Documenting "The Great Value Migration" From Fiat To Bitcoin, Gold & Other Precious Metals
Thursday, January 18, 2018
Mine Cryptocurrency For Free Using Coinpot: The Bitcoin Faucet Experiment
Bitcoin
Faucets are a great way to obtain cryptocurrency if you don’t have the
funds to invest in Bitcoin, but still want to invest in this growing
asset class. Who knows what Bitcoin will be worth in 7 years.
Mine Bitcoin Directly From Your Computer
You
don’t have to be wealthy to invest in crypto. You can mine Bitcoin and
other cryptocurrencies through what are referred to as “Bitcoin
Faucets”.To
make a “claim” on one of these Bitcoin faucets all you have to do is
register and follow the claim instructions. Claim instructions generally
tell you to click on a captcha that proves you are human to make the
claim.
What are Bitcoin Faucets?
A
“faucet” is a term used in the cryptocurrency world. It means a place
where you can go to claim a small amount of crypto (like 1% of $.01).
There are hundreds of faucets out there. Some are scams, some are real.
At
first I (like many others) dismissed this as a Ponzi scheme. It isn’t.
You are investing your time, nothing else. Faucet owners get paid by
advertisers and in exchange they give you a portion of those earnings.
I’ve been doing it for about a month and have made a successful
withdrawal of coins to my wallet. I’ve also researched these faucets and
they are highly reputable.
All you need to sign up for the
faucet is an email address and a computer. Never give your ID, address
or any payment information to any faucet.
Bitcoin Faucet Claims Are Small
Early investors of Bitcoin paid just $.06
for a Bitcoin. A $100 investment seven years ago would be worth $28
million today. One year later at $3.19, $100 would have bought you 31
Bitcoin. In 2013, Bitcoin really took off to $724. Six months ago, in
June 2017, no one thought Bitcoin could go much higher than $2,500. At
the end of 2017, Bitcoin was trading for $13,170.
No wonder people are fascinated with Bitcoin as an investment.
The
biggest complaint about Bitcoin faucets is that “the amount of the
claim is small.” If you are already wealthy or got in on cryptocurrency 7
years ago, I can understand your concern. Bitcoin faucets make small
claims, but you never know where Bitcoin will be trading in 7 years.
Still, this is a valid concern, especially for people with bills to pay
and no extra time on their hands.
This is my response to these concerns:
1)
The amount is small, but there are ways to maximize your earnings. Each
faucet, like a game, has a few secrets that can greatly increase your
earnings, sometimes by 500%. I’ll explain the key to maximizing your
claim amount for each faucet in a moment.
2) You can’t make a
decent income by yourself, you need referrals. Those referrals must be
users as well. It is not enough to simply give someone else your
referral code. You also need to help them optimize the claim amount.
3)
Bitcoin is the front-runner in the fastest growing asset class in the
world. As you can see from the chart below: the value of Bitcoin is
highly volatile and tends to go up over time.
This
is perhaps the most important aspect of this experiment for me. It
gives anyone with an email address the ability to earn/mine crypto, just
like Bitcoin miners were doing 7 years ago.
In one year the
value of the Bitcoin you have may be 10x what it is today. It could also
be 10x less, but at least you don’t lose any money if you “mined” your
Bitcoin from a Bitcoin faucet. In other words, the value of what you
hold may be small today, but the value of cryptos is going up and if the
trend continues, this is a way for you (for everyone)
to invest even if you don’t have the money. If you don’t have access to
your own computer, go to a computer lab or a library. Use your phone.
It’s also a great way to hedge against those dollars in your savings. As
the value of cryptocurrencies goes up, it will be against the dollar.
4)
These faucets give out more than Bitcoin. They also give out Bitcoin
Cash, Litecoin, Dash and Dogecoin. You are actually earning a
diversified set of cryptos. Each one of these is on the top 50 list of
cryptos by market capitalization, which is to say they have a lot of
growth potential.
5) Finally, think of your daily claim
potential as you would interest on savings. The amount may be small, but
it has the potential to add up over time.Also
keep in mind, inflation is going up. The value of a dollar in savings
may not be worth what it is today. Much of the interest in Bitcoin is
due to a loss of interest in the US dollar.
What will I be compensated for this experiment?
You will be compensated in the crypto that you earn.
Why only 100?
In
my research model you only need 100 referrals to optimize your results.
Of course, you are always welcome to do more. As you grow your referral
base, you may want to limit the number of people as well.
You
need to be able to answer questions and help each person, regardless of
their level of understanding. In fact, if they know how to use faucets
already you can show them the tips I provide, but you may not want them
in your 100 referral group. Not that they won’t be a good referral, but
because the goal of the experiment is to help those who can benefit from
this the most. This is social entrepreneurship at its best. You benefit
the most from helping those that need it the most.
You will need an email address and a computer. You will never need any ID, payment information, or password information to do a faucet.
These are the steps you will go through at a high level: Step 1: Sign up for a Coinpot MicroWallet (https://coinpot.co/). This
is a where each faucet will send your “claim”. When you reach your
withdrawal minimum, you will want to move your crypto currency from your
software wallet (CoinPot) to another wallet. Step 2: Sign up with each of the following faucets. Each one of these faucets is already connected to your Coinpot MicroWallet. As long as you sign up with the same email address you used to sign up for your Coinpot,
they are automatically connected. Play around with each faucet a bit to
get a feel for how this works. Please use my referral codes to sign up
for the faucet.
Step 3: Optimize your claim amount on each faucet. I’ve modeled out the performance of each faucet.
Each
faucet has its own incentive structure. In general there are two
different structures. Your goal is to maximize the claim by paying
attention to the incentive structure.
This is a unique faucet. It pays out in Bitcoin. It is the only incentive structure with 5
different bonus categories. Each bonus category gives you the ability
to double your claim amount. It also pays at 50% for referrals. This
makes Moon Bitcoin one of the best opportunities in the Coinpot faucet
network. In addition to referrals, Moon Bitcoin also rewards the
following:
1) Loyalty bonus — Action:
make a claim at least once a day. This is the easiest bonus. All you
have to do is make a claim every day and you get a bonus. If you miss a
day, it resets back to 1 and you have to walk up to 100% again.
2) Referral bonus — Action: refer at least 100 people to take full advantage of the referral bonus.
In
addition to getting 50% of your referral’s claims, you also get a 1%
bonus for every person you sign up — up to 100%. This bonus has a
ceiling of 100 people, but your referral commission does not.
3) Offer Bonus — Action: do 10 offers to take full advantage of the 100% claim bonus. This bonus has a ceiling of 10 offers.
4) Mystery Bonus — Do nothing and earn this bonus.
5) Mining Bonus — Mine on your computer for a 100% bonus depending on your hash rate. This is new.
There’s one other thing that is absolutely critical in your claim amount. This is true for all 6 faucets — the number of times you claim can drastically increase your daily claim amount.
For example, based on the current claim rate which is published on the
Moon Bitcoin site, if you claim every 5 minutes for 4 weeks you get
16,128 satoshi (assuming no referrals or bonus opportunities). However,
if you claim every 4 weeks you get 111 satoshi.
The key to optimizing this faucet is to claim as often as you can, at
least once a day for the loyalty bonus. You want to refer at least 100
people to take advantage of the 50% referral commission and max out on
the 1% per referral bonus. You want to do 10 offers to take advantage of
the offer bonus. You can also get a bonus for mining on your computer. Focusing on these actions can greatly increase your claims.
Moon
Dogecoin is like Moon Bitcoin, but pays out in Dogecoin. All the Moon
faucets have the same basic structure, but not as many bonus options.
1) Loyalty bonus — Action:
make a claim at least once a day. This is the easiest bonus. All you
have to do is make a claim every day and you get a bonus. If you miss a
day, it resets back to 1 and you have to walk up to 100% again.
2) Referral bonus — Action: refer at least 100 people to take full advantage of the referral bonus. In addition to getting 25%
(not 50% like Moon Bitcoin) of your referral’s claims, you also get a
1% bonus for every person you sign up — up to 100%. This bonus has a
ceiling of 100 people, but your referral commission does not.
3) Mystery Bonus — Do nothing and earn this bonus.
The
key to optimizing this faucet is to claim as often as you can, at least
once a day for the loyalty bonus. You want to refer at least 100 people
to take advantage of the 25% referral commission and max out on the 1%
per referral bonus. Focusing on these actions can greatly increase your claims.
1) Loyalty bonus — Action:
make a claim at least once a day. This is the easiest bonus. All you
have to do is make a claim every day and you get a bonus. If you miss a
day, it resets back to 1 and you have to walk up to 100% again.
2) Referral bonus — Action: refer at least 100 people to take full advantage of the referral bonus. In addition to getting 25%
(not 50% like Moon Bitcoin) of your referral’s claims, you also get a
1% bonus for every person you sign up — up to 100%. This bonus has a
ceiling of 100 people, but your referral commission does not.
3) Mystery Bonus — Do nothing and earn this bonus.
The
key to optimizing this faucet is to claim as often as you can, at least
once a day for the loyalty bonus. You want to refer at least 100 people
to take advantage of the 25% referral commission and max out on the 1%
per referral bonus. Focusing on these actions can greatly increase your claims.
Newest
faucet with highest claim amount. The bonus structure is the same as
MoonDoge and MoonLitecoin, but pays out in Bitcoin Cash. You can
optimize your daily claims by doing the following:
1) Loyalty bonus — Action:
make a claim at least once a day. This is the easiest bonus. All you
have to do is make a claim every day and you get a bonus. If you miss a
day, it resets back to 1 and you have to walk up to 100% again.
2) Referral bonus — Action: refer at least 100 people to take full advantage of the referral bonus. In addition to getting 25%
(not 50% like Moon Bitcoin) of your referral’s claims, you also get a
1% bonus for every person you sign up — up to 100%. This bonus has a
ceiling of 100 people, but your referral commission does not.
3) Mystery Bonus — Do nothing and earn this bonus.
The
key to optimizing this faucet is to claim as often as you can, at least
once a day for the loyalty bonus. You want to refer at least 100 people
to take advantage of the 25% referral commission and max out on the 1%
per referral bonus. Focusing on these actions can greatly increase your claims.
MoonDash is the same as MoonDoge, MoonLitecoin and MoonCash, but it pays out in Dash.
1) Loyalty bonus — Action:
make a claim at least once a day. This is the easiest bonus. All you
have to do is make a claim every day and you get a bonus. If you miss a
day, it resets back to 1 and you have to walk up to 100% again.
2) Referral bonus — Action: refer at least 100 people to take full advantage of the referral bonus. In addition to getting 25%
(not 50% like Moon Bitcoin) of your referral’s claims, you also get a
1% bonus for every person you sign up — up to 100%. This bonus has a
ceiling of 100 people, but your referral commission does not.
3) Mystery Bonus — Do nothing and earn this bonus.
The
key to optimizing this faucet is to claim as often as you can, at least
once a day for the loyalty bonus. You want to refer at least 100 people
to take advantage of the 25% referral commission and max out on the 1%
per referral bonus. Focusing on these actions can greatly increase your claims.
Bitfun is slightly different. It pays out in Bitcoin at a higher rate than MoonBitcoin.
You can also play games and do offers. Playing games does not increase
faucet amount rate, however. You can only make a claim every 15 minutes
as opposed to 5 min. with the other Moon faucets.
Referral bonus — Action: refer as many people as possible to take advantage of the 50% commission.
The
key to optimizing this faucet is to claim as often as you can, but
there is no loyalty bonus. You want to refer as many people as you can
to take advantage of the 50% referral commission. Focusing on these
actions can greatly increase your claims.
Bonus Bitcoinpays out in Bitcoin. The amount you can claim varies, but you can get a bonus of 5% on
all your claims and referrals for the past 3 days as long as you make a
claim on the previous day. You can only make a claim every 15 minutes as opposed
to 5 min. with the other Moon faucets. Referral bonus — Action: refer as many people as possible to take advantage of the 50%
commission.
The key to optimizing this faucet is to claim as often as you can every
15 min. You want to refer as many people as you can to take advantage
of the 50% referral commission and the 72 hr loayalty bonus. Focusing on
these actions can greatly increase your claims.
Step 4: Final Step — Take
what I’ve written here and make it your own. You have full license to
plagiarize all you want. First, replace my referral codes with your own
referral codes (please let me know if you need help finding your codes).
Send it out to your friends and family. Set up a seminar at your
community center or library. Send it out on Facebook/Twitter/Instagram.If you do add additional faucets to your list, be sure to vet them out for your base.
Not all faucets are the same. Some are definitely better than others. I’ve earned well over $1,000 on Coinpot and I believe you may be able to earn even more from Cointiply.
Not only do they reward loyalty in several different ways, but they
have more activities to obtain “coins” and you can even earn 5% interest
after you have 35,000 coins (which isn’t much).
So, I want to start off by saying that there are several different ways to earn coins on Cointiply.
There’s the main faucet, which can be boosted by increasing your Cointiplier (we’ll talk about how to do that in a moment).
There’s also offer walls (visiting webpages, downloading apps, watching videos), surveys, videos, and paid to click ads.
You
can also boost your earnings temporarily and permanently by playing the
game Cointivity, which is a little mining game created by the folks at
Cointiply (we’ll talk about this a bit later as well).
Last but not least, you can earn 5% interest on your balance if you have over 35,000 coins, which isn’t hard to do.
After I walk through each of these earning opportunities, I’m going to discuss withdrawal methods and then you’ll be ready to get started!
Ways To Earn
Faucet
The primary way that you make money on any faucet is through the claim. Cointiply has one of the best faucets out there. It’s attached to a progressive jackpot, which as of now is for 272,881 coins.
On
average, I make around 30 coins per claim, but I could have made
anywhere from 22 to 280 coins. The amount depends on the roll and the
Cointiplier.
The
Cointiplier rate determines how much you can earn from each faucet
claim. The higher the rate, the more you earn. The payouts listed next
to the faucet are determined with your Cointiplier rate.
Everybody
starts with a rate of 1.5x. It is determined based on Cointiply’s own
secret algorithm, which is based on your level of activity (offers,
surveys, videos, referrals, paid per click ads). The rate is adjusted
daily.
Offer Walls
Cointiply offer-walls are a great way to earn coins. According to the website, top users earn 100’s of thousands
from offer walls. The most popular offer walls are Theorem Reach, Tap
Research, Adscend Media and Adgate Media. There are more than a dozen
others. They are all different, so find one you like and work it. The good news is, you have variety.
Surveys
Offer
walls are great, but the #1 way people earn is surveys. Tap Research,
TheoremReach, and Revenue Wall are all great places to do surveys. You
also have Jungle Surveys, which is available for all countries and has no daily limits.
It is not unusual for one survey to pay thousands of coins (keep in
mind that as of today 1,000 Cointiply coins is equivalent to
approximately 1,000 satoshi.)
You’ll find all kinds of topics covered and they are updated frequently.
Videos
This
is one of the most passive ways to earn coins because all you have to
do is pull up a video and have it streaming. My favorites are VideoFox, EngagMe and Hideout.tv. You will also find videos in Opinion Capital’s offerwall for some countries.
A
quick note about EngagMe videos is that you don’t have to do anything
to link EngagMe videos. You just have to open the videos page from the
Cointiply website and you are ready to go. You need to see 3 ads before
your account will be credited. The same applies to Hideout.TV. You earn
points for every three ads that plays between videos.
Cointiply Paid to Click (PTC) Ads
Cointiply paid to click ads are pretty normal. You earn coins for visiting a webpage and they’re available all around the world.
Cointivity The Game
This is perhaps the main reason I like Cointiply so much.
There are so many ways to boost your earnings. In addition to your
Cointiplier (which increases your faucet claim), you also have the
ability to boost your earnings by playing a game. The game is called
Cointivity.
CointiPoints are Cointiply’s reward point system. For every 10 coins you earn , you’ll receive 1 CointiPoint.
You
play the game for points that can buy you items. The “items” are used
for your “mining business”. The goal is to collect as many “items” as
possible to help you be successful with your business. However, you can
only collect items if you have a “slot” to place the item in. Each level
unlocks more “slots”, which allows you to have more items.
How
do you increase your level? In addition to CointiPoints, there are
“Experience” points. You are also given 1 “Experience” point with every
10 coins earned. The more coins you earn, the higher your level will
rise and the more “slots” you’ll have to place “items” in.
Now, let’s figure out what kind of “items” you can place in your slots.
There
are two types of “items” that you can use to help your mining business:
Equippables and Consumables. Consumables are items that are consumed or
used in a short period of time. They are short-term in nature and the earnings boost from consumables is temporary. Equippables are items that are part of your equipment. They are long-term in nature and they boost your earnings permanently.
Each item is also classified as Common, Uncommon, and Rare quality. Rare items are valued higher than Common items.
Everyone
starts off with 2 slots: 1 for Consumables and 1 for Equippables. Every
time you unlock another level, you also get more slots to put your
items in. Remember, you want lots of items because they boost your
earnings.
Where can you find items? In Pods. You can buy Pods with either CointiPoints or coins. Every Pod contains three items. The higher quality the Pod, the higher your chance of getting Uncommon and Rare items, which are worth the most.
Pods are also classified as Common, Uncommon, and Rare quality. Here’s a graphic from the site’s Help Pages.
In these Pods you will find “items” like the ones below.
So, you earn points that pay for “items” that you can be purchased in Pods.
We’re
not done. There are also Cointivity Collections. Cointivity Collections
are a way to get an even higher earnings boost. This is a great way to
maximize earnings if you know you’re going to be on Cointiply for a few
hours.
Each
collection requires a different group of items. The most valuable
Collection also has the most Rare and Uncommon Items. Here’s a graphic
from the website of the Collections currently available:
When
you have all items in a Collection, a “LOCK IN” button appears on that
Collection. Click the button, and you will be asked to confirm that you
wish to activate the Collection.
All
of your items are part of your “Inventory”. So, at any point in time
you can check to see how many items you have by clicking on Inventory.
You can check out your level, your boosts, your slots, and the items you
have in those slots by clicking on your Cointivity Profile. Also
remember, that you can use the items to boost earnings or you can sell them for coins.
Cointiply Multiplier
I’m not a big fan of gambling, so I didn’t mention this in the opening remarks. You want to earn and hold (or hodl as the bitcoin community likes to say). That said, if you’re into this for the gambling, you can wager as few as 10 coins or as many as 50,000 coins in Cointiply’s multiplier game. The maximum multiplier is 61.3x so you could make as much as 613 coins from a 10 coin wager, but it’s highly unlikely.
When you start a new round of the CointiPly Multiplier you will be presented with 11 different “targets” on the screen. The targets look like small white circles. If you win, you can either press your luck or play it safe and click the “Take Win” button at any time to claim your coins and end the round.
Why gamble when you could be earning interest though?
Earning Interest
As
of December 1st, 2018 Cointiply pays 5% annual interest on coin
balances over 35,000 coins. Remember, in today’s terms, 1,000 coins is
approximately 1,000 satoshi, which is approximately $.10. So, 35,000
coins is approximately 35,000 satoshi or $3.50.
To
earn interest, you have to maintain this balance and make at least 1
claim each week. To start earning interest, you need to go to the
settings page and toggle the “Enable Interest” switch and then save your settings. Interest is paid every Sunday night.
As
a word of caution, be sure to place a 2FA on your account if you have
enough to earn interest. You can find the 2FA set up in settings.
Withdrawals
Cointiply gives you several ways to withdraw your coins.
You can withdraw to your DOGE wallet (processed in 24–72 hours) when you have at least 50,000 coins.
You can withdraw to your bitcoin wallet (processed weekly) when you have at least 100,000 coins.
That’s it!
It
may seem like a lot, but it’s worth the effort. Perhaps even more so
for those of you that have difficulty getting referrals with Coinpot. Mainly, because there are so many ways of increasing your earnings on Cointiply.
What’s Next
I’ll be researching a faucet called Starcoins
next. Starcoins is another great faucet. It’s set up in a creative game
style, so the creators are actually investing some creative power into
the design, which I like. Once you sign up (email only), you need to
update your wallet with at least your bitcoin address. All withdrawals
are manual and are set up in the same way that FaucetHub sets up wallets
(one wallet address at a time), but the good news is that there are
many coins to earn. You can learn more about FaucetHub in the post: The Bitcoin Faucet Experiment Continues: How Much Can You Make On FaucetHub?
