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.
Bitcoin faucets were developed by Gavin Andresen in 2010
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.Bitcoin is the most popular cryptocurrency in the world and one of the world's largest payment systems. Unlike traditional currencies, Bitcoin is not regulated in most of the countries and it is decentralized (meaning there's no Central Bank involved). The network is transparent, you may see all the transactions in it, though it's anonymous, so you never know who's made the transaction.
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The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto. All amounts in the block chain are denominated in satoshi before being converted for display. The source code also uses satoshi when specifying an amount of bitcoin. When displaying an extremely fine fraction of a bitcoin, as in a contemporary faucet, the amount is displayed in satoshi for readability.
Balance: 25 satoshi
200 satoshi every 10 minutes.
Once you have Bitcoins in your possession, how do you actually spend them? You need a Bitcoin wallet. This wallet is what tracks your Bitcoin status and it allows you to make Bitcoin transactions with other people or companies. Wallets can come in the form of software (computer programs), mobile (phone apps), or web (online sites). Be careful where you store your Bitcoins!
While we may not know who he (or she) was, we know what he did. Satoshi Nakamoto was the inventor of the bitcoin protocol, publishing a paper via the Cryptography Mailing List in November 2008.
He then released the first version of the bitcoin software client in 2009, and participated with others on the project via mailing lists, until he finally began to fade from the community toward the end of 2010.
Nakamoto worked with people on the open-source team, but took care never to reveal anything personal about himself, and the last anyone heard from him was in the spring of 2011, when he said that he had “moved on to other things”.
Digital currency or digital money is an Internet-based medium of exchange distinct from physical (such as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership.
Both virtual currencies and cryptocurrencies are types of digital currencies, but the converse is incorrect. Like traditional money these currencies may be used to buy physical goods and services but could also be restricted to certain communities such as for example for use inside an on-line game or social network.
Straits Financial now allows bitcoin holders to gain quick access to their futures trading platform. The ability to accept bitcoin payments was made possible by the introduction of digital bank WB21, which has integrated BitPay as a new payment option.
BitPay believes their service can significantly reduce the amount of time it takes Straits customers to fund their accounts. “BitPay and WB21 will help customers to easily convert their bitcoin holdings into currencies that can be used to fund their futures trading accounts and will provide the bitcoin community easier access to an alternative suite of investment options,” said Straits Financial President Joseph Mazurek.
Mazurek pointed out that bitcoin cannot currently be used for margin payments of futures contracts, which explains the use of and WB21 to facilitate payments via acceptable currencies.The Advantages of Bitcoin
When asked about the specific benefits of Bitcoin as a payment option for Straits, Mazurek claimed there are distinct advantages with the peer-to-peer digital cash system for the futures industry, especially for non-U.S. customers. “The funds can be transmitted in any denomination and can be converted to currencies acceptable to futures regulators,” he explained in communication with Bitcoin Magazine.
Mazurek also touched on Bitcoin’s ability to process payments 24 hours a day, 7 days a week. “Since [Bitcoin operates] outside of normal banking hours or holidays, non-U.S. customers can fund their U.S. Futures accounts whenever they wish,” he said.
Bitcoin’s open and permissionless nature is what makes it an added value for Straits Financial. Anyone dealing with the friction sometimes associated with legacy payment options now has an alternative solution in the form of digital cash.An Opportunity for Bitcoin Holders
Mazurek also noted that he mainly sees Straits’ WB21 integration as a benefit for bitcoin holders at this time. “Hopefully as bitcoins gain more acceptance the general public will see the benefits of using them to process not just futures margin payments but other financial transactions as well,” he added.
In particular, Mazurek is hopeful that the combination of Bitcoin with a digital bank, such as WB21, can enhance traditional banking services in developing parts of the world. “It can provide easier access to U.S. futures and other financial markets to a consumer base that might find it difficult otherwise,” he noted.
Although Mazurek is realistic about Bitcoin’s role in the financial world right now, he is optimistic about the technology’s place in the future of finance. “Bitcoins are in their infancy stage but the product and the process adds flexibility to financial transactions and will grow in usage and acceptance,” he stated. “Straits is glad to be there at its start.”
Note: This piece has been updated to clarify that Straits Financial did not integrate BitPay or bitcoin directly.