Why have we abandoned the search for Satoshis?
Why have we abandoned the search for Satoshis?
Bitcoin

Why have we abandoned the search for Satoshis?

By Giorgi Mikhelidze - 22 Jan 2022

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The emergence of Bitcoin in 2008 was a major breakthrough. Initially, not a lot of people were looking towards this discovery with anticipations, but in recent years, the world’s largest cryptocurrency proved everyone wrong. In the modern period, Bitcoin is actively used in different payments and is considered one of the most secure and faster currencies in the world.

The price of Bitcoin has reached its height since 2017. While Bitcoin was offered for free in the early period, right now such a thing is impossible. Even claiming satoshis (the lowest unit) has become difficult and they are not worth trying. In this article, we will have a look at why people have abandoned searching for Satoshis.

Search for Satoshis: what is Bitcoin faucet?

Before we move to the main reasons for abandoning the search for satoshis, we should have a look at Bitcoin faucets. A Bitcoin faucet is a website on the Internet that provides cryptocurrency to registered users at regular intervals. In most cases, to earn money, you just need to go to the desired page, but sometimes you have to enter the numbers from the picture (solve the captcha) or perform some other action.

Faucets (also called “free satoshi faucet” or “bitcoin faucet”) are not pyramid schemes, as they receive money from advertisements (mostly pay-per-view). The lion’s share of the proceeds is distributed to registered users, but the rest, given the high attendance, represents a good capital for administrators. 

Bitcoin satoshi
Many faucet sites are scams

The majority of faucets are scams

The main reason why people have abandoned the search for satoshis is the fact that a lot of faucets are simply scams. You will achieve milestones but when it comes to withdrawals, nothing will be possible. The website will get everything from you but reward you with nothing. In the previous years, a lot of “faucet” sites went defunct because of their nature.

The amount of Satoshis are too low

The websites that provide free satoshis to their customers actually offer a pretty low amount of satoshis. It is pointless to even put any effort into such numbers because they will barely make a few dollars. The invested energy will not grant you a lot of money.

Faucets have high withdrawal limits

In the majority of cases, you need to meet the minimum requirements set by the website. When you start collecting satoshis, sometimes it is required to collect $200 before you withdraw the money from the faucet’s website, which is a huge problem. Even when you meet the requirement withdrawing the money could still be a problem.

Tips for “Satoshi-Seekers”

Immediately take care of creating yourself a wallet for cryptocurrency using one of the methods. If you do not have it, then there will be nowhere to withdraw the mined shares of bitcoin for free. In addition, choose a suitable exchanger for yourself:

Even if you register on a huge number of bitcoin faucets, you will still not earn millions – this is pure additional income, therefore it is worth combining the work with “free satoshi faucet” with the real ways of making money on the Internet, because this will allow you to get more money.

Some users are looking for a “free satoshi faucet”, which pay 10,000 satoshi per hour, but only bump into scammers and waste their time (as a rule, they have a high withdrawal threshold, which is reached for months to be disappointed later). There is no point in getting stuck – the more generators you use, the greater the total income.

In general, finding reliable sources for earning satoshis is difficult – that’s why a lot changed since 2010. Right now the only possible way to make Bitcoins is through trading.

 

Giorgi Mikhelidze

Giorgi is a Georgia software developer with two years of experience trading on the financial markets. He is now working to spread the knowledge about the Blockchain in his country and share all of his findings and research to as many crypto enthusiasts as possible.

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