Coinpot Bitcoin Faucet Update (5/9/2019) — Up ~$700 in 18 Months

This is a follow up to the original article: How Much Can You Make on Coinpot in 1 Year?

It’s been almost 18 months since I wrote that article. The goal was to see if bitcoin faucets were a viable way to earn free bitcoin. I, like many others, was skeptical. Free bitcoin? There must be a catch. So I started my little experiment with a skeptical eye. Specifically, I wanted to see how much you could make on Coinpot in 1 year.

 

With my model I surmised that I could look forward to a minimum of $900. Of course I had no way of knowing that bitcoin would be attacked from every angle in 2018. As a result, the price of bitcoin dropped significantly, but it’s worth noting that it never dropped below the price of an ounce of gold. Gold — the world’s most precious metal.

So, here we are, almost 18 months in and I’m up roughly $700. Did I make the $900 mark? No. But, $700 isn’t bad for what I was told was a “scam bitcoin faucet”. I kept waiting for something to happen to the site throughout the year. I kept waiting for my account to get hacked. I kept waiting for the site to change the rules. It never happened. Everything has been easy. All withdrawals have been made.

Round of applause for those of you holding it down over there at Coinpot.

And, the beautiful thing is that we’re coming out of a market bottom in bitcoin. It is my belief that we are currently on the front end of a bull market. Bitcoin has taken a beating over the past year, but I still think it will be the world’s reserve currency. I still think it could reach $4 million or more in 10 years.

(For more on why I still love Bitcoin read: Why Am I Still In Love With Bitcoin in 2019?)

Okay, so I’m a believer in bitcoin faucets. I especially like the fact that anyone (beginner to advanced) can start making bitcoin with these faucets and there’s no risk because you’re earning bitcoin as opposed to buying it. 

Now what? Now, that I know what works and what doesn’t, I’m going to research other bitcoin faucet programs. I’m also going to see if there are other ways to earn bitcoin risk-free.

Coinpot Faucet Calculator - Update

I’ve had a lot of people ask for an update to my original article. Instead of updating the original chart, I wanted to provide you with a calculator for you to use/share/edit. It’s available in GoogleDocs here: Coinpot Faucet Calculator.

The model is very simplistic, but gives you an idea for what you can earn in one year. It then gives you the ability to see how much that would be if prices go up by the end of the year. Finally, it provides a way to see how much the crypto made from one year using Coinpot will be worth based on growth rates like the ones we’ve seen over the past 10 years. (Click here for a snapshot of historical prices from 2013. Bitcoin is up over 4000% while Litecoin is up over 1000%.)

The spreadsheet provides a calculator for each faucet based on current claim rates. The final spreadsheet is a chart (shown below). It provides a summary of all three calculators.

Keep in mind, the calculator only looks at one year. It also does not include the mystery bonus, offer bonus or mining bonus. I wanted to err on the side of extreme caution, so each calculator only assumes one claim per day.

The base rate assumes no referrals, 1 claim per day and an average of 50% loyalty. The mid rate assumes 100 referrals, 1 claim per day and an average of 75% loyalty. The max rate assumes 500 referrals, 1 claim per day and an average of 100% loyalty. Note, the max rate is not a maximum. It is only used as a max case. Theoretically, there are no limits.

I can personally attest to the mid case. I have around 80 active referrals and only make one claim per day. I’m on track to make more than $235, but that’s because the values above don’t include the mystery bonus or Coinpot tokens, which add up. On average, I get around 3000 tokens per day. Again, I wanted to be very conservative here so those tokens are not included.

You can play with a number of scenarios around loyalty and referrals. While I don’t want to dissuade anyone from doing this, I think referral activity is critical. This way, even if you can’t make daily claims, you’ll still have a growing Coinpot. If you don’t get referrals, this isn’t going to payoff. So, I’ve created a contest for the best referral idea.

 

One final word

A chap recently asked me how to convince people that this isn’t a scam. My answer is: you can’t. But you CAN point out that a scam generally requires you to spend money. Coinpot will never ask you for money. The only thing you are required to give them is an email address.

 

Also, remember that bitcoin is still the world’s fastest growing asset. And, Coinpot is a great way to “get your feet wet” (as one person commented) in the world of cryptocurrency. The learning curve can be steep for some. It’s also a great way to earn bitcoin without having to worry about price fluctuations, providing ID or paying any fees. When the price goes down, the claim is higher. And since I know the price is going back up, it’s an opportunity.

 

Finally, the goal here is not to make a quick buck. You will be disappointed if that’s your goal. This is not a get rich quick scheme. Put simply, this is a great way to earn small amounts of what I believe will be the next reserve currency for the world. It may not be worth much now, but the goal is to hold onto this asset for the long-term (at least 10 years). All you’re risking is your time. Even if you just do it for one year, you’ll always have it and its value will grow over time.