Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system
works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers,
under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions
take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a
public distributed ledger called a blockchain.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held
as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique
users using a cryptocurrency wallet, most of them using bitcoin.
What is a Bitcoin Faucet
Bitcoin faucets are 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.Rewards are dispensed at various predetermined intervals
of time. Faucets usually give fractions of a bitcoin, but the amount will typically fluctuate according to the value of bitcoin.
Faucets are a great way to help introduce new people to bitcoin, or to your favourite altcoin. Many faucets provide information
to newbies as well as offering them some free coins so that they can ‘try before they buy’, experimenting with a test transaction
or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps
don’t quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.