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What is League of Bitcoin?

League of Bitcoin is a simple free bitcoin faucet created with the purpose of promoting Bitcoin and raising awareness about digital currency. League of Bitcoin acts also as a reward system for all those who complete specific tasks on our faucet (e.g. solve captcha). Rewards are dispensed at certain intervals of time, after which, you can claim a free reward again. All your rewards are paid in Satoshi, which corresponds to one-hundred-milionth of a Bitcoin (BTC).

League of Bitcoin is easy to use. If you already have a public bitcoin address and a FaucetHub account you can already head over to our faucet and start claiming your free Bitcoins!

 


What is Bitcoin?

Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

For a brief and simple explanation watch the video below.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.

 

Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.

Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts. If you wish to deposit your bitcoins safely, you can use hardware like this.

If you want to know more click here or check out the full Bitcoin Wikipedia article. If you would like to claim other types of cryptocurrency give a try to the following suggested faucets: moonbtc, moondoge, moonlite, mooncash, moondash