NEW! Coinpot VIP program — earn interest on your Coinpot token balance.

*** COINPOT NO LONGER RECOMMENDED ***Due to repeated failures of crypto withdrawals to my wallets or other microwallets I can no longer recommend Coinpot. I have received no responses from the support email.While I have successfully withdrawn to Coinbase from Coinpot in the past all of my recent withdrawal requests have disappeared.  So I can no longer recommend spending any effort using any of the Coinpot affiliated cryptocurrency faucets. I will be posting this information of my Coinpot related posts.Alternatives to Coinpot

FaucetPay.io
FireFaucet.winCointiply.comFaucetCrypto.comI receive withdrawals from all of the above on a regular basis without any hassle.

Coinpot.co, which operates a microwallet to collect claims from cryptocurrency faucets, has started a VIP Rewards program. This program rewards users for maintaining a balance of tokens in their Coinpot account.

How do the Coinpot VIP Rewards Work?

From Coinpot.co/vip:

So you can convert your tokens to any of the Coinpot supported crypto and withdraw your funds at any time.

Start date: Coinpot launched VIP Rewards on August 12, 2020.

VIP levels: Your level determines your interest rate and other rewards. See the list below.

How your VIP level is set: Just after midnight UTC each day (5pm PST for me) your VIP level for the next day is set by your token balance at that time.

Daily interest: Your interest amount will be calculated and credited to your account sometime after midnight UTC. I find it usually takes 30 minutes or so to show up in your VIP Reward History and be credited to your token balance.

Challenge Stars: Each Challenge star counts toward rewards in the Challenges section.

Free Lottery Tickets: At Bronze level or higher you get free lottery tickets to use in the Coinpot lottery. You MUST use free lottery tickets that day or they will disappear.

VIP Reward Levels

Standard

  • Token balance: 5000 to 99,999 tokens
  • 0.02% daily interest (equivalent to 7.57% APY*)
  • 0 challenge stars
  • 0 free lottery tickets
  • 3 tokens per faucet claim (standard reward for faucet claims)

Bronze

  • Token balance: 100,000 to 499,999 tokens
  • 0.04% daily interest (equivalent to 15.72% APY*)
  • 1 challenge star
  • 10 free lottery tickets
  • 4 tokens per faucet claim

Silver

  • Token balance: 500,000 to 999,999 tokens
  • 0.06% daily interest paid (equivalent to 24.47% APY*)
  • 2 challenge stars
  • 25 free lottery tickets
  • 4 tokens per faucet claim

Gold

  • Token balance: 1,000,000 to 2,499,999 tokens
  • 0.08% daily interest paid (equivalent to 33.89% APY*)
  • 3 challenge stars
  • 50 free lottery tickets
  • 5 tokens per faucet claim

Platinum

  • Token balance: 2,500,000 to 4,999,999 tokens
  • 0.10% daily interest paid (equivalent to 44.03% APY*)
  • 4 challenge stars
  • 100 free lottery tickets
  • 5 tokens per faucet claim

Diamond

  • Token balance: 5 million tokens or more
  • 0.12% daily interest paid (equivalent to 54.92% APY*)
  • 5 challenge stars
  • 250 free lottery tickets
  • 6 tokens per faucet claim

My Coinpot VIP Reward History

So I started keeping a positive token balance in my Coinpot account on August 14th. In order to increase my token balance I converted my BTC, LTC, BCH, DASH and DOGE balances to Coinpot tokens to see how much interest I can earn.

So I am currently at the Platinum level (I feel special!) which provides a 0.10% daily interest paid on my balance, which is equivalent to 44.03% APY.

So yesterday (8/19) I received 2654 tokens in interest added to my account.

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Effects of Compounded Interest on Coinpot Token Balance

For example — if you start with a 2,500,000 token balance that puts you at Platinum level with earns interest at 44.03% APY. The following graph (which uses USD instead of tokens) shows your Coinpot token balance in one year, which assumes you do not withdraw or add any tokens.

So in one year you will have 3,881,902 tokens, and increase of 1,381,902 tokens just through interest. As of today, 8/20/2020, that increase in tokens would be equal to 1,136,747 satoshis.

Compound interest table for Coinpot VIP Rewards
Compound interest table for Coinpot VIP Rewards
Investor.gov — graph uses USD to symbolize Coinpot tokens

How I plan to use Coinpot VIP Rewards

I intent to build my token balance a bit more by converting my daily earnings from referrals and faucet claims to tokens. Then I will start to take regular withdrawals in Bitcoin.

Written by

Cryptocurrency enthusiast. Articles about easy ways to earn some crypto as a side hustle.

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