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Before we get into what defines a cryptocurrency or alternative currency faucet, let’s first go back to the beginning of the Bitcoin network to provide some historical background for those unfamiliar with Bitcoin or cryptocurrency jargon. For many, navigating the realm of Bitcoin is commonplace; however, many people still know very little about it, although they may have heard of it. It’s hard to imagine, but some haven’t heard of it at all.
On January 3, 2009, Satoshi Nakamoto launched the Bitcoin network version 0.1 (“Genesis Block”), the world’s first wholly decentralized cryptographic financial structure. Nakamoto “mined” the initial 50 BTC from the Genesis Block of the first blockchain, from which all other Bitcoins have sprung.
Widespread speculation is that Satoshi Nakamoto does not exist, at least not as an individual. This moniker is more than likely an anonymous “alias” or an assumed name taken by the person who created Bitcoin or perhaps even stemming from a group effort, with all members opting to remain anonymous.
Certain people quickly recognized that getting some “if this catches on” would be wise, as early users could become rich. It was estimated that if Bitcoin became the global reserve currency, each could be worth as much as $10 million – that price prediction is per EACH Bitcoin!
Fast forward to May 18, 2010, when it’s been said the first actual monetary purchase with Bitcoin took place when Laszlo Hanyecz offered 10,000 for anyone who would order him a pizza, and someone did. The value of each Bitcoin in this instance was approximately $0.0025. The 10,000 coins in the example would be worth over $345 million at today's BTC value.
A Bitcoin or alternative cryptocurrency faucet is either a website or an app that gives out free Bitcoins, which appeals to and attracts users by rewarding them with Satoshis. Sats, the abbreviation for Satoshi, is the smallest unit of the Bitcoin currency recorded on the blockchain. It is one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin for completing simple tasks as described. These assignments typically require little human maintenance or intervention while producing results. This is an excellent way to “get your feet wet” while earning BTC, all without risk. This “try before you buy” introduction allows new users to experiment risk-free before putting in any real money.
Faucets provide a practical way to popularize cryptocurrencies while attracting new users. The first Bitcoin faucet (The Bitcoin Faucet) was created in Mid-2010 by Gavin Andresen. This first faucet gave out five Bitcoins per person — worth around a penny in 2010 but about $173,000 today.
Since then, the number of alternative cryptocurrencies or altcoins has become available, stands at over 10,000, and is growing. Many have lost their luster and won’t survive or at least won’t increase in value. The few stronger ones with a purpose underpinned by solid technology will survive and have created a faucet system.
Faucets can help with the orientation of those individuals who are new to cryptocurrencies such as Bitcoin or other altcoins. The bulk of faucets provide education and instruction to new users while giving them some free coins to “earn as they learn” without risk. This allows practice with one or more “test runs” before they feel comfortable moving forward, putting in their own money. Since this whole “adventure” is relatively new and overwhelming or confusing to newcomers, the faucet provides a valuable way to promote the use of cryptocurrencies while at the same time attracting new users.
Faucets are heavily trafficked sites. It is easy to get a vast amount of page views and visits per day to any website, handing out what represents money for free. A faucet can also provide a terrific way to promote other products, services, or content, especially to new users.
It’s one thing to create a well-liked faucet to attract new users while maintaining their existing database in a highly competitive market. However, without promoting extra value to the site’s visitors and users, it’s almost impossible to make enough to cover the expense of the coins you give away. The only natural way to generate profit from a faucet is by seeing needs and trends in the marketplace (namely online via the internet) and offering something additional to the unique and valuable users. This can make a site attractive, setting it apart from all the rest while creating much value for users. If done right, this can also get the site to go “viral,” as news spreads quickly via the net.
It’s commonplace for faucets to have some sort of referral program where even more is given away. Existing users who refer new ones are rewarded with either a prorated amount of the new users' earnings from the faucet or a predetermined set amount through a matching bonus.
Creating a faucet means establishing a payment processor or, in this case, a cryptocurrency wallet. A cryptocurrency wallet stores the keys (public and private) that can be used to receive or spend a cryptocurrency.
Once created, the faucet owner loads some bitcoin or other alternative crypto coins into their wallet. Then, user payments are distributed to each person’s appropriate wallet according to the site’s rates as outlined. These payments can then be transferred and converted into fiat currency, creating liquidity.
The primary revenue source for faucets is marketing/advertising. Faucets attempt to acquire more users by giving away free coins for motivation. Some advertising, marketing sites, or networks will pay using bitcoins or other altcoins. In and of themselves, faucets usually provide meager profit margins or ROI. Some faucets also make money by “mining” altcoins in the background.
Markethive is determined to take a large share of the next-generation Market Network following the Social Network phenomena. That Market Network is defined as a platform that is integrated with a social network (like Facebook), SAAS tools (like GoToMeeting, ZOOM, and Google Apps), and commerce platforms (like eBay, Freelancers, Coinbase, and Alibaba).
Markethive has created its consumer or utility coin, Hivecoin (HVC), with a supply limit of 45 million. Hivecoin is the coin of Markethive and will be traded in the open market in the coin exchanges. HVC will replace the Markethive Token, presented currently in the coin clip within the Markethive system (MHV), and has a total supply of 8.8 billion presently used within Markethive for airdrops and micropayments. So Markethive is establishing its niche as the only social (Market) Network with an infinity Airdrop and a system that rewards the users for using it with additional micropayments, otherwise known as a Faucet.
By joining Markethive, you will get a Market Network Inbound Marketing platform worth $2500 per month for free and get “Airdropped” paid up to 500 Markethive Tokens (MHV) just for joining, and continue to receive these coin assets for your life within the Hive.
The Markethive platform pays you micropayments of MHV, similar to faucets. After you have 3+ people subscribed to the free Markethive Network via your profile page, the faucet micropayment system activates. From there on, all activity within the system pays you small but consistent coinage to your wallet daily, which converts to HVC at a rate of 0.005.
Notably, it is more than just another payment service provider other Social Media platforms have adopted. You earn or receive bounties in MHV; now is a perfect time to accumulate your coins. Once listed on high-profile exchanges and, ultimately, the Markethive Exchange, you can convert it into the currency of your choice and also transact with it within the Markethive ecosystem. The Markethive Wallet is now completed and integrated into the Solana blockchain. The next step is coin exchanges.
Additionally, we have now established an official Hivecoin mainnet faucet, so you can increase your HVC portfolio by visiting the Hivecoin Faucet website daily to receive your free crypto. You just need to paste your Markethive wallet address in the bar, fill in the capture, and claim. You’ll receive 0.00001 HVC in usually a few minutes, up to 3 days. Also, be sure to bookmark the site and visit it daily to accumulate your HVC. This is a powerful force multiplier that increases the transactional activity required to meet exchange protocols.
Markethive is genuinely dedicated to your education, success, and sovereignty. Not only have we made the Inbound Marketing Platform free (Compared to Marketo, which costs as much as $25k per month), we pay you up to 500 MHV tokens just for joining. You receive micropayments just for using the system after you have qualified by signing up three new subscribers (similar to faucet systems that pay out micro amounts of Bitcoin). We also pay you for taking our tutorials (no qualifications required, and for each lesson you complete, you receive an accolade on your profile and tokens in your wallet). How cool is that?
Markethive’s Hivecoin will not depend on speculative value, as with other cryptocurrencies and platforms, thereby creating eternal economic velocity in the entrepreneur ecosystem within Markethive. This is a fundamental difference from the other systems currently out there today. The Markethive system has been developed to produce revenue in the traditional sense, with the added benefits of the blockchain taking it to the next level.
The Faucet system is a reward system similar to Hive Rank but earns you coins for your activities. As I mentioned earlier, the first Faucet invented was the Bitcoin faucet launched by Gavin Andresen, one of the earliest Bitcoin developers, in June 2010. At that time, Bitcoin was about 8 cents. It gave out five Bitcoins a day until 2011, when it ran out of coins.
Markethive has embraced this reward system and applied it to the many marketing and communications aspects within Markethive. The big what-if is: in 10 years, will the Markethive coin have a similar rise in value? I will let you ponder that ageless question.
Written by Deb Williams
Chief Editor and writer for Markethive.com, the social, market, broadcasting network. An avid supporter of blockchain technology and cryptocurrency. I thrive on progress and champion freedom of speech and sovereignty. I embrace "Change" with a passion, and my purpose in life is to enlighten people en masse, accept and move forward with enthusiasm.
