What is a bitcoin faucet? – A bitcoin faucet is 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.
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The purpose of Bitcoin Faucets
Bitcoin is still relatively new, so many people around the world are still learning what it is, let alone how to invest in it or incorporate it into their own financial portfolios. That’s why Bitcoin faucets were created. They serve as a method to introduce people to the concept of Bitcoin without the risks associated with investing.
Many faucets strive to offer information about Bitcoin to new users. In short, faucets are a great way for individuals to learn more about Bitcoin and gives them the opportunity to earn coins without risking any money. Today, faucets have grown in popularity among Bitcoin enthusiasts, and there are many different faucets for users to dabble in.
For starters, any Satoshi earned by completing faucet tasks gets deposited into your wallet, otherwise known as a micro wallet account.
What are Micro Wallets?
A micro wallet is version of a traditional Bitcoin wallet that allow you to collect small amounts of Bitcoin before transferring out to your own wallet as the fees for transferring micro-amounts of BTC will cancel out anything earned. Sometimes, when faucets pay tiny amounts of Satoshi, it will be deposited to a user’s micro wallet provider.
From a user’s perspective, there are no extra steps to go through to get a micro wallet. In fact, one is automatically created when a user creates an account with a faucet. It’s important to note, however, that micro wallets have limits of anywhere between 5,000 and 10,000 Satoshi. Once that limit is met, the Satoshi will be paid out to a user’s main Bitcoin wallet.
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