By Larry Wright
In a nutshell, crypto faucets are basically methods used by a Blockchain to reward you for completing simple tasks. Crypto faucets are named so because the minimal amount of cryptocurrency given as a reward to the player resembles the tiny drops of water coming out from a leaky faucet.
In Blockchain networks like Ethereum, the user has to pay a specific network fee in order to complete any transaction. You can buy the Ethereum cryptocurrency in order to pay a transaction fee on the Ethereum Blockchain. Moreover, Ethereum distribution methods are used by many other platforms to reward players.
In the case of a faucet, the player is given his reward in the form of a cryptocurrency depending on the rules, which are predetermined. Depending on the faucet you are using, you will be paid a fixed amount of cryptocurrency, depending on the tasks you complete.
So, you can literally earn a free cryptocurrency by visiting faucet websites and completing simple tasks like playing games and answering quizzes. In exchange for your work, the website will reward you with cryptocurrency.
The main purpose of crypto faucets is to help more people learn about Cryptocurrency and Blockchain and eventually start investing in them. For example, a person who does not use a bank account or any digital wallet can learn a lot about cryptocurrency if he is given some of it for free.
In this article, we will discuss what crypto faucets actually are, how many types of these are out there, and how you can benefit from them.
Working Mechanism of Crypto Faucets
Earning free cryptocurrency through a Crypto faucet is really easy. You just have to find a real website that rewards you with cryptocurrency in exchange for playing games and other fun stuff.
Once you find a reliable faucet website, you will have to create a digital wallet or an account in any crypto exchange which supports the cryptocurrency you will be earning. You will have to connect your digital wallet with the website in order to transfer your rewards to it. Moreover, the website might provide you with a micro wallet that will be capable of holding small amounts of cryptocurrency. On an eligible website, your micro wallet will be opened as soon as you sign up with the website.
Here are a few benefits to opening a micro wallet with a faucet website.
When you use our micro wallet, your cryptocurrency is not sent to your primary wallet directly.Rather, the micro wallet keeps accumulating all the small transactions until a threshold is reached, and you are eligible for zero transaction fees.
Since the mini wallet is perfectly integrated into the website you are using, there will be no clutter of information on the homepage. You will only be notified about the latest transactions, and you will be able to see your earnings accumulated in a separate tab.
However, a problem with these websites is that they only allow you to withdraw your money once it reaches a certain threshold. Once the threshold is reached, the accumulated cryptocurrency is automatically transferred to your attached cryptocurrency wallet. Moreover, the website might also provide you with an ultimatum about the time you have to withdraw your transaction before the cryptocurrency is claimed back by them. You might also see a substantial increase in the rewards you earn by using a faucet website for a long time.
Different Types of Crypto Faucets
For anyone who wants to use crypto Faucets to earn small amounts of cryptocurrency and accumulate it in the long run, they must learn about the various different types of these faucets. You should keep in mind that these are not the same as bounties and airdrops.
- Bounties are rewards specified by a Blockchain project for the users who point out the error in the Blockchain code.
- Airdrops are designed to reward users who are investing in and holding a specific type of cryptocurrency wallet. These are used to increase awareness about different Blockchain projects.
Different types of crypto faucets differ from each other on the basis of cryptocurrency; they pay out as a reward. For example, a bitcoin faucet will pay out small amounts of bitcoin to its users as a reward for playing games and completing different tasks. There can be multiple faucet websites providing the same cryptocurrency as the reward, and the amount of cryptocurrency paid to you will depend on the type of task you completed.
Let’s take a look at some of the best faucet websites for some of the most popular cryptocurrencies.
ETH Faucets
An Ethereum faucet works just like any other faucet, but please you in the form of Ether. Earning free Ether and accumulating it into your micro wallet is a great way to earn some free crypto on the go.
Here are some of the best ETH faucets out there.
- Dutchy CORP is an ETH faucet that pays its users for completing simple captchas and a few simple games.
- Ethereum-faucet.org used to be another popular faucet platform. They offered free ETH for completing captchas. Users were also allowed to take part in a lottery by contributing with their ETH. They stopped supporting faucet services in 2021.
- Fire Faucet is another popular website that pays you in Ether for completing simple tasks and for browser mining.
- Bestfaucetsites.com is also a faucet platform and pays ETH in the form of a reward. They provide their users with simple tasks to complete.
- Allcoins.pw supports mining and has a few games as well, which you can play to earn crypto in the form of Ether. While they charge a minimal fee to let you play games, you can earn the fee back and make more money by playing them.
So, if you like the idea behind Ethereum and would like to earn small amounts of it by completing simple tasks, you should certainly sign up with the Ethereum faucet website.
BCH Faucets
By signing up with a bitcoin cash faucet, you will be able to earn BCH tokens in small amounts for completing regular tasks provided by the website. Just like we mentioned before, you will have to sign up for a micro wallet as well if you want to receive the small amounts of bitcoin cash you earn directly into it.
Here are some of the most popular bitcoin cash faucets.
- Konstantinova works like any other bitcoin cash faucet, but instead of having its own micro wallet, it sends your BCH tokens to FaucetPay.io. This means that you will have to create another account on FauceyPay.io. So, you can earn up to 0.00000121 BCH after every five minutes. However, this is allowed for only 50 times in one day.
- Faucet Crypto is one of the few faucet platforms which support multiple cryptocurrencies. So, you can complete the given tasks and get the money in the form of BCH or any other supported platform. They allow you to claim the rewards you earn every 40 minutes. The platform also has a few links for you to click if you want to earn free BCH and other cryptocurrencies.
ZCash Faucets
This faucet system works just like any other faucet website and rewards you for completing simple tasks in the form of ZCash.
- Globalhive is one of the most popular ZCash faucets out there. For all the tasks you complete within a specific period of time, you are allowed by the platform to collect your rewards every 20 hours. On average, you earn 0.00003100 ZCash for the tasks you complete. You can withdraw the cryptocurrency you earn directly to your crypto wallet immediately.
- Pipeflare is an easy-going faucet platform, and you only have to do one captcha birthday in order to earn a specific amount of ZCash tokens. You can usually earn 0.0000500 ZCash per task and claim the reward every 24 hours. The platform has no minimum withdrawal limits on the crypto you win.
BTC Faucets
BTC faucets were understandably the first cryptocurrency faucets to have been introduced back in 2010. These faucets were designed to pay up to five bitcoin for very simple tasks. These faucets were introduced to let common people know more about bitcoin and cryptocurrency in general since the industry was still relatively new.
Another reason why bitcoin faucets were introduced was because of the fact that almost no crypto exchanges existed back then. There was literally no way for people to buy bitcoin or any other cryptocurrency. Therefore, Senior developers saw it as an opportunity to give away free bitcoins to people in order to raise awareness about cryptocurrency and to increase the trade volume without asking people to invest their money in something they do not even know.
These days, bitcoin faucets still giveaway rewards, but they are in the form of Satoshis. The type of challenges is usually the same as on other crypto facets. For example, you might be rewarded with a specific amount of Satoshis for completing a captcha or clicking a link. Moreover, the amount of Satoshis you earn for every reward you complete will vary depending on the platform you are on.
The first type of faucet ever created supported Bitcoin. But because of the increasing popularity of these faucets, other crypto coins also joined the party later on.
You can no more about the biggest bitcoin faucet platforms working today on bestfaucetsites.com. Sites like Freebitcoin are the most popular for paying Bitcoin as a reward for completing simple tasks. Although the amount paid for one task is minimal, you can easily accumulate it and withdraw it when your account grows to a reasonable point. You’re allowed to withdraw the earnings instantly.
LTC Faucets
Litecoin faucets work just like other Cryptocurrency faucets but pay you in the form of LTC instead of other cryptos. The tasks you’ll have to complete might slightly vary depending on the platform you’re signed onto.
Here are some of the best LTC faucet platforms.
- Fire is one of the most well-known LTC faucet platforms. You’ll have to make an account on Coinpot.co as well in order to receive the LTC you earn on the Fire faucet. After you have reached the minimum threshold of Litecoin, you are allowed to withdraw the cryptocurrency to your digital wallet.
- Moon Litecoin he’s just another Litecoin faucet that pays you in Litecoin for completing certain tasks. The platform also sports some other cryptocurrencies to provide you with additional options when withdrawing your money.
There might be other crypto faucets available out there, and many others are in the making. So, depending on your choice of cryptocurrency, you should create a Crypto faucet account and start earning cryptocurrency today.
Benefits of Crypto Faucets
To complete your understanding of crypto faucets, let’s discuss the benefits and drawbacks of these platforms.
Earning Free Cryptocurrency
As we have already mentioned before, cryptocurrency faucets allow you to earn free cryptocurrency in exchange for completing simple tasks. All you need to do in order to earn free tokens is complete simple tasks.
While other things, like trading and investing in cryptocurrency, might provide you with huge profits, they include taking a significant risk and going through a tough process in order to earn profit. On the other hand, Crypto faucets allow you to earn cryptocurrency without going through any risks. You just have to dedicate your time and effort to the platform.
Learning More About Crypto
The main purpose of crypto faucets was to make people aware of the purpose of cryptocurrency. With the help of free cryptocurrency, you can start in this domain easily. With the earned amount of cryptocurrency, you can practice different features on cryptocurrency exchanges without taking any financial risks by yourself.
Repetitive Earning
The number of times you can earn from the same faucet by completing simple tasks is usually unlimited. Complete more tasks, and you’ll be able to earn more cryptocurrency without any restrictions.
Drawbacks of Crypto Faucets
Same Tasks Every Time
The tasks you will get on the platform will be repetitive after you have completed a certain amount of them. So, if you do not like repetitive work, this might not be a suitable side hustle for you. However, if you like repetitive tasks, because they are easy, it might be the best thing to do in your free time.
Some Faucets are Scam
While crypto facets are certainly good platforms to earn some free cryptocurrency from, there are some platforms that are completely fraudulent and do not pay you even a single penny after making you complete all the tasks. Some faucets might use a fishy excuse to ban your account after you’ve reached the withdrawal threshold. Moreover, if the website makes you download something, it might even hack your computer and make you pay ransom to give your files back.
Therefore, before signing up for any faucet website, you should do your due diligence. For example, you should check out their reviews and join their online community to see what is going on. You should also remain cautious when believing in relives since they can also be bought.
Waste of Time in Some Cases
Some crypto faucets pay a minimal amount of crypto in exchange for a lot of work. That’s why, in some cases, the small reward doesn’t justify your efforts and hard work. So, if the faucet is paying you a small amount, it might just be a waste of time.
Conclusion
The first crypto faucet was developed in 2010, and it supported bitcoin. The main purpose of that faucet was to increase public awareness about bitcoin in particular and about cryptocurrency in general. However, platforms like these kept increasing in popularity and numbers.
Today, there are dozens of crypto faucets all over the Internet, which allow you to earn small amounts of cryptocurrency as a reward for completing specific tasks. You can accumulate the small rewards into a considerable amount of cryptocurrency before withdrawing it to your crypto wallet and converting it to fiat money.
However, you should always be cautious when choosing a faucet platform since some of them are complete frauds. They will make you watch ads and complete all the tasks before finding an excuse to close your account just before you try to withdraw your cryptocurrency. Also, if the platform you are using pays you a minimal amount of cryptocurrency for all the effort you put into their tasks, you should avoid using that platform as it is only there to waste your time.
If you want to earn full rewards of cryptocurrency, you should invest some money in your favorite cryptocurrency and try other things like trading and lending. While these methods include varying amounts of risk, it is the only way you can adapt them to take full advantage of your efforts in the crypto field.
So, log into a faucet platform today to earn crypto for simple tasks. But you should only do it to learn more about cryptocurrency and not as your side hustle.