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What is cryptocurrency?
A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative.
Today, there are over 200 digital currencies in existence. Entry into the marketplace is undertaken by so many due to the low cost of entry and opportunity for profit.
What are faucets?
Faucets are a reward system that gives away free Bitcoins or altcoins. The first faucet was developed by Gavin Anderson, one of the lead developers of Bitcoin. Rewards vary per site but generally dispense at various predetermined intervals of time.
Why do these sites give away free money? Faucets are a great way to introduce new people to Bitcoin and alternative cryptocurrencies, thereby both promoting each currency and providing new users with an easy to way to get their first coins. You can also make money. By visiting each faucet you provide income to the faucet provider and in return you are rewarded with a small amount of coin. By visiting many faucets you can quickly accumulate coin for yourself!