If you search for a bitcoin faucet in Google or any other search engine, you will most likely find that it is a reward system. well, that’s not untrue but bitcoin faucets are a lot more than just simple reward systems.
let’s say you have a leaking faucet in your kitchen or maybe a bathroom. Statistically we probably all have had one at some point or another and if you place a bull under that leaking faucet and you wait around for a minute nothing substantial is gonna happen. but imagine leaving this bowl under the leaking faucet for two months by the end of it you’re gonna have quite a mess. this is exactly how a bitcoin faucet works. the difference being that satoshis are leaked instead of water now at this point you may be wondering.
what satoshis are satoshi which is also a nickname for the guy who created bitcoin is also the smallest unit of
bitcoin just like a dollar can be divided into 100 pennies. one bitcoin can be divided into 100 million satoshi’s
Bitcoin Faucet & its history :
Now moving on let’s get little technical bitcoin faucets are simply websites networks or programs that offer users small amounts of bitcoin each time they carry out different tasks and these tasks can range from viewing advertisements, solving captchas even playing games, and just other tiny small tasks. the number of satoshis given to the users is usually very small and tiny. However just like that analogy earlier a leaking kitchen faucet that’s been left on for months. these satoshis can add up over time moving on let’s talk about the history of bitcoin faucets because a year after the launch of bitcoin the very first bitcoin faucet was launched self-titled this bitcoin faucet which is currently one of the highest paying faucets out. there was launched at a time when the coin was not only worthless but also unknown in fact nobody used it Gavin Andreessen founder of bitcoin. the faucet was one of the very few people to see potential in bitcoin and cryptocurrencies in general and because he was amazed by the idea of a decentralized self-governing and encrypted virtual currency he knew.
bitcoin would go somewhere and he had no intention of developing one of the highest paying faucets but there was zero competition at the time at the time of this launch bitcoin faucet rewarded users with five bitcoins. Each time they took part in certain activities like viewing advertisements, learning about digital currency, and even just playing games. we can say that the people who took part in those tasks were offered more than 236 thousand dollars to carry out simple tasks however at the time they may have been only worth tenths of a penny.
Purpose of a Faucet:
faucet well the main purpose is to get people excited about bitcoin and to spread the currency as the price of bitcoin and other cryptocurrencies. continue to soar a couple of years after the initial launch a ton of these different faucets have been developed to offer you different rewards in the form of satoshi’s each time that a task is completed.
Features of Bitcoin Faucets:
So let’s go over three of the main features of these bitcoin faucets
- First :
Faucets offer satoshis to users as rewards for completing tasks via their website. There have been discussions about Faucets can make you rich. The rewards of these faucets are small and insignificant. Anyone who wants to make some serious money with them will be disappointed.
It will allow them to devote a greater amount of their time to it. Part-time jobs are more lucrative than full-time ones.
- Second :
Bitcoin faucets are mostly free to use and accessible to anyone with an internet connection regardless of where they live.
- Third :
this is a big one number three is something to keep in mind there are actually a ton of bitcoin faucet platforms that will never let you
withdraw your rewards. it is important to keep in mind the minimum payout. when using these services sometimes when you do the math. it might take three years of working every day just to get one payout so keep this in mind.
I hope you have understood, what are bitcoin faucets, their features, and the history of faucets.