What are Bitcoin faucet?

Before we talked about Bitcoin Faucet let know first what is bitcoin?

What is Bitcoin?

Bitcoin is a digital asset and a payment system by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed[note 4] and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is referred to as mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners.

In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0% to less than 2%. Despite the fourfold increase in the number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much momentum in retail transactions. The European Banking Authority and other sources:11 have warned that bitcoin users are not protected by refund rights or chargebacks. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement,and media. Criminal activities are primarily centered around darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services. Read more from Wikipedia

To understand more about bitcoin, please watch this video from weusecoins.com

Now we knew about Bitcoin let see how 99Bitcoins describe Bitcoin faucet

99Bitcoins said, The world of bitcoin is filled with many terms that might seem confusing at first glance. “Miners”, “blocks”, “block chain” to the uninitiated these terms may seem confusing at first glance. Another increasingly popular and important tool is a so-called “bitcoin faucet”, which is a website that rewards people with bitcoins in exchange for performing a simple task.

In other words, the user gets paid for completing a certain type of activity, such as signing up for a newsletter, playing a game, or viewing ads. Websites have long offered cash in exchange for performing activities and tasks, but with bitcoin the payment is fast, secure, and allows both parties to maintain a high level of autonomy.

After all, who wants to share their important financial information, like bank account numbers and Paypal addresses, with random parties? With bitcoin faucets you get to get paid for your efforts all while enjoying the anonymity and security of bitcoin itself. For this reason an increasing number of websites are ditching cash and credit cards in exchange for bitcoin.

There are many different types of bitcoin faucets. Some faucets will reward you for performing a one-off activity, like providing your email address. Many faucets, however, will reward you for your continued efforts, such as playing a game or taking surveys.

Bitcoin Faucets

They’ll earn you some cash but won’t pay the mortgage

Let’s get something straight before we dig any deeper into bitcoin faucets: they aren’t going to make you rich. The payouts are generally quite small and they are tied to market rates. Often, a bitcoin faucet is only going to be you a few cents worth of satoshis. A satoshi, by the way, is the smallest currently used denomination of bitcoin and is equal to 0.00000001 BTC.

Further, the more you’re getting paid, the more you’re going to have to work to earn your satoshis. If you’re just providing an e-mail address, you’re probably only going to get a small amount of satoshis. If you’re filling out a long and in-depth survey, you’ll probably stand to make more.

Regardless, you’re likely not going to earn huge amounts of money through bitcoin faucets, so don’t go quitting your day job just yet. That being said, over time the money can add up and you could find yourself making a substantial amount of extra cash without having to do all that much work.

You don’t always have to “work” to earn bitcoin

One way to maximize your bitcoin earnings through faucets is to find activities that you’d do anyways. In other words, get rewarded for being you. In some cases, you can actually earn bitcoin for playing games in which you kill aliens and what have you. If you happen to enjoy these types of games, why not play one where you get paid? Of course, you’ll have to spend some time looking at ads, but the Internet is filled with ads, so at least this time around you’ll be getting paid to look at them. When you’re doing something you’d do anyways, you’re not really working. You’re just doing your thing. These types of bitcoin faucets are arguably the best even if the payout isn’t the best. After all, if you’re doing something you like doing, earning a bit of extra money certainly doesn’t hurt, does it? This way, even if you don’t earn a huge sum of money off of your efforts, you won’t be wasting your time but instead doing something you’d do for free simply because you enjoy it.

Also, bitcoin has proven to be one of the most reliable investments in the world, constantly gaining value. Owing to the fact that the supply and production of the currency is tightly limited, bitcoin has so far proven to be one of the most inflation resistant investments in the world.

If you earn $100 dollars worth of bitcoins this year through faucets, it could very well be worth a thousand dollars or more further on down the line. Owing to this, earning some extra cash through a bitcoin faucet could turn out to be a very wise investment of your time and effort.

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