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What is Bitcoin?

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.






What is Bitcoin Faucet?

Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is 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 5 bitcoins per person.



Operation

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 like the bitcoin fidget spinner. Faucets usually give fractions of a bitcoin, but the amount will typically fluctuate according to the value of bitcoin. Typical payout per transaction is less than 1000 satoshi, although 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. As bitcoin transactions are irreversible and there are many faucets, they have become targets for hackers stealing the bitcoins.



Purpose

To introduce users to bitcoin: Faucets are a great way to help introduce new people to bitcoin, or to altcoins. A majority of faucets provide information to new users as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole experience is so new and a bit complicated to people, who perhaps don't quite trust it with their hard money, this is a beneficial way to promote digital currency and bring in new users.



To get traffic: Faucets are high traffic websites. It is not all that difficult to get a huge number of page views per day to a site which is giving away free money. If a website has other content or services to promote to Bitcoin users, especially new users, a faucet is a great way to bring them to make them familiar with a brand name.



To make money: Making a healthy profit from a faucet site on its own is a lot harder than just making a popular faucet, but it is still possible. There are a lot of these sites around today, so it's a very competitive market, and earning enough from advertising to cover the cost of the coins you are giving away and hosting costs is nearly impossible. Adding additional content to a website, or creating some kind of unique or interesting twist, is the only way to generate an income for a Bitcoin faucet.



Referral System

It is typical for faucets to have a referral system, where existing users referring new ones are rewarded with a pro rata portion of new users' earnings from the faucet. Unlike illegal pyramid schemes, earnings do not percolate to the top in the chain of referrals. The exact legal status of bitcoin faucets is unclear and can vary by jurisdiction, refer to legality of bitcoin by country.



Revenue Model

Expense

The setting up of a Bitcoin Faucet involves integrating a payments processor/manager. The owner of the Bitcoin Faucet loads some bitcoin into this payments manager's cryptocurrency wallet. The payout for visitors are given out according to the sites rates/kind of operation.



Income

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 bitcoins. This means that faucets often have a low profit margin. Some faucets also make money by mining altcoins in the background, using the user's CPU.





What is Faucethub?

FaucetHub is a Microwallet. It acts & serves like a middleman between the hundreds of faucets and your crypto currency wallet (For example Coinbase, Blockchain, Dogechain, Coinpayments, Cryptonator etc.). Faucets are websites that dispenses Bitcoins in Satoshi, Dogecoin in DOGE, Litecoin in Litoshi to visitors in exchange for completing the captchas. All payouts are sent instantly into your FaucetHub account and are automatically credited to your wallet address. You can request for payment into your crypto currency wallet once you reach the minimum required amount for payment.

General Information

Countries Accepted: There are no restrictions from any country, all countries are accepted.

Year Website Started: November, 2016

Minimum Payout: 0.0002 BTC(20,000 Satoshi), 0.01 LTC(1,000,000 Litoshi), 10 DOGE

Payment Processors: Coinbase, Blockchain, Coinwallets, Dogechain, Cryptonator & Other bitcoin, litecoin, dogecoin, blackcoin, peercoin, peercoin, dash online wallets.

Payment Waiting Time: 24–48 Hours

Referral Limit: No limit, refer as many as you want.

Referral Earnings: 2% of their Offerwall earnings.

Members: ~1.300.000

How does it Work

Create a FaucetHub account.

Confirm email then log in to your account.

On the member’s dashboard area, click “Wallet Addresses” and Link your bitcoin, ethereum, litecoin, dogecoin, blackcoin, peercoin, bitcore, bitcoin cash & dash addresses. If you don’t have any, you can easily open account on Binance.com or Yobit.net and link your coin addresses to your FaucetHub account.

Now you’re ready to get started earning coins.

Why the need to link your bitcoin, litecoin, dogecoin, blackcoin & dash addresses to Faucethub?

1. It’s a must when claiming from faucets?—?when claiming from these faucets, it required you to enter your addresses that is link to your Faucethub account in order to receive instant payment into your faucethub account after solving the anti bot and captchas. Entering bitcoin, litecoin, dogecoin & dash addresses not linked to your faucethub account will just waste your time and will give you nothing.

2. For withdrawal you can only withdraw from addresses link into your Faucethub account.

Note: Linking your bitcoin, litecoin, dogecoin, dash or any other wallet addresses is “safe” and “will not affect your wallet account and balances in any way.”

How to Earn Coins

Claiming from faucets.

Basically it is based on entered your wallet addresses that linked with your FaucetHub account.

Note: Claiming coins in faucets may be a little different due to design, layout and wordings but the concept is just the same.

Chat rains

a. System’s chat rain, 50 active users every hour will received free bitcoins sent directly to their Faucethub account balance. Duration is fixed, It’s during half of every hour.

b. User’s chat rain users can also gift some bitcoins to other random active users through chat rains. The amount depends on how much the user wants to give, there is no limit as long as that amount is available to be debited into his account balance. The user will just set the amount and the number of lucky users to receive it, then the system will be the one to select the lucky users to win the free bitcoins.

Offerwalls

Completing surveys, watching videos, doing some tasks, clicking ads and many more.

Games

Lottery, Dice & Rock Paper Bitcoin. (Not recommended. It is always too risky to lost all earnings.)



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