Today we want to share with you how to exploit the idea of bitcoin faucets using the best 5 faucets for 2018. If you are wondering how bitcoin can become real dollars, we go through different options to buy products online using bitcoin and exchange them into real hard cash straight into your bank account or a debit card.
What Is a Bitcoin Faucet?
A bitcoin faucet is a reward system in which users participating in the program get small amounts of bitcoins known as satoshi, which is the equivalent of cents or pennies of a full bitcoin (a hundredth of a million BTC). Users get rewarded with satoshi for performing different tasks in a website or app, usually for filling out a captcha but most recently for playing online games.
How Much Bitcoin Can You Expect to Make?
The typical reward per action is not much. It usually takes a a long time to accumulate enough bitcoin to be worthwhile. Realistic average terms would be around $1 USD per day.
The average payout is very random depending on the faucet and the current bitcoin price. Faucets usually make overly optimistic claims. Nevertheless, some of the most popular faucets have a random large payout reward for seniority, referrals commissions, and large payouts if you defeat a big boss.
How Does a Bitcoin Faucet Make Money?
Faucets make their revenue the same way Hubpages.com makes theirs, by sharing its advertisement proceedings with the users that are generating the content. Since advertisers usually pay per page impression and conversions (clicks), the faucet manager will divide the income with the user for a specific task. The ultimate goal is to keep users coming back and spending as much time as possible navigating the content to gain ad exposure.
How to Claim the Bitcoin
While you can see your balance of satoshi, a faucet project will not release your payment until you have reached a certain minimum amount to process payment.
These will be transferred to your bitcoin wallet. From then on you need to exchange your cryptocurrency in a bitcoin exchange for hard cash or buy products online with your bitcoin. Buying products can be a lower-fee solution as you can later sell them for USD without having to pay the exchange fees.
Are Bitcoin Faucets Scams?
The revenue scheme in itself is not a scam. But since the creation of bitcoin faucets by Gavin Andresen in 2010, many fishy-looking projects have appeared out of nowhere to offer their services. Since bitcoin is not a regulated currency, transactions occur anonymously; there is nothing from stopping online faucets from never paying its users.
These types of schemes usually default at some point because they are too under-capitalized to pay all users; remember Bubblews.com? Since the advertisement exposure is not receiving quality prospects, those programs tend to stop running on bitcoin faucets.
Another risk faucets undertake are hackers that steal bitcoins by gaming the system, since bitcoin transactions are irreversible it makes it hard to protect against hackers.
Nonetheless, there are some reputable bitcoin faucets that have been in the market for a long time and have a large user base.
Top 5 Bitcoin Faucets
A recommendation before you join a certain faucet: shut down your ad blocker or once you claim your earnings you might not be paid. The whole system works based on ads, if you don’t watch them, no pay! And nobody tells you this at the beginning, only when you make a claim.
1. Bit Fun
Bit Fun is probably the best Bitcoin faucet because it builds as you sleep and has the highest rates out there.
Average Payout: Highest bitcoin per minute ratio in the industry.
It’s also extremely fast and has a 50%(!) lifetime commission for all referrals. Pretty good, huh? To make it even better, they have over 600 games for you to play while you wait! All Bit Fun payouts are made instantly to CoinPot.
As of May 01, 2018 Bit Fun is up and running.
2. Free Bitcoin
Average Payout: 30,000 satoshi per hour.
One of our favourite faucet sites where you can redeem once per hour and win up to $200 in free bitcoin. They also have a very lucrative lottery you can enter and a free weekly lottery with big prizes. 50% referral commissions make this site a TOP faucet.
As of May 01, 2018 FreeBitcoin is up and running.
3. Bonus Bitcoin
Average Payout: 40,000 satoshi per hour.
As mentioned, one of the problems with faucets is poor capitalization; the revenue from ads is small and they usually run out of liquidity to pay their users on time. Bonus Bitcoin eliminates this risk by grouping together many faucets together under one brand.
What’s even more special about it, is it doesn´t restrict users to a limit of time spent earning bitcoins. Faucets force you to wait some time, 10 to 15 minutes, before repeating a task; here you can complete the limit on one faucet and then move on to the next.
As of May 01, 2018 Bonus Bitcoin is up and running.
Average payout: Up to 100,000 satoshi every 4 minutes.
As old as Bitcoin Zebra but with a much better track record although it has changed owner several times. High payouts that get larger the more time you have spent on the site (known as seniority payments) and great referral commissions.
As of May 01, 2018 Bitcoinker is up and running.
5. Moon Bitcoin
Average payout: 5,000 satoshi every 45 minutes.
Just a simple “look at ads” faucet, but one that is well known in the community with significant payouts. You can claim your bitcoins at any time. Moon Bitcoin is very established and one of the most-mentioned faucets out there.
As of May 01, 2018 Moon Bitcoin is up and running.
Where to Use Your Earned Bitcoins?
There is always the option of exchanging your bitcoins to a hard currency like USD or EUR, but there are mining fees involved as well as taxes to be paid if you are in the US. You will need a wallet and an exchange service.
A bitcoin wallet is a software you can download to your computer or phone – it’s your own personal bank. You can also use cloud stored wallets, and some of the main services that will be reviewed include one.
An bitcoin exchange is a website where you can exchange your bitcoins for currency. You enter your wallet’s key to the exchange to connect it to the service, send bitcoins and receive USD.
A better way of spending your bitcoins is buy online purchases, or other services like sports betting or bitcoin casinos.
Online Bitcoin Shops
Spendbitcoins.com is a highly trusted website with an open face as to who owns the shop. Jeremy West is one of the very first Bitcoin users back in 2010; he began using the coin when PayPal refused to conduct donations to Wikileaks. In essence he is trying to be an Amazon for bitcoin users, uniting dozens of merchants worldwide through his platform.
There is a big flaw to spendbitcoins.com, and that is despite the fact is safe and user friendly, when you browse through the product categories you will notice they are almost all empty. You can find mostly electronics, but the video games, baby, toys sections are all empty.
Overstock.com is probably one of the biggest home appliance retailers to use bitcoin as a payment option. It is partnered with Coinbase, one of the most popular and safest bitcoin wallets. Note that bitcoin is only accepted as a payment method for USA users, and not international shipments. At Overstock you can purchase almost anything for your house like furniture, kitchen, décor and also clothing for women, men and children.
Newegg.com is a premium and large gadget online shop that accepts bitcoin through Bitpay.
While Amazon and BestBuy may not accept bitcoin at the moment, a lot of other services will take your bitcoin in exchange for Amazon and BestBuy giftcards. The first website to do so was SpendCoins.com, but you could also try the popular eGifter and Gyft.
eGifter offers gift cards for: Amazon, JC Penny, Sephora, Home Depot, Kohl’s, Adidas, Applebee’s, Bed and Bath $ Beyond, Best Buy, Domino’s, Dunkin Donuts, iTunes, Macy’s, Nike, Nordstrom, Panera Bread, Uber, Burger King and the list goes on and on.
Gyft offers gift cards for: Bloomingdales, Dunkin Donuts, Ebay, Hollister, Macy’s, Nike, Sephora, Southwest Airlines, Starbucks, Target, Uber, Home Depot, Under Armour, Whole Foods and a lot more.
Uses Coinbase for their bitcoin transactions.
Microsoft and Green Man Gaming have begun to offer games and apps in exchange for bitcoins. Minecraft is using bitcoins to power their in-game currency.
Steam began offering bitcoin payments worldwide with the goal of reaching developing markets that may not have easy access to credit cards.
Travel & Hotels
Expedia and CheapAir will take your bitcoin for hotel reservations, flights and other amenities. Expedia uses Coinbase.
Satellite TV & Internet
Dish.com is the first satellite television provider to accept bitcoin since 2014. It uses Coinbase.
Buy New and Used Cars with Bitcoin!
Lamborghini Newport Beach in California dealership sells high end cars like Tesla and Lambo’s in bitcoin. Kansas is also a large market for bitcoin users; Overland Park Jeep dealership also accepts bitcoin.
There used to be a project online called CoinMotors.com that sold used cars, but the domain has since expired.
BitcoinRestaurants.com offers 85 restaurants in the USA alone were bitcoin is allowed as a payment method.
PizzaForCoins.com is a popular app and website where you can order Domino’s, Pizza Hut and Papa John’s using bitcoin.
Need a Bitcoin Exchange? Here are our Top Picks
Every bitcoin user requires a bitcoin wallet and exchange to turn the cryptocurrency into hard cash. These ones are the ones you need if you wish to conduct transactions with the merchants before mentioned.
Find the best place to buy Bitcoins from 20+ exchanges we reviewed.