Understanding Crypto Faucets: Free Cryptocurrency for Simple Tasks
crypto faucet is an app or a website that distributes small amounts of cryptocurrencies as a reward for completing easy tasks. They’re given the name “faucets'' because the rewards are small, just like small drops of water dripping from a leaky faucet. However, in the case of crypto faucets, tiny amounts of free or earned cryptocurrency are sent to a user’s wallet. In order to get free crypto, users need to complete tasks as simple as viewing ads, watching product videos, completing quizzes, clicking links (be careful!) or completing a captcha.
Crypto faucets are certainly not a get rich quick scheme. The simpler 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. A user can withdraw this reward only after reaching the minimum set threshold. With the best crypto faucets, this might take just a day, but often, it can take longer than a week.
But, what is the purpose of a crypto faucet?
Though cryptocurrencies have had a great last year, they are yet not completely mainstream and are still new to many people around the world. The idea behind crypto faucets is to give free cryptocurrencies to people so they would take the time to learn about digital assets and hopefully invest in them.
How Does A Cryptocurrency Faucet work?
The operation of a crypto faucet is mainly based on finishing simple tasks as well as participating in established activities. The faucet website can fix the rewards and can set a timelock for users to claim the rewards.
Usually, users need to register on a crypto faucet by entering their details along with the wallet address. After solving a task on the website, the reward earned goes to a micro wallet — a wallet similar to traditional wallets, but one which is capable of collecting small amounts of crypto assets. For most crypto faucets, micro wallets are automatically created upon signing up.
As soon as these micro wallets are filled, the rewards are automatically sent out to the main wallet of the users.
Best Bitcoin Faucet
Introduced by senior Bitcoin developer Gavin Andresen in 2010, Bitcoin faucets were developed to give a reward of five Bitcoins (!) for completing simple tasks. The purpose was to spread awareness about Bitcoin because the concept of cryptocurrency was very new.
Another reason to start a free Bitcoin faucet was the limited availability of exchanges in the earlier days of cryptos — there were simply no exchanges, so buying Bitcoin was difficult. Giving out free Bitcoins to people was a great incentive to get people interested in Bitcoin and drive its adoption, without having to risk any capital.
A Bitcoin faucet can be defined as a reward system from which small amounts of Bitcoin can be rewarded, known as Satoshi, the one-millionth unit of 1 Bitcoin (0.00000001 BTC). The reward system offers you Satoshis in exchange for solving captchas, clicking links or other simple tasks. The number of free Bitcoin a faucet can offer you vary — some sites have great rates, while others don’t.
Bitcoin was introduced as the first coin faucet, and it got so popular that other digital assets jumped onto the bandwagon.
Some of the best and biggest Bitcoin faucet sites can be found on bestfaucetsites.com, with the most popular being Freebitcoin, Cointiply and Firefaucet. Users can earn BTC through solving reCaptcha, SolveMedia, playing games or mining. Minimum withdrawal range from 0.0002 BTC to 0.002 BTC. Most of these Bitcoin faucets have instant, direct payout.
Best Ethereum Faucet
An Ethereum faucet works like a Bitcoin faucet, but instead of Satoshis, it rewards users with Ether for completing different tasks. It is a great way to earn free Ethereum tokens by contributing to advertising and data mining. A few Ethereum faucet options are:
Ethereum-faucet.org offers ETH tokens for solving captchas. Additionally, the website allows you to participate in its lottery with a contribution. (Updated: Ethereum-faucet.org does not offer faucet services as of August 2021)
Bestfaucetsites.com offers a comprehensive list of the best Ethereum faucets where users can earn ETH by solving reCaptcha, SolveMedia, playing games or mining.
Allcoins.pw is a crypto faucet that offers miner and auto-faucet features along with a few games. The faucet is free to earn Ether, but you need to pay for playing the games.
Fire Faucet offers multiple ways to earn ETH tokens, including browser mining and completing captchas.
Dutchy CORP is another free Ethereum faucet website that allows you to earn rewards by solving captchas and playing games.
In CoinMarketCap’s Earn program, you can also earn some of the hottest DeFi tokens, such as 1Inch, Kava and Band Protocol! Conclusion
As you can see with our thorough breakdown of crypto faucets, beggars can be choosers when it comes to earning crypto. If you’re a newcomer to crypto, these free tools to earn digital assets are a fantastic resource. Learn, earn, collect and HODL. First assignment: Calculate how much the aforementioned 5 BTC given to the first Bitcoin faucet users as rewards are worth today. Yes, that much!
