What are crypto faucets ? , Did you know that in 2010, you could get 5 BTC for free? As considerable as we might not accept it, it’s true! Gavin Andresen, formerly known as the face of BTC, launched the first crypto faucet in June 2010, offering users 5 BTC on a first-come, first-served basis. A crypto faucet is an application or a website that rewards you with cryptocurrency in return for achieving relatively straightforward, non-labor-intensive tasks, such as viewing ads, completing surveys, or completing a captcha. In this blog, we will discuss crypto faucets, their relevancy in today’s world, and the various types of crypto faucets known today.
What Is a Crypto Faucet?
A crypto faucet awards you with crypto for achieving simple tasks. The bonus mechanism is like a “leaking faucet,” dripping crypto after every prosperous task completion. Does this sound like “free crypto”? Well, yes! The only input you need to get free crypto from a crypto faucet is your time to achieve different tasks. However, don’t keep your expectations high, as the rewards incurred are far smaller than you might expect.
You only earn a few cents every hour, and even with the most fabulous paying crypto faucets, you can make only 30 cents an hour — if you’re lucky. Just as a leaking faucet drips subsequent water drops, a crypto faucet drips tiny amounts of crypto. In a standard Bitcoin faucet, the rewards get disbursed in satoshis, the smallest bitcoin unit, equal to 1/100 millionth of a bitcoin.
Crypto faucets are not widely assumed due to the lower payouts and shady techniques many faucet websites use to make money. The entire purpose of a crypto faucet is to circulate awareness among people by distributing “free cryptos.” However, it has since transformed into a new business model to yield profits from all kinds of arbitrage.
History of Crypto Faucets
Crypto faucets aren’t a recent phenomenon. Instead, they are one of the earlier applications in the crypto space, tracing back to 2010 when there was only one cryptocurrency: Bitcoin. At that time, very few individuals knew about Bitcoin, considering it a functional currency. Gavin Andresen, a famous cypherpunk and Bitcoin core designer, launched the first crypto faucet in June 2010. It was a Bitcoin faucet whose direct purpose was to spread awareness about Bitcoin. Many online casino reviews say that most casinos accept cryptocurrency as payment options. Another reason for creating this faucet was that there was no Bitcoin exchange then — so this faucet made it easy to acquire bitcoins.
How To Earn Free Crypto Faucets?
As discussed, crypto faucets are primarily driven by the set of tasks that need to be performed by the user to earn crypto rewards. So faucets put up the following types of activities
- Clicking on Ads
- Completing Captcha
- Completing tutorials and attempting quizzes
- Watching Video
Websites or mobile applications operating crypto faucets generally configure the threshold of the crypto to be allocated to the faucets pool. They set the lowest payment threshold before the user can claim the collected rewards. Also, they developed a timelock for users to claim those bonuses. Every participant must sign up with the crypto faucet by providing their basic info and the wallet address where they will acquire the rewards. Then, they will see the list of tasks mentioned above that they need to complete. Once they complete those tasks, they keep earning the rewards, which are transferred to the micro wallet.
Best Online Crypto Faucets
Back in the day, crypto-specific faucets were paying rewards in only a single cryptocurrency. The first was a Bitcoin faucet, paying only BTC to users who claimed them by solving a captcha. Today, crypto faucets have grown to support reward payouts in multiple cryptocurrencies. In addition, you can choose to withdraw your rewards in any of the cryptocurrencies backed on the faucet’s platform. Here is a list of famous crypto faucets that are still in the game:
Cointiply is a crypto faucet launched in 2018 and allows users to earn bonuses for doing various actions, including filling out surveys, watching videos, and clicking advertisements. It is one of the most well-known Bitcoin faucets. It has paid over $1.2 million worth of BTC to date, with over 1.7 million users using the forum. Cointiply’s initial focus is on surveys and video ads. It pays an average of 200 Satoshi per activity with a 60-minute timer. In addition, you may receive rewards in Bitcoin (BTC) and Dogecoin (DOGE), and you can earn more by playing with others. By referring to friends, you may also earn extra rewards. There’s also a 5% reward rate if you keep your bitcoin in your wallet on the website after you’ve received it.
- Allows you to gain interest in your crypto holdings
- Allows you to earn free crypto rewards in two tokens (Bitcoin and Dogecoin)
- Earn crypto by doing simple tasks
- A referral program that can multiply your profits
Faucet Crypto is a powerful contender in the space, offering 20 other altcoins. They have more than 1.9 million registered individuals on the platform. Their primary focus is on PTC advertisements, offers, and surveys. You earn coins every 25 minutes by viewing videos, taking surveys, or clicking the claim button. You can also level up to enhance your gains, and you’ll receive a 20% commission on all lifetime earnings that anyone you refer makes. In addition, users can send their coins to a personal crypto wallet and receive payments directly from the blockchain. Faucetcrypto has around 1.5 million registered users and over 4 million withdrawals to its credit. You can read the Faucetcrypto review for more information on this fantastic bitcoin faucet.
- Allows you to earn crypto easily
- Wide variety of cryptocurrencies to earn
- Includes a level-up system that can increase your earnings
- Generous referral program
FreeBitcoin is a crypto faucet that lets you play a random digit drawing game to earn Bitcoin every hour. It’s simple to begin, and hourly prizes can reach $200. Before you can start drawing, you’ll need to set up a Bitcoin wallet so that you have somewhere to send your profits. For any new members you refer, the site offers a 50% commission on the winnings your friends make for life. In addition, their Hi-Lo service offers top prizes of up to a whole Bitcoin and additional cash incentives (in addition to the $10,000) for participants who win. With over 42 million recorded users, FreeBitcoin has distributed over $230,000 worth of BTC. Its primary emphasis is on different games, betting, and wagering contests. In addition, they have a variety of wagering games with greater rewards, such as a Lamborghini. Read our Freebitcoin review to know more about this faucet.
- Rewards you with free Bitcoin every hour
- Allows you to earn interest in your crypto
- Generous referral program
- Free weekly lottery
- Wagering contests
The idea of crypto faucets started with the mission to spread understanding about cryptocurrencies. Now, they have evolved into refined platforms with novel business models. Unfortunately, Crypto faucets haven’t received the attention needed for mainstream adoption and still need to pass the time test. However, if you have some excess time and want to earn free crypto, hop over to one of your favorite crypto faucet platforms to make pocket changes. Crypto faucets are a delightful, easy way to achieve a small amount of Bitcoin without putting in much effort. The problem with crypto faucets is that you make far less than $1 per hour, which means they aren’t worth your time.