You may have come across a Bitcoin faucet on some website that you have visited and are probably wondering what it really is and how it works. Well, a faucet refers to a reward system that offers reward in the form of Bitcoins. However, these rewards that are being dispensed are only a fraction of a Bitcoin, sometimes even smaller than 1000 satoshi, and they are dispensed at certain time intervals.
Bitcoins are referred to as a type of digital currency used in making transactions such as payments and purchases. A lot of people make use of these nowadays but getting Bitcoins is not that easy unless you can easily purchase them from exchanges. Some are able to earn Bitcoins through mining. Mining is a process that involves verifying and validating transactions and keeping them in a public ledger.
This service provided by miners is then rewarded with newly created Bitcoins or with Bitcoins that come from the transaction that they have verified. Mining Bitcoins is not something that you can just simply do with your personal computer since it requires hardware that is specifically designed for mining. Mining will require you to purchase a Bitcoin mining hardware and Bitcoin mining software before you can start earning Bitcoins.
Purchasing Bitcoins is also possible through exchanges although most of them do not accept payments through PayPal and credit cards because these transactions are reversible, making them high risk transactions. Payment options offered by exchanges include money or wire transfers, personal checks, even cash. Most beginners usually make use of a Bitcoin faucet to earn Bitcoins.
Bitcoin faucets are placed on websites for certain reasons
First, they are used to attract visitors and increase traffic to a faucet site. These sites usually have displayed ads wherein the advertisers pay the owner of the faucet for having their ads posted. The faucets are used to keep visitors staying on the page and also keep them coming back to the site just to claim their rewards. If the site gets more visitors, it is able to earn more from paying advertisers.
Another reason why sites make use of Bitcoin faucets is to introduce the use of Bitcoins to new users. This is a good way of introducing digital currency especially to those who are skeptical about it and do not yet trust the use of such. New users are encouraged to try the free rewards offered by the faucets for them to understand how it works and eventually make them purchase Bitcoins from them.
Experienced users do not find a Bitcoin faucet useful and do not use it just to earn extra Bitcoins. They know that these faucets are giving away Bitcoins of negligible value. Some may think that this is a good way to get Bitcoins but in fact, you can’t really earn much when you make use of it. However, if you are a faucet site owner, it will definitely help you make a profit especially if you are able to encourage a lot of advertisers to place their ads on your site. Of course, the more visitors you have on your site, the more money you get from the advertisers.
Using a Bitcoin faucet
Using a Bitcoin faucet is quite simple. But before you can claim rewards, it is important that you have a Bitcoin wallet. When you reach the faucet site all you have to do is enter your Bitcoin address. A timer will start counting the number of minutes that you stay on the site.
After a certain time is reached, you will then be asked to claim your reward by solving a simple math problem or some will require you to fill in a captcha. After doing so you will already be able to collect your reward. You can find a lot of faucet sites just by searching for it on the internet. You also find websites that provide a list of faucet sites that you can explore.
Bitcoins are becoming one of the most widely used type of digital currency today. Although some are not able to use like cash itself, they can have it traded for other currencies such as dollars and Euros. There are different ways of earning Bitcoins and you can get your Bitcoins by purchasing them or mining them or by simply getting them from faucets. However, you have to keep in mind that these Bitcoin faucets only offer a tiny fraction of Bitcoins and this may not be enough to cover for the cost incurred when you spend so much time on certain website.