What is a crypto faucet and why you must know it?

crypto faucet

Crypto faucets work very much like a lottery reward system. A crypto faucet is a cryptocurrency award system or tool that rewards its users with some amount of cryptocurrency upon completing some tasks. It distributes a small number of cryptocurrencies as a token of reward for completing certain tasks given at the time.

Such tools are given the name ‘faucets’ because the reward amount is very small just like drops of water dripping from a leaky faucet. Crypto faucets are accessible in form of an app or a website. The users are allowed to earn free cryptocurrencies in their wallet when they:

  • play games,
  • watch ads or
  • complete a captcha,
  • Clicking links
  • Completing quiz
  • watching product videos

These crypto faucets require a user e-mail address and crypto wallet address for a secure and safe transaction. The users don’t need to be an expert in playing games or completing any task. Even, any person who wants to earn some crypto tokens need not be a trading or blockchain expert.

Also, read - Everything you need to know about CBDC (Central Bank Digital Currency)

How crypto faucets work?

The crypto faucets are primarily focused to promote videos, links, games, and other captchas. As discussed crypto faucets use different types of tasks holding some small amount of cryptocurrencies to attract users. The users must finish a task by participating in the listed activities. After which the users are given a timelock to claim the rewards on the faucet website or apps.

It is important to note that many crypto faucet websites and applications sometimes configure the threshold of the crypto which can be allocated in the faucet pool. A minimum payment threshold is set before any user can claim their reward.

On a usual basis, the players or visitors register on a crypto faucet website by entering basic details like email address, name, and crypto wallet address. After signing in, the users would see many games, watch videos, and run ads. It is dependent on the users what kind of tasks they want to perform.

After solving any particular task, the users earn some amount of tokens collected in the user wallet of the website called ‘micro wallets’. Following this, the visitors can then transfer the earned coins into their blockchain-based crypto wallet.

Moreover, many crypto faucet websites drive hi-lo jackpots, run referral commissions, free weekly lottery prizes, and many more goodies for visitors.

Source: FreeBitco.in

Best Bitcoin Faucet

Bitcoin faucet was started in 2010 by senior Bitcoin developer Gavin Andresen to spread awareness about the cryptocurrency concept. The act was simple, to away five bitcoins at that time whenever any visitor or user completes a task.

In earlier days, the bitcoin concept was new in fashion and people were indecisive about cryptocurrency. There were not many crypto exchange platforms also where people could trade bitcoin. Therefore, Bitcoin Faucet was introduced to give away free bitcoin to the public without incurring any capital risks. Later, the Bitcoin faucet became so popular that many popular digital currencies got along with the movement.

bestfaucetsites.com is one of the best and biggest Bitcoin faucet sites in the market whereas other popular faucets are Freebitcoin, Cointiply & Firefaucet. The minimum withdrawal starts from 0.0002 BTC and the maximum is 0.002 BTC.

Ethereum Faucets:

Ethereum Faucets works similar to Bitcoin Faucets and reward with Ether (ETH) instead of Satoshis after completing any task. It provides a good opportunity to earn ETH tokens for advertising and data mining. A few Ethereum Faucet options are:

The above-mentioned crypto faucet platforms have many games and advertising links through which crypto tokens can be earned. Also, these platforms provide trading and staking facility of cryptocurrencies to the users.

Best Litecoin Faucets 

Free Litecoin from crypto faucets can be earned through many faucet websites. Litecoin faucets trade your time for rewarding you with LTC tokens, such tokens are known as Litoshi. Below mentioned faucet sites are popular in the market for offering Litoshis.

  • Moon Litecoin rewards free LTC tokens for multiple tasks. The faucet platform uses Coinpot.co as a micro wallet feature to store such small rewards earned by the users. When the micro wallet threshold is reached, the collected tokens are transferred to the users’ wallets without charging any fees.
  • Fire Faucet provides multiple services and rewards with different kinds of tokens including BTC and LTC. The users are required to register on the website to get Auto Claim Points (ACP). Once the users are registered the faucet runs automatically until ACPs are exhausted. Besides, users can earn more ACP through playing games, watching advertisements and videos, completing captchas.
Source: Fire Faucet

Best Monero Faucet

If you want to earn some free Monero tokens you can visit Monero faucets. People get rewarded by XMR tokens on the Monero faucet by playing video games and watching ads.

  • Monerofaucet.info allows users to earn Monero tokens ranging from 0.000005 to 0.025 tokens per reward. These tokens can be claimed within 60 minutes after disbursement.
  • Whereas Express Faucet provides up to 0.00042754 XMR tokens every four hours. It also runs a lottery jackpot where people can play the jackpot and earn additional Monero tokens if won.
  • Also, a platform naming faucetdump.com has a comprehensive list of 420 faucets for as many as 48 different types of cryptocurrencies including Bitcoin, Litecoin, Dogecoin, Dash, and other altcoins.

Beware of the faucet scams

But before luring yourself to the free rewards and tokens, one must ensure the authenticity and credibility of such websites. Many scamming websites on the internet claim to provide free crypto tokens for completing tasks and registering on the site. But once everything is done by the users, the site crashes or some default appears. It is very important to read the intended risks and be very cautious when asked for some form of money by the websites.

Sometimes, the apps and websites log out the users when their micro wallet threshold is reached to the maximum. In other cases. the faucet becomes very much slower for competing for any transfer and confirming the transaction. The visitors must read reviews for crypto faucet platforms before registering or commencing any game on the site. This might save you from a big scam and you may not lose your money.

For example, Coin-Birds is one of the games which provides false hopes to the players to claim their rewards. The site lets you sign in, play the game and when you reach a level to claim the rewards, it asks for the crystal. While crystal can only be owned through purchasing, it gives a hard time to the users to claims. No positive reviews have been given to the game by the players and many of them have spent thousands of dollars just to claim their rewards.

Source: Coin-Birds

Please be very thoughtful when you make a payment towards such kind of games where there is no security of prize at all. Moreover, always read the rules and regulations of games before playing.

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