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By : Raam Dhakad
KYD - Personal Finance
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Bitcoin Faucet is an application or website that offers small amounts of free cryptocurrency with a minimum of effort.
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It offers small amounts of cryptocurrency to users who perform simple tasks such as completing captcha, playing games, solving puzzles, clicking ads or watching videos.
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If the word "faucet" conjures up images of a steady and endless flow of bitcoins in your digital wallet, you should temper your expectations.
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In contrast, the term refers to the small size of bitcoin rewards, which drip into tiny droplets like water from a leaky faucet.
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You have to spend a whole lot of time on a bitcoin faucet to earn a single token - or even $1 worth of bitcoin.
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Just as you can break the dollar down into smaller units like pennies, nickels and dimes, bitcoin can be broken down into smaller denominations as well.
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The smallest of them is called Satoshi, named after the mysterious founder or founder of bitcoin, Satoshi Nakamoto.
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According to CoinDesk, a single satoshi is worth one hundred millionth of a bitcoin – or 0.00000001 BTC. To make one bitcoin you will need to collect one hundred million satoshis.
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Another way of looking at it would be that for Satoshi to be worth a penny, the price of bitcoin would have to rise to $1 million per coin.