What is Bitcoin and How do Crypto Currencies Work?
An Introduction to Bitcoin and Crypto Currencies
Bitcoin and other crypto currencies are digital assets that can be used as the payment form for a wide range of online and offline purchases. Crypto currencies are also used as tradable assets that allow investors to earn profits by buying and selling them at different exchange rates, in a very similar way to forex traders or stock market traders.
While most crypto currencies can presently be used for purchases and transactions done over the internet, the advance in hardware and mobile wallet technology is rapidly expanding their usefulness to include offline transactions and purchases made at physical retail locations. You will soon be able to order your pizza using Bitcoin, or a number of other crypto currencies.
But what makes Bitcoin and other crypto currencies so useful?
Most crypto currencies, that is, all the big ones, including Bitcoin, are backed by a special financial accounting system known as a blockchain, which is a continuous list of all the transactions made using that particular currency. Bitcoin has its own blockchain; Litecoin, another crypto currency, has its own blockchain, which is similar in function to the Bitcoin blockchain but is quite separate. A copy of blockchain is shared around thousands or even millions of computers around the world, creating a financial system that is virtually impossible to hack or defraud.
So Bitcoin and the other crypto currencies have large networks of small computers that sustain a secure, unhackable financial system, supporting currencies that can be traded for any number of goods and services as well as being traded for profit. We recommend doing your own research before investing in Bitcoin mining, and remind you never to invest more than you can afford to lose as it is a fairly volatile marketplace.
How to get Bitcoin and how to keep them safe.
You need a safe and secure place to store your Bitcoins and other crypto coins. I suggest downloading a Jaxx wallet. It is free and very easy to use with fairly low transaction fees. Get it here. If you prefer to use a different wallet then that will be ok too.
Next you will need to set up a CoinPot account using one of your own email addresses, and then enter that same email address into the Faucet websites connect to CoinPot, namely, MoonBitcoin, MoonLitecoin and MoonDogecoin, to connect them to your account on CoinPot. It all sounds confusing, and is, a little, but persevere and you will get it done eventually.
Sneaky little bonus for you: Another nice faucet site that pays highly in Satoshi (100,000,000th of a Bitcoin) is BitFun. Add it to your list and watch your CoinPot balance ramp up ever faster to your next withdrawal… and we all love our withdrawals, don’t we 😛
There are captchas to complete each time you claim your free coins from these sites; that is just part of the territory to get used to it. You are going to make money out of this, after all, so accept the fact and move on.
Make sure you create a bookmark in your web browser for all the Faucets: you want to have easy access so you can jump in every now and then, grab your free coins and go; no muss – no fuss.
Most Faucets have a timer on them that must click down to zero before they will allow you to claim more free coins. It is ok to let them sit there collecting extra coins for a while, just make sure you visit each of them at least once or twice a day. Some faucets give bonus coins for hitting them on consecutive days, so keep at it and watch your money grow.
Now you have your wallets and accounts set up you can begin claiming free Bitcoin and other crypto currency coins from our faucets. Happy clicking!!
Get Free Bitcoins Here!!
More CoinPot Faucets
Other Faucets you may enjoy
The following is a product endorsement written by me, CryptoCracker, based on my personal experience with Eobot.
I am a big fan of Eobot, for a number of reasons.
- It is a nicely presented microwallet that has free, inbuilt coin mining (choose which coin to mine);
- You receive 1 Doge per day just for logging in;
- It has a faucet that pays around 2.4 Doge per day (in my experience);
- It offers low cost cloud mining for Bitcoin and a range of alt-coins;
- It is a really easy web browser based wallet that caters to newbies to the crypto scene;
- And it has a referral program whereby users can share a link with their friends and the both of them receive benefits as a result. I call it a win-win.
If you’re looking to add another faucet to your daily rounds then Eobot is definitely worth a look.
Fun Crypto Factoid: Buying Pizza with Bitcoin
You can now order your pizza and pay for it with Bitcoin! Click here to visit the website and see Bitcoin being used in a real world setting.