What is a Bitcoin Faucet?

Bitcoin Faucet is server based websites which allow to get easy and free bitcoin by doing simple tasks, seeing advertisements etc.

A faucet is commonly used to refer to a valve or tap, in this case that starts and stops the flow of BTC. So bitcoin faucets are btc valve which can be opened by doing simple tasks. You may have question in your mind. How these faucets owners are paying constantly to the users and even in a short frequency like 30 minutes or 15 minutes? The answer is easy. Main income of the site owners is the ads revenue which are displaying in their websites. So the site owners simply share the revenue with you. The more the revenue, more possibility to get the higher reward. It is typical for faucets to have a referral system, where existing users referring new ones are rewarded with a pro rata portion of new users’ earnings from the faucet.

Faucets definitely played a role in the very beginning of Bitcoin. They helped spread Bitcoin and generated a part of the early user basis. Giving out numbers of Bitcoin for free was very common back then, since there was no idea about the value of them yet. Still faucets are doing the similar tasks. People are becoming interested using bitcoin as it is easy to earn via faucets. Now a days lots of faucets are giving much more rewards and helping the users to make their bank.

1 Satoshi = 0.00000001 Bitcoin
10 Satoshi = 0.0000001 Bitcoin
100 Satoshi = 0.000001 Bitcoin
1000 Satoshi = 0.00001 Bitcoin
10000 Satoshi = 0.0001 Bitcoin
100000 Satoshi = 0.001 Bitcoin
1000000 Satoshi = 0.01 Bitcoin
10000000 Satoshi = 0.1 Bitcoin
100000000 Satoshi = 1 Bitcoin

Wallet

A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold[68] or store bitcoins,[69] due to the nature of the system, bitcoins are inseparable from the block chain transaction ledger. A better way to describe a wallet is something that “stores the digital credentials for your bitcoin holdings” and allows you to access (and spend) them. Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated.At its most basic, a wallet is a collection of these keys.

There are several types of wallets. Software wallets connect to the network and allow spending bitcoins in addition to holding the credentials that prove ownership.Software wallets can be split further in two categories: full clients and lightweight clients.

Full clients verify transactions directly on a local copy of the block chain (over 80 GB as of November 2016).

Because of its size / complexity, the entire block chain is not suitable for all computing devices.
Lightweight clients on the other hand consult a full client to send and receive transactions without requiring a local copy of the entire block chain (see simplified payment verification – SPV). This makes lightweight clients much faster to setup and allows them to be used on low-power, low-bandwidth devices such as smartphones. When using a lightweight wallet however, the user must trust the server to a certain degree. When using a lightweight client, the server can not steal bitcoins, but it can report faulty values back to the user. With both types of software wallets, the users are responsible for keeping their private keys in a secure place.
Besides software wallets, Internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user’s hardware. As a result, the user must have complete trust in the wallet provider. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such security breach occurred with Mt.

Gox in 2011.

Physical wallets also exist and are more secure, as they store the credentials necessary to spend bitcoins offline.

Examples combine a novelty coin with these credentials printed on metal,Others are simply paper printouts. Another type of wallet called a hardware wallet keeps credentials offline while facilitating transactions.