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Bitcoins: The Currency of the Future

If you’ve been paying close attention to news related to tech, currency trading or investing in the past 5 years, you’ve probably heard somebody mention the word “bitcoin”. Sure, the word bitcoin might sound like the gold you collect in an 8-bit video game, but they are actually something you should take very seriously if you want to be on the cutting edge of internet technology and finance.

What is a bitcoin, anyway?

A bitcoin is a unit of currency (BTC), but not currency the way most people understand it. There are no paper bitcoin bills, and no metal bitcoin coins. The bitcoin is a type of virtual currency, meaning everything to do with it exists entirely in digital format. Imagine that you got your paycheck direct deposited in your bank account, and bought everything online, never using cash or physically swiping your card; bitcoin is sort of like that, although there are several important differences.

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The first is that the bitcoin currency is decentralized, meaning there’s no Federal Reserve Bank or any comparable entity controlling it. Secondly, bitcoins aren’t back by any government guarantee or hard asset like gold; their value relies on basic economic principles of supply and demand and, more importantly, people’s willingness to accept them and use them to buy stuff. Third, bitcoins are released on a deflationary scale, meaning the number released gradually decreases over time, until finally no more bitcoins are released and a finite number of them remain in circulation indefinitely.

What do faucets have to do with bitcoins?

Faucets aren’t just for sinks; they are also the main way the general public gains access to the virtual bitcoin currency. Faucets are simply websites that pay out a small quantity of bitcoin currency as a reward for completing a specific, usually simple, task; for example, you may receive a few Satoshi (kind of like a bitcoin penny, just smaller) for watching a video, clicking on a particular advertisement, or visiting a certain webpage.

Ok, how can I get my bitcoins from a faucet?

If you want to start collecting bitcoin currency, you’ll have to get a bitcoin wallet. Your bitcoin wallet, naturally, is a virtual wallet, since bitcoin is a virtual currency. It’s not very different from your normal online banking; you’ll have a number attached to your wallet in order to deposit bitcoins that you earn from faucets, and store them until you want to spend them on something, in which case the same number will be used to withdraw the bitcoins from your wallet. When opening a bitcoin wallet account, you have several options. First you will want to decide whether you want to store your virtual wallet on a mobile device, in your internet browser or on your computer’s desktop. Once you’ve made up your mind, you can find several authorized and trustworthy bitcoin wallet operators listed on bitcoin.org, the official website of the currency.

Now, find a faucet, and start collecting bitcoins

As soon as you’ve got your bitcoin wallet, you can get to work earning bitcoins from faucet sites. You can find them easily with a simple Google search, or at least an online community where people are talking about which sites are the best faucets. From there, the process of earning your bitcoins will depend on the specific faucet; they should have somewhat clear instructions for what you have to do in order to earn your bitcoins. Keep in mind that bitcoins are currently very high value compared to the US dollar, for example, so the faucet payouts you see will most likely be listed in Satoshi, which is equal to 1x10-8 BTC. No, it’s not a ton of money, but how much were you expecting to be paid for clicking on a link?

Getting your bitcoins from the faucet to your wallet

When you’ve successfully completed the task to earn your bitcoins from the faucet, the site should ask you for an ID number. Don’t worry; it’s not your actual account number. Go to your bitcoin wallet application and there should be an option or button that says “collect bitcoins” or “receive bitcoins”. Selecting this option will generate a secure, single-use ID number for you to give to the faucet. The number is associated with your wallet, so you get your bitcoins, but you don’t have to spread your sensitive account information all over the internet.

And that’s how you too can get on the cutting edge of currency technology by collecting bitcoins from faucets! Not so complicated, right?

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