Contrary to popular belief, the concept of a bitcoin faucet still exists. Creating a new spin on this tried and tested business model is not all that easy.
Running a bitcoin faucet is anything but straightforward in this industry.
A new Take on the Traditional Bitcoin Faucet
For many, they either suffer from low payouts or heavily rely on advertising income to make something happen.
In the case of Lootbits, the concept has been changed significantly.
Rather than utilizing an existing model, it tries to incorporate loot boxes into its bitcoin faucet offering.
When users register, they receive free credits.
It takes 35 credits to open a loot box that might contain some decent amounts of bitcoin.
No one should expect to become rich from this platform by any means.
Money to fund the bitcoin faucet has to come from somewhere, after all.
It is a bit unclear how this platform makes any money.
Since users cannot buy gems to open more boxes through Lootbits, there doesn’t appear to be any revenue stream whatsoever.
The platform is…