Cryptocurrency users use crypto faucets to get free cryptocurrency. Well, nothing is entirely free, so even faucet users have to do something in return to gain the rewards. But before we go any further, we should mention that some people have used these faucets to create scams in the past.
Some faucet sites can create malware, ransomware, spyware, and any other attack on your device. Therefore, be careful when dealing with crypto faucets.
What Are Crypto Faucets?
These are websites that offer cryptocurrency rewards in exchange for doing some tasks. However, the gifts are tiny, like water drops, thus the name faucets.
Once you complete a task on these websites, they will send Satoshi (smallest Bitcoin unit) to your wallet. Users do tasks like solving a puzzle, playing a game, and clicking or viewing an advertisement. The website offers you a single Satoshi, which is 1/1000000 of one Bitcoin, as payment.
How Do Crypto Faucets Work?
Most of these sites are not complicated. You only have to enter your wallet’s public address, complete the given task and wait to receive your reward. Generally, the more complicated the task is, the better the reward. But bear in mind that most safe and legal faucets offer very small rewards. So, don’t expect to get rich from them.
Also, note that these faucets store a user’s coin in a web-hosted faucet and will only release them when they reach a set standard. There is a minimum amount that you should reach before the coins are released to your wallet.
What’s The Role Of Crypto Faucets?
By the time Bitcoin was being created and released into the market, many people didn’t know what virtual currency meant. Even those who had some knowledge were unsure what to do with their coins as they couldn’t pay or trade with them.
But with time, the market expanded, and many exchange modes were introduced. The first Bitcoin faucet was created in 2010, which paid out 5 BTC just for clicking images. However, this was when Bitcoin’s value wasn’t that much. Today, this 5 BTC would be approximately $150000.
Sadly, as cryptocurrency and their faucets grew more popular, the reward value decreased. But, even with small rewards, faucets still make an integral part of the cryptocurrency ecosystem.
Advantages And Disadvantages Of Crypto Faucets
The main benefits of these faucets are the rewards you get from completing the given task. Well, note that there are limited ways to earn free bitcoins. Most of them are only offered to specific users who meet the eligibility requirements.
If you are still new to Bitcoin and cryptocurrency, faucets can get you started quickly. Other than having a crypto wallet and completing the required tasks, there is nothing else you’ll need to invest.
Plus, even people with little knowledge can benefit from faucets. Anyone can use these faucets without even knowing the ins and outs of trading crypto.
The rewards given are tiny; hence one can’t get rich through them. Plus, with time, the assigned tasks will get monotonous. How many ads will you have to click or view before accruing enough earnings? Probably not that many.
Also, note that the faucets don’t eliminate the risks of cryptocurrency. Therefore, you may run into scams, phishing attempts, and other fraudulent ways from people trying to steal your money. Some sites could infect your computer with malware. Remember that scammers use free rewards to hack into a user’s device or identity.
The faucet website can phish information or download malware from your device once you allow them to click a link or download a file. The best way to protect yourself is to be aware of the red flags.
Some signs to watch out for include:
- Significantly higher rewards that may not be legit;
- Unsolicited offers via message or email that you didn’t ask for it;
- Messages full of grammatical errors and misspellings.
Are There Any Other Types of Crypto Faucets?
Bitcoin faucets were the first to be introduced to the market. However, many others followed, and today, there are faucets for different cryptocurrencies like:
They reward Dogecoin (DOGE). Since DOGE doesn’t have that much value, you can earn more coins from these faucets. At first, the faucets would reward 1 or 5 DOGE at a time when the DOGE coin was worth a fraction of a penny. But today, the rewards are from 0.1 to 1 DOGE at a time.
These are similar to Bitcoin, only that the rewards given are Litecoin (LTC) instead of Bitcoin (BTC). You should set up a Litecoin wallet then look for well-paying Litecoin faucets to access these faucets. Some faucets might pay you 1000 litoshis (Litecoin’s smallest unit) while others 1/10 of the current Litecoin prices.
These distribute Ethereum (ETH). They come with referral bonuses, meaning that you get a faucet drip every time you refer someone to this network. However, note that you may have difficulty withdrawing since the platform charges very high transaction fees. You may find that sending $2 to another wallet can be more expensive than even the transaction itself.
What’s The Future Of Crypto Faucets?
Crypto faucets are just fun websites that allow new crypto users to engage with these currencies. One can learn how to interact with the cryptocurrency ecosystem without making a huge investment. However, don’t expect substantial cash rewards from these faucets.
But the small rewards you get could accumulate to decent price gains. Currently, the typical faucets pay out a fraction of the penny every time you complete a task. Plus, users are limited on their payouts at a given period.
Highest Paying Bitcoin Faucet List?
This unites different faucets under one name. It offers a great user experience since you don’t have to jump from and to different faucets. Therefore, you will not need to remember all of them or wait for each to load. You only do a few clicks to access different faucets.
Bonus Bitcoin is the highest paying as you can yield as much as 5000 satoshis in a single claim. And claims take place every 15 minutes until you reach the daily limit. BonusBitcoin also offers affiliate rewards and daily bonuses.
Here you can play games and win Satoshies as you do that. There are many steps you can take to increase your payout. The faucet can be used on smartphones and offers around 5000 satoshis, which is about $0.25.
The faucet has different bonuses, including rewards for spending time on the site. Plus, users are offered a loyalty bonus to entice them to keep coming back. Additionally, there are mystery gifts that reward users a random satoshis amount as a surprise.
The faucet pays you at least 30000 satoshis as interest for your balance. And there are many other opportunities to increase payouts, including lotteries, gambling games, reward points, etc.
Here, users log in at specific times to “feed the zebra.” Then through that, they earn satoshis. Although this is still a new concept, it looks promising and is said to become among the highest-paying Bitcoin faucets.
A Bitcoin faucet is a way of helping new users interact with Bitcoin’s ecosystem. It’s not a way to make money despite the rewards available. Note that it would take months and too much effort to accumulate even a dollar of these rewards. If you are looking for a way to invest in cryptocurrencies, this won’t be that effective. But if you only want to have fun and play free games, Bitcoin faucets may be suitable for you.