Hoping everyone took best advantage of the double FreeBitco.in Reward Point event, we will take some time to ask ourselves: if one was to somehow evaluate the utility of FBC’s reward system, what are the similarities and differences with that of Coinpot’s promotional Token?
1. Similar, yet Different Rewards
First of all, this is not a “comparison”: a Coinpot Token has short-term monetary liquidity, full stop. A user gets 3 Coinpot Tokens per action on seven faucets and, can “redeem” the reward (essentially, Coinpot Tokens are rewards) at any time via conversion to any of the five currencies (Dash, Bitcoin, Bitcoin Cash, Litecoin, Dogecoin) of the faucet aggregator (de-facto), or, should you wish, a micro/multi-currency wallet, as Coinpot.co is often referred to.
A brief “how to”:
(how to convert Coinpot Tokens to Bitcoin, in this case)
Ergo, as the Coinpot Token can be redeemed immediately, the system offers a speculative investment option and can be viewed as a Coinpot.co‘s internal currency.
2 External Value, Internal Value
Interestingly enough, Freebitcoin‘s Reward Points can also be exchanged to Bitcoin, at a flat rate of 1 Reward Point = 1 Satoshi, and a dire minimum of 100,000 Reward Points per transaction.
The sky-high minimum is screaming “don’t do it!” and rightly so, as there are numerous methods of spending your Reward Points far superior to “encashing” them.
(for more information on how to use your Reward Points like a pro, – refer to our Freebitcoin Reward Points are Awesome series of guides, – we are about to publish the final, most important chapter)
Ergo, unlike Coinpot Tokens, FBC’s Reward Points have real-life redemption options. “Real-life” (aka fiat) value of a Bitcoin might fluctuate, however iPhone X (256 GB) will remain an iPhone X (260 GB).
Saying that, who knows what one Satoshi will be worth in a few years? Since the conversion rate of a FBC Reward Point:BTC does not change, should Bitcoin “tothemoon”…
Coinpot Tokens can be gambled away on the usual hi-low “multiplier”, or used to purchase Lottery Tickets.
We are not fans of gambling or lotteries offered by faucets (we’ve explained why – here). However, the option is there and here are the rules:
Freebitcoin’s Reward Points cannot be used for gambling, however they can be used to purchase bonuses used for multiplying the amount of Satoshi, Lottery Tickets or… Reward Points.
Ergo, Coinpot Tokens can be used to test your luck and win more Coinpot Tokens (=more Bitcoin/Bitcoin Cash/Dogecoin/Litecoin/Dash). Freebitcoin’s Reward Points can be used to boost your Freebitcoin’s hourly satoshi roll earnings and to generate more Reward Points (important).
Reward Points are more versatile and are closer to a traditional retail shopping “loyalty point” system. Coinpot Tokens are closer to a financial asset. Yet, both can be used to boost the base income of their respective faucets.
3. What is today’s real-life value of Reward Points and Coinpot Tokens?
The basic conversion method of estimation results in the following figure:
1 Reward Point = 1 Satoshi = USD $0.0000668994
The value of a Coinpot Token is much more difficult to estimate (refer to our What’s a Coinpot Token Worth? series of articles), however, funnily enough, using the same simple conversion method, we discover…
…that 1 Coinpot Token to Bitcoin also turns to 1 Satoshi, hence, the (vastly inaccurate) estimation would yield:
1 Coinpot Token = 1 Satoshi = USD $0.0000668994 (wrong)
Which, naturally, is erroneous, since 10 Coinpot Tokens...
So, does it mean that in USD, a Coinpot Token is worth at least comes up to…
1 Coinpot Token = 1 Satoshi = USD $0.0001337988?
Perhaps, this calculation is somewhat closer to common sense; however, do not forget that a Coinpot Token can also be converted to Dogecoin, Dash, Litecoin and Bitcoin Cash… and that the conversion rates (fluctuate) jump up and down.
Ergo, in simplest terms, 100 Coinpot Tokens are worth more than 100 Reward Points, since 100 Reward Points can only be used to purchase Boosts, which only represent potential future value. However, the versatility of Reward Points makes up for the difference. In addition, Coinpot Tokens are much closer to “cash in hand” than Reward Points (until you save enough Reward Points for some gift-card… or (spoiler) 3200 Reward Points).
4. How easy is it to earn Coinpot Tokens, compared to Reward Points?
3 Coinpot Tokens are automatically added to a user’s balance after every action on seven faucets: MoonBitcoin, BonusBitcoin, Bitfun, MoonLitecoin, MoonDogecoin, MoonDash and MoonBitcoinCash. A user can make a roll as often as once every 3 minutes (Bitfun) to once every 5 minutes (the Moon Faucets) to 15 Minutes (Bonus Bitcoin), as well as earning one Token per every action a Referral makes.
Summary: obtaining Coinpot Tokens is:
On Freebitco.in, the situation is diametrically opposite; (*spoiler*) without a strategy, only a limited amount of Reward Points can be earned daily, since only one free roll can be made per hour. You can (and, according to our anti-gambling rhetoric, should) only sacrifice the bonus Lottery Point tickets you get per roll for Reward Points at a 1:1 ratio, play “Multiply BTC” (1 Reward Point per 500 Satoshi wagered), get something minor per every roll your referrals make… Hence, the Promo times are to be treasured: even a 2x Reward Point promo brings 4 RP/free roll, 2 RP/referral free roll, 2 RP/multiply roll, and the Promotions sometimes go up to 5x… So, this weekend’s hourly roll brought something along the lines of:..
Summary: obtaining FBC Reward Points is:
How Coinpot Tokens Boost Users’ Earnings
The Tokens are instantly awarded for visiting each of seven faucets, – the earning opportunities and potential profits allow a user to get “paid” within a day from the moment of registration. Want some quick free cryptocurrency? A first withdrawal of funds from Coinpot to a real wallet (*read footnotes*) /cryptocurrency exchange account/casino (*e. g. Luckygames*)/
mining scam(joke)/DMYF’s donation pot (*wink-wink*).
Whatever the destination, with some luck, the transfer is likely to take less than two hours.
How Reward Points Boost Users’ Earnings
Wait, if everything FBC Reward Points can buy costs a ton and earning the Points is difficult as hell…
Q: Why spend so much time writing about Reward Points?
A: There is a reason. We, at DMYF, are very limited in the amount of time we can dedicate to a subject (partly because we try to explain every feature in maximum detail) and we would not waste our time on a useless Reward Point system. Freebitco.in’s Reward Points are gold, if used correctly. A “how-to” article is in the making.
In other words, stay tuned.
It is wrong to compare Reward Points versus Coinpot Tokens. Although both are rewarded for main faucet activity, the rewards are different in nature.
It is equally wrong to ignore the systems’ potential.
In one of our first articles dedicated to the current value of a Coinpot Token, 100 Coinpot Tokens converted to plus/minus 4 Dogecoin. We do not offer investment advice and we do not encourage or discourage decisions relating to finance, but we did highlight that line in red (the opportunity there was just too painfully evident).
At the moment, 100 Coinpot Tokens can only buy 1.67497844 Dogecoin.
While, FBC’s Reward Points can be used to multiply Freebitco.in‘s roll rewards in a way that can make the simple captcha-free, ad-free faucet into a cash machine. We will try to explain how in the future.
Do not forget that Coinpot.co is a faucet aggregator. Its legitimacy has been proven over and over; there has never been an issue with payouts, however do not treat it as a cryptocurrency wallet. Not only does it lack the functionality and security of a real wallet, the T&Cs state:
Coinpot is a great earning tool. However, when it comes to holding/storage, be wise and use a safe wallet. If you really cannot be bothered, or have no immediate use for 30000 Satoshi, at least do not forger that Freebitcoin hosts 16 million users and pays out 4.08% interest on deposits. We are not saying that FreeBitcoin is safer than your own wallet, however it is at least as safe as Coinpot.co and offers a savings-account-level % on your deposit.
We would also like to bring to your attention a 2015 article by Ofir Beigel; a rare example of solid cryptocurrency-related journalism:
…where Freebitcoin is…
but, guess what?
Even then, MoonBit.co.in is not far behind.
Finally, to ask ourselves a rhetorical question of “are faucets worth it or not”, let’s use the ultimate FOMO calculator and set the dates to the dates when the two websites went online:
Source: Bitcoin Savings Calculator
Now, to start saving free cryptocurrency, faucet users do not even need to “invest” $0.10 a day.