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What is Bitcoin?

Bitcoin (BTC) is a cryptocurrency, a form of digital money. It is a decentralised electronic currency without a central bank or a centralised administration that can be used from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries. It was invented by an unknown person, or a group of persons, under the name Satoshi Nakamoto, developed and released as open-source software in 2009. The system is peer-to-peer, and transactions occur between users directly, without an intermediary. All transactions are verified by network nodes and recorded in a public distributed ledger known as a blockchain.

Besides being created as a reward for mining, bitcoin are often exchanged for alternative currencies, products, and services. On february 2015, over 100k merchants and vendors accepted bitcoin as payment. Bitcoin can also be destined as an investment. in line with research made by university in 2017, there are from 2.9 to 5.8 million unique users using a cryptocurrency wallet, the most part of them using a bitcoin wallet.

From a user perspective, Bitcoin is nothing more than a online app or computer that gives a private BTC wallet and permits a user to send and receive bitcoins with them. this is how Bitcoin works for many users. Behind the scenes, the BTC network is sharing a public ledger known as the "blockchain". This ledger contains every transaction ever processed, permitting a user’s computer to verify the validity of each transaction. The legitimacy of every transaction is protected by digital signatures comparable to the sending addresses, permit all users to own full management over sending bitcoins from their own BTC addresses. Additionally, anyone can process transactions using the computing power of specialised hardware and earn bitcoin for this service. This is as know as "mining". To learn more about Bitcoin, you can consult the dedicated page and the original white paper.

What is Bitcoin Faucet?

Bitcoin faucet is a reward system, in the form of a web site or online apps, that give away free Bitcoin in the form of a Satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for complete a captcha or task as described by the web site. There are also other faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various intervals of time. Bitcoin faucets usually give away fractions of a Bitcoin, but the amount will typically fluctuate according to the value of Bitcoin.

Bitcoin Faucet is a great way to help introduce new people to Bitcoin, or to your favourite cryptocurrency. Many faucets provide information to newbies as well as offering them some free satoshi so that they can try before they buy, experimenting with a test transaction before put real money on the road. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.

It is important to note that faucets are not a get rich quick scheme, as the reward amounts are typically quite small and change according on the value of BTC/USD at any given time. Because of this, many users who join a Bitcoin faucet allow their total earnings to build up over time until they are ready to have a larger payment sent to their wallet. Typically, users get involved with faucets because they have a desire to understand more about the bitcoin niche and are excited at the prospect of earning free bitcoins. It’s also a no stress, no-risk way to get started in the crypto industry without have to spend any of your own money on high risk investments.

Why do Bitcoin Faucets Give Away Free Satoshi?

Many people have noticed how Bitcoin has been growing and has made a handful of lucky people a lot of money. So, why do Bitcoin faucets just give away free satoshi? Are they just being generous and kind? The truth of the matter is that by rewarding users with satoshi, faucets receive revenue. How so? Banners Ads! Many of the most popular and successful faucet sites host a lot of ads. Whether the ads are PPC (pay-per-click), CPM (cost-per-mille), or just there, chances are the site is making a big money just by having advertisements on the page. In addition to ads, faucet sites might also have affiliate links that can allow earn free bitcoin if users follow the link and sign up for or buy something.

Unfortunately, it’s common for Bitcoin faucets to be totally overloaded with advertisements to the point that they interfere with the user experience. For the time being, though, this is one of the trade-offs of getting a few free satoshi. In addition to educating new users about Bitcoin, some web sites choose to utilize Bitcoin faucets for different reasons, including to boost web site traffic and revenue. Typically, Bitcoin faucets attract high web site traffic. That being said, if a business or web site has other services or content to advertise to Bitcoin users, a high traffic faucet is a good way to get the word out and get more people familiar with a company or a brand. Depending on the content being promoted, a web site can also generate income, something that is difficult to achieve in the incredibly competitive niche.

Where Does Your Earned Satoshi Go?

So, you have decided to give Bitcoin faucets a try and are racking up Satoshi. Where does it all go, and what can you do with it? For beginners, every Satoshi earned by complete faucet tasks gets deposited into your wallet, known as a secure digital account, protected with your own private keys. In simple terms, your Bitcoin wallet functions like your traditional wallet or bank account, and all your private keys can be linked directly to your personal account. For added security and to cater to a wide array of individuals, there are a few different types of wallets to choose from, including desktop, mobile and online wallets. It really depend to personal preferences. And what about micro-wallets?

What Are Micro Wallets?

A micro-wallet is version of a traditional Bitcoin wallet that allow users to collect small amounts of Bitcoin before transferring out to your own wallet as the fees for transferring small amounts of BTC will cancel out anything earned. Sometimes, when faucets pay tiny amounts of Satoshi, it will be deposited to a user micro wallet provider. From a user’s perspective, there are no extra steps to go through to get a micro wallet. In fact, one micro wallet is automatically created when a user creates an account with a Bitcoin faucet. It’s very important to note, however, that micro wallets have limits of anywhere between 10,000 and 20,000 Satoshi. Once that limit is met, the Satoshi will be paid out to a user main Bitcoin wallet.

How Do Bitcoin Faucets Make Money?

Like almost everything on the internet, Bitcoin and cryptocurrency faucets make revenue with Bitcoin advertising. The more people that visit the web site or online app, the more advertising revenue the faucet can make. The difficulty for the numerous Bitcoin faucets is attracting people to begin with. The “best” faucet sites offer the users something do other than clicking a “Claim” button and closing the tab. Some faucets use browser games to boost users engagement, while others offer spin the wheel type contests with payout boosting prizes to allure potential and existing users. Others offer gambling games where users can stake their earnings against the site in the hope of winning more. Unfortunately, some sites use cryptocurrency mining scripts that hijack visitors CPU to mine free cryptocurrency. The majority of sites using scripts of this kind are cryptojacking: stealing your CPU and electricity to earn cryptocurrencies. That said, there are some that use only a small amount of your CPU, and some may even offer the option of turning on the script.