A bitcoin faucet is a place where you can get free bitcoin. Yes it sounds amazing but let me tell you up front – you will not get rich. A long time ago there were faucets that paid out one bitcoin (1btc) or more! Back then they were worth nothing or around 30 cents USD. In 2013 even after big price movements after the Cyprus crisis you could still get 0.001-0.00001 BTC at a lot of faucets. The funds would go directly to the address you gave at the faucet. The bitcoin would not be sent right away but bundled with other transactions and then sent once a day.
Has Bitcoin Storm Scammed you? If so, then this article is going to be an interesting read for people that have been taken in by the easy going process of bitcoin and feel duped to the core even though bitcoins have numerous rags to riches stories to their name that need to be looked into but ever since the 2013 Cyprus crisis, the faucets motivated people to purchase more and more bitcoins at regular intervals expecting a turn of fortunes.
A lot has changed since the “old days”. The price of bitcoin has sky rocketed and the payouts of faucets has dropped like a rock. There is also a trend to go away from sending directly to your bitcoin address and instead to a third party wallet that collects the bits that you get from the faucets. The main two ones that are used today are faucetbox and xapo. The funds you get from the faucet are then sent directly to your faucetbox or xapo account and are not sent over the blockchain. This makes it possible to send ammounts that are lower than the standard mining fee for on blockchain transactions. Normaly a faucet will ask you for your faucet address or xapo account and then send the bits of bitcoin over to your account right away. There are limits to how often you can request payout from the faucets. Anywhere from 15min to one day. Faucets can be good to get started with bitcoin. To learn about addresses and how to send bitcoin.
Why are people giving away bitcoin?
Of course the reason people are building faucets is to make money. How? Advertising and Affilate marketing. Most faucets are full of ads and some even have really annoying pop ups. Others might ask for your email addrss to later send you advertisements via email or the site might be full of affiliate links. Allthough this is not bad perse. Just be aware that bitcoin faucets are not charites but money making websites. It can be hard to maintain a faucet site as some people try to game the faucet to “tap the faucet” and empty it in a short time by using proxys to spoof the ip address they can get around time limits on the payouts. In the end this is not really worth it because faucet owners often keep a very small ammount of bitcoin in the faucet wallet such as 0.01 BTC.