What Is A Crypto Faucet?
Crypto faucets are a great way to earn extra crypto coins, but there are some important things one has to know about it, to avoid getting into the wrong hands.
When cryptocurrency was introduced, faucets became a thing. However, with the fast rise of cryptocurrency and adoption by some countries, there has also been an increase in crypto faucets. An increase in the number of crypto faucets has also brought about scammers who use those sites for phishing, but there are still legit ones that work to date.
Before we get to know them, let us get into the basics of what a crypto faucet really is.
What is a Crypto Faucet?
A crypto faucet is simply a website that gives you cryptocurrency after completing a small task on the site.
Usually these tasks range from watching videos, playing games, solving quizzes, clicking links (it’s safer to avoid tasks that involve clicking links, for fear of phishers), or captcha tasks.
Don’t be mistaken, crypto faucets are not get-rich-quick schemes. The rewards for these tasks are small, even smaller if the task is a pretty easy one.
Most websites often have a minimum threshold payout, but some are limitless. This means that you can withdraw your coins from that online wallet to your main wallet anytime you want. Typically, it doesn’t take more than a week to have your earned crypto enter your main wallet.
Purpose of Crypto Faucets
Crypto faucets were created to spread awareness of cryptocurrency and encourage more people to get into it.
It all started when Bitcoin was launched. Bitcoin’s senior developer, Gavin Anderson, launched a Bitcoin faucet in 2010 that allowed people to earn BTC by completing tasks. They gave as much as 5 BTC to users after tasks. You can check what it’s worth today. This proves that earning through crypto faucets can be profitable in the long run.
How do Crypto Faucets Work?
As explained earlier, crypto faucets work by giving out crypto rewards to users after completing tasks. The faucet sites can set a threshold amount before rewards are claimed.
Users need to sign up on a faucet site, input the wallet details of the designated cryptocurrency which the site dispenses, and go on to perform the tasks.
After tasks are performed, the rewards are stored in a micro wallet on the site, which will later be withdrawn to your main wallet.
Examples of crypto faucets
With the recent boom in the crypto industry, there has been a mad rush from users all over the world to get into it by all means. This has borne many crypto faucets through which one can earn different crypto coins legitimately, without spending money.
Some sites through which you can earn include;
- Fire faucet
- Free-Tron, and a host of others, which can be found here.
Crypto faucets are a great way to earn free crypto, especially if you’re a newbie. Before you join, it’s best to do your research, and make sure you’re not signing up on a scam site.
Also, if you don’t have a main wallet, learn about different exchanges, and sign up on them to create a wallet to store your rewards.