More Examples

“Have you seen the new bitcoin faucet?”

“Be careful… Today, most bitcoin faucets are scams.”

“The original bitcoin faucet is no longer in operation.”

Definition(s) from the Web

  1. Bitcoin faucets are sites that purport to help users earn bitcoins “for free” but often fail to deliver or pay such paltry sums as to make the effort itself pointless.. They usually needs address entry and captcha filling. You can revisit faucets every given time to get more. The first faucet was operated by Gavin Andresen, however it has not functioned since Jan 30 2013. Source
  2. Faucet is a reward system in form of a website or an app, which distributes the reward among the users for completing some task (for example, entering of captcha or any other given in the description). Bitcoin-faucet is a system, where Satoshis are used as a reward (this is how a one-hundred millionth part of Bitcoin is called). Chronologically, the first faucets appeared for Bitcoins exactly; they were developed by Gavin Andresen, the chief research worker of Bitcoin Foundation in 2010. Source
  3. A bitcoin faucet is a reward system, in the form of a website or software app, that dispenses rewards in the form of a satoshi, which is worth a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. The first bitcoin faucet was called “The Bitcoin Faucet” and was developed by Gavin Andresen in 2010. It originally gave out five bitcoins per person.

    The rewards are dispensed at various predetermined intervals of time as rewards for completing simple tasks such as captcha completion and as prizes from simple games. Faucets usually give fractions of a bitcoin, but the amount will typically fluctuate according to the value of bitcoin. Some faucets also have random larger rewards. To reduce mining fees, faucets normally save up these small individual payments in their own ledgers, which then add up to make a larger payment that is sent to a user’s bitcoin address.

    Because bitcoin transactions are irreversible and there are many faucets, they have become targets for hackers interested in stealing bitcoins. Advertisements are the main income source of bitcoin faucets. Faucets try to get traffic from users by offering free bitcoin as an incentive. Some ad networks also pay directly in bitcoin. This means that faucets often have a low profit margin. Some faucets also make money by mining altcoin in the background, using the user’s CPU. Source

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