Do you know that in 2010, you could have gotten 5 Bitcoin for free? Even though you won’t believe this statement, but it’s true. The face of Bitcoin, Gavin Andresen, launched the first crypto faucet in June 2010. Through this faucet, he was giving 5 Bitcoin to users on a first-come, first-served basis.
Crypto faucet is also another website that rewards users with cryptocurrencies in exchange for completing simple non-labor-intensive tasks like viewing PTC ads, completing surveys, or solving a captcha. One of our widely used crypto faucet is Faucetcrypto, and the reasons are available in this article.
This guide will give you an in-depth idea about crypto faucets & their relevance in today’s technology world & different crypto faucets you can choose from.
What is a Crypto Faucet?
Crypto faucets give you crypto for completing their tasks. The reward mechanism is similar to an actual leaking faucet which means the faucet drips the crypto after the user completes the given task.
Does this look like free crypto distribution? Well, yes! So to earn this free crypto, you have to give your time to complete the different tasks. However, don’t make your hopes high because rewards are far lower than you may expect.
You only receive a few cents worth of crypto in an hour; even the highest-paying crypto faucet gives a max of 30 cents per hour, that too if you are lucky. The concept is the original leaking faucet drips water drops after intervals; similarly, crypto faucets drip the crypto after some time. In the Bitcoin faucet, rewards are given in satoshis. Satoshis means the smallest bitcoin unit or 1/100 millionth of bitcoin.
Crypto faucets are good but not much adopted by the people due to low payout & bad techniques that faucet websites use to earn money. The initial purpose of the crypto faucet was to spread awareness about cryptocurrencies. But it transformed into a business model to earn profits.
How Does a Crypto Faucet Work?
Before understanding Crypto Faucet’s work, first, understand its business model. Crypto faucet websites try to maximize their revenue to earn the most profit. The most profit they earn comes from traffic arbitrage. It means crypto faucets send traffic to different ad networks, earn revenue & share a small portion with users for viewing the ads.
This revenue-share business model is not limited to an advertisement network. The crypto faucets also work with gaming networks, survey companies, captchas, affiliates & other platforms where such a business model gives them profit.
The more time you spend on crypto faucet websites by viewing these ads or completing the tasks, the more money you’ll make. The tasks are very simple; some programmers also create bots to complete these tasks for them. But crypto faucets try to ban such bots because ad networks don’t want bot traffic.
Due to high transaction fees, the crypto faucet sets a withdrawal limit. Faucets also use micro wallets to reward their users after meeting the withdrawal limit. Some crypto faucets use their token, which you can convert into another crypto via their platform or third-party exchange.
How To Use a Crypto Faucet
Unlike other crypto applications, using a crypto faucet is very simple. Even though it is technical but doesn’t require a technical background. Just perform the following steps to use the crypto faucet & you are good to go.
- Sign up for any crypto faucet.
- Add your crypto wallet address into the faucet or in their micro wallet.
- Choose & start completing tasks
- Get paid in crypto.
Every crypto faucet has a different user interface to interact with, but they follow the same steps. Once sign up completed, add your profile details & your wallet address to receive rewards. The important thing is most crypto faucets use micro wallets to transfer micropayments & you won’t get a choice to add your private bitcoin or other personal crypto wallets.
The widely used micropayment wallet is FaucetPay. You can signup for the FaucetPay website to set up your micro wallet to get incoming crypto payments. You can also set the FaucetPay wallet to any crypto faucet you’re currently using.
After setting up your wallet, you can choose any task you want to complete. You will see the dashboard where different types of tasks are available. In addition, you can see the time limit & the rewards you’ll get after completing it.
There are multiple types of tasks available but be careful with the Short Links & never add personal information in those links because such websites can be scammers. In addition, we recommend using different browsers while accessing such sites for security reasons.
After completing the tasks, you can see the crypto rewards in your profile balance. Most of the faucet allows you to select the primary cryptocurrencies like Bitcoin, Ether, or dogecoin so that they will send the reward in the form of those cryptos. Once you become eligible by satisfying the withdrawal limit, you can transfer the crypto to your micro wallets or to your private wallet.
Also, you can’t simply sit & use the crypto faucets the whole day to earn the most. The faucet also limits how many tasks you can complete in one day. This limit helps them to keep the bots or automated tools away from their platform. If the faucet detects any suspicious activity from your account, they either suspend your account or blocks you instantly.
Different Types of Crypto Faucets
A few years back, there were crypto-specific faucets available. These faucets pay rewards in only one particular cryptocurrency. This first crypto-specific faucet was a Bitcoin faucet that pays in BTC to users. After a few years, Ethereum faucets, Litecoin faucets & many others joined the ecosystem.
Today’s crypto faucets have also evolved to give rewards in different cryptocurrencies. These new crypto faucets support many cryptocurrencies & you can withdraw your earnings from them.
Here we’ve listed well-known crypto faucets that are top in the industry:
Faucetcrypto = Faucetcrypto is very strong playing in this industry. It offers 18 cryptocurrencies from which users can receive & withdraw their rewards. Faucetcrypto login & registration process is very easy; that’s why they have more than 1.9 million registered users. Faucetcrypto has paid more than $5 million to their users till today. In addition, they focus on providing PTC ads, surveys & offerwalls to their users.
Cointiply.com = It is the most popular bitcoin faucet. Cointiply paid more than $1.2 million worth of bitcoin till date to their users. More than 1.7 million users are using Cointiply to earn and advertise. Cointiply focus on surveys & video ads.
FreeBitcoin = FreeBitcoin has 50 million registered users on its platform. They have paid $230,000 worth of bitcoin till date. FreeBitcoin offers different types of games, wagering content, and betting.
Fire Faucet = Fire faucet supports 13 cryptocurrencies. Fire faucet has more than 1 million registered users. It has paid its users approx $494,000 till date.
The crypto faucet concept started to spread awareness about cryptocurrencies. Now the industry is evolved & faucets have become the business model. If you have free time & want to earn free cryptocurrencies, we recommend checking out the crypto faucets listed above, as they are completely legal & we’ve personally used them. You can easily make a small amount of extra money with these crypto faucets.