Bitcoin faucets are cryptocurrency units. Just like in the case of the leaking water from the tap, you need to wait for a while before you can collect the accrued coins. Basically, bitcoin faucets are a system of rewards. This system accumulates visitor’s rewards in the form of bitcoin. At the same time, these rewards are accumulated at certain periods of time.
The faucet’s websites use such kind of rewards to attract more visitors. These types of web pages usually contain some advertisements. If the advertisers want their ads to be displayed on the faucet’s website, they have to pay its owners for it. The cost of ads is calculated on CPM basis. That means the owner of the site collects more money from advertisements, if the faucet’s site attracts more visitors or if visitors spend more time on this site. Such method attracts more visitors so that they come back again and again to receive their rewards. In general, visitors end up spending more time on the faucet’s site. In further words, faucets web pages get more repeated clients and the owner receives more money from the advertisers.
Faucets play a vital role in the bitcoin system as well. They give people a stimulus to understand and accept bitcoin.
If you know how bitcoins work, then you will quickly understand that the bitcoin units you collect from the faucets are of a minor value. Most of the visitors of these sites are newbie that know almost nothing about bitcoin.
Using such bitcoin faucets can be really simple. While visiting the faucet web page, you have to enter your email id connected with the Xapo wallet or address of a bitcoin wallet and press enter. A timer will start counting how much time you have spent on the website. After a certain amount of time spent on the web site you can claim your bitcoin by hitting the button “Claim Now”.