Bitcoin faucets operate through a reward system. Basically, you do some simple tasks online, for an example, clicking on some links or something similar, and in return you get a reward in form of a satoshi. Satoshi is a small, small part of a Bitcoin, like cent of a dollar, but even far less proportional to 1 BTC. Bitcoin faucets are developed back in 2010, and besides them, there are faucets for some of the alternative cryptocurrencies. Receiving facuets in altcoins is even less debatable.

Value you will receive after completing one of those simple tasks are pre-calculated by the amount of time you will spend doing so, since the complexity of the task is meaningless. Still, the time you will spend will probably be far from the worth you will receive. Today, there is no point in attempting to generate any sort of revenue this way.

Purpose of introducing Bitcoin faucets was not only to make money, on the contrary, making money through Bitcoin faucets wasn’t the starting interest at all. Bitcoin faucets were introduced so that people with no experience regarding cryptocurrencies could give it a go. People would receive a small amount of the currency so they could try test transactions and get familiar with the entire concept. Also, faucets were useful for creating more traffic through the network which is one of the key factors in creating a worthy cryptocurrency.

Interesting characteristic of Bitcoin faucet is the referral system. It is a system that became quite useful in the field of online marketing, and as it is mentioned, advertising was one of the reasons why faucets were introduced in the first time. Basically, old users introduce new ones into the network and for that task receive small amount of the currency as well. The network is rising and that is the key objective, while there is no transfer of value to the top of the network. That is very important since it is the only characteristic that differ referral system from well known pyramid-scheme, also called “multi-level marketing”.

There is no need for an opinion since it is a well known concept in the cryptocurrency community. There is very small chance of earning considerable amount of money and it takes too much time. Nevertheless, if you have a lot of spare time on your hands, you can try with some of the altcoins. You never know, maybe it has a Bitcoin or Ether’s future ahead.


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Posted by Min Park

Blockchain Marketing Specialist / ICON ($42M) / MediBloc ($25M) / BOScoin ($12M) / PAXchain ($60M) / Krown Media / :0

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