Where can I get free bitcoin? It is a common question asked by newbies to bitcoin. The answer is bitcoin faucets, you will not get much out of it, but it is free nevertheless.
Bitcoin faucets, as the name suggests are like dripping faucets (taps)… but in this case, it is cryptocurrencyunits in place of water. Just as the leaking water takes some time to accumulate into a droplet before it drips, users have to wait for a certain duration before they could collect the accumulated coins.
Bitcoin faucets (it can be for anycryptocurrency) are reward systems that dispenses rewards in the form of a tiny fraction of bitcoin for visitors to claim. These rewards are dispensed at certain intervals of time.
Why bitcoin faucets?
Rewards are in place to attract visitors to the faucet’s webpage. These faucetsites usually contain advertisements. Advertisers pay the faucet owner to display these ads on his site. Advertising costs are calculated on Cost per Thousand impression (CPM) basis. This means, if the site gets more visitors and if each visitor spends more time on the site, then the site owner gets more money from displayed ads. These rewards attract more visitors and they come back regularly to claim their rewards. The visitor generally ends up spending more time on the faucet.
In simple words — Faucets get more repeated visitors to the site; in turn, the owner gets more money from the advertisers.
Faucets also play an important role in the bitcoin ecosystem. It encourages more people to understand and adopt bitcoin.
Who uses bitcoin faucets?
If you understand bitcoin and how it works, then you will know in no time that the bitcoin units given away by faucets is of negligible value. You wouldn’t spend time claiming rewards on them. Majority of visitors who use these faucets and claim rewards from them are beginners, still learning about bitcoin or minors who cannot do transactions legally on any of the bitcoin exchanges.
How to use bitcoin faucets?
Using a bitcoin faucet is very simple. Once you visit the faucet webpage, you have to enter your bitcoin walletaddress or the email id associated with your Xapo wallet and hit enter. A timer will start counting the amount of time you spend on the site. Once you spend a certain amount of time on the site, you can claim your reward by clicking the “Claim Now” or similar button. You will have to prove that you are a human by filling in a Captcha or by solving a simple mathematical problem, (this prevents any automated script from claiming rewards at regular intervals). That is it…! You have claimed your reward. Your reward will be credited either immediately or on a designated weekly payout day to your wallet.
Typically, faucets have a minimum time interval limit between claims by each visitor, in order to prevent one person from claiming all the available bitcoin from faucet’s wallet. This duration varies from 5 minutes to 24 hours, depending upon the faucet.
Where can I find bitcoin faucets?
You can find them by just searching for Bitcoin Faucet on Google or any other search engine of your choice. The number of results you get will surprise you. You will find hundreds of bitcoin faucets to choose from, go ahead, explore and earn a few satoshis while at it. (1 Satoshi = 0.00000001 BTC i.e. hundredth of a millionthBTC)
Here are few bitcoin faucets you can explore:
Click on the bitcoin logo below to buy, use or accept bitcoin. Unocoin is India’s most popular bitcoin wallet.
To read the bitcoin white paper, visit: https://bitcoin.org/bitcoin.pdf