Crypto Faucets - How To Get Free Bitcoin
Crypto Faucets - How To Get Free Bitcoin, Ethereum
What is a crypto faucet?
Crypto faucets are website or application that allows users to collect some free digital coins by completing tasks, watching an advertisement, or simply performing human verification like a captcha. Faucets are among the oldest ways of collecting free coins.
They are named “faucets” because the crypto rewards are small, like little drops of water from a leaky faucet.
On the other hand, Crypto faucets provide small quantities of free or earned Moon bitcoin to a user's crypto wallet. In exchange for free crypto, users must complete simple tasks or services such as watching advertisements, watching a product video, taking quizzes, clicking links (be cautious!), or completing simple CAPTCHAs.
Faucets are not a quick-rich scheme. Instead, the smaller the reward, the easier the task. Because most moon Bitcoin faucets have a minimum payment level, all crypto rewards earned by completing tasks are put into the site's online crypto wallet.
Only after meeting the minimum defined criteria may a user withdraw this reward. With the popular faucets, this can take as little as a day, but it typically takes more than a week.
When no crypto exchanges or marketplace existed, faucets were the only way to collect bitcoins. One of Bitcoin's primary developers, Gavin Andersen, introduced this concept in 2010 to spread bitcoins among more people.
There are many faucets in the market, and each of them differs from the other in some ways. For example, the number of coins per claim and the frequency of claims vary for each crypto faucet. In addition, faucets might be exclusively made for a specific coin or may support a variety of coins to choose and claim from.
These crypto faucets are intended to help users claim some free coins, while the ads and donations allow the cryptocurrency faucet owners to operate for an extended period.
But, what are the purposes of crypto faucets?
Even though cryptocurrencies had a fantastic year, they are still not popular and remain unfamiliar to many individuals worldwide. The goal of faucets is to provide users free cryptocurrency for them to learn about digital assets and, ideally, invest in them.
How do Bitcoin Faucets work?
It is quite easy to understand how faucets sites work.
First, you visit a faucet site of your choice and perform some basic activities like solving a puzzle or watching an advertisement. Then, you earn a minimal amount of coins accumulated in your on-site crypto wallet until you have collected enough to transfer to your main wallet address.
You must wonder how faucets sites earn. The simple answer is through numerous advertisements. All the time you spend browsing the website, you watch their ads which help them fund the faucets. Most of the faucets sites you visit are covered with ads.
In addition, some crypto faucets have implemented additional features like casino games which keep the user engaged and enhance the overall experience.
Are crypto faucets worth it?
Probably. Do you know that the first faucet crypto created in 2010-11 paid up to 5 BTC per claim, which would be around $200,000 today? So, just for a click and solving an easy captcha, $200k is not shabby.
Similarly, the coins you will claim today might be worth a few cents at best, but if you are fortunate enough to collect some potentially good coins, it might be well worth it.
But hold on, you should not be expecting $200k from a single click because cryptocurrency in 2010 was an unknown entity as compared to today. But since it does not take too much effort, it is not a bad idea to collect some free coins and save them in a wallet address for the future.
Key points to remember when choosing a faucet crypto
Some people might think since these faucets are offering free coins, what may go wrong? But there are various types of scams and fraud faucets in the market you must avoid.
To help you understand the faucets better, consider below some critical things before investing your time and effort into claiming coins.
- Good crypto faucets usually have low minimum withdrawal limits. You claim small amounts from faucets, and you can only transfer them to your wallet once you have accumulated enough. It helps to avoid transaction fees. If you see an absurdly high minimum withdrawal threshold it is wise to skip that faucet crypto because time is money, and you must not waste your time claiming coins on a fraudulent website.
- If any faucets require you to buy a package or membership to claim the free coins, it is most likely a scam. Of course, some faucets might offer a lucrative and juicy amount of claims after buying a membership plan, but all such schemes are scams almost 99% of the time.
- Faucets that offer abnormally high claims are another category of scam faucets. Technically, faucets earn money through advertisements, and it makes no sense for faucets to pay you more than they earn themselves.
- Some faucets are scamming users in the name of mining coins. First, you will be asked how many coins you want to mine, and once you select, a progress bar will be displayed, which will soon reach 100% and offer you a "claim" button. Once you press the “claim” button, you will then be asked to purchase a browser mining plan to cash your mined coins.
Cryptocurrency Faucet Conclusion
Collecting free crypto coins from faucets will never hurt because it demands only minimal effort and time from you for the coins you get in return. But remember not to spend too much time claiming because crypto faucets pay really low.
There is no guarantee that the coins you are claiming will be worth a lot in the future. However, some faucets will pay you when playing games or solving puzzles, so choose a cryptocurrency faucet that keeps you entertained while claiming faucets so you don't get bored or tired from claiming them.
Also, be wary of scam websites and don't let them scam you for money, time, or your efforts.