WHAT IS BITCOIN FAUCET?
- A bitcoin faucet is a web page with lots of advertisements running on it that rewards a small amount of bitcoin to their members for visiting their page.
- Bitcoin faucets like these pay bitcoins to their members for every visit they make to their web page 24/7.
- The rewards are not fixed on most of the faucets instead they are variable. Each time they dispense some amount of bitcoins based on a number of claims made by the members per day or at least few claims every week.
- The more you’re regular, the more you can earn. Few Faucets pay fixed amount of bitcoins each time when you claim.
- The bitcoin faucets will fix a revisit time. The revisit time is the time fixed by the faucets, where you can claim bitcoins only after certain fixed time from the previous claim.
- For example: If you’ve claimed the bitcoins now, you cannot claim the bitcoins again immediately. Instead, you’ve to wait for a certain time before you can claim another time.
- The revisit time varies from 1 minute to an hour based on the faucet.
HOW DO BITCOIN FAUCET OPERATE?
- Now you know what is a bitcoin faucet and how bitcoin faucets dispense bitcoins. When you enter a bitcoin faucet along with ads, captcha API will be installed in the center of the web page.
- You have to solve the captcha and click claim in order to qualify for receiving the bitcoins.
- To prevent spammers and usage of automatic bots. Bitcoin faucets protect their property using captcha protection.
- In simple, you’ve to open the faucet enter your wallet address, solve the captcha and click claim to receive bitcoins. Continue the same process after revisit time.
WHY BITCOIN FAUCET PAY YOU FOR VISITING THEIR WEB PAGE?
- As I said earlier the home page of bitcoin faucets will be fully covered with advertisements. They bring revenue to their faucet through these advertisements.
- And they pay their members from the ad publisher revenue.
- Now let me say how it works. Advertising networks like Google Adsense pay faucets both in terms of impressions and clicks.
- So, if any of the faucet members clicks an ad on the faucet. Faucet owner will receive $0.10 to $1 or even more per click based on member’s geo-location. And for every 1000 times the faucet page generates the impression, they will also be paid in terms of CPM
- Thus, the faucet earns money both in terms of clicks and impressions. Like 10 clicks per thousand impressions = $3 for clicks + $3 eCPM = $6 revenue for faucet.
- Faucet owners need customers to create impressions and make clicks. Nobody will do it for free nor they can do it on their own. So, faucets owners create a community of members who can do it for them. In turn, members get paid for doing it.
- For example: If the faucet owner earns $5 for 1000 impressions, they spend $1 – $2 for 1000 impressions to pay their members for making them earn.
WHAT IS BITCOIN :
Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.
Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.
Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.
WHAT IS FAUCET SITES :
Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.