The HUGE problem with Bitcoin faucets, and why you can't get Bitcoin from thin air.

in #bitcoin7 years ago (edited)

This is why Bitcoin faucets never work...

What is a Bitcoin faucet? A Bitcoin faucet is a website that gives you free Bitcoin just by entering your Bitcoin address and verifying you're human. There's a lot of these websites out there. Their strategy is to hold your freely made Bitcoin in their own account and have a withdrawal minimum. Almost all faucets have a cooldown timer, and that's the problem right there. Let's say there's a Bitcoin faucet called FreeBitcoin247.com. At FreeBitcoin247.com you can get instantly get 50 Satoshi (0.00000050 BTC), but there are a 5-minute cooldown and a 0.002 Bitcoin withdrawal minimum. Even if exactly every 5 minutes you got 50 Satoshi it still takes you about 14 days to be able to withdraw it into an actual Bitcoin wallet.


How they make money.

If you haven't guessed already, these websites make money from ads. They have ads everywhere. Ads cover the page with everything from pop-up ads to surveys. And after 14 non-stop days they still make more money than you.


Conclusion

Obviously, you cannot get Bitcoin out of thin air. It just doesn't balance. So thank you for reading my post and please consider vouching. Thank you!

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I started earning from faucets and am now using collected amount to make decent profit via trading...
Faucets are not a way to make living, unless you live in poorest countries of Africa, but then you probably don't have computer/internet...
I am not telling you should do faucets, but if you do, don't just do 1...make a bookmark folder open all at once...complete... close
If it isn't fun, it's not worth doing for a long time...my pick now game faucets...hard to find some without anti-bot check, but there are some without google re-captcha...
Check my profile for best free earning I know...