bitcoin, it is the perfect time to find out. There is nothing to lose and definitely something to gain.
