What are crypto faucets?

What is a Crypto Faucet?

Crypto Faucets can include apps, websites, or programs where a small number of digital tokens are offered in return for carrying out elementary tasks. So as the term has Crypto in it, you must be wondering how it is related to the much talked about cryptocurrency when it is just any other app or website. 

So with regards to Gen Z, who loves to live a fast-paced life and wants everything in the easiest way possible, the crypto faucet is just what you are looking for! One can earn cryptocurrencies through these applications by doing simple things like watching advertisements and videos, solving puzzles, playing games, etc. Sounds interesting, right? They might not sound tempting to such users who want to make it big as the returns involved are comparatively less, but it is an enjoyable way of making money.

So for readers who might have an interest in knowing about the history of Crypto Faucets, here is a brief introduction to its developer and his motivation behind developing it. The first crypto faucet was created by a Bitcoin Developer, Gavin Andresen, to spread awareness about Bitcoin. It was launched in 2010 for the first time. This was done to capture the attention of more people to invest in Bitcoins, a new digital token launched on January 3, 2009. With time, creating crypto faucets became the norm for reaching a wider audience for every new cryptocurrency introduced.

What are some of the famous crypto faucets?

Every Crypto Faucet has a different working platform and tasks to be completed to earn rewards. Let’s have a look at a few famous crypto faucets:

Freebitcoin

In freebitcoin, you must solve a captcha every hour and click the roll button to earn bitcoins in return. The amount you make depends on the number you roll. For example, if you can roll 10,000 (the probability for which is very low), you will be able to earn $200 in Bitcoin.

Cointiply

This faucet currently gives the highest returns and offers four unique withdrawal methods: Dogecoin, Litecoin, Dash, and Bitcoin. There is no additional fee charged for playing. It is similar to Freebitcoin except that it offers 1,00,000 coins.

Faucetcrypto

It has an RPG (Role-playing game) design in which you solve captchas, surveys, etc., to earn EXP. For the layman, EXP in cryptocurrency is known as Expanse, similar to the well-known Ethereum blockchain.

Freecash

Using this site, one can earn game skins, free crypto, and gift cards. This website hosts various events and contests, allowing you to win great prizes. Several surveys are also conducted on this platform utilizing which one can earn gift cards and free crypto.

Satoshi Hero

This site can be considered a bitcoin casino. A free spin feature is available that can be refreshed every half an hour. You can earn rewards by spinning the wheel. This site charges 10% fees on withdrawal. 

How does a crypto faucet work?

For a newbie to get started with using the crypto faucets, the following steps can be followed:

1. Register with a good faucet. You must fill in basic details and enter your crypto wallet address for registration. 
2. Start with working on the tasks. The rewards vary depending on the difficulty level of the tasks.
3. One can withdraw the rewards earned once the minimum threshold limit is reached.

What are the risks involved with crypto faucets?

As is the case with every discovery, crypto faucets, too, have some risks. Some crypto faucets back off from paying their users even after they complete the given set of tasks. This is a clear case of fraud. Some sites may block access once the payment threshold is reached, leaving users unpaid. 

Cases of cybercrime also occur wherein people try to prey on users who want to earn rewards from crypto faucets, and such cybercriminals use these occasions to infect computers with malware and other similar cyber attacks. Therefore, to save yourself from such frauds, one must conduct careful research before registering with a particular faucet.