Source: Bitcoin.org
What is Bitcoin really? Bitcoin is the world’s first cryptocurrency, created in 2008 by the elusive Satoshi Nakamoto. Since then, BTC has grown to become the most valuable, most widely used, and the largest cryptocurrency in the world by market capitalisation.
The BTC revolution not only gave birth to the world of cryptocurrencies and blockchain technology as we know it, but it has also gone on to inspire the creation of many other forms of crypto assets — from the world’s first all-purpose crypto token Ethereum (ETH) to national digital currencies.
The Bitcoin blockchain was created with the goal of creating a purely peer-to-peer digital cash system governed and operated by a global, decentralized network. This means that it is not owned or controlled by any government and is instead owned and run by the global community that owns and uses it.
Unlike traditional money, BTC is not issued by a central bank, but is instead ‘mined’ through a process called ‘mining’. As such, its transactions need not run through a middleman or intermediary such as a bank, thus keeping your transactions away from the prying eyes of governments and financial institutions.
Furthermore, you do not need a bank account to use or store BTC, which also means no banking fees and the ability to transact instantly, anonymously, and with anyone anywhere in the world.
You can learn more about how Bitcoin works.
How to get Bitcoin?
Source: CoinDesk
Now that you know what Bitcoin is, this section will cover how you can get it. The main ways to get BTC is by buying it, earning it through a faucet, or by mining it. Read on to find out: what is a Bitcoin faucet? What is Bitcoin mining?
How can I get free BTC?
Many companies in the crypto and blockchain industry pay their employees and contractors in BTC or other cryptocurrencies. This can be a great way to earn crypto for free, learn about what Bitcoin is, while also building your career in a high-potential field. Other ways to earn free BTC are through mining and faucets.
What is Bitcoin mining?
BTC is not issued by a central bank, but is instead ‘mined’ by a global network of ‘miners’ who help ‘mine’ blocks of BTC. Miners are then rewarded for their contributions with a slice of the BTC they helped mine.
What is a Bitcoin faucet?
Source: Bitcoin gg
A Bitcoin faucet is a website that lets anyone earn small amounts of BTC, also known as Satoshis, in exchange for completing a simple task. To earn free BTC from a faucet, you would typically have to do one of these 10 things:
1.View an advertisement
2.Visit an external website
3.Interact with an application
4.Sign up for an offer
5.Share an offer or promotion
6.Share a social media post
7.Share an affiliate link
8.Refer new users through ad banners
9.Visit a location and scan a QR code
10.Use the faucet daily to earn loyalty rewards
How does a Bitcoin faucet work?
A Bitcoin faucet operates on a model similar to the traditional online advertising model, where they provide advertisers a channel to promote a product or service. In turn, users who view or interact with said product or service are rewarded with a tiny slice of the revenue that the faucet would receive from the advertiser.
Are Bitcoin faucets legit?
Such faucets have grown increasingly popular as they are seen as a quick, easy, and relatively low-risk way to earn free BTC. Here are some of the best BTC faucets to get you started.
What do I need to use a Bitcoin faucet?
It is advisable to sign up for a Bitcoin wallet before getting started so that you can store your earnings safely whenever you use a faucet. There are several types of wallets, with online wallets being the most popular option among faucet users since they are usually free, easy to sign up for, and straightforward to use.
What is Bitcoin used for?
BTC can be used as a store of value, for payments and transactions, investments, trading, and many more. It’s a new form of money and the possibilities are limitless.
The BTC you earn from a faucet can be used:
To trade cryptocurrencies (like trading shares on a stock exchange)
To invest in other cryptocurrencies (like buying foreign currencies e.g. USD/MYR)
As a store of value (like money in a bank savings account)
To hold as a long term investment asset (like investing in gold and silver), also known as HODLing in the crypto world
To use decentralized finance or DeFi services (like getting a loan or signing up for a fixed deposit)
Conclusion
We hope this article answered your questions on what Bitcoin is, as well as how Bitcoin mining and faucets work. If they did, check out our popular series on cryptocurrency trading to find out how you too can start trading Bitcoin.
If you found this article useful, do consider bookmarking it and sharing it with a friend. Have further questions about what Bitcoin is all about or how it works? Let us know in the comments.