What are Bitcoin Faucets?

What are Bitcoin Faucets?

What are Bitcoin Faucets? Bitcoin faucets are reward systems, which are in the form of a website or app. The process involves the dispensing of rewards at predetermined intervals of time. Individuals are rewarded for completing a captcha filling or any other tasks described on the website and can win prizes for games like “Bitcoin fidget spinner”. Individuals can claim fractions of Bitcoin as rewards, and need to wait a certain period between winning more free bitcoin.

Why Bitcoin Faucets?

Faucet websites strategically attract many visitors through the incentive to win “rewards”. Most of the faucet websites and apps offer bitcoins as rewards in the form of Satoshi. One Satoshi is a hundredth of a million bitcoin (BTC), which is 1 Satoshi = 0.00000001 ฿. In turn, these websites display advertisements provided by advertisers who are paying the faucet owners to display ads on their websites. The reward system prompts visitors to return to the faucet website to spend time effectively earning Satoshi rewards. As and when visitors click these advertisements on display, faucet owners can generate high revenues.

Who Uses Bitcoin Faucets?

Bitcoin faucet is a platform for many novice users who are willing to learn about bitcoin and who would like to spend extra time on these websites and apps to claim rewards. An average bitcoin expert would treat these fractions of units as negligible in value and tends to not waste time in clicking advertisements.

How Are Bitcoins Faucets Websites and Apps Handing Out Free Bitcoins?

Bitcoin faucet websites are giving away free Bitcoins for the following reasons:

  1. People learn about Bitcoin
  2. People earn from Bitcoin

The business model of a bitcoin faucet is very simple; visitors visit the site and provide their bitcoin wallet address or email id that is associated with a wallet. Timers on these websites track the time spent by each visitor on the faucet website and after a certain period of time, the visitor is entitled to a reward. Filling out a captcha or solving a simple math puzzle is then required to claim the reward. This reward is credited to the wallet immediately or on a designated weekly payout day.

Both, faucet visitor and the faucet owner are paid for watching and posting ads respectively – most of these websites have an enormous quantity of ads posted on the web pages. To prevent one person from claiming all the rewards, faucets fix a time interval between 5 minutes and 24 hours between each visit. If someone claims over 120 times in 24 hours, he or she will be banned forever from logging into the website and getting payouts.  

However, several deceitful faucets deliberately place ads such that an individual would accidentally click an ad instead of “claim bitcoins” button. This type of business model is attracting cheap traffic and driving them to click on these ads.

“Cheap” traffic gets generated from a referral system. Bitcoin faucets allow visitors to earn a percentage of the bitcoins and the remaining is granted to visitors who have joined through a referral system. Generating more traffic with this method is thriving and has enabled to create a contemporary website known as “The Bitcoin Faucet Rotator”.

A faucet rotator is a website that allows a visitor to quickly surf through various faucets available without opening a new tab or a new site for each ad. Rotator, at a quick pace, helps individuals to visit every paying faucet to save time as some of the ads gets refreshed frequently.

You might think by visiting faucets that you could make a lot of money but keep in mind that it’s not a realistic choice. Even after hours of work swapping from website to website you might end up with only a few bucks. Even after 24 hours of work, anyone who claims a new batch of coins every 30 seconds and plays faucets that are paying 10,000 Satoshis (which practically doesn’t exist), would be making 0.0024 Bitcoins in that day. That amounts to only 70 cents. However, someone who owns a faucet possibly could generate decent revenue but the website would need a lot of traffic to be sustainable.

How to build your own bitcoins faucets website?

Steps that are to be followed for building a faucet website are:

  1. Get a domain name

Register a domain name to make your website available online. Install all faucet files on a server.

      2. Get a hosting provider and install Word Press on it

Get an experienced web hosting service provider to host your website and install Word Press to easily create and edit content, publish posts, etc.

     3.Download the Bitcoin faucet WordPress plugin

  • Download the Bitcoin Faucet WordPress Plugin
  • Go to “plugins”, Add new, Upload plugin
  • Choose the file that was just downloaded and upload it to website
  • Click on “activate plugin”

     4. Get a Faucethub and SolveMedia account

To make payments with your faucet, Faucethud is required, which is a micro wallet payment processor.

  • Login to Faucethub and create an account
  • Add your site’s URL to the Faucethub account

And, to protect your faucet from bot abuse, Catpcha API keys are required

  • Go to SolveMedia and create an account
  • Add your site’s URL to SolveMedia account

     5. Set up a plugin

To set up a plugin, click “Plugins” and upload BTC faucet plugin file and click “Activate Plugin”.  

Add these following details under “general” tab

  • Enter payouts and timer settings
  • Enter SolveMedia API keys
  • Enter the URLs for your faucet page and “check address” page
  • The referral link is: http://yourwebsite.com/?r=btc_address

Also, under the “payment” tab

  • Enter Fuacethub API keys

On faucet page

  • Enter the faucet shortcode

      6.Funding your faucet website

To activate a faucet website and to send rewards there should be a sufficient bitcoin balance in the micro-wallet and so a micro-wallet plugin should be funded.

Conclusion…

Faucets are the most popular websites to help new users learn about bitcoins while earning some bitcoins. It is always worth being extra cautious when signing up to a faucet website. As these website owners provide vast services; wallet hacking, account trading, and/or the cloud mining of miners can occur so one needs to be cautious when choosing passwords the websites.

Featured Image: ezcrypto.co.in

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