What Are Crypto Faucets? Simple Explanation
Crypto faucets are platforms or applications that give away small amounts of cryptocurrency in exchange for completing quick, simple tasks. These can include solving a captcha, clicking a link, or watching an ad. Gavin Andresen, a lead developer for Bitcoin, created the first faucet. The concept was and still is to introduce newcomers to the world of crypto while simultaneously rewarding them with free coins.
The faucet model is primarily based on ad revenue. Faucet owners place ads on their websites or embed them in their apps to generate income. A small portion goes to users, while owners keep the majority to cover running costs and the site or application’s profitability. The model, however, depends on ad revenue being sufficient to support user payouts.
How To Earn Small Crypto Rewards With Minimal Effort
Faucets can be a great way for crypto enthusiasts, especially newcomers, to get their hands on some free crypto. Faucets entered the market right at the onset of Bitcoin. Gavin Andresen created the first Bitcoin faucet in June 2010. The faucet gave away a whopping 5BTC to each user. It is, however, important to note that Bitcoin was worth very little at that stage.
Times have, of course, changed, and faucet users need to realize that they are not going to become rich by utilizing these free platforms. You will, however, be able to freely stack up some extra sats, which may become rather meaningful in the time to come. In the short term, it is not a good use of one’s time. However, over the longer term, the story can change quite significantly.
A good example of this is Doge, as there has always been quite a significant amount of Doge faucets online. In 2018 and 2019, it was relatively easy to earn at least 50 Doge per day using CoinPot and Cointiply. In this particular case, faucets can prove to be a very viable opportunity. However, it’s not always the case, and one needs to know which assets to HODL and which to sell for cash or another digital asset.
Big Payday For Doge Faucet Users
Although your earnings are shown as BTC in your Cointiply account, you can actually also withdraw in Doge, Dash, and LTC, if you so choose. Start doing the math, and you will realize how much your coins would be worth if you had HODLed them. Looking at Doge’s recent peak price, 50 Doge would be worth $38! The current price implies a value of approximately $10 for 50 Doge. Whichever valuation you consider, it is still a very good reward for using only two faucets!
Average monthly earnings at an all-time high price for 50 Doge per day – $1140
Average monthly earnings at current price for 50 Doge per day – $300
Why Some Crypto OGs Are Still Caught Up In Tradition
For guys like me, we were introduced to the crypto world via faucets many years ago, and it is almost like a tradition to complete your daily faucets. There are, however, ways that I choose to complete faucet claims that are not time-consuming.
Firstly, if I am writing or working online at my desk, I have multiple devices available to me. I can work and claim simultaneously without setting aside time exclusively for claiming. This is important because it allows me to accumulate without having to set aside additional time to claim. Multitasking always creates efficiency!
Claiming in bed at night before I go to sleep is also another efficient approach. As discussed in a previous article, getting stuck in a queue or waiting for an appointment is also a great opportunity to grab some free crypto. Life is full of small opportunities that, if wasted, can be used to earn some crypto. Isn’t it a better option to earn additional crypto than to mindlessly scroll through social media while you patiently wait in a queue?
A More Comprehensive List Of Faucets Worth Watching
I have previously mentioned some of the earning sites and apps I have on my phone for when the day throws me idle time. However, I also have some on my tablets and laptop that I can hammer away at when at my desk, or at other opportune times. I tend to use the more proven, time-tested sites, along with a few newer options. Some pay much more than others, while Cointiply, if used efficiently, is by far the best opportunity.
CoinPayU is another site with multiple earning opportunities, similar to Cointiply. The platform also has a very low withdrawal threshold, which is always great! CoinPayU has since become much more viable than Cointiply, especially for short surveys. Slice is another great option, but it is not a faucet; it is a browser extension that lets users earn free Bitcoin while browsing.
Solid Favorites
- EarnBitMoon
- Fire Faucet
- Vie Faucet
- AdBTC
- Bitcoin Aliens – Free Litecoin
- CoinPayU
- Faucet Crypto
- BetFury
Newer Crypto Faucet Options That Still Deserve Attention
This article is by no means an endorsement of any of the services mentioned. Neither is it intended to be considered investment advice. These are just some of the services I use daily to stack up extra sats. In most cases, there isn’t much to lose. The rewards are earned freely, so no capital investment is required to access these services.
For some, it is worth it; for others, it is not. Also, how you incorporate faucets into your schedule makes a huge difference in their effectiveness. Having a handful of referrals will also help to bolster earnings.
Final Thoughts
As long as you find smart and effective ways to utilize faucets, they can be a nice little addition to your portfolio. This is especially the case if rewards are swapped for up-and-coming micro-caps. Remember, a good micro-cap can 100X without much effort. The important thing is not to become obsessed with faucets to the point that you spend copious amounts of time on them, because then they would be a waste of your time. All the best! See you next time!
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