Bitcoin's history

When bitcoin was first created, it was introduced as a public, distributed peer-to-peer electronic cash system. In order for bitcoin to succeed without a third party like a bank to mediate, verify, and manage transactions, the concept of a blockchain ledger was developed alongside the currency as a way to verify and track transactions and prevent fraud. That is why it takes some time to verify each transaction made on the bitcoin network.

Settlement with a high level of certainty is a requirement for a payment system to function, otherwise people could make transactions, receive goods, request funds back, then make more transactions.

Bitcoin is portable, fungible, divisible, and irreversible. Payment methods, like credit cards also include some of these properties, but their transactions are not irreversible.

A credit card transaction can be easily reversed in the form of a chargeback, which can happen days or weeks after a transaction has initially processed.
Unfortunately, this comes with friction and costs because the network has to be maintained by an intermediary. Most of the time, merchants lose money every year due to that.

From a merchant’s perspective, bitcoin presents an increasingly convenient alternative to credit cards that ensures they can avoid the inconvenience of chargebacks, and cut transaction costs such as fees.
For the consumer, bitcoin also presents similar benefits, but it’s extremely important to double check the recipient’s address and amount are correct before sending your funds, because only one small mistake can cost you a lot of money.

Bitcoin can be comparable to cash in real life because you can pay for something with bitcoin or cash and neither transaction can be reversed unless the recipient returns the funds back to you. The only difference is that bitcoin is a cryptocurrency and it fluctuates.
Some people might say: ''It is way easier to lose bitcoin due to a simple typing mistake then lose cash in real life!''

Let’s take a look at those two scenarios to explain this further. One with bitcoin, and the second with cash.

First, you accidentally sent bitcoin $20 to the wrong address. Without knowing the identity of who controls the address you sent your funds to, you have no way to contact the accidental recipient and ask them to send the funds back. Sadly, you know you won't get your bitcoin back.

Second, you accidentally dropped a $20 bill while walking on the sidewalk and failed to take notice.
Shortly after, someone you don’t know picks up your cash and keeps it.
Unless you were present to see the person pick up your cash, you have no reasonable way to track them down and retrieve it.

Those scenarios happens everyday around the world.
In both scenarios, it’s highly unlikely you’ll ever see either forms of money again.
While bitcoin does paint a clear path of where your funds went (by looking on the blockchain).
Though, bitcoin addresses don’t have conventional forms of ID associated with them like a first or last name, or government ID.

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FAQ

What is a Bitcoin Faucet?

Bitcoin faucets are a reward system, that dispenses rewards in the form of a satoshi for visitors to claim in exchange of completing a simple task. For example, solving a captcha.

How much is a Satoshi?

A Satoshi is a hundredth of a millionth BTC.

How do I withdraw my Satoshi to my bitcoin wallet?

In order to withdraw your Satoshi earned, you first need to reach the minimum threshold required on FaucetBox.com. Then, you can easily transfer your bitcoin to your bitcoin wallet.

How does the referral system work?

You simply need to share your referral link to earn 50% of the referee's earnings!

How do I report bugs or give suggestions?

You can email me directly at [email protected]