Is it smart to make a Bitcoin Faucet

[bryant.coleman]

Most of the faucets are having an upper limit for payments. Users must accumulate that many Bitcoins (say BTC0.0005 or BTC0.001), to qualify for the withdrawal. Still... the transaction fee can be heavy.

[Pobre]

Well, the faucet wasnt on bitcoininformation.info, ive never visited this site. maybe someone else would have coppied your idea.

Yeah, people copied it quite quickly. I knew who did it after me, but forgot. Has been a while since I had my faucet

How much did you gave out from your faucet and did you ever had any profits from your faucet? and did you ever publicize your faucet?

[Mitchell]

Well, the faucet wasnt on bitcoininformation.info, ive never visited this site. maybe someone else would have coppied your idea.

Yeah, people copied it quite quickly. I knew who did it after me, but forgot. Has been a while since I had my faucet

How much did you gave out from your faucet and did you ever had any profits from your faucet? and did you ever publicize your faucet?

Around 1BTC loss (meaning I paid it out of my own pocket), no profits. A very old version of the code was on Github and people forked it, so it can be found, yes. I do not give support for it though.

[PerrythePlatypus]

Most of the faucets are having an upper limit for payments. Users must accumulate that many Bitcoins (say BTC0.0005 or BTC0.001), to qualify for the withdrawal. Still... the transaction fee can be heavy.

Weekly batch payments can help to solve the problem. User must accumlate 0.001 and cashout will only be done once per week. This way, the operator can pay 0.1 for 100 people and only use a transaction fee of 0.0001

[Pobre]

Well, the faucet wasnt on bitcoininformation.info, ive never visited this site. maybe someone else would have coppied your idea.

Yeah, people copied it quite quickly. I knew who did it after me, but forgot. Has been a while since I had my faucet

How much did you gave out from your faucet and did you ever had any profits from your faucet? and did you ever publicize your faucet?

Around 1BTC loss (meaning I paid it out of my own pocket), no profits. A very old version of the code was on Github and people forked it, so it can be found, yes. I do not give support for it though.

I doubt if there has been a total of 1BTC taken out of all the faucets. The faucets pay out dust and the bitcoins users are very less, I think maybe your faucet had been misused. And why didnt you give out some kinds of google ads on your faucet so that you gain some profit from that faucet?

[Mitchell]

Well, the faucet wasnt on bitcoininformation.info, ive never visited this site. maybe someone else would have coppied your idea.

Yeah, people copied it quite quickly. I knew who did it after me, but forgot. Has been a while since I had my faucet

How much did you gave out from your faucet and did you ever had any profits from your faucet? and did you ever publicize your faucet?

Around 1BTC loss (meaning I paid it out of my own pocket), no profits. A very old version of the code was on Github and people forked it, so it can be found, yes. I do not give support for it though.

I doubt if there has been a total of 1BTC taken out of all the faucets. The faucets pay out dust and the bitcoins users are very less, I think maybe your faucet had been misused. And why didnt you give out some kinds of google ads on your faucet so that you gain some profit from that faucet?

I had ads on my page and it was a long time ago. When Bitcoin wasn't as high as it is right now.

[x8008]

I own http://givemebtc.net which has a custom theme then most faucets, I am selling it if anyone is interested. It gets anywhere from 5000-6000 hits a day

[Pobre]

I own http://givemebtc.net which has a custom theme then most faucets, I am selling it if anyone is interested. It gets anywhere from 5000-6000 hits a day

my bid : 0.001BTC

[Kprawn]

Well if you can link faucets with Facebook games, and have people pay with bitcoin per game. You would make mega bucks.

I know people who are addicted to those games.

Link it to a once of registration bonus, for a hook, and then have your hourly free faucet, to keep it going.

That would be the fastest way to grow fast.

Just a idea...

[ranlo]

Most of the faucets are having an upper limit for payments. Users must accumulate that many Bitcoins (say BTC0.0005 or BTC0.001), to qualify for the withdrawal. Still... the transaction fee can be heavy.

Weekly batch payments can help to solve the problem. User must accumlate 0.001 and cashout will only be done once per week. This way, the operator can pay 0.1 for 100 people and only use a transaction fee of 0.0001

The issue with this is how much most faucets are paying. The majority are 1 uBTC or less. This means 100 satoshi.

0.001 BTC is 100k satoshi. So it would take 1000 captchas to get that assuming they were all 1 uBTC. Most people aren't going to go through all that work for it.

[bryant.coleman]

The issue with this is how much most faucets are paying. The majority are 1 uBTC or less. This means 100 satoshi.

0.001 BTC is 100k satoshi. So it would take 1000 captchas to get that assuming they were all 1 uBTC. Most people aren't going to go through all that work for it.

Faucets are meant for lazy people who don't have any qualifications to do freelance jobs. Therefore, the pay rates will be much lower than that of the other jobs. 

[ranlo]

The issue with this is how much most faucets are paying. The majority are 1 uBTC or less. This means 100 satoshi.

0.001 BTC is 100k satoshi. So it would take 1000 captchas to get that assuming they were all 1 uBTC. Most people aren't going to go through all that work for it.

Faucets are meant for lazy people who don't have any qualifications to do freelance jobs. Therefore, the pay rates will be much lower than that of the other jobs. 

It's not about the pay rate, it's about having to sit around HOPING that the sites don't go under before you can claim 1k times. For some sites, that's over a month (assuming you hit them every single hour) and that's a big risk. Paying out more often mitigates this risk.

[psychospring]

Good thing you asked here for the advice.

[BSIG]

nope its a magnet for shady people

[CaptainBeck]

Well if you can link faucets with Facebook games, and have people pay with bitcoin per game. You would make mega bucks.

I know people who are addicted to those games.

Link it to a once of registration bonus, for a hook, and then have your hourly free faucet, to keep it going.

That would be the fastest way to grow fast.

Just a idea...

Nice idea and new. Wonder what FB would do about this if it became popular. Would be interesting to see how this could be full setup and working.

[CaptainBeck]

Also i guess the biggest winner here is Luis von Ahn who invented recaptcha which makes a nice fortune doing ground truthing and archiving for major companies like the new york times. Also the same guy who made duolingo which teaching you enough of a language to start translating sites for them. All very clever way of making people do jobs that machines still suck at for free.

[bryant.coleman]

It's not about the pay rate, it's about having to sit around HOPING that the sites don't go under before you can claim 1k times. For some sites, that's over a month (assuming you hit them every single hour) and that's a big risk. Paying out more often mitigates this risk.

Hmm... that is a problem. Almost 90% of the faucet sites close down before completing one month in operation.

[niktitan132]

It is smart to make a bitcoin faucet,what you need to make sure is that the rewards are high and it is a microwallet faucet.
That way the faucet becomes popular and you are starting to earn nice BTC from ads. 

[ranlo]

It's not about the pay rate, it's about having to sit around HOPING that the sites don't go under before you can claim 1k times. For some sites, that's over a month (assuming you hit them every single hour) and that's a big risk. Paying out more often mitigates this risk.

Hmm... that is a problem. Almost 90% of the faucet sites close down before completing one month in operation.

Exactly. Probably 30-40 I've used myself ended up running out of funds quickly, were never funded to begin with (and hoped people wouldn't realize it) so nobody could cash out, or just flat out died. Being able to cash out on a regular basis is important now.

[CaptainBeck]

This is why alot of sites payout to the microwallet site, which i guess gives people some confidence that they arent wasting their time, just such small amounts i'm not sure faucets are worth anyones time.