types of crypto faucets

10 Dec 2022

One way to categorize crypto faucets is by the token paid out as a reward. There are bitcoin, Ethereum, BNB faucets, and many more.
For example, when using bitcoin faucets, users can earn rewards denominated in satoshis, the smallest unit of BTC. There are also crypto faucet aggregation websites that offer users multiple options depending on which token they prefer to claim their rewards in.

Crypto faucets are different from airdrops in that the latter follow a predetermined schedule of reward distribution. Airdrops are usually given to those holding a specific token or using a crypto wallet to raise awareness of a particular project. 

Crypto faucets are also different from bounties, which refer to a list of reward-earning tasks published by a blockchain project. Bounties are a way for a blockchain project to ask the public for community assistance and offer one-time crypto rewards for anyone who can complete specific tasks.

What are the risks of crypto faucets? 

You must be extremely careful when using crypto faucets as scams and fraud are common among such offerings. Some websites or apps posing as crypto faucets could infect your computer with malware that can harm your machine and the data stored on it. It’s always a good idea to DYOR and rely on established brands that you trust.

Another potential downside is that the rewards you get could be too small or the tasks too time-consuming to make them worthwhile. In some cases, users reported that a week of active participation in crypto faucets has only led to less than $1 worth of crypto in rewards. Ideally, you should find crypto faucets with a good reputation and that are most likely to generate enough crypto rewards to justify your time and efforts.


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