Cryptocurrency faucets were designed initially to increase coin ownership and increase the popularity of cryptocurrency. For example, the first bitcoin faucet was developed by Gavin Andersen in 2010.
Back in 2010, the reward was as high as 5 BTC. Eleven years later, bitcoin faucets do not usually give rewards of more than 20 satoshis. Since the evolution of the first bitcoin faucet, there have been many other crypto faucets such as Dogecoin, Cardano, Litecoin, Binance Coin, and Ethereum faucet.
They’re given the name “faucets” because the rewards are small, just like tiny drops of water dripping from a leaky faucet. To get free crypto, users usually need to complete tasks as simple as viewing ads, watching product videos, completing quizzes, clicking links or completing a captcha. The more straightforward the task, the lesser the reward. Most websites offer a minimum payout threshold, so the rewards earned by completing tasks are deposited into an online wallet of the site.
Crypto faucets are certainly not a get rich quick scheme.
What is the purpose of a crypto faucet?
If you are interested in becoming a billionaire within a year, crypto faucets may not be the thing for you. Bitcoin faucets were developed to reward five Bitcoins (!) for completing simple tasks. The purpose was to spread awareness about Bitcoin because the concept of cryptocurrency was very new.
The most popular bitcoin faucets will offer 20 satoshis per transaction, and at the end of a full day spent on a faucet, you might make less than $5.
Though cryptocurrencies have had a great last year, they are not wholly mainstream and are still new to many people worldwide. The idea behind crypto faucets is to give people free cryptocurrencies to learn about digital assets and hopefully invest in them.
How Can I Earn From A Crypto Faucet?
Although some cryptocurrency faucets have higher rewards, it will take time for the coins to become tangible, a slow and steady mind set is advised. There are a few different ways of increasing your crypto holdings in 2021. You can buy it, trade it, stake it and if you’re an unscrupulous lowlife, you can even steal it through hacks and scams. However, there are safer and perfectly legal ways if you’re out of funds and ideas, as there’s another way to rack up those satoshis: You can earn it.
Does “free crypto” really exist? Theoretically yes.
Crypto faucets provide referral programs to earn coins when inviting people to register on the website or app. These referral programs are an excellent way to make many coins if you have a significant social media presence.
There ain’t no such as a free lunch.” It essentially means that free stuff takes work.
Are Crypto Faucets A Complete Waste of Time?
Cryptocurrency faucets can help you grow your income on the side. However, they are not guaranteed to make you rich. They are not guaranteed to turn you into a billionaire overnight, but they may be a good option for you if you are looking for ways to gather and hold coins.
There is a slight possibility of collecting a coin that may become very significant in years to come. In my personal opinion, crypto faucets should only be done in your spare time.
Warning: Please be aware not all crypto faucets are equal and that I recommend you only interact with trusted websites. Some websites may infect your device (not listed here) with phishing malware, ransomware and spyware. CryptoFaucets.cash does not endorse nor support any of the crypto faucets mentioned in this article, and nothing here should be considered financial advice of any kind.