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What are Cryptocurrencies
A cryptocurrency is a digital or virtual currency which can be used to do exchanges. It uses cryptography to secure and verify transactions as well as to control any creation of new coins of a specific cryptocurrency. Essentially, cryptocurrencies are entries in a database that no one else can change unless specific conditions are fulfilled.
Cryptocurrencies can also be created as a reward for mining, and they can also be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted cryptocurrencies as payment. Cryptocurrencies 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 that are using a cryptocurrency wallet, most of them using bitcoin.
What is a Bitcoin Faucet
Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various predetermined intervals of time. Faucets usually give fractions of a bitcoin, but the amount will typically fluctuate according to the value of bitcoin.
Faucets are a great way to help introduce new people to bitcoin, or to your favourite altcoin. Many faucets provide information to newbies as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.