What is a Bitcoin Faucet
A Bitcoin faucet sounds like a tap spewing out Bitcoins, but that’s not necessarily the case. Bitcoins faucets aren’t very generous, and they can consume a lot of your time without you being able to reap massive rewards. Bitcoin faucets are websites or apps that reward users for small tasks or spending time on the site.
How They Work
Bitcoin faucets earn money through advertisements and the users of the site get paid in minimal amounts of Bitcoin for spending time on the site. While visiting a faucet website, you’ll be asked to carry-out small jobs like captcha tasks; this would entail clicking on pictures that have a car in them similar to that of Google Captcha. After you complete this type of function, you’ll get paid in Bitcoin (or other digital currencies depending on the faucet site and your selection of payment).
Payment Structure
You get paid by task, time on site, and you can also receive bonuses for returning to the site daily. Some faucets allow you to claim your Bitcoin more often than others. This means that you might have to hit a certain threshold to withdraw funds.
How to Get Your Bitcoin
Bitcoin faucets allow you to store your Bitcoin in a native digital wallet or third-party wallets like CoinPot. When you’re ready to withdraw your funds, you can send your digital assets to your Bittrexwallet or any other digital wallet you own.
Why They Exist
If you own a hot Bitcoin faucet, you’re earning a lot of money from advertising. For the end user, it’s an easy and fun way to collect Bitcoin and feel like you have skin in the game.
Are They Worth It?
Bitcoin-specific faucets pay a tiny amount of Bitcoin for your efforts. However, you can also find faucets that offer ALT coins. The perfect scenario would be to earn sufficient ALT coins and watch your ALT coin portfolio grow exponentially to the value of Bitcoin. Again, that would be the ideal scenario.