Simply put, faucet crypto allows users to complete easy tasks and earn some small crypto rewards. ‘Faucet’ here is a metaphor that refers to how a single water drop falling from a leaky faucet can eventually fill up a utensil.
On blockchains such as the ETH or the Ethereum Mainnet, the fees displayed in the blockchain’s crypto units need to be paid for any transaction that is performed as well as recorded. Now, a user can buy the native crypto of the Ethereum blockchain, Ether, from exchanges and go on to pay the transaction expenses.
However, alternative mechanisms for Ether distribution are used on different test networks, such as Rinkeby, as well as scientific research blockchains, such as Bloxberg. One such process is known as the faucet, which is known for granting users free cryptos following certain predetermined rules.
Generally, faucets offer a fixed amount for a particular block or time. For example, the web-based faucet of Bloxberg Blockchain offers users 0.2 ETH.
So, if you are still thinking about whether ‘free crypto’ is actually available, then you will be happy to know that the answer is a BIG ‘yes.’ as we mentioned in the very beginning, a crypto faucet is a website which rewards uses with cryptos in exchange for doing easy tasks such as watching videos or ad, solving quizzes, etc.
But what’s the basic purpose of the faucet? These basically offer cryptos to users for free so that they can acquire knowledge about digital assets and eventually learn how to use them.
In this blog, you will find out the types of faucets, their purposes, how they function, and the associated risks. Stay tuned!
Faucet Cryptos: How Do These Function?
Faucet cryptos are typically simple and easy to use. Users just have to register their account on the site accompanied by the digital asset service, initially.
You will also come across dedicated faucet crypto sites as well as apps specializing in providing free cryptocurrencies to their users who finish micro tasks online. In both cases, it is vital for users to have a crypto wallet so that they can receive rewards. Also, it is crucial for users to know that these sites can ask for identity verification at times.
On faucet crypto sites, users just have to finish tasks, including:
- Watching advertisements,
- Watching videos,
- Reading articles,
- Taking surveys or quizzes and
- Playing games.
The crypto faucet service usually comes with a referral program as well. So, you can refer acquaintances, family, and friends to the same. Since the tasks on the platform are relatively simple, most people won’t face difficulties while finishing them.
However, in certain cases, these tasks can turn out to be very time-consuming.
Once a user finishes the required task(s), the site rewards them with a minimal amount of cryptos. But if you keep using a faucet site consistently, then your rewards will multiply over a period of time, reaching a relatively more meaningful amount.
Please Note: There are apps and websites in the crypto faucet space that might ask users to first accumulate their rewards to a certain amount before they can cash out. For instance, 5 dollars of cryptocurrency at a minimum).
The Different Types Of Crypto Faucets:
One of the best ways to determine the different types of crypto faucets is by checking the reward token that is paid out. There are BNB faucets, Ethereum, Bitcoin, and so many more.
For instance, when you are using BTC faucets, users can easily earn the smallest BTC unit (satoshis).
Apart from that, you will also come across faucet crypto aggregation sites that provide users with different options entirely depending on which crypto they might prefer to claim their rewards.
However, don’t think these are similar to airdrops since airdrops usually follow a schedule that is entirely predetermined for reward distribution. Typically, airdrops are given to the one holding a specific crypto token or even using some sort of a cryptocurrency wallet to raise awareness for any specific project.
Apart from that, faucet cryptos and bounties are also different from each other. When any blockchain project publishes a complete list of tasks for earning rewards, it is known as bounties.
Bounties are basically one way to request people for assistance from the community, offering a one-time cryptocurrency reward for someone who finishes particular tasks.
What Are The Risks Associated With Faucet Cryptos?
You have to be very careful while using faucet cryptos, as fraud and scams are typical amidst such kinds of offerings.
Some apps or websites posing faucet cryptos can impact your device with malware or viruses that can, in turn, harm your device as well as the data that you have stored on it. It is always an idea to do your own research and depend on the well-known, established brands that you can trust.
Another probable disadvantage is that the primary rewards you obtain can be pretty small. Or the tasks can turn out to be very time-consuming – so much so that it might not really be worthwhile.
In certain cases, users also reported that a whole week of actively participating in faucet crypto didn’t help them earn anything substantial. Some people even said they earned less than a dollar.
Ideally, you can also come across the faucet cryptos with a pretty great reputation, and that will also generate plenty of crypto rewards for justifying both your time as well as your efforts.
And It’s A Wrap!
Faucet cryptos have evolved to become more diverse and sophisticated than they were in their initial days.
During those initial days, they were giving out Bitcoins for free to solve simple captcha queries. To begin with faucet cryptos, you need to remember that careful and extensive research should be your first step.
Also, it is vital to be mindful of suspicious-looking websites and lofty promises. Always depend on established and reputable brands that you can trust.
If you utilize faucet cryptos consistently and correctly, then those meager amounts could eventually become a hefty sum. Especially if the market worth of the crypto tokens you have accumulated over the years goes up.
Don’t forget BTC has already crossed the $40K mark – what are you waiting for?