Blockchain

Crypto Faucets Overview – How Do They Work

What are crypto faucets?

A crypto faucet is an application or website that rewards users for doing basic activities in return for small amounts of cryptocurrencies. Faucets got their name because the rewards are extremely little, like drops of water trickling from a faucet, which is how it looks when you use it. It is a method of obtaining free coins through the use of the internet. Of course, nothing is truly free, and faucet users must engage in some form of activity to benefit from it.

Taking a step back to consider that some people have utilized Bitcoin faucets to perpetrate fraud in the past is critical before learning more about cryptocurrency faucets. Some cryptocurrency faucet websites may infect a user’s system with malware, or spyware, which is something to be aware of. Users opt to participate in crypto faucets at their own risk.

How do faucets work?

Faucets are frequently equipped with a web-based wallet that saves funds for customers up to a predetermined limit. The majority of faucets are not hard to use. The process of getting coins may be as easy as inputting your coin wallet’s public key address, clicking a few buttons, and receiving the funds. 

In general, the greater the difficulty of the tasks involved, the greater the benefits. Keep in mind that some are safe and legal. Still, they only provide minimal incentives, making it unlikely that users would become wealthy due to their participation.

The history of crypto faucets

During the first few years following the birth of Bitcoin in 2009, virtually no one had heard of the concept of virtual money. People who owned bitcoins could not do anything with their assets since businesses could not accept bitcoin as payment. There were no options for trading because the cryptocurrency exchanges that exist now did not exist at the time. The founder of Bitcoin, Gavin Andresen, believed in the future of cryptocurrency and devised a way for more people to learn about crypto.

To entice people to complete captchas, he provided free bitcoins in exchange. In 2010, the first Bitcoin faucet got launched, rewarding users with five bitcoins for doing the primary task of clicking on images. During this period, one Bitcoin valued less than a cent on the dollar. 5 Bitcoins are currently worth around $300,000. As cryptocurrency and faucets grew in popularity, the rewards got reduced to the smallest denominations possible. Crypto faucets have become an inextricable part of the history of cryptocurrencies.

What kind of cryptocurrencies offer crypto faucets

Crypto faucets are a simple method to get started with cryptocurrencies, and they are widely available. No more expenditure is necessary beyond obtaining a cryptocurrency wallet and completing the job related to the faucet in question.

The most significant advantage of crypto faucets may be the availability of free cryptocurrency. There aren’t many other options for getting your hands on free crypto. Additionally, crypto airdrops result in consumers obtaining free cryptocurrencies; however, they are often delivered to a restricted group of users who meet specific qualifying conditions. 

Here are some crypto coins you can get and the sites that offer faucets.

Bitcoin Faucets:

Fire Faucet: According to an estimate they have paid 498,000$ to their registered users. The number of registered users is more than half a million. Right this time Fire faucet is supporting more than 9 cryptocurrencies.

Cointiply: It has more than 1.5 million registered users and it is one of the best platforms to earn free cryptocurrency. This faucet mainly gives bitcoins for viewing video ads and surveys.

Free Bitcoin: This is one of the oldest and most popular faucet platforms being used by the masses to earn cryptocurrency and has over 42 million registered users.

Litecoin Faucets:

Free Litecoin: With more than 1.5 million registered users it comes in the list of primary Litecoin faucets. Till now it has distributed about nine thousand dollars to its registered users.

Free LTC: They have distributed more than 8,000 dollars to their 123,500 registered users. 

Ethereum Faucets:

Free Ethereum: This is a popular ethereum faucet with over one million registered users.

ES faucets:  The number of their registered users is about 270,000. They focus on video ads and fifteen types of cryptocurrencies are being supported by ES Faucets. 

Conclusion

Virtually all crypto faucets are lucrative if they are handled correctly and with care. It is perhaps the most straightforward and least expensive method of earning free cryptocurrencies online. Using a crypto faucet regularly has the potential to make a user earn a good amount of cryptocurrencies very quickly. 

The hazards associated with utilizing crypto faucets are pretty minimal. Alternatively, the user will only lose the money they have earned but not yet withdrawn in the worst-case situation. Certain scam websites pose as faucets and seek payments under the pretense of a withdrawal fee, so beware of scams.

Priya S

Priya is a digital marketing and PR expert with more than 10 years of experience. She loves to write on Digital Marketing, AI, Security, Technology, Big Data, Crypto, Blockchain and more. Need Guest Posts on High Quality Sites, send me a mail.

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