What is Bitcoin?

What is Bitcoin?

What is Bitcoin?

Bitcoin is the first cryptocurrency, a virtual currency. It was created by a person named Satoshi Nakamoto in 2009 as a decentralized digital currency. This means that it is not related to any central bank or single administrator so it can be sent from one user to another on a peer-to-peer network. Just like a bank, transactions are verified by network nodes through cryptography and recorded in a public distributed ledger known as blockchain.

In general, Bitcoin can be exchanged for other cryptocurrencies such as Dash, Dogecoin, Ethereum, and others. Bitcoin is highly unstable due to its high volatility nature and is criticized for its use in illegal business. The cryptocurrency also has been used as an investment or Ponzi scheme, hence caution should be made when dealing with a group or organization offering bitcoin services.

Bitcoin For BeginnersBitcoin Mining

The virtual currency bitcoin can be gotten through various means. One of the most common ways to obtain bitcoin is by mining. There are two major ways of mining bitcoin: either by using the necessary hardware and software and mining it in a bitcoin mining pool or by obtaining a required amount of hash power by a certified mining company who has the hardware, power and resources to mine.

What is a Bitcoin Faucet?

A Bitcoin Faucet is a place where users, upon fulfilling all requirements for a payout, can collect various amount of Bits or Satoshi within a given timeframe. The coins are sent to the user according to the stipulated condition for rewards. Some Bitcoin Faucets usually scam users by creating a false pretense of rewarding users after completing a given task but fails to give users Bitcoins or Satoshi.

Most Bitcoin Faucets use third party micro-payment systems like FaucetHub and Coinpot to store claims for users and payout when their accumulated coins reach a minimum threshold. Bitcoin Faucets are a good place to acquire Bitcoin periodically without necessarily mining it.

Price of Bitcoin

The price of Bitcoin fluctuates and varies depending on the current Bitcoin to $US foreign exchange rate. Due to its high volatility nature,most transaction are within a given time frame. In other words, any Bitcoin deposit or withdrawal usually doesn’t exceed the time period from one hour to one day.

This chart contains a list of several Faucets where you can play games and/or mine for Bitcoin and other Cryptocurrencies. Following that, you’ll find more information about this cryptocurrency, mining, faucets, and value.

    Allcoins Yes Multiple crypto (Bitcoin, Dogecoin, Litecoin, Ethereum, Dash…) every 360 seconds. Also earn on the OfferWall and/or use the AutoFaucet
    Cointiply Yes Claims to be the highest paying Bitcoin faucet and rewards site, where you can earn thousands of satoshis every day.
    Computta Yes Turn your computer into a 24×7 automated money generator earning cryptocurrency on autopilot.
    FaucetPay Yes Receive instant cryptocurrency payments from thousands of Websites and withdraw it to your personal wallet.
    FreeBitcoin Yes Free Bitcoin every hour. Win up to $200 in free Bitcoin. Weekly lottery with big prizes. Bitcoin savings account with daily interest.

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