Blockchain and its use for carrying out cryptocurrency transactions is a somewhat new technology. Since there is no physical proof of ownership along with the risk involved, it has many potential users skeptical and unsure of whether to invest in it.

What if I told you that there is a way to make cryptocurrency without any risk and investment? Yes, you read that right.

With a website called CoinPot and something called CoinPot faucets, it is possible to make earnings on crypto without investing a single dime.  Although CoinPot faucets are relatively new, they have been known to provide guaranteed regular payments. The process of signing up and using CoinPot faucets is also simple and straight-forward.

This article will cover all the basics of CoinPot and CoinPot faucets, including:

• What is a coin faucet?
• What is CoinPot?
• How to start using CoinPot?
• CoinPot faucets list  and their payout rates
• Withdrawing Coin from CoinPot
• Is CoinPot legit?

WHAT IS A COIN FAUCET?

A coin faucet is a website or application that hands out rewards in the form of a fraction of Bitcoin or alternate cryptocurrency to visitors when they perform simple tasks.  A coin faucet is so named because like a regular faucet, users have to wait for a specified period of time before they can collect the gathered coin. This is done to reduce mining costs by the faucet.

How Do Coin Faucets Work?

When you visit a coin faucet, you will have to provide your crypto wallet address during the registration process so that funds can be transferred to it.

If you complete it, you have to click on the Claim button to get your rewards. There might even be a timer on the website, and you will be paid based on the amount of time you spend on it.

Most faucets pay only a fraction of cryptocurrencies at regular intervals of time. For example, in the case of Bitcoin faucets, you will be paid in Satoshi which is a hundredth of a millionth of a Bitcoin. The payout also varies on current market prices of the coin.

Coin faucets have a minimum time interval between handing out rewards to prevent one user from collecting all the rewards. This can be between 5 minutes and a day. The primary source of revenue for coin faucets is through advertisements. Since faucets get a lot of traffic through the incentive of free crypto, ad networks will pay the faucet owner to display their advertisements. Some coin faucets also generate an income by mining crypto in the background using the visitor’s CPU power.

Coin faucets are a great way to get into cryptocurrency without the risks involved in investing any coin.

Also Read: Gavin Andresen, Bitcoin Architect: Meet The Man Bringing You Bitcoin (And Getting Paid In It)

WHAT IS COINPOT?

According to the official Coinpot website, CoinPot is a cryptocurrency micro wallet that can store Bitcoin, Bitcoin Cash, Dashcoin, Litecoin, and Dogecoin. It is meant for temporarily storing small amounts of cryptocurrency that you might make off of the connected coin faucets.

From here, you can transfer it to your usual wallet after you have accumulated a significant amount. Coinpot is affiliated with reliable cryptocurrency faucets such as BitFun, Moon Litecoin, MoonDash, MoonBitcoin, etc.

The benefit of working with Coinpot is that the coin that you claim from the coin faucets is automatically loaded into your Coinpot wallet. You can even convert the supported coins between each other so that you achieve the minimum required coins faster and can transfer them to your regular wallet.

Also, you can transfer funds from other faucets to Coinpot and convert it into the desired coin. Further, Coinpot gives you the ability to use your browser to mine using CoinHive.  

Note: For CoinPot and CoinPot faucets to work, your browser’s ad-blocker needs to be turned off.

BEGINNER’S GUIDE TO START USING COINPOT

Now that you know all about CoinPot, you can start using it to get cryptocurrency completely free of charge. Read on for a detailed beginner’s guide to using CoinPot for collecting altcoins.

To register and create an account on CoinPot,

1. Click on the Register button on the official CoinPot website.
2. Enter your email address in the screen that follows along with a strong password.
3. Confirm you are not a bot by completing a given task.
4. Click on Register.
5. You then have to go to your email to receive the confirmation link.
6. On confirming, you can log in to your CoinPot account by entering the email and password and clicking on Sign In.
7. You will then be taken to your dashboard where you can start your new coin transactions as well as look at any recent transactions.

To start claiming coin using CoinPot, you need to go to any of the partner coin faucets of Coinpot. While signing up, you can enter your CoinPot email address so that any coin earned at the faucets is directly transferred to your CoinPot wallet.

Mining

Another way to make coin using CoinPot is to use the mining feature. This will allow CoinPot to use your CPU’s computing power to mine coin. Be careful that you don’t mine continuously for a long time since this can cause overheating of the CPU.

To start mining coin using CoinPot, go to your dashboard and under View Coin Summary of any specific coin, select Mine Coin.  This will open a new tab for mining from where you can monitor the mining rate of your browser. You can select the CPU usage that you want to dedicate to mining from low to very high CPU usage.

• The earnings would be paid to your CoinPot account every five minutes on an average.
• The mining will stop when the mining tab is closed or if you click on the Pause button.

Also Read: HOW TO BUY RIPPLE (XRP) | BEGINNERS GUIDE FOR BUYING RIPPLE

FAUCETS THAT SUPPORT COINPOT

Currently, seven coin faucets that support payouts to CoinPot. These are:

• Moon Bitcoin
• Moon Dogecoin
• Moon Litecoin
• Moon Dashcoin
• Moon Bitcoin Cash
• Bitfun
• Bonus Bitcoin

These are some of the most popular bitcoin faucets on the internet which will give you guaranteed payments.

Moon faucets are different from other coin faucets in that they do not set a limit on how often you can claim coin or how much of it you can claim. With other coin faucets, you can get paid every hour or once in a day. Moon faucets have a literal faucet which fills up over the course of the day, and you can withdraw as little or as much of an amount as you wish.

Other ways to make extra coin on Moon faucets are:

• Loyalty Bonus: For each day’s claim, you get an additional 1% of your claims in your wallet. For example, if you make claims for a week, you can get an extra bonus of 7% in your account.
• Mystery Bonus: This bonus can turn up at random at the bottom of the page which you can turn into a coin.
• Referral Bonus: If someone you refer uses Moon Bitcoin, you get an additional 10% on every bitcoin claim. You also get 50% of the claims of whoever you refer. This is a good way to make extra coin.

Any coin you earn will instantly be transferred to your CoinPot wallet.

Bitfun

Bitfun is a coin faucet associated with CoinPot which has a game-based reward system. You can play online games, dice or complete offers and earn satoshi. Some of the games you can play are Junior Chess, Cut the Rope, Tetris and other players vs. player games as well. The dice game can be used to gamble your earnings and win other user’s earnings.

You will be paid every 3, 5 or 10 minutes depending on the amount of Satoshi you have earned. These earnings are instantly and directly transferred to your CoinPot account.

One way to increase claim rewards is by getting other people’s to sign up using your referrals. This will ensure that you get 50% of their earnings over your entire lifetime.

Also Read: Everything you need to know about Cryptocurrency Exchange Platform

Bonus Bitcoin

Bonus Bitcoin is a Bitcoin faucet which has been known to pay up to Satoshis every 15 minutes. This is an excessive number, and the average amount you can make is satoshis every 15 minutes. If you make at least one faucet claim every day, you will also get a bonus of 5% of your claims (over the previous 3 days) at midnight. Like other coin faucets above, you will get a 50% commission of the lifetime earnings of anyone who uses Bonus Bitcoin from your referral. Moreover, there are frequent promotional offers and bonuses that you can keep track of via their social media.

WITHDRAWING COIN FROM COINPOT

Any coin that you make from the different coin faucets will automatically be transferred to your CoinPot wallet. The currency you earn from mining will also be added to this.

To withdraw coin from Coinpot,

1. On your dashboard, click on the View Coin Summary drop-down menu from a particular coin.
2. You will see a Withdraw Coin option.
3. A Withdraw dialog box will appear.
4. Under the Withdrawal method, you can choose the online wallet or faucet micro wallet you want to transfer to. The withdrawal fees and the minimum amount will differ among the options.
5. Enter the address of the wallet.
6. Enter the amount you want to withdraw and your CoinPot password.
8. Click on Confirm Withdrawal to finish the process.
9. You will have to click on the confirmation link that will be sent to your email to complete the withdrawal.

You will then get a message saying the funds will be transferred in less than 48 hours. In the transactions tab, you can see Pending Withdrawal which will be replaced by Completed once the coin reaches your wallet.

If you want to withdraw coin and transfer into your wallet, here are the minimum withdrawal amounts for each currency.

If you withdraw to a bitcoin core wallet, the minimum withdrawal amount is BTC. If you withdraw an amount less than BTC or , Satoshi, you’ll have to pay a Satoshi fee. Otherwise, there are no fees.

If you withdraw to an online wallet such as Coinbase, the minimum withdrawal amount is BTC. There is no withdrawal fee for Coinbase. Other withdrawal options are Xapo, SpectroCoin and Mellow Ads online wallets with no fees. Faucet micro wallets available are FaucetFly, Faucet Hub and Faucet System with withdrawal fees of %, %, and 1% respectively.

If you are withdrawing to a Bitcoin cash wallet, the minimum withdrawal amount is BCH. However, there are no withdrawal fees.

You can transfer to a Coinbase wallet with no withdrawal fees or Faucet Hub with a fee of %.

With dogecoin, the minimum withdrawal amount is 50 Dogecoins with no associated withdrawal fees in the case of online wallets such as Xapo, Coinbase, SpectroCoin and Mellow Ads. With Faucet micro wallets, you will have to pay a withdrawal fee of % with FaucetFly and Faucet Hub and 1% with Faucet System.

If you are withdrawing to a Litecoin wallet, there is no withdrawal fee. The minimum withdrawal amount is LTC. You can also transfer to Coinbase for free. If you want to transfer to Faucet Hub or Faucet System, you have to pay a fee of % and 1% respectively.

Transferring into a dash wallet has no withdrawal fee with a minimum withdrawal amount of dash. Other options are to transfer to SpectroCoin for free or Faucet Hub at a withdrawal fee of %

Details about all the transaction fees and minimum withdrawal amounts can be found on the CoinPot website. The value of minimum withdrawal amount and withdrawal fees keeps fluctuating depending on the value of the crypto with respect to fiat currencies.

Converting between Currencies:

If you don’t have the minimum amount of a particular cryptocurrency to withdraw, you can convert one currency to another.

To convert between currencies, follow these steps,

1. Open any currency’s tab from the left side menu.
2. Click on Convert to open the Convert dialog box.
3. You have to select the currency to convert to under the Convert to option.

Important:  You will be shown a conversion rate which is the current conversion rate at that point in time and will keep fluctuating. Since the conversion is done instantaneously, the rate shown to you will be applied to debit the amount from one pot and transfer it to the other pot. Therefore, all conversions are irreversible and cannot be canceled.

1. Enter the amount you want to convert under the Amount to convert option. You will be shown the amount that you will receive based on the conversion rate.

Note: You can also choose to convert all your funds by clicking on the Convert maximum amount option.

1. Enter your password and click Convert.
2. You will be asked to Confirm Conversion after which you will get a message that the conversion has been completed.

Also Read: At What Level Do Institutional Buyers Join The Bitcoin Rally?

IS COINPOT LEGIT?

CoinPot is a well-known micro wallet for earning cryptocurrency for free on coin faucets and getting it transferred instantaneously and directly to your wallet without having to possess a minimum balance.

Some outstanding features of CoinPot are

• Free to use
• Simple and easy-to-use interface
• 7 different faucets to claim coins from
• 5 different currencies to claim earnings
• Easy conversion between currencies
• Several different withdrawal options depending on the currency
• Two Factor Authentication to keep your currency safe

Flawed Customer Support

However, one criticism that CoinPot has received is how their non-existent customer support. Several users have received no responses when they have tried to make contact with customer support using the email ID support@conwaytransport.com.au

A disclaimer on the website says that they have limited resources for email support and only previously unanswered questions will meet with responses.

Also Read: MinerGate Review And Is It Safe?

CONCLUSION

With its overwhelming withdrawal rates, CoinPot has emerged as one of the most trustworthy micro wallets to deposit earnings from coin faucets. With seven different coin faucets to choose from, it is very easy to earn small amounts of a coin from different faucets and then deposit them into CoinPot. The withdrawal process into a regular wallet is also easy.

If there are any other coin faucets you would like to share, comment below.