Bitcoin, Cryptocurrencies and ICOs
This page is for people interested in Bitcoin and free money from faucets. It contains:
- links to half a dozen articles from 3-4 years ago (!) that cover the basics of cryptocurrencies
- referral links to five of the best faucets for free satoshis
- some referral links to other coin faucets (far less valuable, but hey… they’re free)
First, some background. These articles are all several years old, so any figures are out of date… but the bulk of the info is still relevant.
- 3 Reasons Why Bitcoin Is So Important
- What is Bitcoin Mining and How Does it Work?
- Cryptocurrency: Has Money Finally Matured?
- How To Get Your First Bitcoin Without Investing
- Bitcoins and Cryptocurrencies – Fad or Future?
- The Trouble With Bitcoin
Short version: Bitcoin is a virtual currency. Faucets are websites that earn revenue from visitors and, in exchange, offer a few free satoshis (100,000,000 satoshis = 1 Bitcoin).
Important: Cryptocurrencies are in a “bubble” period at the moment, with everyone and their pet dog doing ICOs (initial coin offerings).
My advice? Avoid the bandwagon.
Do NOT invest unless you know what you’re doing. Collect freebies. 🙂
And do NOT trust ANY of the adverts you see, claiming to generate massive amounts of cash every day. Bitcoin is big. It’s in the news. All the scammers are jumping on the bandwagon and trying to steal your money.
Bitcoin is not a scam, and neither are the major players (Litecoin, Ripple, Ethereum and so on – the ones trading on major dollar exchanges) but ICOs are like the dot-coms in the ’90s. Some will survive, many will die horribly and you’ll lose money.
To answer some of your other questions, read this conversation-cum-FAQ.
My entire starting stock of BTC came from faucets. Over a couple of years, I gathered about $20 of BTC when everyone was saying faucets weren’t worth the effort.
Today, that’s worth about $1,000 and I can do fun stuff like margin funding lending for daily interest (ask me if you have the minimum $50 in BTC and want to know how that works).
Exchanges are where you can trade coins/tokens. They’re like the London Stock Exchange, Wall Street and so on… and they’re about as trustworthy.
Standard advice is not to keep your crypto in an exchange because it’s a central attack point. In other words, it can be hacked. Only keep your trading funds in your exchange wallet(s) – keep your investments in your own wallets.
The most established, reliable exchanges include Binance, Bitfinex, Bittrex, Poloniex, Kraken, CoinBase, Cryptopia and others. Newer, dodgier options – which often have coins before they hit the big exchanges – include YoBit, TradeSatoshi and CoinExchange. The ones I use are in green, in case you wondered.
Before I do the faucets, I thought I’d mention crypto mining.
“Mining” is the (complex) process that creates cryptocurrency coins. It’s an alternative to faucets if you have a lot of computer power or time.
Here’s the CoinHive miner as an example, which (if you start it) will mine to my account:
I won’t go into mining in detail here. I’ll just give you a few bits of advice:
- Don’t try to mine Bitcoin independently on your computer. You need specialised equipment.
- If you want to mine with your computer, join a pool like Minergate (that’s a ref link), where you combine your CPU power with thousands of others and get better returns than browser mining.
- If you want to invest in mining, find a reputable company. I use Hashflare (ref link) because they’ve been around a couple of years, but do your own research.
- If you don’t want to – or can’t – run a miner on your computer, you can use browser mining on Coinpot. Very low returns and it probably uses more electricity than it generates in coins, but it just sits there and adds money for doing nothing.
The Free Money Bit
“Bit”, get it? Free money bit, Bitcoin? OK, bad joke.
So, the faucets. Bear in mind that it’s SLOW: people don’t give away free money very easily, so you need to keep visiting and collecting. These are ref links, obviously. I’ll be happy if you use them but you are not obliged to do so.
The absolute best. Been running for years, claim every hour, totally honest and reliable. They even give you 4% interest on your earnings once you hit 30k satoshis (so you can deposit your earnings from the others here and watch them build).
Rewards grow as you build loyalty and play their hi-lo game, too – from about a dozen satoshis (0.1c) per visit, my rewards have built up to over 300 satoshis (2.5c) per visit, to which I can add a little for 24h hours using the site’s reward points. Update: my account is now set to share referral rewards, so sign up under me and earn extra every week.
Oh, and one extra note: this one is a “ROLL!” button: claiming satoshis is presented as a game, with up to $200 if you’re lucky. (No, I’ve never won it!)
Visit every 5+ minutes, though I think the system is designed to peak at about 1 hour, the same as (1), above. Payout goes to Coinpot (which is mildly annoying, but you can wait ’til you hit the free withdrawal at 50k satoshis and move them to freebitco for the interest). Also been running for ever, slower earnings.
Slower again, pays to Coinpot again (which works nicely combined with 2). Also every 5+ minutes, I do it roughly every hour or so.
Another slow one, pays to Coinpot again. You can claim every 15 minutes. Completely reliable: I think it’s owned by the same people who do the Moons or who did BitcoinZebra when it was alive. Someone responsible, anyway!
Been running for years. I’d avoided it because the claiming process used to be so complex, but they’ve simplified down to a captcha-and-click, so it’s back on the list! Pays to FaucetHub.
- Bitcoin Cash (BCH): http://moonbitcoin.cash/?ref=BA5A7A5B005B (by the same people as moonbit)
- Dogecoin: http://freedoge.co.in/?r=826 (by the same people as freebitco.in, above)
- Dogecoin: http://moondoge.co.in/?ref=806b36ffc8e0 (same people as moonbit)
- Dogecoin: http://www.8raa.com/dogecoin/?r=DTN6YS4f11avG2zPi5WvaKK9ueyi9u1zAX (pays to FaucetHub, also has other coins, very low payouts)
- Dogecoin: http://freesatoshisfh.us/doge/?r=DTN6YS4f11avG2zPi5WvaKK9ueyi9u1zAX (pays to FaucetHub, also has other coins, very low payouts)
- Dogecoin: https://freebitking.com/doge-faucet/?r=DTN6YS4f11avG2zPi5WvaKK9ueyi9u1zAX (pays to FaucetHb, ugly as sin and you’ll want to switch off the mining thing)
- Litecoin: http://moonliteco.in/?ref=e2e0f8eadc7c (same people as moonbit)
- Litecoin: http://litecoin-faucet.com/?r=LWZGfkfYkrswzt8UBkwFmFBMDheNMsx8nx (same as the Dash faucet below, pays to FaucetHub)
- SWIFT: https://www.swiftdemand.com/?referred_by=spikewyatt
(an attempt at providing a basic income to anyone, anywhere, with a once-per-day distribution – probably minor, may die, but hey… it’s free)
- Ripple: https://coinfaucet.io/Account?r=9zdaQyDwU5A (similar style to freebitco.in, roll once per hour)
- Dashcoin: http://moondash.co.in/?ref=2CD113293CCC (run by the Moon guys, pays to Coinpot as usual)
- Dashcoin: http://dash-faucet.com/index.php?r=XttSJxXYzqiAvkEZkPBvbu8k5HYevi4hgv (pays to FaucetHub)
- PotCoin: the cannabis industry’s likely to explode with legalisation and PotCoin is one of the options. Three excellent faucets, all of which go to FaucetHub:
There are a few pages that do a bit of background mining (you sometimes have to click “accept” on a pop-up or walk through 3-4 pages of ads before you get to the faucet) and which pay you regular amounts for leaving the page open.
Auto-claims pay minuscule amounts. Running one all day will generate less than $0.01 (in most cases), so ONLY use them if you’re using your computer anyway. Frankly, CoinPot’s browser mining is better if you’re using a computer: these are really for devices with no processing power (spare phone, crappy tablet, etc.).
These go to FaucetHub again and allow you to pick from several coins:
- https://firefaucet.win/ref/Leia – brilliant and simple, works with your choice of FH currencies.
I mentioned FaucetHub.io (that’s a ref link) several times. FaucetHub is one of the biggest faucet catalogues, listing HUNDREDS of faucets for loads of different coins. It also has built-in Bitcoin mining, games and a chat with regular “rains” (free giveaways) of all sorts of crypto based on participation. Dead easy to waste entire days there…!
Bear in mind that you can’t always trust faucets to work and some of them require ridiculous effort for tiny rewards (3 minutes’ work for 0.2c?). Don’t get caught up in the cycle of claiming and forget that faucets will only pay you cents per hour.
The big ones in the first list are reliable and require less work than most.
Remember, you can earn a lot more doing almost anything else, so make up your own mind how long to spend on gathering coin-dust!