What is a Bitcoin faucet and how much does it cost
Not everyone can afford to invest in bitcoins and other cryptocurrencies, but thanks to the bitcoin faucet, anyone with access to the internet can potentially get coins for free. This is one of the easiest ways to earn Bitcoin, Ethereum and dozens of other cryptocurrencies.
What are Bitcoin faucets?
Bitcoin Faucet is a site that allows you to earn bitcoins in exchange for performing one or more actions. Depending on the site, the collected amount of Satoshi will be paid to the wallet on a regular basis (usually once a week) or after receiving the minimum amount.
These services are important not only for users who earn cryptocurrency, but they are also used to promote and advertise hundreds of cryptocurrencies. This was the original purpose of their launch. This marketing strategy was introduced by Gavin Andresen and adopted by Satoshi Nakamoto.
How do Bitcoin faucets work?
Bitcoin faucet sites are distributing satoshi. It is the smallest unit of a quote in bitcoin. This equates to 0.00000001 BTC or 8 decimal places. The more actions requested by the site the user performs, the more Satoshi and, therefore, BTC he will receive. These actions are very varied, they can range from watching online advertisements, opening an account on a platform that allows you to trade coins, to introducing captcha.
To make sure the system deals with people, bitcoin faucets are configured with captcha systems. Consequently, the machine cannot do all the work for the user. Bitcoin faucets are aimed at making money, so their aim is to make money using time or forcing them to perform an action.
For example, a bitcoin faucet displaying online ads. The latter sells ad space to other companies on its site or on the site of third parties. He receives a reward based on the number of views or clicks on each ad. The more ads visitors watch, the more money the Bitcoin faucet brings. In return, he gives away a portion of his profits by giving 1 or more Satoshi.
To create your own bitcoin faucet you need:
- Choose and pay for hosting.
- Buy a domain name.
- Select faucet: paytoshhi, faucetbox, epay.
- Decide on an affiliate program with which you plan to cooperate.
- Reserve initial capital for payments.
The cost of a bitcoin faucet will depend on the payment of the costs of the selected services.
Popular list of Bitcoin faucets
Since the inception of Bitcoin, the number of websites offering small shares of the currency for free has continued to grow.
- Freebitcoin is one of the most famous bitcoin faucets. Has been working since 2014.
- Moonbitcoin – you need to disable ad blocking to use it. Payment can be made every 5 minutes.
- Bit Fun – you can get cryptocurrencies by playing games.
- Cointiply. Besides the faucet, there are various ways to win free virtual currency.
- Bitfun. There is a referral program that offers a commission of 50%.
- Lolli is a browser extension that allows you to earn free bitcoins as a reward for purchases on websites operated by its partners.
- AllCoins – Offers up to 10 types of cryptocurrencies.
Advantages and disadvantages
Ways to get Bitcoins for free through faucets have their advantages and disadvantages.
The service may not pay. Some services do not replenish their reserves to allow customers to pay.
The reward is too small and you can spend a lot of time and effort in order to earn a significant amount.
For example, to earn satoshi, you need to watch ads on the Moonbitcoin service. For example, the dollar reward offered by this faucet is $ 0.0025 for 5 minutes. It is not difficult to calculate how much you can earn in a traditional 8 hour working day.
- You can get cryptocurrency for free.
- Lots of ongoing projects.
- Additional earnings on the referral program.
Cryptocurrency as “private money” – fundamental differences between bitcoin and altcoins from other types of cryptocurrencies
Cryptocurrencies are embedded in their own blockchain. Bitcoin, Monero and Ether are all examples of cryptocurrencies. All exist according to their own independent registries. Bitcoin runs on the original Bitcoin blockchain. Ether is used in the Ethereum blockchain. Monero exists on the Monero blockchain, etc.
All of them can also be sent, received or used. Cryptocurrencies usually have the same characteristics as precious metals. That is, they are fungible, divisible, portable, and stocks limited.
There are also altcoins, which are an alternative to bitcoins, the original cryptocurrency. Some altcoins are a fork of BTC and were developed using its open source protocol. For example, Litecoin and Dogecoin can be mentioned. But Ether and Monero are also referred to as altcoins, even though they were built on new blockchains.
When defining an altcoin, the question must be asked: is it a cryptocurrency that has its own blockchain and is not based on the bitcoin blockchain? If so, then this is an altcoin.
Can stablecoins be considered a cryptocurrency (in comparison with bitcoin), if not, why not?
Stablecoins are literally a stable cryptocurrency. They solve one of the biggest challenges in the cryptocurrency sector: high price volatility. The price of a cryptocurrency can vary by 10-20% or even 100-200% in just one day. The operating principle of a stablecoin is simple. If the price of Bitcoin is $ 6,000 and the user exchanges 1 BTC for a dollar-backed stablecoin, then they will have 6,000 units of that stablecoin. If the price of BTC drops to $ 5,000, he will have $ 6,000 in stablecoins. Conversely, if Bitcoin rises to $ 7,000, it will still only have $ 6,000 in stablecoins.
Promising types of cryptocurrencies in 2021
Top 10 Cryptocurrencies in 2021
- Ethereum (ETH): Bitcoin’s main rival.
- Ripple (XRP): An altcoin that is legal in the banking sector.
- Litecoin (LTC): The largest alternative currency.
- Bitcoin Cash (BCH): The currency from the Bitcoin hard fork.
- Tether (USDT): a cryptocurrency considered one of the most stable.
- Cardano (ADA): Altcoin is focused on innovative technologies.
- Uniswap (UNI): A growing altcoin.
- Polkadot (DOT): A scalable blockchain popular with experts.
- Binance Coin (BNB): The cryptocurrency is linked to the largest exchange.
- THETA (THETA): A cryptocurrency with exceptional growth, in particular due to NFT.
There are about 30 projects in the Amir Capital ecosystem, thanks to which you can compose your investment portfolio yourself, choosing exactly those products and projects that best suit your goals.