In the universe of faucet sites, few are more recognizable or popular than CoinPot. CoinPot is unique amongst faucets as the CoinPot site itself serves as a repository, a pot if you will, and wallet for all the claims made at its partner faucet sites of which there are seven. All the partner sites allow users to claim crypto and have varying rules when the crypto can be claimed. Three of the sites - Bonus, Bit Fun and Moon Bit - allow the user to mine for BTC. The other sites are Moon Doge, Moon Litecoin, Moon Dash and Moon Cash, respectively.
In addition to claiming the crypto, CoinPot also paid 3 tokens for each claim. These tokens, in turn, could be exchanged for any of the currencies or redeemed for lottery tickets. The value of a token is fixed at .01 US cent. When BTC was below parity ( parity is 1 token = 1 satoshi) it was beneficial to exchange the tokens for BTC. Now however, as BTC has risen to $11,500 as of this writing, the token’s value, still pegged at .01 US cent, made it less attractive.
CoinPot’s new VIP Rewards Program started August 12th, 2020 and has addressed that issue head on. The new rewards program has six tiers and works similar to a savings account. To summarize from the CoinPot website:
“Each day after midnight [we] will calculate your VIP Reward Level based on your current CoinPot tokens balance. There are 6 VIP award levels available:
- Standard, Bronze, Silver, Gold, Platinum and Diamond. The requirements and rewards are detailed below.
- Once your VIP level is set, it remains in place the rest of the day
- Rewards are paid/credited immediately once your level has been calculated
- Daily interest is calculated on your tokens balance at the relevant rate and rounded down to he nearest token
- No interest will be paid for balances below 5000 tokens
- Challenge Stars awarded count towards the Challenges leaderboard
- Any free lottery tickets received must be used the same day as they expire at midnight
- Free tokens are awarded throughout the day for claims at any of our partner faucets”
As you can see from the information above, CoinPot has incentivized their respective token making it much more lucrative to both claim and to hold. Below are the rates of interest for each tier. The higher the tier, the more interest paid.
STANDARD
Requirement: minimum balance of 5000 tokens. 0.02% daily interest paid on tokens balance
7.57% APY, zero challenge stars, zero free lottery tickets, 3 tokens per claim
BRONZE
Requirement: minimum balance 100,000 tokens. 0.04% daily interest paid on tokens balance
15.72% APY 1 challenge stars, 10 free lottery tickets, 4 tokens per claim
SILVER
Requirement: minimum balance 500,000 tokens. 0.06% daily interest paid on tokens balance
24.47% APY 2 challenge stars, 25 free lottery tickets, 4 tokens per claim
GOLD
Requirement: minimum balance 1,000,000 tokens. 0.08% daily interest paid on tokens balance
33.89% APY 3 challenge stars, 50 free lottery tickets, 5 tokens per claim
PLATINUM
Requirement: minimum balance 2,500,000 tokens. 0.10% daily interest paid on tokens balance
44.03% APY 4 challenge stars, 100 free lottery tickets, 5 tokens per claim
DIAMOND
Requirement: minimum balance 5,000,000 tokens. 0.12% daily interest paid on tokens balance
54.92% APY 5 challenge stars, 250 free lottery tickets, 6 tokens per claim
These rates catapult CoinPot to the upper echelons of sites offering savings accounts for cryptocurrencies. Bear in mind that the value of the CoinPot token is stable at .01 cent USD so fluctuations don’t affect its value. Of course you miss out on any potential increase by holding other cryptocurrencies but for those who are seeking a stable currency with an attractive APY , the tiered rates offered are tough to beat. In addition to the interest paid, you are also given incentives for claiming at the faucets especially if you are at the bronze tier level or higher. For example, a bronze level user will receive 4 tokens per claim instead of 3 for a standard account making each claim 25% more rewarding. The lottery tickets are a fun perk and each person’s value of them will be different.
There is some risk in holding tokens as CoinPot is not regulated but you are rewarded for taking the risk, in my opinion. As always, please keep in mind that I am not extending any investment advice. Any risks taken are bared by the user of the site. I hope that my summary of the new rewards program has been helpful and can assist in your making an informed decision. If you have any questions or comments, let me know. I respond to all.
