Many people are still confused about Coinpot tokens. In this article I will try to give you most accurate explanation with real life examples.
1. What are Coinpot tokens?
Coinpot tokens are basically like reward points what other crypto faucets have. You get these tokens by making claims, mining or getting from your referral’s activity. These are reward tokens and not an actual cryptocurrency. You can use those tokens only on Coinpot platform. According to the Coinpot: “Coinpot tokens are a new type of “asset” that sits alongside our existing coins – Bitcoin (Core/Cash), Litecoin, Dogecoin, and Dash.”
2. How to earn Coinpot tokens?
You can earn Coinpot tokens by making claims from faucets, converting your cryptocurrency to tokens and by mining them directly from your browser. We will take a closer look at those 3 options.
2.1 Making claims from faucets
To earn Coinpot tokens you need to make claims from Coinpot supported faucets. You earn 3 tokens for every claim you make. If you have referrals, you get 1 additional token every time your referral makes a claim.
If you don’t have a high-end PC, notebook and you don’t have hundreds or thousands of referrals, then the best and most profitable way for you to earn tokens is by making claims from faucets. Of course, it depends on how much time and effort you are willing to put on those claims.
I prefer claiming tokens. I have made a test from curiosity to see how much tokens I can earn in 1 day. I have earned 1871 tokens a day. It takes about 10 hours to get this amount.
At a current token conversion rate (1 token= 0.0000000244) I got 4563 satoshis, plus extra cryptos from faucets. I have converted them to Bitcoin Core satoshis, so I can add them together.
Bitcoin Core-1332 satoshis
Bitcoin Cash-211 satoshis
When I add all up I get 6617 satoshis (0.00006617 BTC), which is about 0.26 USD. Multiplying this amount by 30 days, we get 7.2 USD per month. Of course, it’s not much money for our time. This calculation is based on the BTC value of 4000 USD. But, if we take the Bitcoin value of 20000 USD like it was in December 2017, then we get a completely different amount. By the same amount of time and satoshis earned, we get 43.67 USD per month (1.45 USD per day).
So, what’s the point you may ask? My point is that if you believe in Bitcoin long term, then you will see that it’s worth your time to collect satoshis from faucets and hold them. And that all-time high what happened in 2017 is only the tip of an iceberg. Next Bitcoin all-time high can easily be 50000 USD or more and then you will see the real value of 1 satoshi.
2.2 Converting to tokens
You can convert Bitcoin Core/Cash, Litecoin and another cryptocurrency’s into Coinpot tokens.
In my opinion, its pointless thing to do because you lose money. But maybe some of you want to buy lottery tickets or try your luck to multiply your tokens. Converting Bitcoin Core or any other cryptocurrency to token it’s not profitable and I will show why is that. Below you can see a table with conversion rates. These are actual prices taken from Coinpot.co website.
|Coinpot token||Sell for Bitcoin||Buy for Bitcoin||Difference|
|1 token||2.44 satoshis||2.55 satoshis||-0.11 satoshis|
|10 tokens||24 satoshis||26 satoshis||-2 satoshis|
|100 tokens||244 satoshis||254 satoshis||-10 satoshis|
|1000 tokens||2438 satoshis||2537 satoshis||-99 satoshis|
Coinpot token sell and buy rates
As you can see, the bigger the number of tokens what you buy, the more satoshis you lose. Smarter readers have already noticed a way how to lose a minimum when converting. For those who haven’t, I will give you a tip. Don’t buy a large number of tokens, buy a smaller amount. If you buy 10 times and by 1 token, then you lose only 1.1 satoshis. But, if you buy 10 tokens at once, you lose 2 satoshis. So, buy buying a smaller amount and 10 times gives us +0.90 satoshis.
Those rates can be different from what you get when you play around with the converter, but hopefully, you get the idea what I wanted to present.
Coinpot has an option to mine tokens from your browser.
I decided to run a little test to see is it worth to mine them. I have a Dell notebook with i7-5500 CPU and 16G of ram. So, I mine 5 minutes CoinPot tokens with my notebook. As you can see I get only 8H/s. They claim that earnings are credited approximately every 5 minutes, but I didn’t receive anything. It’s a useless feature if don’t have a powerful desktop PC. You can earn more by doing faucet claims.
3. Coinpot token value
There is lots of speculations and discussion on the internet about the Coinpot token price and value. I haven’t been Coinpot user very long, but during that time I have taken notes about token price. For me, it seems that it is tied for USD. When Bitcoin price sinks then the token value goes up. By the time writing this article Coinmarketcap.com shows Bitcoin price is 4026 USD and I get 2.44 satoshis for 1 Coinpot token. But on 21 March when the Bitcoin price was 4080 USD, then if I have converted my tokens I would get 2.41 satoshis for 1 token. It’s just a small sample, but it shows that its more likely tied to fiat money. Reddit has an interesting discussion about this topic, just google “The value of the new Coinpot token” and you can read more about it.
4. What to do with Coinpot tokens?
Currently, Coinpot tokens don’t have much use case. You can use your hard-earned tokens to gamble (buy lottery tickets or play multiplier game) or convert them to other cryptocurrencies. Holding them doesn’t make much sense as they don’t earn any interest. The only reason to hold tokens is if you believe Bitcoin price will go down. So that way you get more satoshis from your tokens.
I personally convert them to Bitcoin Core and withdraw them to other platforms where I can get an extra percentage to my balance such as Cointiply or Freebitco.in. You can convert any amount you want, but there is a little trick, so you can get the maximum number of Bitcoins.
I have made a table in Excel to check Coinpot token conversion rates with cryptocurrencies they have. As the table shows there is a little trick when converting your tokens to Bitcoin or any other cryptocurrency. In fact, converting to Bitcoin is the less favorable option if you convert them blindly.
-Column A is token amounts
-Column C you can see the number of Bitcoins you will get
-Collumn D shows the Coinpot token conversion
-Column E shows the difference in conversion
You can see on the screenshot below, the only favorable amount to convert your tokens into Bitcoin is 2,4,9 and 1000. Why is that? It’s because Coinpot conversion rate includes sub-satoshis.
As you can see with every number of tokens you want to convert, Coinpot calculates the rough approximation. The table shows that if you want to convert 1 token, you get 2 satoshis and you lose 0.44 satoshis (44 sub-satoshis). But, if you convert 4 tokens, you get 10 satoshis and here the rough approximation is in our favor, as we get extra 0.24 satoshis (24 sub-satoshis). And by converting 1000 tokens you will get extra 2 satoshis.
The same goes for other cryptocurrencies. Before you convert your tokens, make sure to try different amounts.
5. Coinpot tokens hack software
There are lots of so-called “hacking software” and different type of scripts over the internet, with what you can increase the number of tokens or even balance of cryptocurrencies. I would be careful with any kind of software or scripts if I would be you. The first reason why I don’t recommend using any this kind of software or script is that they usually contain malicious code. That code infects your computer with malware (you can read more about malware) and can do lots of harm. It can steal your username, passwords and eventually before you know your Coinpot account is hijacked and you can’t log in anymore. The second reason is, if you get caught (even if the hack software works) your account will be terminated and terminated for good. Using any kind of software is a straight violation of Coinpot Terms.
6. Are there any tricks to get more tokens?
I don’t believe any of those multiplier tricks what you can see on YouTube will work. Why? First, all kind of gambling games simply is are not in your favor. Although Coinpot multiplier game is provably fair and has no house edge, it’s just not working in favor of the player. You can double up every time you lose or do whatever you want, but at the end of the day, you lose all your tokens. Trust me, it’s just the way it is. Crypto faucet creators aren’t just so stupid that they make a game where the player has an advantage over them. Those so-called “systems” can work for a short period of time and that’s it, but in the long run, you eventually lose. The reason why they work for a short period better is to build up your belief that this “system” really works. Then you increase your stake amount and lose everything. So, stay away from those gambling chances.
You can read my article Do Coinpot multiplier tricks work? and see the result of that system.
The only trick to increase your token income amount is to get some referrals. That’s the one and only trick what you can do.
To put all together, I find that Coinpot tokens are a good way to increase Bitcoin balance. You can read more about Coinpot faucets in my article Top Coinpot faucets from BEST to Worst. I hope my post showed you different angles on what to do and what not to do with your hard-earned Coinpot tokens.