There are various means to get the latest cryptocurrencies that entail trading, lending, staking, and holding a specific amount for the long haul. But all these methods demand your hard-earned money and put that at risk, and are not a comfortable choice for you. What if you get to know that you can get cryptocurrencies for free? It sounds too good to be realistic. However, crypto faucets make it possible for you.
What Are Crypto Faucets?
Crypto faucets are just websites or mobile apps in which all you have to do is to complete various tasks, and in the end, you’ll get some cryptocurrency as a reward. These platforms offer free coins or tokens for finishing easy tasks such as playing video games, watching or viewing multiple ads and videos, and solving complex & complicated puzzles or mathematical problems. However, the rewards are less profitable and do not make you a millionaire or billionaire.
The first-ever crypto faucet came into being in 2010 by a cypherpunk and Bitcoin developer to promote Bitcoin Donations and Bitcoin – the leading cryptocurrency. At that time, there were no Bitcoin wallets, so it was convenient and effortless to acquire Bitcoins. After Bitcoin, many other cryptocurrencies came up with the idea of crypto faucets, and it turned into a norm among crypto developers.
How Do Crypto Faucets Work?
The working of crypto faucets is not complex. The first and foremost thing to do is the discovery of a valuable crypto faucet and register on that particular website or application that promises to reward you with free cryptocurrencies. The registration process asks you to provide your basic information and crypto wallet address. After this, you are free to perform demanded tasks.
These tasks differ in nature and offer you rewards following their difficulty level. The difficulty level of the task decides the crypto-reward, and they share a direct relationship between them. The crypto faucet website or the application transfers your earned rewards into your digital wallet. In addition, you can withdraw only a finite amount after completing the tasks. When that limit is reached, rewards are transmitted into an internal wallet, and you can withdraw them from there.
Types Of Crypto Faucets
Following are some of the types of crypto faucets.
● Bitcoin Faucets
Cointiply is among the most popular Bitcoin Faucets; that concentrate on surveys and video advertisements. Freebitcoin is another Bitcoin Faucet that uses games and betting, etc.
● Ethereum Faucets
The users of Ethereum-Faucet receive Ether from this website for performing captchas. Bestfaucetsites is also a useful platform that offers you Ethereum tokens for mining, playing various games, and completing reCaptcha.
● Litecoin Faucets
Free-Litecoin offers you LTC for free. It works on a referral program and an interest-bearing account. There also exists a platform named FreeLTC that focuses on gambling, betting, and advertisements.
● Monero Faucets
Monerofaucet is a platform that offers tokens for possessing a specific amount of Monero tokens, and these rewards are given on an hourly basis. Allcoins provide rewards in 13 different cryptocurrencies, and Monero is one of them.
● Multicurrency Faucets
Coinmonster is a crypto-rewarding platform that lets users play multiplayer games. It supports many Altcoins, which are offered as a reward. Similarly, Faucet-Crypto provides more than 20 Altcoins as a reward after the completion of various surveys and video ads.
Advantages & Disadvantages of Crypto Faucets
- Crypto For Free
Crypto Faucets offer you free crypto as a reward. You just have to perform easy tasks. Contrary to crypto trading and investment, which involve financial risks, crypto faucets demand some of your time only. The more time you invest, the greater the reward will be.
- Earn More Than One Times Using the Same Faucet
There is no restriction on the frequency of earning from the same faucet because the earned amount depends on the completion of various tasks. So, more tasks mean more rewards.
- Risk-Free Mechanism To Understand Crypto
Crypto Faucets prove to be a risk-free method to learn about cryptocurrencies.
- Scammed Faucets
Some of the faucets can refuse to pay after completion of tasks, or they can block your access to the website.
The rewards you get from these faucets are so small compared to the time and energy you have consumed.
- Repetitive Tasks
A lot of tasks come again and again and make the whole process fatigued and boring.