Before we get into what defines a digital or alternative currency faucet and how you can accumulate crypto in Markethive, let’s first go back to the beginning of the Bitcoin network to provide some historical background for those who aren’t familiar with Bitcoin or cryptocurrency jargon.
For many, navigating the realm of Bitcoin is commonplace; however, there are still many people who, although they may have heard of Bitcoin, know very little about it. It’s hard to imagine, but some haven’t even heard of it.
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 very first blockchain and 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 it would be wise to get some “if this catches on,” as early users could become very rich. It was estimated that if Bitcoin would become the global reserve currency, each Bitcoin could be worth as much as $10 million – that price prediction is per EACH Bitcoin!
Fast forward to May 18, 2010, which is 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. At today’s BTC value, the 10,000 coins in the example would be worth over $346 million.
A bitcoin or alternative cryptocurrency (Altcoin) 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 to administer while producing results. This is an excellent way for people to “get their 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 initially gave out five bitcoins per person — worth around a penny in 2010 but worth about $173,000 today.
Since then, the number of alternative cryptocurrencies or Altcoins has become available and stands at over 4000 and 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 and 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 for practice with one or more “test runs” before they feel comfortable enough to move 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 not challenging 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 even to make enough to cover the expense of the coins you are giving 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 particularly attractive, setting it apart from all the rest while creating much in the way of value for users. If done right, this can also get the site to go “viral,” as news spreads very 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 some sort of pre-determined set amount by way of a matching bonus.
The creation of a faucet means establishing a payment processor or, in this case, a cryptocurrency wallet. A cryptocurrency wallet stores the keys (public and private) which can be used to receive or spend a cryptocurrency.
Once created, the faucet owner then loads some bitcoin or other alternative crypto coins into their wallet. Then, payments for users 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 very low-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 new Market Network next-generation 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) commerce platforms (like eBay, Freelancers, Coinbase, Alibaba).
Markethive has created its consumer coin, Hivecoin (HIVE), originally named MHV, as an instrument to their Ecosystem for Entrepreneurs. So Markethive will establish their 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.
Bottom line, 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 coins [HIVE] just for joining. And continue to receive these coin assets for the duration of your life within the hive.
The Markethive platform pays you micropayments of HIVE, 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.
Since the entire system runs on Markethive coin (HIVE), you can expect the coin value’s volume demand and increased velocity to drive coin value accordingly. This is one of the main reasons we refer to our system as a legitimate alternative to universal income, based on ethics and integrity, not government-mandated theft and graft.
Notably, it is not just another payment service provider other Social Media platforms have adopted. You earn or receive bounties in Hivecoin, and now is a perfect time to accumulate your coins. Once listed on high-profile exchanges and ultimately the Markethive Exchange, you’ll be able to convert it into the currency of your choice as well as transact with it within the Markethive ecosystem. The initial Markethive Wallet is in the process of being released once we are fully integrated on Cardano’s main blockchain.
Markethive is genuinely dedicated to your education, success, and sovereignty. Not only have we have made the Inbound Marketing Platform free (Compared to Marketo, which costs as much as $25k per month), we pay you up to 500 coins 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 each lesson you complete, you receive an accolade on your profile and coin in your wallet). How cool is that?
Markethive’s Hivecoin will not depend on speculative value as is the case 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 the 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 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.