A Simple Guide to Cryptocurrency Faucets: You might have come across stories on early adopters landing up free Bitcoins or other cryptocurrencies through something called a ‘cryptocurrency faucet’.
In its early days, cryptocurrency faucets were used quite extensively where users could earn cryptocurrencies via completing simple and manual tasks.
With increasing popularity, crypto enthusiasts hunted down some of the most popular cryptocurrency faucets that drained out maximum coins to their wallets.
What exactly is a Cryptocurrency faucet?
To put it very simply, a cryptocurrency faucet is a website that hands out minimal amounts of coins in the form of rewards upon completion of simple tasks.
The tasks could range from completing captcha to clicking links to viewing ads, etc.
But, ever wondered why/how it is termed as a ‘faucet’. Well, for that, imagine a leaking faucet dripping out water. You might have definitely come across leaky faucets somewhere in your life.
This concept of leaky ‘faucets’ applies to the world of cryptocurrencies too, instead it leaks out tiny amounts of coins.
To put it simply, a bitcoin faucet will hand out satoshis instead of one whole Bitcoin.
The number of cryptocurrency is paid minimum, almost not noticeable, however it adds up with time.
However, most of the crypto faucets have a minimum payment threshold.
Users earn cryptocurrencies on their wallets on the faucet sites. The free coins can then be withdrawn to the user’s wallet once a minimum threshold is reached.
In some cases, this might take a few days, but often it can take a week or longer to meet the minimum payout.
What is the purpose of a cryptocurrency faucet?
Cryptocurrency is still a very new concept for many people globally and could prove to be a complicating process for some from selecting a wallet to handling one’s portfolio.
Bitcoin faucets were the first of cryptocurrency faucets, that were created for spreading awareness so that people could learn on what exactly is Bitcoin, how it works, and hopefully invest furthermore into it.
The launch of Bitcoin faucets in this way proved to be quite a safe way to access Bitcoins into the general people.
Later on, as Bitcoin faucets started gaining attraction, other cryptocurrencies too followed the same suit.
Besides, dripping out free coins, it also served as an educational portal on the free/newer cryptocurrency that was being handed out.
In this way, crypto faucets proved to be a simplistic way for users to earn cryptocurrencies minus the risks associated with it.
Newbies are interested in faucets mostly due to their curiosity to learn in the industry as well as the possibilities of earning something free.
It is also one of the easiest and risk-free ways to get started with crypto without spending your own money on investments.
There seems to be no denial of the fact that newer cryptocurrency faucets keep popping up.
If you are interested in earning free cryptocurrencies, try out reputable cryptocurrency faucets. Be sure to set up a cryptocurrency wallet to start with proper security functions.
Just don’t expect to get rich overnight, unless there is a dramatic increase in the prices of cryptocurrencies. Meanwhile, when looking for high paying faucets, one needs to remind themselves that there are also scams looking to steal coins.
The whole process is mostly safe as you don’t need to give up on your private keys. However, you might also come across faucets that never pays out. One should always look for reputable and trustworthy sites.
Having said that, it is actually one of the best ways to learn about cryptocurrencies practically. If you want to get the hang of the whole cryptocurrency concept, then faucets are perfect for you.
For your reference, listing below the most popular faucets.