A Cryptocurrency Faucet is an app or website that doles out cryptos in very small amounts as a reward for carrying out a variety of simple tasks. Many are referred to as faucets since the rewards bestowed on to users are as small as drops from a leaking faucet. By completing tasks on a promising best crypto faucet site such as watching product videos, clicking the viewed ad link or taking various quizzes, crypto coins will be sent to your wallet. However, the simpler the task, the lesser the reward. You cannot expect to get money from the website whenever you want. In fact, you will be able to withdraw the reward only when the minimum threshold is reached.
Incidentally, faucets should not be considered as a surefire way to turn around your financial status overnight; albeit, they may be the dependable source for anyone looking to earn a small amount of money as a side source of income.
How Did Crypto Faucets Come Into Existence?
The concept of creating Cryptocurrency faucets for the first time was to enhance the coin ownership and step up the popularity of cryptocurrency. As a matter of fact, the first crypto coin was designed by Gavin Andersen in 2010.
At that time i.e. in the year 2010, the reward offered was 5BTC. Today, there are no bitcoin faucets that can offer over 20 satoshi per minute. Ever since the evolution of the bitcoin faucet, a variety of other crypto faucets, for example, Dogecoin faucets, Bitcoin cash faucets, Litecoin faucets, Ethereum faucets and more have come into trend.
The list of faucets is extensive and the rewards they offer vary depending on timing, the population of users/visitors on a website/app, and the number of task(s) assigned. There are the least possible withdrawal limits set or they are free of any withdrawal charge. After you have get at the limit, you can easily withdraw and place your coins into your multi-coin wallet or a particular wallet designed for the specific purpose.
How does Crypto faucet work?
To ensure a crypto faucet works for you, you must first be registered with the cryptocurrency faucet by providing details along with your wallet address. After completing a task, the system will send you coins and that will go to a small wallet resembling a traditional wallet where these small wallets have the ability to collect cryptocurrency assets only in a small amount. Most importantly, the faucet website can edit rewards and schedule for users any time from the majority of people who use the service.
Key Factors To Look Out For in Crypto Faucets
As a beginner interested in joining a Bitcoin faucet online, looking at certain key features stands to reason in every way. Here are the key factors:
1. Withdrawal Amount
Like GPT or paid survey websites, there is a least payout threshold common in Bitcoin faucets too. This implies that it is a must for you to get a specific amount before you can make claims for a payout. In general, the standard amount is 10,000 satoshis, which equals $5 USD. Not to be surprised, there are even websites where the standard amount is relatively lesser than that.
2. Payment method
As a crypto faucet user, make sure you essentially have a digital wallet, for example, Coinbase to be paid by these sources online. A caveat you need to bear in mind is that there are some websites that do not let you make any withdrawal from your Bitcoin address but only from a micro crypto wallet such as FaucetPay.
In Bitcoin faucet, it is easy to get crypto—you just have to answer a captcha within a specific time period set. Also on carrying out a captcha, as a part of the game, you just have to wait for at least an hour for making the next trial. This matters substantially because the shorter the time frame is, the more you have odds of earning more and faster. This time span ranges from 5 minutes to an hour.
4. Referral Commission
These days, there are many best crypto faucet site that include referral programs that allow customers to get a specific amount of commission simply by referring their websites/apps to their near and dear ones. So, you can join an online referral program that allows you to earn additional coins or money. You also get a good amount of money if your referral follows your suit, and this refers to a passive income for you end-to-end.
Cryptocurrency faucets are most probably a very dependable and cost-effective way to give a boost to your income sideways. However, sadly, faucets are not the thing that can make you rich overnight. Therefore, instead of spending most of your regular time on faucets, the better option is to consider choosing it on a freelancing basis. However, there are slim odds of getting together a coin that may become predominant sooner or later. According to the statement of most experienced users, crypto faucets should be considered during your leisure time.