Microwallet.co - A Step Towards Saving The Faucet Industry

[Crowdstartups]

Faucets’ industry is suffering particularly these days… One of the “main faces”, Faucethub.io announced that is going to not continue to operate as a micro wallet anymore.

The situation reminds me, back in time, what had happened to the famous site “Faucetbox.com” which announced in November 2016 the closure of their service.

As faucet owners, we understand the frustration of all other owners out there who received such a big hit and had to find a solution in no time to be able to continue paying their users and keep running their faucets.

We’re not blaming anyone for this, but we really want to help people to find a long term solution for their business, and for users, to find a new microwallet for their needs.

For this reason, the Crowdstartups team (The same team that is behind www.earnbtc.io) is going to release a brand new microwallet dedicated not just on faucets’ industry but to all crypto market:

We have gathered our dev team to release the beta version of the wallet in a few days. The basic version will only have enough features to let faucets continue working without any interruption. And we will try our best to provide you with a solution so that you don’t have to update your backend code at all.

www.microwallet.co Live and running 09/12/2019

It will be a simple multicurrency microwallet, nothing more, nothing less.

Remember, this doesn’t stop here. After the release of the basic version, the full feature plan with be shared in public and this project will come into the Crowd Funding phase. We are planning something more than just a way to receive payment.

More updates will be shared soon, stay tuned or subscribe here: A Step Towards Saving The Faucet Industry

Joanne Fields from Crowdstartups team

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[1714122134]

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[Lucius]

I agree that the change announced by FH has had a very negative impact on the faucets world, and not only because FH will no longer be a micro wallet, but also because this site was much more than that. There are already several alternatives for FH, but even if it is said that competition is always good, in this case, it is not desirable that the small amounts of coins which faucets pay to users become divided into few micro wallets.

It is likely that over time one of the services will stand out and become a major player, but what I've seen so far doesn't promise much. I can not say anything about your service because it has not been launched yet, but I can say that it is a bit strange to me that you have a plan for crowdfunding. Faucets, micro wallets/micro earnings and crowdfunding are not on the same page for me.

I think the model developed by FH was great, but I agree that it can always be better. After FaucetBox which was just a simple micro wallet, FaucetHub has set things up to a really high level. The question is can anyone beat that, or at least be on a similar level.

[btc4peace]

Will it simply be an implementation of the script being released at hostingforbtc.com (this was part of mexicantarget's ANN on faucethub.io) or something new?

[Crowdstartups]

I agree that the change announced by FH has had a very negative impact on the faucets world, and not only because FH will no longer be a micro wallet, but also because this site was much more than that. There are already several alternatives for FH, but even if it is said that competition is always good, in this case, it is not desirable that the small amounts of coins which faucets pay to users become divided into few micro wallets.

It is likely that over time one of the services will stand out and become a major player, but what I've seen so far doesn't promise much. I can not say anything about your service because it has not been launched yet, but I can say that it is a bit strange to me that you have a plan for crowdfunding. Faucets, micro wallets/micro earnings and crowdfunding are not on the same page for me.

I think the model developed by FH was great, but I agree that it can always be better. After FaucetBox which was just a simple micro wallet, FaucetHub has set things up to a really high level. The question is can anyone beat that, or at least be on a similar level.

We are releasing the basic version on our own which will be enough to keep other websites running for long term. Because we are working in same market, we are trying to make a solution which works all the time. Now, why crowdfunding, because our plan is to extend the service to more advance features which is all planned but we cannot release the details yet. But know that, everything takes time and money to build, we need developers, huge servers, and marketing team to handle the service, that is why this will go under crowdfunding but only for the advance version. We are not going to do what FH is doing, our aim is different. MicroWallet will be a wallet for all use cases (including faucets) but it is not a Faucet itself.
I hope that clear all your doubts.

Will it simply be an implementation of the script being released at hostingforbtc.com (this was part of mexicantarget's ANN on faucethub.io) or something new?

No it's a completely brand new script, not related to mexicantarget ones

[brand8]

For those who have multiple faucets (differents) it will work as well? Or just 1 website is allowed in basic version?

[Crowdstartups]

For those who have multiple faucets (differents) it will work as well? Or just 1 website is allowed in basic version?

Basic version will handle unlimited numbers of faucet from same registered members, like FaucetHub is doing now.

[coin-investor]

I started in faucets on Faucetbox.com when I was a newbie, this is the best place for newbies to start, I was excited when I received my payout I think it took me a year before I move on to something bigger, we still need faucets and we still need something like Faucetbox.com, there are many newbies coming in, now that Bitcoin has become very popular, we need sites where we can refer newbies to acquire satoshis, however small still a good start for them.

[Crowdstartups]

I started in faucets on Faucetbox.com when I was a newbie, this is the best place for newbies to start, I was excited when I received my payout I think it took me a year before I move on to something bigger, we still need faucets and we still need something like Faucetbox.com, there are many newbies coming in, now that Bitcoin has become very popular, we need sites where we can refer newbies to acquire satoshis, however small still a good start for them.

Our target is to provide a solution for those who are using FaucetHub for their faucets. Owners don't have to change code, but just switch to the new API key and domain.

[btc4peace]

Cool.  I am planning out a pretty cool ride share game and will consider your services.  The downside is trust 😕

[DiamondCardz]

I'm not sure why you would release this now while the project is in it's infancy. You obviously know that this is not a particularly original idea, you're not the first to come up with the idea of a web wallet that supports microtransactions - so why would you announce/release your product now while that is all that it does, rather than waiting until you have something more novel to wow people with and releasing it then?

[Crowdstartups]

I'm not sure why you would release this now while the project is in it's infancy. You obviously know that this is not a particularly original idea, you're not the first to come up with the idea of a web wallet that supports microtransactions - so why would you announce/release your product now while that is all that it does, rather than waiting until you have something more novel to wow people with and releasing it then?

We know the market has enough options but nothing is perfect and there are always rooms for improvement.
Sometimes is just a matter of right timing  

Cool.  I am planning out a pretty cool ride share game and will consider your services.  The downside is trust 😕

Trust is the most important thing in online business and time will tell  

[fentanyl08]

Hello!
I'm owner of dailyfreebits.com. It is an old Bitcoin faucet operating for 5 years. I'm using Elbandi Mini Faucet script and Faucethub.io API to process payments. Since Faucethub.io announced they were closing down, I started looking for an alternative microwallet service for my faucet dailyfreebits.com but still I'm not able to find a suitable service. My profits with this faucet are very marginal now and sometimes I have loses so I can't afford to run my own server for microwallet but it's very hard to close down a site you have run for 5+ years. I just came across your post and I think you are trying to do something serious here. I'm keeping an eye on your site and I'll be more than happy to continue running my faucet if you are able to pull off this service. Do you have plan to add security features similar to Faucethub, like placing API limits on withdrawal amount per unit time or other measures to stop bots/cheaters? Because, I don't think I would be able to run faucet for a single day without API payout limit feature as so many cheaters on my faucet.
Looking forward for the development.
Thanks
Admin @ Dailyfreebits.com

[Lucius]

I would like to see something similar to FH which was not only a micro wallet but also a place where people chat, meet friends, exchanged ideas and where users always know they will get pay and security of the site was at a very high level.

I think they stop to operate because of the new EU AML (5) regulative which comes into force next year, but maybe there are also some other reasons. Regarding that, are you aware of all terms which must be to consider when starting one such business, viewed from the legal side?

Given that the closure of FH is very close, a good number of faucets have already switched to alternative solutions, I think the timing might have been better, but some obviously had information about the whole case before others.

[volomist]

I say that Faucethub closing down is equal to the end of a cycle.
In my opinion it will be really hard for someone to take its place since there are already so many other websites which only increase user fragmentation.
Also the most popular faucets out there (Cointiply, Cryptomininggame, firefaucet) have moved (or are moving) to different ways to send funds directly to your wallet.

Faucethub was a middleman and costed you 1.5% fees. Isn't bitcoin designed to remove such things? Why my coins from faucets has to go to a 3rd party which takes a cut?
I acknowledge the site and its community was helpful and friendly to newcomers but, despite this, I think the best way to get introduced in the crypto world is learning from forums like this.

Anyway I remain open to discussion.

[shield132]

I loved faucethub, not because I was using that but this website among some of others awakes old vibes in me where bitcoin world was really beautiful. They had a lot of projects besides faucet and some of them closed 1-2 years ago but at the same time I like that they are going to offer Offerwall services.
I think faucets are already dead, only alive thing that still somehow keeps going on feet, is old and gold freebitco but I still think they'll decide rebranding.
Wish you luck OP but personally I can't look at faucet business as beneficial one especially now.

[BTCGOLD]

I say that Faucethub closing down is equal to the end of a cycle.
In my opinion it will be really hard for someone to take its place since there are already so many other websites which only increase user fragmentation.
Also the most popular faucets out there (Cointiply, Cryptomininggame, firefaucet) have moved (or are moving) to different ways to send funds directly to your wallet.

Faucethub was a middleman and costed you 1.5% fees. Isn't bitcoin designed to remove such things? Why my coins from faucets has to go to a 3rd party which takes a cut?
I acknowledge the site and its community was helpful and friendly to newcomers but, despite this, I think the best way to get introduced in the crypto world is learning from forums like this.

Anyway I remain open to discussion.

Unfortunately, but you do not have full knowledge about .. It is possible that I also do not remember everything .. However, before Faucethub was Faucetbox and was also closed by some problems. Faucethub has taken over almost all faucets from Faucetbox. Unfortunately, despite very big sympathy to mexicantarget, this time the situation may be similar, but it is Microwallet.co that will take over faucety from Faucethub.

[Lucius]

Faucethub was a middleman and costed you 1.5% fees. Isn't bitcoin designed to remove such things? Why my coins from faucets has to go to a 3rd party which takes a cut?

The purpose of any micro wallet is to reduce number of transactions to your main wallet. For example, FH has 20k satoshi (BTC) for minimum withdraw, with only 400 satoshi fee, and for bigger amounts even lower fee (10 or 20 satoshis). What most people do not don't understand when it comes to Bitcoin is that a lot microtransactions to your main wallet (direct payments) will cause a very high fee for you in a moment when you try to spend such coins.

The cost of transactions is not only based on the number of transactions in mempool, but also on number of inputs you try to spend (incoming transaction to your wallet) and outputs (on how many addresses you send). In some cases, your transaction fee will be bigger than all amount you have on balance.

In case we are talking about some altcoins which have very low fees, direct payments make some sense, but Bitcoin faucets and direct payments will only produce dust transactions, which will later be extremely expensive to spend.

[Crowdstartups]

Hello!
I'm owner of dailyfreebits.com. It is an old Bitcoin faucet operating for 5 years. I'm using Elbandi Mini Faucet script and Faucethub.io API to process payments. Since Faucethub.io announced they were closing down, I started looking for an alternative microwallet service for my faucet dailyfreebits.com but still I'm not able to find a suitable service. My profits with this faucet are very marginal now and sometimes I have loses so I can't afford to run my own server for microwallet but it's very hard to close down a site you have run for 5+ years. I just came across your post and I think you are trying to do something serious here. I'm keeping an eye on your site and I'll be more than happy to continue running my faucet if you are able to pull off this service. Do you have plan to add security features similar to Faucethub, like placing API limits on withdrawal amount per unit time or other measures to stop bots/cheaters? Because, I don't think I would be able to run faucet for a single day without API payout limit feature as so many cheaters on my faucet.
Looking forward for the development.
Thanks
Admin @ Dailyfreebits.com

The wait is over! www.microwallet.co is finally live and running 

The basic version has enough features to let faucets, shortners, PTC continue working without any interruption. Also migration from FaucetHub is really easy and you can find in our API docs
This is our starting point, from now on we will keep improving adding features and make life easier for both owners and users.

[Lucius]

The wait is over! www.microwallet.co is finally live and running 

The register button just redirects to a blank page, so it is not possible to make a registration. You should check everything before going live with your service, and you should make a thread in Marketplace > Service Announcements > Micro Earnings since most who are interesting in faucets are looking for information on that board.

[Crowdstartups]

The wait is over! www.microwallet.co is finally live and running 

The register button just redirects to a blank page, so it is not possible to make a registration. You should check everything before going live with your service, and you should make a thread in Marketplace > Service Announcements > Micro Earnings since most who are interesting in faucets are looking for information on that board.

Just refresh, it may happen when using CDN