What Is A Cryptocurrency Faucet?
Traditionally, a cryptocurrency faucet (that started out with a bitcoin faucet) is a web site that provides information and educates its visitors about the miracle currencies that is still strange to many. Cryptocurrencies such as Bitcoin, Dogecoin, litecoin, virtacoin, Ethereum, Dash, Peercoin, etc. However, Faucet sites do allow people to earn free coin, in form of satoshi (Bitcoin Cents) and other currencies depending on the type of faucet they are running from.
How Do Faucet Reward Their Visitors
Faucets usually give fractions of a bitcoin in form of satoshi. Payout per transaction is between 10-5 000 satoshi, although some faucets also have random larger rewards. The owners, 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 via a micropayment processor in other to ease mining fees.
How Did Faucet Started
It all started with Bitcoin faucets, first developed by Gavin Andresen in 2010, for the purpose of introducing new users to bitcoin, generate traffic and make money. This was done to promote widespread acceptance of bitcoin worldwide. Today faucets serve different purpose to different people. Some consider this as the best source for making quick money, to others, a source of defrauding because they understand that crytocurrency transactions are irreversible.
What Is Our Take On This
Whatever be the case, we at bitcoinLordz.com have one goal; to be part of those who are radically promoting the expansion of this online money globally. We do believe that faucets are still the right source to get the word out massively and help people understand why Bitcoin is so important to us.
Grab Your Free Bitcoin Today. Be informed, be smart, spread the word and Let’s Bitcoinise The World!