Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known.
In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers.
Faucets, as the name suggests are like dripping faucets (taps)… but in this case, it is cryptocurrency units in place of water. Just as the leaking water takes some time to accumulate into a droplet before it drips, users have to wait for a certain duration before they could collect the accumulated coins.
Faucets website or app which gives away free coins.
At most faucet sites a user may claim their free coins by providing a payment address and completing a Captcha puzzle to prove that they are human.
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. Faucets usually give fractions of a cryptocurrency, but the amount will typically fluctuate according to the value of cryptocurrency in the market.
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