There are hundreds of so-called Bitcoin “faucets” where you can receive regular satoshis by performing some simple tasks, from clicking on the banners and links to entering a captcha. Once you’ve collected a certain amount of funds on the site, you will be able to withdraw to your own wallet address. crypto.news is constantly engaged in the analysis of these Bitcoin faucets. We check them out and share our findings with you below.
What are Crypto Faucets and How do they Work to Earn Free Bitcoin?
Crypto faucets remain one of the easiest ways of earning free bitcoin (BTC) and altcoins especially if you are a crypto newbie or a risk-averse kind of person. Here we shall be pointing our searchlight into crypto faucets and why you should consider trying some of them out.
Crypto Faucets: In the Beginning
To better understand the concept of and the idea behind crypto faucets, we must first briefly talk about the world’s first cryptocurrency. On January 3, 2009, the Bitcoin network officially went live, with Satoshi Nakamoto, the pseudonymous creator of the project, mining the genesis block (block number 0) which had the reward of 50 BTC.
As with all new systems or innovative technologies, adoption doesn’t grow exponentially overnight and as such, the creators of such platforms must formulate genuine use cases or reward systems to attract users and accelerate growth.
The first cryptocurrency faucet named “The Bitcoin Faucet”, was launched in 2010 by Gavin Andresen, the lead developer at the Bitcoin Foundation who took over the reins of leadership after Satoshi Nakamoto’s mysterious disappearance in mid-2010.
According to the Merriam-Webster English dictionary, a faucet is simply a fixture or device for drawing or regulating the flow of liquid, especially from a pipe. In essence, a faucet’s primary duty is to control the flow of water or liquid, making it fall drop by drop rather than just gushing out from the main supply.
The word cryptocurrency faucet takes its inspiration from the foregoing. A crypto faucet is a reward system usually in the form of a website or software application. These faucets dispense bitcoin and altcoin rewards to users when they carry out various tasks on the platform, including completing captcha, solving simple puzzles, viewing ads, and more.
In the early days, the Bitcoin Faucet gave out five BTC to each user, distributed at various time intervals. However, that amount decreased to Satoshi (one-hundred-millionth of a bitcoin – 0.000000001 BTC) over time, as the value of the world’s flagship digital currency has continued to increase.
Earning with Crypto Faucets
While there are now various legitimate ways of making money in the multi-trillion-dollar cryptocurrency industry, including staking, yield farming, lending, play-to-earn gaming, and more, crypto faucets remain one of the easiest and less-risky paths for newbies to follow to lay their hands on some free bitcoin, ether (ETH), litecoin (LTC), dogecoin (DOGE), and many other crypto assets.
Despite the fact that crypto faucets are free to use, require no initial investment from users, and one does not need to be a blockchain expert to participate, it, however, requires time, dedication, and patience for one to make a decent income from cryptocurrency faucets.
Additionally, it must be noted that crypto faucets are not get-rich-quick schemes, and as such one must be ready to put in the work to accumulate enough coins. Each crypto faucet has a specific threshold that must be reached before the coins can be withdrawn by the user.
Even though using crypto faucets does not require cash commitments from users, there are still scam platforms that create crypto faucets just to manipulate and waste people’s time for their own selfish objectives.
However, there are a good number of crypto faucets that could be worth your while, including Free Cash, and a host of others.