Faucethub.io is going to close their microwallet service on December 10th, 2019. In this article you will find main things that you need to know. Here is Faucethub announcement:
The reason for this is regulation requirements. Crypto has taken off in the last couple of years and made its way into the eyes of regulatory bodies of various top tier countries. These organizations are instructed by their respective countries governments to implement rules and guidelines for all financial companies to enable them to monitor, control, and predict the monetary movement of citizens in the country. For many years crypto was not considered as to how “money” is treated or regulated, which allows us to operate the platform legally without regulation requirement. Unfortunately, this is very soon, no longer the case.
This applies to micro wallets, as well.
As a micro wallet, we are as such a payment processor with the main focus being money changing from someone else’s hand to another. We are storing and transacting in cryptocurrency on behalf of other people (you, the users). This makes us legally required to become regulated as a financial company. Those of you who know me know I am a firm believer of privacy for myself and users here. This is where I draw the line, and will not be doing this. The result is FH will no longer be the FH that it is today, and will no longer be able to provide many of it’s current services to users or FOs.
What exactly is going to happen next?
The first thing we are going to do is say how sorry we are, sorry that this is happening. Sorry to every user who claims, and sorry to every faucet owner who is comfortable using our platform to power their faucets. Sorry to everyone who this is going to affect.
After careful consideration, we have decided that FaucetHub will undergo a rebrand to a new name, and will have a new core focus: providing Offerwall services to users and businesses. This involves the launch of a new platform tailored to users who claim from Offerwalls, as well as providing options for Publishers to earn from their traffic and for Researchers & Advertisers to promote and perform targetted crypto market research.
Starting today, FaucetHub will begin the transitional phase into the launch of this new platform. We have decided that the only currency we will continue to support is Bitcoin, resulting in the discontinuation of Altcoins on the new platform. For this reason, we require users to withdraw in full their Altcoin balances before the end of this transitional phase. The transitional phase runs from November 9th 2019 until December 10th 2019. After this date, it will no longer be possible to process Altcoin withdraws.
Due to the new focus of the new platform, many existing services will no longer be in operation after the transitional phase has been completed. This is a list of services and features that will not be available after December 10th, 2019:
– We will no longer provide services for Altcoins. From the launch of the platform, the only currency we will deal with is Bitcoin.
– Our games Rambo Dice, Lottery, and Rock Paper Bitcoin, will be disabled. We will be assessing the viability of opening them on the new platform at some point in the future.
– The currency exchange will be made obsolete and therefore terminated.
– The Faucet API will be disabled, along with the Faucet Manager, API Docs, and various other Faucet features, such as the ability to check the payouts and balance of an address from the “Check Balance” page, will no longer be accessible.
– The Deposit system will cease to function for all currencies, including Bitcoin, until the platform’s Publisher and Researcher features are completed.
– The Withdraw system will no longer process Altcoin withdraws, Bitcoin withdraws remain unaffected. (Site stops withdraws on December 10th, 2019)
– The Sites list will be disabled.
– The Anti-Fraud stats will no longer be visible.
– The Premium account system will stop processing renewals automatically.
UPDATE: We have lowered the minimum withdraw thresholds for all coins. In case your balances are lower than the minimum withdraw threshold, PLEASE claim from faucets and get your balance at the minimum required balance, until wallets stop operating, on —–December 10th, 2019—–
What happens after December 10th, 2019?
The first transitional phase will be completed, and FaucetHub will remain in a limited state allowing access to the following features:
– Chatbox and chat ads
– Dashboard and user account areas
– Bitcoin withdraw functionality
– Ability to claim and earn from our Offerwall providers
– Referral system
This limited access is to allow time for the new platform to be completed and ready. We expect this to be early 2020. When that happens, FaucetHub will transform into the new platform, and you will be able to login using the same account details and be given instructions to reset your password. At that point, the full transition into the new platform will be complete.
So far there is not much information waht will happen wiith most of faucets hosted on Faucethub, will they move to new alternative microwallet services or will close their websites. Faucethub owner also planning to make script, which would allow faucet owners to be their own microwallet. No matter what will happen, we will kep you updated.
Faucethub significantly reduced minimal withdraw tresholds for most coins.
UPDATE November 24th
Faucethub is working to release microwallet script which will allow every faucet owner to be his own microwallet. It will be hosted on Hostingforbtc.com. You can find more details about it here and here
Notice for site owners, faucet users, and the general public.
Faucethub.io do NOT endorse any micro wallet or favor any. They are just going to give you alternatives to faucethub.io.
If you get scammed, or anything within this context, the responsibility will be yours, 100%.
Please keep that in mind.