You can obtain new cryptocurrencies through various means, including trading, staking, lending for profit, and holding a trading position for an extended period, among other options. However, all of these require you to risk your money, a process you may not be comfortable with.
What if we told you that it is possible to get free cryptocurrencies? It may sound 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 work in the world of cryptocurrencies.
What are crypto faucets?
Crypto faucets are websites or mobile apps where you complete tasks to earn crypto rewards. These platforms provide free crypto for completing simple tasks like playing games, watching videos and ads, and solving puzzles. However, the rewards are usually small and won’t make you rich.
The first cryptofaucet was launched in 2010 by Gavin Andresen, a cypherpunk and Bitcoin developer, to raise awareness of Bitcoin. Crypto faucets also made it easier to acquire bitcoins as there were no crypto wallets. Andresen gave out bitcoins (worth just pennies at the time) for free to those who completed a simple captcha. Over time, more cryptocurrencies were created and creating faucets became the norm among developers.
How do crypto faucets work?
You will not need any formal training to get involved in cryptographic keys. all you need is your crypto wallet address to store the cryptocurrencies earned.
The first thing you need to do is find a good faucet and sign up. Registration usually involves filling in your basic details and your crypto wallet address. Then you can start performing the required tasks. Tasks have different rewards, usually based on their level of difficulty. The more challenging or longer the task, the greater the reward.
There is usually a minimum withdrawal limit on tasks and rewards are usually sent to an internal wallet until they reach the withdrawal threshold set by the platform. It is at that moment that the obtained crypto becomes withdrawable.
5 types of crypto faucets
We rank crypto faucets by the tokens they pay out as rewards. In 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, which is mainly focused on surveys and video ads. It has paid out over $12 million in BTC and has over three million users.
- free bitcoin it has over 50 million registered users and has distributed over $230,000 worth of BTC. This platform focuses on games, bets and betting contests.
2. Ethereum faucets
- ethereal griffin 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 by completing reCaptcha, SolveMedia, playing games or mining.
3. Litecoin faucets
- free litecoin It has more than three million users and has paid out more than 9,000 LTC in reward payments. Free Litecoin has a referral program and an interest-bearing account, among other features.
- free LTC It has more than 224,533 users who have earned more than 27,471 LTC. The main focus of the platform is gambling and advertisements.
4. Monero Faucets
- monerogryph deliver 0.00005 to 0.25 Monero tokens per reward on this platform. You can claim the rewards every hour.
- all coins pays more than 13 different cryptocurrencies, including Monero. You can also earn extra money through their affiliate program as you earn up to 25% of the amount earned by those you refer.
5. Multi-currency faucets
- Coinmonster’s The main focus is their online multiplayer lottery games. They support many altcoins including XLM (Stellar), ZRX (Ox), USDT (Tether), and NPXS (Pundi X).
- crypto faucet offers up to 20 different altcoins. It has more than 1.9 million registered users on its platform. The main focus of this platform is offer walls, PTC ads, 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 can change over time. The above list contains popular faucets researched at the time of this writing. We recommend that you do your research before spending time on a crypto faucet.
6 Pros and Cons of Crypto Faucets
Let us quickly consider some benefits and drawbacks of crypto faucets.
1. Free crypto
As you already 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 higher the reward.
2. Win from the same faucet multiple times.
There is often no limit to the number of times you can earn with a faucet. Usually, the amount of cryptocurrency you earn is based on the number of tasks you complete.
3. A risk-free method to learn about cryptocurrencies
Faucets were primarily created to make people aware of cryptocurrencies. It is an easy way to get started with crypto. In addition, you can pay for things with the amount earned and experience new ways to use your tokens without 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. Additionally, fraudulent websites posing as faucets can infect your computer with malware.
Always investigate the faucet before using it to determine if it is safe. Check out their online communities and reviews, and if a faucet has a lot of positive feedback, it might be worth using. Remember though, reviews can be manipulated too!
5. It could be a waste of time
Crypto faucet rewards are often not equal to work done and 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, which makes the whole process useless.
Are Crypto Faucets Worth It?
Crypto faucets require a lot of participation as you would need to spend a lot of time doing tasks to earn money. Therefore, it cannot be said that it is a source of passive income. Considering the amount of time spent earning so little, some will see it as a complete waste of time.
The first Bitcoin faucets rewarded people with 5 BTC, which was worth just pennies. Of course, some people saw it as a waste of time, but having 5 BTC now is a big deal.
However, a crypto faucet is a good option if you want to get into crypto without risking your money, so they do have a few uses.