What Is A Cryptocurrency Faucet?
A cryptocurrency faucet is a website that rewards it’s users small amounts of cryptocurrencies for completing easy tasks.
Cryptocurrency faucets are very popular because they provide a quick way for people to collect coins without investing anything at all. When you go on one of these websites, there will be advertisements or tasks that can earn rewards in cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dogecoin, Zcash, Tron, e.tc.
The idea is very simple, You watch ads, play games, complete puzzles,watching product videos, completing quizzes, clicking links, or completing a captcha, then get rewarded with some cryptocurrency coins.
Crypto faucets are not a get rich quick scheme. A user’s reward for completing tasks is deposited into an Micro-wallet of the website, but it can take more than a week to reach withdrawal limits.
Bitcoin faucets payouts are awarded in Satoshi, or one-hundred-millionth of a Bitcoin = 0.000000001 BTC.
How Did Crypto Faucets Come Into Existence?
Cryptocurrency faucets were invented in 2010 by bitcoin users to spread interest and ownership of cryptocurrency among the general public. The first Bitcoin faucet was called ‘The Bitcoin Faucet‘ and was developed by Gavin Andresen.
Why Do Faucets Still Exist?
Cryptocurrency faucets was originally created to educate people on the basics and benefits of Cryptocurrency, but today many use them as an advertising tool for their websites which in turn attracts more traffic and to make money.
How Does A Cryptocurrency Faucet Work?
Crypto faucets are a fun way to earn cryptocurrency coins. They can be used for various things, from simple tasks like solving captcha or watching videos and participating in surveys to more complex ones like playing games.
The website that hosts the free rewards will set both the time limit as well as what amount of currency you’ll get based on your activity level during their designated period. When it comes down to actually receiving these coins they usually send out payment automatically once there is enough money stored up in one’s micro wallet.
An example of how a crypto faucet works:
1) User enters their email address in order to get their first payout from the faucet.
2) The user is then taken to another page where they have to watch an watch ads, play games, complete puzzles,watching product videos, completing quizzes, clicking links, or completing a captcha, then get rewarded with some cryptocurrency coins.’.
3) Once the Tasks has been done correctly, the user receives their Cryptocurrency coins.
4) Upon receiving the coins, the user can either keep it, trade it, make purchases with it or sell it on an exchange.
What are Micro-wallets?
A micro-wallet is similar to traditional desktop or online wallets, This type of wallet stores small amounts and limits you to only holding small amount of cryptocurrency at any given time. Because you don’t have to pay a fee for sending a small sum of Coins, that’s why most Faucets only pay to a Microwallet.
10 Highest Paying Cryptocurrency Faucet Websites
3. Fire Faucet
7. Allcoins.pw
10. Xcolander.com
How Much Can I Make From A Cryptocurrency Faucet?
Cryptocurrency faucets are a great way to grow your income on the side. However, they’re not guaranteed to make you rich.
If you are interested in becoming a billionaire within a year, crypto faucets may not be the thing for you.
Also, As a low-risk investor you should be wise to use crypto faucets.
In addition, these faucets provide a way for you to collect and hold coins long enough so that the value goes up without having any risks of investing in them yourself.
Their referral programs are great ways to make money when your social media presence is large because people will follow what they see on their feed.
Conclusion
One of the best ways to get your hands on cryptocurrency without spending a dollar is by using crypto faucets.
This way, you’ll be able to test out what happens in the market and how it works before investing real money into cryptocurrencies.
If you’re new to cryptocurrency, a crypto faucet is a great way for newcomers to get started. It’s easy and free. If this guide helped you understand cryptocurrencies or learn something new about cryptocurrency faucet, please consider following our website for regular updates, as it will help us immensely.
