You can get new cryptocurrencies through various means, including trading, staking, lending for profit, and holding a trading position for an extended period, among other options. However, these all require you to risk your money, a process you might not be comfortable with.
What if we told you it is possible to get free crypto? It might seem almost too good to be true. However, it is possible through a cryptocurrency faucet.
Let’s take a quick look at what crypto faucets are and how they function in the cryptocurrency world.
What Are Crypto Faucets?
Crypto faucets are websites or mobile applications where you complete tasks for crypto rewards. These platforms give free crypto for completing easy tasks like playing games, watching videos and ads, and solving puzzles. However, the rewards are usually small and will not make you rich.
The first crypto faucet was launched in 2010 by Gavin Andresen, a cypherpunk and Bitcoin developer, to spread awareness about Bitcoin. Crypto faucets also made it easy to acquire bitcoin since there were no crypto wallets. Andresen gave bitcoins (worth only pennies at the time) out for free to those who completed a simple captcha. With time, more cryptocurrencies were created, and creating faucets became the norm among developers.
How Do Crypto Faucets Work?
You won’t need any formal training to get involved in crypto faucets. All you need is your crypto wallet address to store the earned cryptocurrencies.
The first thing to do is find a good faucet and register. Registration typically involves filling in your basic details and your crypto wallet address. Then, you can start carrying out the required tasks. Tasks have different rewards, usually based on their difficulty level. The more challenging or longer the task, the higher the reward.
There is usually a minimum withdrawal limit on tasks, and rewards are usually sent into an internal wallet until they reach the withdrawal threshold set by the platform. It is at that point that the crypto earned becomes withdrawable.
5 Types of Crypto Faucets
We categorize crypto faucets by the tokens they pay out as rewards. This way, we have Bitcoin faucets, Ethereum faucets, Litecoin faucets, and many others.
1. Bitcoin Faucets
- Cointiply is one of the most famous Bitcoin faucets, primarily focusing on surveys and video ads. It has paid more than $12 million worth of BTC and has over three million users.
- Freebitcoin has more than 50 million registered users and has distributed more than $230,000 worth of BTC. This platform focuses on games, betting, and wagering contests.
2. Ethereum Faucets
- Ethereum Faucet users earn Ethereum tokens on this site for completing captchas. It claims to have more than 450,000 users.
- Bestfaucetsites offers a list of Ethereum faucet websites where you can earn ETH completing reCaptcha, SolveMedia, playing games, or mining.
3. Litecoin Faucets
- Free Litecoin has more than three million users and has paid out over 9,000 LTC in reward payouts. Free Litecoin has a referral program and an interest-bearing account, among other features.
- Free LTC has more than 224,533 users who have won over 27,471 LTC. The primary focus of the platform is gambling and ads.
4. Monero Faucets
- Monerofaucet delivers 0.00005 to 0.25 Monero tokens per reward on this platform. You can claim the rewards every hour.
- Allcoins pays out more than 13 different cryptocurrencies, including Monero. You can also make extra money through its affiliate program, as you earn up to 25% of the amount earned by those you refer.
5. Multicurrency Faucets
- Coinmonster’s primary focus is its online multiplayer lottery games. They support many altcoins, including XLM (Stellar), ZRX (Ox), USDT (Tether), and NPXS (Pundi X).
- Faucet Crypto offers up to 20 different altcoins. It has over 1.9 million registered users on its platform. The primary focus of this platform is offer-walls, PTC advertisements, and surveys.
Please note that we are not associated with any of the crypto faucets on this list, and we understand that the reputation of companies might change over time. The list above contains popular faucets researched at the time of writing. We advise you to do your research before spending time on a crypto faucet.
6 Pros and Cons of Crypto Faucets
Let’s quickly consider some benefits and disadvantages of crypto faucets.
1. Free Crypto
As you now know, crypto faucets give out tokens for free. All you need to do is complete simple tasks. Unlike trading and investing, which require you to take financial risks, crypto faucets only require your time. The more time you commit to a faucet, the greater the reward.
2. Earning From the Same Faucet Multiple Times.
There is often no limit to the number of times you can earn from a faucet. Usually, the amount of cryptocurrency you earn is based on the number of tasks you complete.
3. A Risk-Free Method of Learning About Cryptocurrencies
Faucets were primarily created to make people aware of cryptocurrencies. It is an easy way to get started with crypto. Furthermore, you can pay for things with the amount earned and experiment with new ways to use your tokens at no risk.
4. Fraudulent Faucets
Some faucets refuse to pay users even after watching ads or completing other tasks. Some might even block your access once you reach the payment threshold. In addition, fraudulent websites posing as faucets can infect your computer with malware.
Always research the faucet before using it to determine if it’s safe. Check out its online communities and reviews, and if a faucet has many positive comments, it could be worth using. Remember, though, the reviews could also be manipulated!
5. It Could Be Time-Wasting
The rewards from crypto faucets do not often equate to work done and the time and energy consumed.
6. Tasks Are Repetitive
Unless you have a tolerance for repetitive tasks, there are only so many tasks you can do before you get bored, making the entire process not worthless.
Are Crypto Faucets Worth It?
Crypto faucets require a lot of participation as you would need to spend a lot of time carrying out tasks to make money. Thus, it cannot be said to be a source of passive income. Considering the amount of time spent to earn so little, some will see it as a total waste of time.
Early Bitcoin faucets rewarded people with 5 BTC, worth only pennies. Of course, some people saw it as a waste of time, but having 5 BTC is now a big deal.
However, a crypto faucet is a good option if you want to get involved in crypto without risking your money, so they do have some uses.