Bitcoin Faucets – Everything you Need to Know 0 14

If you are looking for ways to earn Bitcoin, you will come across Bitcoin mining as well as trading. But, these are certainly not the only options at your disposal. There is a simpler route you can take, which is known as a bitcoin faucet. But, what exactly is a bitcoin faucet and how does it work? Let’s find out:

What are Bitcoin Faucets?

A bitcoin faucet refers to a mobile app or website that gives users small amounts of bitcoin or any other cryptocurrencies in return for completing simple tasks. It is possible for people to watch product videos, play games, complete captchas, answer surveys, view ads, click links, and do other similar tasks. This is known as a faucet because the rewards you receive are on the small side, not very different from the tiny drops of water that usually drip from a leaky faucet.

Contrary to popular belief, you should note that Bitcoin faucets cannot be considered get-rich-quick schemes. It may sound like a piece of cake to use a free bitcoin faucet to make money, earning a solid amount can take a tad longer, depending on which faucet you use. In most cases, the rewards you earn are directly sent to an online wallet offered by the website. Bear in mind that the difficulty of the task determines the quantity of the rewards; the easier it is, the less you earn.

Likewise, some faucets also require users to have a minimum payout, which means you have accumulated a certain amount of rewards before you can make a withdrawal. This could take a couple of hours, a day, a week or even months. This all depends on the website’s rates.

History of Bitcoin Faucets

Bitcoin faucets have existed for almost a decade. These crypto faucets were developed by Gavin Andresen, a senior Bitcoin developer, a few years after Satoshi Nakamoto launched Bitcoin. The purpose was to create awareness about this new concept of money. A reward of five bitcoins was issued by early bitcoin faucets, which is a whopping $243,000 today!

Getting hands-on bitcoin was tough in the early days because there weren’t many platforms or exchanges where you could buy it. Therefore, in order to pique’s people’s curiosity without pushing them into buying bitcoin and other cryptocurrencies, the concept of faucets was used for handing small amounts of it to people.

Today, many people have created their own faucets to make extra money. They often deposit some BTC in their crypto wallet that’s linked to their faucet app or website. It is possible for faucet owners to make some passive income via the ads, as long as they make more than what they are dispensing in the form of rewards.

How do Bitcoin Faucets work?

As mentioned earlier, bitcoin faucets reward people with small amounts of BTCs upon completing tasks. The rewards are given out in the form of satoshis, which is the smallest unit of bitcoin and is named after its mysterious founder. 1 BTC is equivalent of 100 million satoshis and the amount you get will depend on the task you complete and the reward system of the faucet provider.

Some of these faucets directly send the payment to your Bitcoin wallet or through a third-party micropayment wallet. These micro wallets are similar to traditional desktop or online wallets and can only hold a small amount of cryptocurrency.

Things to Consider before Choosing a Bitcoin Faucet

Now that you understand the concept of Bitcoin faucet, it is natural to want to use one. However, before you choose one of the many available, there are certain things you need to consider. First, you should look at the timer, as some of them have a loading or refresh time, which can be between 15 minutes and a few hours. You should also check the claim amount, which indicates how often you can earn and how much. This also depends on the complexity or simplicity of the tasks you complete.

As mentioned before, some crypto faucets also require you to accumulate a certain amount of satoshis before you can withdraw, so you should look into it. Likewise, also look at the referral fee i.e. how much you can make by referring the faucet to others.

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Sentenced ‘Bitcoin Czar’ Named Among Pandora Papers 0 8

Juts couple of days ago ICIJ published its new research about some of the world’s top leaders’ and influential peoples’ stories of financial misconducts.  The reports by ICIJ also argued that “Bitcoin czar” may have been the member of the Carbanak hacking group. The International Consortium of Investigation Journalists (ICIJ) have also discussed the crypto criminal in their new leaks called “Pandora Papers.’

The ICIJ’s Pandora Papers have claimed “Bitcoin czar” a famous criminal who masterminded the largest “cyberheist in history” own the offshore assets. However, the Pandora Papers also said that those offshore assets being managed by a third independent firm.

Pandora Papers have exposed how some of the world’s most influential people have hidden their wealth. Where those papers have exposed world’s top 300 politicians and businessmen. The report has also discussed the operations of hacker group Carbanak. The cybergang according to the reports have stolen around $1.24 billion from financial institutes and the digital crypto exchnages as well. The network operated over more than 100 countries from 2013 to 2017.

However, the most famous arrest of this network’s members came in 2018, when the authorities finally managed to arrest the master mind Denis Tokarenko (also known as Denis Katana), and many people have voiced that Pandora Papers indirectly called his name.

The reports published by the Bloomberg’s business research and network team concluded that at the time of Tokarenko’s arrest back in the month of March 2018, the Spanish National Police recovered 15,000 Bitcoin (BTC), worth $162 million from his possession. This is history’s biggest crypto scam till today.

The illegal approach adopted by the Tokarenko did not just end here. The Chief inspector of the Spanish police, Carlos Yuste also told the sources that Tokarenko also purchased a bitcoin mining system in China. He used his mining system to launder his illegal Bitcoins as well.

Despite the fact that Pandora Papers have not directly covered the crypto thefts and other cyber-attacks, but these papers have partially included the incidents from digital trading as well. This leads to the future possibility the ICICJ might decided to open up about the digital thefts and cybercrimes incidents as well.

But the fact is that Pandora Papers have provide quite the useful insight about the some of world’s most famous cyber-attacks on the recent time. If authorities decided to put investigate these facts, then there might be multiple people who find them behind the bar. The primary issue regarding the cyber-attacks culprits is that majority of them gets away because of the lack of the profs. The only notable person who was sent to prison on committing a cybercrime was former Rizal Commercial Banking Corporation employee Maia Santos Deguito.

Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 9

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

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