Home Crypto Crypto Guides What Are Bitcoin Faucets, & What Do They Offer?

What Are Bitcoin Faucets, & What Do They Offer?

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Introduction

Bitcoin, launched in 2009, did not really break the news. As people started to understand the blockchain technology and the unique features in it, Bitcoin gained some recognition. But, when the Bitcoin prices began to skyrocket, everyone, including small kids, knew about it. Many started to find ways to enter the Bitcoin space. And this when they also came across Bitcoin Faucets.

As a beginner in the field of Bitcoin, several would not know what Bitcoin Facets are. This article will walk you through the complete understanding of Bitcoin Faucets.

Introduction to Bitcoin Faucets

Bitcoin Faucets are online websites and applications, which is basically a reward platform system for the users who get paid for completing some tasks given by the platform. In exchange for completing these tasks, users are rewarded with Satoshi. And the Satoshi earned are directly deposited in the user’s Bitcoin wallet or micro wallet.

Satoshi – It is the smallest unit of Bitcoin, which is worth one-hundredth million of a Bitcoin.

Why Bitcoin Faucets?

Bitcoin is still a relatively new term for people to understand completely. Many are in the process of learning about investing in Bitcoin. In the learning population, there are people who are conservative when it comes to investing. This is the reason Bitcoin Faucets was created. It acts as a medium to introduce people to the concept of Bitcoin investment by actually risking their own money. With this platform, Bitcoin enthusiasts can get insights about Bitcoin and also an earning opportunity.

Where does the earned Satoshi go?

When you register with a Bitcoin Faucet platform, you will have to provide your Bitcoin wallet address. All the Satoshi that is earned will directly be transferred to that wallet address. This wallet is a secure digital account, having a unique bitcoin key. For those who are new to bitcoin wallets, you may relate to the Bitcoin wallet as a traditional wallet, and the Bitcoin key can be associated with your bank account.

How do Bitcoin Faucets generate revenue?

Bitcoin is a cryptocurrency that saw exponential growth a few years ago and has made some people a lot of money. So, the very next question that pops up is, why would Bitcoin Faucets give away coins for free? As a matter of fact, these platforms generate revenue by rewarding users with coins. The simple answer is, they earn money through advertisements.

Bitcoin Faucets are very popular among the beginners in Bitcoin. So, most of the websites host ads on their portal. Be it a pay-per-click or pay-per-impression, Bitcoin Faucets have a steady source of income through affiliate marketing. So more the users they get on board, more is going to be their revenue.

You can visit this link to find the best Bitcoin faucets of 2020.

Conclusion

If you have an interest in investing in Bitcoin but have no clue how to go about it, then Bitcoin Faucets can surely be a great option. This does not risk your money in the market but instead rewards you for learning something of your interest. Having said that, there are platforms that kill a clear user interface with a countless number of ads on the screen. So, you might have to switch from platform to platform to find the right one. Cheers!

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