People familiar with the crypto industry know that the cryptocurrency popularity growth has led to the emergence of new cryptocurrency products. One of them is the so-called Bitcoin faucet. It is a reward system that gives out small amounts of Bitcoin, also known as Satoshi, to complete trivial tasks over the web.
In this article, let’s take a look at some of the best coin faucet options and try to determine why a faucet owner gives free crypto coin.
What is a Crypto Faucet?
The best way to describe a Bitcoin faucet is by calling it a system of reward. It is essentially a method for one to earn Bitcoin while completing tasks that the faucet site determines.
Think of a Bitcoin faucet as a leaking tap. While the leaking faucet might leak water, a BTC faucet leaks crumbs of the leading crypto asset. In essence, it leaks very small or even smaller quantities of BTC. The rewards are inconsequential at first, but it can accumulate to be something substantial if the process continues.
A Bitcoin faucet website or platform pays visitors and guests for accomplishing certain tasks. It pays in Satoshi (i.e., the smallest unit of a bitcoin, equivalent to 100 millionth of a bitcoin). The money earned is free, but you’re spending time earning it. Therefore, a Bitcoin faucet platform allows people to earn the crypto asset, although in a very minute amount that later can be redeemed in a single instant payout in the form of a Bitcoin transaction.
History of BTC Faucets
The first free Bitcoin faucet was established in 2010 by Gavin Andresen. The only thing that “The Bitcoin Faucet” visitors had to do was to complete a simple captcha. In return, they were rewarded with 5 BTC in their crypto wallet. At the time, Bitcoin was still worth almost nothing, and a total of 19,700 free BTC were distributed.
When considering today’s price of a single BTC, this can be the highest paying faucet ever created. Over time, other similar cryptocurrency faucet sites were created that offered Ethereum faucet, Litecoinm faucet among others. However, they offer only a fraction of the free coin that the original faucet did due to crypto currency price increases over time.
How to earn on Bitcoin faucets?
Users earn on Bitcoin faucets in their micro wallet by finishing tasks. The tasks can be in various forms, such as pop-ups, ads, surveys, and likes. They usually have limits on withdrawal amounts, offer referral commissions and more. Thus, the platform gives immediate BTC in exchange for users’ efforts.
As Bitcoin became popular and the millionth BTC was produced, the Bitcoin faucet list kept increasing. The increasing value of Bitcoin also meant lower bonus Bitcoin for task completion. The search for the highest paying Bitcoin faucet became common, as there were thousands of users who were eager to make a faucet claim as soon as it was available.
How do owners make money from BTC faucets?
Given the prevalence of Bitcoin faucets, it is a good question what Bitcoin faucet owners stand to gain. After all, no Bitcoin miner or holder wants to part with their hard-earned cryptocurrency, no matter how small the amount is.
The truth is that owning a Bitcoin faucet is more of a business than charity. You earn free, but in return, generate clicks and traffic for related websites such as a brand new crypto exchange, Bitcoin ATM, Bitcoin slots, or Bitcoin casino.
The original Bitcoin faucet was created for awareness and education. But today, most coin faucets have an external income model. This usually comes in the form of third-party ads selling products and services.
The external income model shares similarities with the affiliate marketing business model. Through it, Bitcoin faucet owners can make profits from running the platform or cover the costs of running it at least.
What are the highest paying Bitcoin faucets?
The search for the best crypto faucet is always popular among newcomers into the cryptocurrency ecosystem as every user is looking for a way to earn more. Over time feature sites called faucet rotators were developed. They calculate several Bitcoin faucet instant rewards for completing tasks and offer you to start with the highest paying faucets automatically. Such faucet aggregators are also called Coinpot faucets.
Therefore, let’s examine some of the best Bitcoin faucet crypto sites. Some of them also offer Litecoin faucet, among others, as an extra.
Bitcoin Alien is one of the best bitcoin faucets. Users earn Satoshis usually through the games and other fun activities through their mobile device as the faucet app is readily available to them. Users can do their daily rotation from anywhere. All they need is a mobile phone with an internet connection and a Bitcoin wallet.
It gives us up to 4000 Satoshis for each task completion. This is quite a good reward that can accumulate into something significant over time. Thus, Bitcoin Aliens is worth considering for daily rotation. Additionally, they offer a Bitcoin Cash and Litecoin faucet. Overall a great way to earn some bonus Bitcoin, Litecoin or Bitcoin Cash.
This is one of the highest paying platforms offering as much as 100 000 faucet BTC coins per spin. It has a 25% referral commission for inviting a friend, and users will also get a loyalty bonus. Minimum withdrawal to your Bitcoin address also applies here.
In the world of Bitcoin faucets, this is arguably the most well-known name. It is considered the most used platform because of its many unique features that draw users to it.
First, it is a special Bitcoin faucet that has good rewards and offers interest for the balance of users. Beyond that, FreeBitcoin also provides faucet users with several opportunities to increase their Bitcoin balance. Such opportunities include gambling games, lotteries, reward points, etc., on FreeBitcoin; users can find something suitable for them based on their interests.
Another feature is gambling games which are good opportunities for you to increase your balance in multiples. But there is also the risk of losing all your balance. For users who don’t fancy gambling, the platform has hi-lo games and regular lotteries. The hi-lo games provide you with the chance to make as much as 1 BTC.
Are Bitcoin faucets worth it?
Given the very low returns of most BTC faucets and the efforts and time that goes into using them, it doesn’t appear to be worth the effort.
Years ago, when these faucet website platforms were first created, there were platforms that gave up to one BTC per task. Those who took advantage of it then are the real beneficiaries who are likely to be rich from it now unless they sold their gain on a cryptocurrency exchange right away.
Today, it is not entirely pointless to use the coin’s faucets. In fact, it is a matter of time and referrals to determine if you will make serious money off it. A user can create referral links, share with friends, and get rewards from everyone that uses it. Similarly how crypto exchange referrals get some of the crypto trading fees as their reward.
Also, if a user consistently earns small amounts of free Bitcoin from using the highest paying crypto faucet platforms, it might be worth something in the end. With the astronomical rise in bitcoin’s price in recent years and the wide institutional adoption, these Satoshis could be worth a lot more someday.
Bitcoin faucets also offer a risk-free avenue into cryptocurrency. Using crypto faucet practically only takes your time which means bitcoin faucets give you a shot at owning the digital gold without spending money in contrast to capital-intensive activities like Bitcoin mining.
Do BTC faucets work?
When using these platforms, all you usually need is to input your bitcoin wallet address, and you are good to go. However, you may find faucets asking for your email address. Such types of crypto faucet sites should be avoided unless there is a good reason why they would need it.
Since there is no need for your email for anyone to send you bonus Bitcoin, submitting them to a faucet may expose you to spam, phishing, viruses, and other malicious activities. Some ads you will find on some of these platforms may also contain malicious files. These are the risks you have to consider.
With the rise in Bitcoin prices and growing interest, more people are looking for how to make money on crypto and bitcoin seems like the perfect way. This is undoubtedly due to the different stories people see on the internet of how others went from rags to riches in a day due to bitcoin.
More faucets are being created daily, some offering other cryptocurrencies such as Bitcoin Cash or Litecoin as a way to distribute free coin. This is not an altogether bad thing for users because faucet owners now need to develop new approaches and create attractive offers to retain users. The problem with this variety is that it leaves the user confused and makes it difficult to find the best platform.
People planning to use the platforms must understand that these stories do not represent realities. While there are now more Bitcoin faucet offers than ever, none offers the opportunity to get rich with free Bitcoins. The only advantage they offer is the variety which allows you to go for a bitcoin faucet that suits your taste.
Preparations and precautions
You must note that you need to have a Bitcoin wallet before doing anything on the faucets. While most Bitcoin faucets these days now have minimum withdrawal, you can’t withdraw until you reach a specific limit, and you still need a Bitcoin wallet to secure your Bitcoin.
You should also be careful about the faucet you use when looking for the highest paying Bitcoin faucets. There are so many scam websites disguised as Bitcoin faucets these days to steal your digital asset, money, or personal data. Protect yourself from them by using only sites with a strong reputation and stability
So, when searching for faucets, don’t forget that there are many scams just looking to steal your money and Bitcoin. Be cautious and only trust sites that have reputable and stable backgrounds.
Earn free bitcoin is the catchphrase. When the minuscule amounts of Satoshi get added up and converted to currency, you get a sizable amount. If the overall growth of cryptocurrency markets continues over the past years, even a small amount acquired through a crypto faucet site could someday increase to a sizeable sum.
However, if you plan to use Bitcoin faucets, we advise you to create a list that will make your rotations more effective. You only need between five to ten faucets to get started, and as you get more accustomed, you can increase it. The most important thing is to play safe, and with practice, you will get better.