Faucet FAQ

 

Bitcoin Training

A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets. A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but they can sometimes be tricky to install and maintain. A web wallet or hosted wallet is one that is hosted by a third party. They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins. There are four main wallets that we recommend for beginners.

The two general types of Bitcoin wallets are offline and online.

Offline wallets store your bitcoins on a computer and they do not require internet connection. However, such wallets require a lot of space on your hard drive and your constant attention (e.g. it is recommended to make backups weekly).

An online wallet requires you to be connected to the Internet. You have to enter your login and password to access your wallet from any device and you don’t have to worry about its maintenance.

If you choose to use an online wallet, then sign up to  CryptoPay. It provides the best security and utility among other online wallets. First, visit the signup page, enter your email address and choose a password. Second, check your inbox, look for a message from CryptoPay and confirm your account by clicking on the confirmation link in the message. All done!

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About Coin Merchant

At Coin Merchant, you can buy and sell your bitcoins. We also offer a Free bitcoin program from which you can earn  free Satoshis

Get 100 – 10,000 Satoshis every 5 minutes

What is Bitcoins?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.

What makes it different from normal currencies?

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

What are its characteristics?

Bitcoin has several important features that set it apart from government-backed currencies.

1. It’s decentralized

The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.

2. It’s easy to set up

Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.

3. It’s anonymous

Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. However…

4. It’s completely transparent

…bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.

If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours.

There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.

5. Transaction fees are miniscule

Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t.

6. It’s fast

You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.

7. It’s non-repudiable

When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.

So, bitcoin has a lot going for it, in theory. But how does it work, in practice? Read more to find out how bitcoins are mined, what happens when a bitcoin transaction occurs, and how the network keeps track of everything.

1,329,290 total views, 5 views today

Free Bitcon Faucet FAQ

About Coin Merchant

At Coin Merchant, you can buy and sell your bitcoins. We also offer a Free bitcoin program from which you can earn  free Satoshis

Get 100 – 10,000 Satoshis every 5 minutes

What is Bitcoins?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.

What makes it different from normal currencies?

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

What are its characteristics?

Bitcoin has several important features that set it apart from government-backed currencies.

1. It’s decentralized

The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.

2. It’s easy to set up

Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.

3. It’s anonymous

Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. However…

4. It’s completely transparent

…bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.

If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours.

There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.

5. Transaction fees are miniscule

Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t.

6. It’s fast

You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.

7. It’s non-repudiable

When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.

So, bitcoin has a lot going for it, in theory. But how does it work, in practice? Read more to find out how bitcoins are mined, what happens when a bitcoin transaction occurs, and how the network keeps track of everything.

1,329,291 total views, 6 views today

We can not change our Captcha provider. You can use the audio version of the Captcha if the text is unreadable. Another option is to try again at a later time, usually the Captcha has periods of giving out extremely hard texts to read.




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We offer 10% on referral

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When you claim Satoshis they aren’t sent directly to your wallet. Instead they are accumulated on your account and once you reach the minimum threshold (currently 20,000 Satoshis) they will be sent to your wallet. You can check your address balance using this link.

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This is in issue with SolveMedia, our captcha provider. Unfortunately there’s nothing we can do about it. Usually changing browsers or waiting some time before trying to claim again solves this issue.

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Each time you use the site you gain “seniority”. According to how long you’ve been a user you’ll get a bonus on your payouts. So the longer you use the faucet the more you can earn. Keep in mind that if you don’t use the faucet for 30 days the seniority resets. Using the site means claiming directly, referring other addresses doesn’t count as usage. You can check the seniority of your account through the address checker.

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Our faucet rewards its loyal users by giving them bonuses on their payouts. The longer you are an active user, the higher bonuses you’ll get. An active user is considered a user that claimed Bitcoin directly (not as a referral) at least once in a 30 day period. If a user doesn’t claim directly at least once in a 30 day period his seniority stats are reset. You can check your seniority stats at any given moment through the “check address” link in the nav bar.

Up to 30 days of using the faucet – 2% bonus on all direct

Between 31 days and 60 days of using the faucet – 3% bonus on all direct payouts

Between 61 days and 90 days of using the faucet – 5% bonus on all direct payouts

Between 91 days and 120 days of using the faucet – 6% bonus on all direct payouts

Between 121 days and 150 days of using the faucet – 8% bonus on all direct payouts

Between 151 days and 180 days of using the faucet – 12% bonus on all direct payouts

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Bitcoin wallets will sometimes change your address as an anonymity feature. However in order to reserve your balance at coin merchant you have to keep using the same address. You can still use your old wallet’s address and the coins should reach your wallet, so make sure not to change addresses each time you get a new address from your Bitcoin wallet.

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You can use the “Edit my profile” button located on the top right (visible once you hover over your username).

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You can use the “reset password” on the login screen on order to reset your password

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lease check your spam folder and allow at least 10 minutes for the email to arrive. If you still can’t find it feel free to either sign up again, sign up under a different email or contact us with your email address and we will look into this.

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Coin Merchant’s’ faucet works on  a membership structure. This means you need to register to the site in order to use it. Registration is free and takes only 10 seconds, use this link to register. Once you are registered, use this link to sign in.

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You can check the number of claims you’ve made through your profile section on the top right of the site.

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Bitcoin payments require a certain amount of confirmations in order to show up in your wallet. Most wallets wait at least 3 confirmations before showing up the coins. Each Confirmation usually take 10 minutes on average (but can take more or less).

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There could be several reasons for this:

  1.  You did not go over the 20,000 Satoshis threshold (can be checked under “check balance“)
  2. You went over 20,000 Satoshis after we sent finalized payments (usually around 7am GMT).
  3. Your address was banned due to violation of one of the rules (can be checked with admin)
  4. You entered an invalid Bitcoin address that we can not send payment to (try pasting your address into blockchain.info and see if you receive an error).

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Payouts are done automatically on Sundays to addresses with over 20K Satoshis. The exact payout time varies but is usually around 11am GMT.

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