Understand these principles — build your empire
When looking at the multitude of Bitcoin faucet sites online, you may feel overwhelmed and unable to focus on what is important. Are any worth your time? Are they reputable? Will you receive payment that was promised?
This strategy guide will direct your focus toward an achievable goal of maximizing your free Bitcoin yield.
Before we begin, we first need to go over some housekeeping to ensure you stay out of trouble. Because Bitcoin's blockchain is a public ledger, all on-chain transactions are searchable forever. You need to understand there are blockchain analysis corporations, which work with governments and exchanges, attempting to identify every user in each transaction. Know your local laws.
Keep yourself out of trouble
- Know your local laws about online gambling. Some faucet sites have gambling elements and sending these coins to your exchange account may flag the activity under Anti-Money Laundering (AML) laws. Your account may be immediately and permanently closed.
- Keep faucet rewards separate from your investment bitcoins. Do not send bitcoin purchased from an exchange to any faucet account or vice versa.
- Practice coin control, even across faucet accounts.
- Use a wallet application to store your faucet rewards and ensure you have a backup. Do not skip your wallet backup.
- Always remember this saying: not your keys, not your bitcoin.
To learn more about Bitcoin privacy, please visit the Bitcoin Wiki Privacy page.
Consistency is key to maximizing free bitcoin returns. Claiming bitcoin faucets daily will yield results at an impressive rate. Staying consistent is not easy, but if you make new habits and prioritize what you find important, you will be pleasantly surprised.
Some sites implement a daily loyalty bonus, adding a percent multiplier to your claim earnings every time you claim. This is a very powerful bonus and can quickly add up to high returns. The catch is that if you miss one day, your percent multiplier resets to zero. Rely on your new habits to avoid this costly mistake.
In order to minimize your risk exposure of the faucet website shutting down or being hacked, withdraw your bitcoin as soon as you can. Faucet websites aren't guaranteed to be online, despite their claims to the contrary. moonbit.co.in is one example of a once popular faucet site that is no longer online. Again, remember: not your keys, not your bitcoin.
Faucet websites set minimum bitcoin withdrawl limits to save costs associated with network transaction fees, and these minimum limits can be relatively high compared to the claim payout you receive. Some faucet sites make reaching the minimum withdrawl limit a very tedious process while others make it much easier. Take advantage of this disparity and withdraw coins from one faucet account into another to consolidate your coins. This way your rewards are not orphaned on numerous accounts and your efforts are captured and in your control.
Minimize transaction fees
Just as the faucet site needs to reduce network fee costs, you too must strive to minimize excess costs. For large transactions, a 3,500 satoshi network fee is a minimal cost but for a small transaction that same fee could be up to fifty percent. Some sites cover withdrawl transaction fees ‐ use those sites to your benefit.
Be efficient with your time
Once you've committed to earn free bitcoin, create a system for yourself and make it easy.
- Use a dedicated browser on a phone, tablet, or accessible computer for accessing faucet sites.
- Keep the site tabs open and logged in to each account.
- Access the sites morning, noon and night for maximum earnings.
Have fun with Bitcoin
Bitcoin is a fascinating technology and it's very enjoyable to HODL satoshi and be a part of financial history. Relax knowing you're maximizing your earnings and stacking sats. Don't forget to have fun and enjoy.