The crypto space offers people with multiple methods of making money. But the thing is, these ways can also be risky ones. Yes, they do make promises of getting you massive amounts of profits, but are they all safe? Not really! One such safe but ‘not-so-safe’ method is Bitcoin faucet.
Earlier, we discussed crypto faucets, but today, we will go into the details and jump-start with Bitcoin faucets. How do these faucets work? Are they even safe? How do you make money? Stay tuned!
So What Are Bitcoin Faucets?
So, what are bitcoin faucets? A BTC faucet is basically a type of website where users get a minimal amount of bitcoins for performing a simple task. These simple tasks can include solving captchas, doing activities in online games, or watching advertisements.
Primarily, these are specialized advertising websites that are free for everyone but, at times, involve a simple registration process. Typically, for registering, users will just need to enter their email address and the address of their Bitcoin wallet.
The Purpose And The Idea Behind Bitcoin Faucets:
In 2010, Gavin Andresen, an American software developer, proposed the idea of Bitcoin faucets for the first time. Andresen looked at these faucets as a sort of tool for promoting BTC to a larger mass.
Since then, the basic purpose behind launching these faucets has changed, with faucet owners currently using these to make money out of ad placements. But these still continue to carry out both promotional and informational functions.
At the time, Andresen said in this context, “You really want some natural way for people to get Bitcoins, as part of their paycheck or some other activity so they can turn around and spend them. It’s much better if the Bitcoin economy is a self-contained thing.”
Who Uses Bitcoin Faucets?
So, who uses these Bitcoin faucets? Considering crypto faucets are a monotonous, dull way of earning, their primary users are new crypto enthusiasts and investors. After all, the faucets are an opportunity for crypto newbies to get familiar with the basics.
As a result, crypto newbies can find out so much about the basics of transactions involving cryptocurrencies. And that, too, at no cost.
How Does Bitcoin Faucet Works?
So, here’s how Bitcoin faucets function:
- The owner of the BTC faucet makes ad placements in the form of banners or videos on the website. Then, they start promoting the faucet. To promote the faucet, the owners publish links on related websites, blogs, and forums.
- People who visit the BTC faucet can perform particular actions like solve captchas, watch videos, or visit the advertiser’s sites.
- Once a user completes the required task, they will get some satoshis. FYI, satoshis are Bitcoin’s smallest unit. It’s equivalent to 1/100 millionth of a single Bitcoin. Once the user accumulates a specific amount, they can withdraw the same to their wallet.
On this note, it is vital to remember that the reward amount that you have to accumulate after completing actions on a BTC faucet can vary from website to website. Typically, it depends on two factors:
1. Difficulty Of Action:
The more time-consuming and complex the activity is, the higher the reward amount.
2. Frequency Of Action:
The more often you can repeat an action (not repeating it, but the number of times you ‘can’ repeat it), the lower the reward amount.
Contrary to what most people think initially, developing your personal faucet is not an easy affair. Moreover, you need some solid IT skills and also the skillset to pay the financial expenses involved in paying visitors and promoting the faucet. In addition, there is also a relatively high competition in such a business.
Making Money As A User On A Bitcoin Faucet:
So, you are a visitor on a Bitcoin faucet, and you obviously want to make money. For that, you just need to follow a few simple steps:
- First, you need to register on the website of a Bitcoin faucet. To do this, you don’t need personal details. But you will need your email address. In this context, remember that faucet sites typically don’t ask for personal details during registration. So, if they do so, then it is a warning sign.
- Second, you need to enter the address of your Bitcoin wallet.
- Third, you can perform any task or action and get a reward. For instance, you can click on banners, watch some videos, or solve captchas.
- So, once you have completed an action, you will get satoshi. Just click on ‘get’ option (or the ‘claim reward’/ ‘get reward’) to credit these coins into your account.
- Now, repeat the same action after the timeout.
- Once you manage to accumulate a specific amount of crypto in your account, you can simply withdraw the reward amount to your external wallet.
Profits:
Bitcoin faucets are perhaps one of the only ways to earn cryptos for free. Yes, the rewards are tiny and not enough to make a difference, but over time, it can become a substantial amount. However, you need to remember that if you do sign up for a massive number of cryptos, you will only earn a little.
Is Bitcoin Faucet Safe?
So, are these Bitcoin faucets safe?
The risks associated with using these faucets are relatively low. In worst-case scenarios, users only lose money that they have earned, not the amount they have already withdrawn.
However, there are certain scam websites that masquerade as faucet platforms asking for deposits under the pretext of withdrawal fees.
Moreover, at the very same time, the fraudulent sites also mention how they will return the money along with the satoshis already withdrawn. After the user makes the deposit, the owner of the website blocks the same user. As a result, the user does not receive any deposited amount or any coins.
So, as long as you keep yourself safe from scam sites and similar frauds, you are fine – it’s a risk you can take!
Additional Reading:
