In this blog, I discuss will crypto faucets. Through the crypto faucet, you earn rewards in the form of cryptocurrency. This reward is obtained by performing easy tasks on a website.
What is a bitcoin faucet?
A bitcoin faucet is a reward system where the user obtains a reward in satoshi. To obtain the reward, the user must complete a captcha or task as described on the website or app. If the user completes this task, then this user can claim this reward. With a bitcoin faucet, the reward is bitcoin. But if it is an Ethereum faucet, then the user gets a reward in Ethereum.
When you have decided to learn more about a particular cryptocurrency, you can sign up on a website with a faucet. Each faucet has different tasks. For example, one task is to click a button. You can do this once every x number of times. Often this is once every 60 minutes. When you have clicked the button, you get a small amount of crypto in your wallet. This sounds very good, free crypto! This is true, but the amounts you receive through such a faucet is very small (satoshi's).
The name ''faucet'' comes from the fact that the reward is very small, like drops of water coming from a faucet. Faucets have no costs to participate and you do not have to provide your own personal information. Basically, all you need is a wallet and a password.
What is a satoshi?
Before we dive into the faucets in more detail, I will discuss what a satoshi is. A Satoshi is the smallest possible value of a bitcoin. It is quoted to 8 decimal places. 1 Bitcoin is therefore equal to 100,000,000 Satoshi's (100 million Satoshi's).
How much is a satoshi worth?
The value in Bitcoin decimals:
0.00000001.
A satoshi is most similar to the pennies we know for the euro or dollar.
Why a faucet?
Through a faucet, people can get acquainted with the cryptocurrency like bitcoin or Ethereum. But it doesn't have to be bitcoin or Ethereum, it can also be other altcoins (such as Cardano, Polkadot, etc.). People can, before they buy the cryptocurrency, already own a small amount through a faucet and experiment with it. This is an accessible way to get started with crypto without putting real money at risk. Note that the user gets rewarded by performing tasks, not for investing money themselves. A faucet is a good way to promote cryptocurrency and attract new users. And it is free to participate! If you participate in a faucet long enough, you can earn some extra money for doing minimal work.
The cryptocurrency exchange Coinbase also works with rewards. These rewards are not structured in the form of a faucet but the concept is the same. You can earn a crypto by reading more about a specific coin and watching videos. You can learn and earn some crypto. Pretty sweet!
What kind of tasks?
Faucets have the following tasks:
- Completing Captcha.
- Watching video.
- Clicking on ads.
- Completing tutorials and attempting quizzes.
- Playing short games.
- Answering surveys.
What exactly is the catch?
it is important to realize that the amount of crypto you receive through a faucet are very small. You have to put in a lot of time and effort before you have accumulated a decent amount. What you also need to consider is that when you send your crypto from the faucet to your wallet you will also be charged with transaction fees. If you are dealing with an Ethereum faucet, then unfortunately a large portion of your earned crypto will go up in smoke. This is because the transaction fees at Ethereum are currently very high. If you have a faucet with a crypto that has less transaction costs, then you won't be affected as much. So it's good to know how much you'll spend on transaction fees before you commit to a faucet.
In my experience, faucets are a great way to learn about a certain crypto and experimenting with it without using real money. If you are trying to make real money, then - in my opinion - it is not worth your time.
Pros and cons of faucets
| Pros | Cons |
|---|---|
| Free crypto | Some faucets could be scams |
| Anyone can use faucets. No restrictions. | Very small rewards |
| Easy way to get started learning about crypto and to experiment with it | Complete easy, mindless, tasks. |
Tips when registrering for a faucet
Before you choose to register for a faucet, it is always very important to keep a few important aspects in mind. By being thorough, you can ensure that you will not fall prey to a scam.
- Always check whether a faucet is reliable or not;
- A faucet will never ask your personal information, even an email address is often not required;
- Make sure that the wallet address you provide is always correct;
- Activate two-step verification on your wallet.
Key takeaways
- Faucets aren't really the way to make money. It could take months and even years to accumulate a few dollars.
- Faucets are more like free rewards for completing simple tasks like clicking on a button or watching a short video.
- Faucets are a great way to learn more about crypto. Some exchanges like Coinbase and Binance reward users for reading short articles about a certain cryptocurrency.
A list of faucets you can check out
Click here and here to see a list the faucets of various crypto to try out yourself!
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