The concept of cryptocurrency is becoming easier to understand, especially with newly introduced innovations. Among several other crypto gaming methods, faucets seem the easiest, requiring no capital from a crypto trader.
The first crypto faucet that was introduced was the bitcoin faucet. According to bitcoin developer Gavin Andresen, the faucet was introduced in 2010 to expand the crypto community. Thus, people interested in cryptocurrency have an opportunity to join the community and earn a faucet claim.
Interested persons could earn up to 5 BTC by simply solving captchas. However, since their introduction, crypto faucets have expanded into other digital coins, with several different cryptocurrencies, bonuses, and perks.
What more is there to know about crypto faucets? Read on to learn about faucet operations and the simple tasks you may encounter.
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Crypto faucets are websites that specialize in rewarding users with cryptocurrencies for performing simple tasks. Apart from filling captchas, some simple tasks on crypto faucets include completing quizzes, playing games, watching videos, and taking surveys.
Contrary to popular opinion, crypto faucets are not get-rich-quick schemes. You may have to undergo several tasks before accessing your faucet claim. More complex tasks lead to higher rewards.
More so, faucets require spare playing time and attention from the users. The exciting thing about crypto faucets is how you can get cryptocurrencies while exploring your hobbies. The games are usually fun, and there is no penalty for losing any tasks.
Since crypto faucets give out free cryptocurrencies, do website developers gain anything?
When faucets run ads on the page, and many players get to view them, the organizers also get an estimated percentage. This proves that faucet players work for their money while the websites try to profit from their presence.
If an ad or website successfully generates internet traffic, it generates huge revenue for the website. Some sectors collaborating with crypto faucet websites include survey companies, affiliate networks, and gaming networks.
The first step an intending player needs to take is registering on a reliable website. Read the terms and conditions before signing up, especially regarding your faucet claim. To eliminate high transaction fees, players get rewards via micro wallets.
Meanwhile, you will be asked to create a micro wallet once you register for a crypto faucet. A micro wallet is not too different from a crypto wallet. The main difference is that a micro wallet can collect small amounts of cryptocurrencies.
You should also bear in mind that these websites have minimum withdrawal limits. For instance, most websites set their minimum bitcoin withdrawal to $5. There is also a limit to daily withdrawals, depending on your platform. Some could allow you to withdraw every hour, while others set their restrictions to once per day.
Apart from bitcoin, you can also get a faucet claim from other cryptocurrencies. These are:
Among the faucet types listed above, the Ethereum faucet is the most popular after bitcoin. After completing faucet tasks, players earn some ETH tokens instead of bitcoin. Also, there are cryptocurrency platforms that allow players to choose from a variety of digital coins.
Thus, this gives players higher chances of trading their earned coins on reputable exchanges. If you are an expert crypto trader, you may consider choosing a digital currency you are most familiar with.
This helps you to sell your coin quickly, based on your familiarity with the cryptocurrency.
Crypto faucets have existed since 2010, and they are not going anywhere. Although a faucet claim seems less generous today, consistent and patient users still earn decent cash.
Meanwhile, the reduced generosity is primarily because of the increased value of cryptocurrencies. However, faucets continually serve as an educative tool for individuals who want to practice how crypto works without risking their money.
Since crypto faucets are best described as a learning platform for novices, you may want to focus less on earnings. The earnings are usually small on every task. However, they accumulate into a decent amount after some time.
Anyone patient enough to gather a large volume on any digital faucet can soon earn up to 10x profit. Since cryptocurrency prices keep increasing in value, it is a good thing to give faucets a shot.