Getting Started With
Bitcoin
If you are new to Bitcoins you came to the
right place! We cover all the Bitcoin basics, what to do with your Bitcoins,
and where you can spend them.
The first
thing you want to do is learn what Bitcoins are:
They’ve
made some people millionaires very quickly so it’s no surprise the press can’t
stop talking about them. Bitcoins are the first digital currency to truly
explode in popularity, but for many who are uninitiated they are still
surrounded by an aura of mystery. If you find yourself asking “What are
Bitcoins?” you are far from the only one. This deep look is aimed at breaking Bitcoins
down from A to Z and addressing some of the most common and not so common
questions concerning this exciting topic. Strat yourself in for Bitcoins 101!
The idea
behind Bitcoins is simple and compelling. A digital currency that is backed by
powerful cryptography, making its use both secure and, for the most part,
anonymous. It can be exchanged both cheaply (compared to things like wire
transfers, Paypal, Payoneer and so on) and instantly. The need for a credit
card or bank account is completely removed as are other inconveniences
associated with other sorts of financial transfers.
Bitcoin’s History
Bitcoins
were first mentioned in online discussion by their creator in early 2008 and
began to be used in 2009. Their use spread rapidly mostly by those people, at
first, who were in tune with cutting edge technology. By 2011 they had entered
into more mainstream acceptance, which has increased many times over every
month until today. With the increase in Bitcoins being used and discussed has
come an incredible explosion in value. In 2008 a Bitcoin was worth roughly half
a dollar. Today they are trading well over $900 for one Bitcoin. This surge has
had the old school financial experts, like Forbes for example, wake up and take
notice of Bitcoin. Their coverage has, of course, only helped Bitcoin pick up
even more momentum.
How Bitcoin Works
Bitcoin
is exchanged digitally just like any other electronic currency. The big
difference which is possibly its biggest attraction in user’s eyes is its
decentralized nature. There isn’t one agency or group who controls Bitcoin. In
this sense Bitcoin is probably unique in the history of currency and has gained
the trust and endorsement of a wide range of free thinkers and advocates of
libertarian values.
Bitcoins
are often purchased and sold through Bitcoin exchanges. Bitcoin exchanges
usually take a wide range of payment types making purchasing Bitcoins a fairly
simple process.
The
digital place where Btcoins are stored is called a Bitcoin Wallet. This secure
area is available in a variety of forms from software, to mobile, to web based.
Keeping this secure is vital to protect one’s Bitcoins in the same sense as
keeping an important email accounts passwords safe secures ones privacy and
information potentially. The Bitcoin wallet also houses its owner’s private key
which is unique and its way of proving its users identity. This has been proven
to be absolutely secure since the existence of Bitcoin, aside from human error
by less security minded users.
Advantages of Using Bitcoin
A
discussion of “What are Bitcoins?” is incomplete without looking at the widely
agreed on advantages of using this currency. Here are some of the aspects of
Bitcoin that has helped make it so popular.
*
Bitcoins are Decentralized. This means that Bitcoins are secure from problems
with state institutions that have sometimes plagued other forms of currency. No
matter what occurs in a individual nation the Bitcoin network will continue to
operate regardless. In today’s sometimes uncertain times Bitcoin offers a new
form of financial security.
*
Bitcoins are Anonymous. Tracking Bitcoins back to their owner is so difficult
to be next to impossible. This type of privacy is virtually unique in the
digital (and non-digital) world. This doesn’t mean that they aren’t transparent
because they absolutely are. It’s not difficult for someone to see how many
Bitcoins are stored at a publicly used Bitcoin address. This can be valuable
information when making a decision to do business with someone or not.
*
Bitcoins are Easy to Get Started With. Many who ask “what are Bitcoins” don’t
realize how easy they are to get started with and buy, sell and exchange until
they try them out for themselves. Bitcoins have a very small learning curve and
nearly anyone who can send a e-mail or use a PayPal account will be able to
find them as easy to use.
*
Bitcoins have Tiny Transaction Fees. Bitcoins transaction fees are the smallest
of any digital currency, wire or electronic transfer by a huge margin. No one
is looking to become wealthy through Bitcoin user to Bitcoin user transfers and
this shows in the almost non-existent fees that come along with them.
*
Bitcoins are Very Fast. Bitcoin transfers are fast and show up within a minute
or two. The Bitcoin network is known for its speed, reliability and security.
Most Bitcoin exchanges also allow customers to withdraw hard currency in
exchange for their Bitcoins in a timely fashion as well.
* When
Bitcoins are Spent, They Are Spent. One of the problems with other computer
based currency transfers has been things like people filing for refunds or
other complaints. Bitcoins are completely free of these entanglements. When a
Bitcoin is spent it is spent, barring the person CHOOSING to send a refund.
*
Bitcoins are Currently a Sound Investment. While making predictions about
investment trends is difficult, it’s clear that those who have invested in
Bitcoin in the last decade have seen returns that have made some millionaires.
Bitcoins have gone up over 900 times in value in ten years and more growth is
certainly possible. Everyone needs to exercise caution in investment decisions,
but unless something surprising shows up on the horizon Bitcoins seem a very
solid investment choice.
The Future of Bitcoins
Asking
“What are Bitcoins” is both timely and relevant. Nearly every expert agrees
that we are just seeing the beginning of the Bitcoin revolution. A revolution
that may well totally change the way people think of and exchange funds
digitally. When people like the well esteemed Motley Fool financial show are
describing it as possibly the “future of money” and the value of each Bitcoin
skyrockets month after month it’s hard to not be optimistic. Technology has
offered a more democratic way to exchange funds and the future for Bitcoin
remains blindingly bright.
Choosing a Bitcoin Wallet
When it comes to choosing a
Bitcoin wallet you have a couple different options. Install a wallet on your
desktop, or launch a web based wallet. Or if you prefer, use all two. We will
cover different wallets for these options below.
Web Based Bitcoin Wallets
1)
Coinbase is a web wallet service that
aims to be easy to use. It also provides an Android web wallet app, merchant
tools and integration with US bank accounts to buy and sell bitcoins. For
sign-up you will get $ 1* free from Coinbase.(* For particular countries)
2)
Xapo provide a
secure and convenient online bitcoin wallet. Here is some additional
information about Xapo from their web site...
- Xapo
combines the convenience of an everyday bitcoin wallet with the security of a
deep cold storage vault.
For
sign-up you will get 5000 satoshi free from XAPO.
Ways To
Earn Free Bitcoins
There are plenty of great
sites out there give away free bitcoins. They are extremely easy to use and
most will pay out every week. You simply enter your bitcoin address, enter a
captcha and collect your bitcoins. It’s as easy as that! Here are some of the
best faucets to earn free bitcoins:
For Easy convenient
check this Bitcoin
Faucet Rotator for more than 230 Faucets or go through the below list of few Bitcoin Faucets.
Faucet List
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Time for Claim(Mins)
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Payout
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Low
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max
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2
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215
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215
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3
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99
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999
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5
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15
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10000
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5
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100
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1500
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5
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100
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2000
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5
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100
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1000
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5
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100
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20000
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5
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100
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2000
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5
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100
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100
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5
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99
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999
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8
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66
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999
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10
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500
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5000
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10
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150
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2750
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10
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150
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1000
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10
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100
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10000
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10
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400
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1000000
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15
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150
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200000
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15
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400
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480
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15
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200
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1000
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15
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400
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1000
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15
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50
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20000
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15
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3000
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6000
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15
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105
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1500
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15
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100
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100
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15
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75
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300
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15
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105
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250
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15
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35
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100
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15
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50
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500
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15
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25
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300
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20
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100
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120000
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20
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80
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100
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20
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200
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500
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22
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222
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822
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30
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85
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50000
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30
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150
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10000
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30
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500
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1000
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30
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200
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10000
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30
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120
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10000
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30
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150
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2500
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30
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100
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1000
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30
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200
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500
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30
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200
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200
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30
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325
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2500
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30
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225
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2500
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30
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250
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1000
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30
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100
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1000
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30
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200
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200
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30
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300
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10000
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30
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75
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1000
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30
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200
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500
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30
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250
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250
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30
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100
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100000000
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30
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250
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100000
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30
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300
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300
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30
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300
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700
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30
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200
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50
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30
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150
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5000
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44
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144
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444
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45
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446
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44630902
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45
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100
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1500
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50
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120
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9000
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60
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250
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1000
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60
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150
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100000
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60
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800
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91920213
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60
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229
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60
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100
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1000
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60
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300
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600
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60
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224
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60
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200
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100000
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60
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325
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2500
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60
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150
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100000
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60
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3000
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50000
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60
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30
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9000
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60
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500
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2015
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60
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300
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600
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60
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100
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500
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60
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300
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3000
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60
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500
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100000
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60
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100
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100000
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60
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50
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50000
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60
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1000
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10000
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60
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450
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10000
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60
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450
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60
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200
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60
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60
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60
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101
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60
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1200
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450
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60
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400
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93
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60
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900
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91920213
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200000
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60
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400
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5000000
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60
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1500
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60
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1220
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60
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600
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120
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1500
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120
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80
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10000
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120
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50
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180
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75
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180
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80
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180
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1000
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360
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100000
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360
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500
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70000
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720
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720
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500
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1000
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720
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200
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200
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1380
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100
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300
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1440
|
100
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1000000
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|
1440
|
500
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1000
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How does Bitcoin Faucet work?
There is
plenty of free bitcoin faucets on the internet. They all have few things in
common. Bitcoin Faucet offers free bitcoins to its visitors for solving
captcha. Most of bitcoin faucets rely on advertisement and donations to cover
their expenses and dispenses for visitors.
Want to Create your own Bitcoin Faucet or Faucet Rotator, then check this blog "Free bitCoin Faucet List"
Please Tip some bitcoin to 1P47YMdacct4oN2K3Vi34wfwKfy2xBqsAL or Coinbase
