A bitcoin faucet is a reward system in the form of a website or app that distributes rewards in the form of satoshis, which is a hundredth of a million BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that give away alternative cryptocurrencies. The first bitcoin faucet was called the Bitcoin faucet and was developed by Gavin Andresen in 2010. Initially, it issued 5 bitcoins per person.
Bitcoin faucets are a reward system in the form of a website or application that distributes rewards in the form of satoshis, which is a hundredth of a million BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that give away alternative cryptocurrencies. Prizes are awarded at various predetermined time intervals. Faucets usually give fractions of a bitcoin, but the amount will usually vary depending on the value of the bitcoin.
Faucets are a great way to help introduce new people to Bitcoin or your favorite altcoin. Many faucets provide information for beginners as well as offer them free coins so they can try before they buy, experiment with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary for some people who might not be trusting it with their hard earned money yet, this is a great way to promote the digital currency and attract new users.