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.

The first bitcoin faucet was called The Bitcoin Faucet and was developed by Gavin Andresen in 2010. It originally gave out 5 bitcoins per person.

Rewards are dispensed at various predetermined intervals of time, as rewards for completing simple tasks such as captcha completion and as prizes from simple games like the bitcoin fidget spinner. Faucets usually give fractions of a bitcoin, but the amount will typically fluctuate according to the value of bitcoin. Typical payout per transaction is less than 1000 satoshi, although some faucets also have random larger rewards. To reduce mining fees, faucets normally save up these small individual payments in their own ledgers, which then add up to make a larger payment that is sent to a user's bitcoin address.

Purpose

To introduce users to cryptocurrency: Faucets are a great way to help introduce new people to bitcoin, or to altcoins. A majority of faucets provide information to new users 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.

[i]To get traffic:[/i]Faucets are high traffic websites. It is not all that difficult to get a huge number of page views per day to a site which is giving away free money. If a website has other content or services to promote to Bitcoin users, especially new users, a faucet is a great way to bring them to make them familiar with a brand name.

[i]To make money:[/i]Making a healthy profit from a faucet site on its own is a lot harder than just making a popular faucet, but it is still possible. There are a lot of these sites around today, so it's a very competitive market, and earning enough from advertising to cover the cost of the coins you are giving away and hosting costs is nearly impossible.

I hope this has been informative, I will be making a posts later today on some legit faucet websites with proof of payments.

thank you.

Good one bro. Following

I'm keen as well.
Thx.

Where can I find more info?

MollyClarkson:

Why didn’t anyone tell me about this some months ago?!

Better late than never

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segunflavour1:
Pls am interested, I want to invest in like 2 different coins that will grow in like 4 to 5 years to come, I need a suggestion on the coin I should buy. Thanks, my WhatsApp is +2348140357385

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Nice one mate. You could check here too for more faucet ideas https://www.nairaland.com/4203212/free-bitcoins-altcoins-through-faucets

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