What is a faucet?
A faucet is a site that allows people to earn bitcoin (BTC) virtual currency by completing simple tasks, such as viewing a webpage for a specified amount of time, viewing ad content, even solving CAPTCHAs and playing games.
The payout from each faucet task is generally quite small, but over time as you accumulate bitcoin currency through multiple tasks, and as the value of the BTC increases relative to other currencies (which it is expected to do), the earnings from bitcoin faucets could be substantial.
Because bitcoin currency is being released on a deflationary schedule, due to laws of supply and demand, it is expected to grow stronger over time compared to other currencies.
Why bitcoin faucets?
Rewards are in place to attract visitors to the faucet’s webpage. These faucet sites 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 wallet address or the email id associated with your Faucetbox 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.
What is Cryptocurrency?
I first heard about cryptocurrency in 2014, while I was carrying out research on virtual currencies on the internet. This is one of the greatest of all scientific discovery of our time. Crypto- Currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently outside of any central bank control.
Cryptocurrency also called cryptic currency or crypto asset is a digital form of currency that is being used increasingly globally. This groundbreaking internet technology serves as medium of exchange using cryptography to secure transactions and to control the creation of new units.
Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin for example became the first decentralized cryptocurrency in 2009. Since then, several cryptocurrencies have emerged.
Crypto-currencies are known to be "decentralized” in nature; for example, bitcoin which now provide an outlet for personal wealth that is beyond restriction and confiscation by any authority or entity" Cryptocurrencies use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin's block chain transaction database in the role of a distributed ledger.
What is a Bitcoin Wallet?
In Bitcoin terminology a wallet is a piece of software that allows you to manage your Bitcoin funds.
Generally, wallets show information about your balance, track payments received/sent, and manage your private-keys, i.e. the secret information that proves your ownership of your bitcoins.
There are different flavors of wallets:
Online wallets are accounts with companies that manage your Bitcoin balance for you, similarly to how banks manage money for you. This type of wallet gives you least control, but most customer support.
Thin wallets store the ownership information on your device, but do not validate the status of the Bitcoin network themselves. They are a good choice as light weight clients for casual users.
Full clients actually synchronize the whole Bitcoin blockchain and therefore the most secure. However, they require quite some time to synchronize with the network.
The most important information of the wallet is stored in the wallet.dat for Bitcoin Core (and similarly so for other wallet types). This file should be backed up regularly to ensure continued ownership of your bitcoins.
How to use Bitcoin Faucet?
Using Bitcoin Faucet is simple. Open those Bitcoin Faucets listed below and enter your bitcoin wallet address(BTC address)or the email id associated with your Block Chain Wallet and press enter. In the next page you will asked to solve Captcha and the antibot sistem, once done hit "Claim now" button. You will now be asked to prove that you are a human, complete the task. That's it.... You claimed the reward.