Here you will learn what a bitcoin faucet is and how to exploit this idea using the top five faucets for 2018. If you are wondering how bitcoin can become real dollars, I go through different options to buy products online using bitcoin and exchange them into real hard cash straight into your bank account or a debit card.
What Is a Bitcoin Faucet?
A bitcoin faucet is a reward system in which users participating in the program get small amounts of bitcoins known as Satoshi’s, which is the equivalent of cents or pennies of a full bitcoin (a hundredth of a million BTC). Users get rewarded with Satoshis for performing different tasks in a website or app, usually for filling out a captcha but most recently for playing online games.
bitcoin games is the best choice for all the sports or traditional casino type.
How Much Bitcoin Can You Expect to Make?
The typical reward per action is not much. It usually takes a a long time to accumulate enough bitcoin to be worthwhile. Realistic average terms would be around $1 USD per day.
The average payout is very random depending on the faucet. Faucets usually make overly optimistic claims. Nevertheless, some of the most popular faucets have a random large payout reward for seniority, referrals commissions, and large payouts if you defeat a big boss.
How Does a Bitcoin Faucet Make Money?
Faucets make their revenue the same way Hubpages.com makes theirs, by sharing its advertisement proceedings with the users that are generating the content. Since advertisers usually pay per page impression and conversions (clicks), the faucet manager will divide the income with the user for a specific task. The ultimate goal is to keep users coming back and spending as much time as possible navigating the content to gain ad exposure.
How to Claim the Bitcoin
While you can see your balance of Satoshis, a faucet project will not release your payment until you have reached a certain minimum amount to process payment.
These will be transferred to your bitcoin wallet. From then on you need to exchange your cryptocurrency in a bitcoin exchange for hard cash or buy products online with your bitcoin. Buying products can be a lower-fee solution as you can later sell them for USD without having to pay the exchange fees.
Are Bitcoin Faucets Scams?
The revenue scheme in itself is not a scam. But since the creation of bitcoin faucets by Gavin Andresen in 2010, many fishy-looking projects have appeared out of nowhere to offer their services. Since bitcoin is not a regulated currency, transactions occur anonymously; there is nothing from stopping online faucets from never paying its users.
These types of schemes usually default at some point because they are too under-capitalized to pay all users; remember Bubblews.com? Since the advertisement exposure is not receiving quality prospects, those programs tend to stop running on bitcoin faucets.
Another risk faucets undertake are hackers that steal bitcoins by gaming the system, since bitcoin transactions are irreversible it makes it hard to protect against hackers.
Nonetheless, there are some reputable bitcoin faucets that have been in the market for a long time and have a large user base.
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