Think about a faulty faucet dripping water. If you put a glass beneath it, eventually the glass will be full of water. This is the exact concept of crypto faucets. They are applications or websites that rewards users with coins for completing simple tasks. However, the crypto rewards earned are very little and just like the water drops require you to collect a good number for a tangible crypto amount.
The concept of crypto faucets was first introduced in 2010 by Gavin Andersen — shortly after Bitcoin, which was largely unknown, went public. To create awareness and educate the general public about this new virtual commodity and its potential benefits, Gavin Andersen began giving out free bitcoins to anyone who completed a series of captchas online. This made people curious about cryptocurrency. This is how Bitcoin introduced the first crypto faucet as a market technique to promote the cryptocurrency. Back then, users were paid 5 BTC for simply clicking images.
Today, while no one will pay you 5 BTC (over $300,000) to click on captchas, you can buy bitcoin with a credit card or trade fiat currency with a crypto of choice on exchange platforms as crypto adoption keeps rising. That said, crypto faucets have been credited as one of the most simple yet innovative ways to introduce individuals to the complex world of cryptocurrencies.
So, are crypto faucets still a thing today?
5 Types of Crypto Faucets
To determine the relevance of crypto faucets, we must first understand the types of crypto faucets available as well as the most profitable ones in today’s crypto space. As the popularity of cryptos increases, crypto enthusiasts are looking into ways to profit in the bull run, and for newbies, crypto faucets can be an ideal option. The five types of crypto faucets you need to know are:
- Timer-based faucets
These are the simplest crypto faucets with which to claim rewards. All you need to do is make a reward request within the stipulated time intervals, such as every two hours, every 24 hours, etc.
- Captcha-based faucets
A captcha is a puzzle that requires human intelligence to solve. It can be presented either as graphical puzzles, such as choosing boxes that contain a bicycle, or text-based puzzles, such as garbled letters and numbers to write out correctly, or even mathematical problems to solve. Coins are rewarded for every captcha solved correctly.
- Game-based faucets (Bitcoin simulators, slot machines, dice, card games, etc)
This type of crypto faucet may be the most entertaining as users earn digital assets. You can play by spinning a rewards wheel to claim a prize, win a dice game to collect coins, or even beat the highest score to cash in.
- Referral-based faucets
As a crypto faucet user, you can opt into the brand’s referral program and generate your unique code or link to share with people. Once they register on the platform with your link, you enjoy a stipulated percentage of their returns.
- Ad-based faucets
This is another entertaining type of crypto faucet. To earn your cryptocurrency reward, you need only watch the ads assigned to you for a specified time, such as 20 seconds.
3 Most Popular Coin Faucets
As already mentioned, crypto rewards earned through crypto faucets can be trivial. Therefore, using the most profitable platforms to increase your margins is essential. The 3 most popular coin faucets today are:
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Cointiply
Contiply is currently one of the most popular Bitcoin faucets due to its high payout rate and diverse coin rewards earning options. Cointiply also offers users responsive customer support and supports Bitcoin, Dash, Litecoin, and Dogecoin currencies. To earn crypto rewards on Cointiply you can:
- Complete tasks offered as per the instructions and get paid.
- Spin the Bitcoin faucet to win various rewards including a progressive jackpot that begins at 100,000 coins and continues increasing until a winner is found.
- Refer users by sharing your referral link and earning 10% of their offer earnings and 25% of their claims.
- Complete surveys that pay up to thousands of coins depending on the survey type.
- Watch ads for 10 seconds or longer and receive rewards for that.
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Fire Faucet
Fire Faucet is a top-tier crypto faucet that employs a ranking system for its users based on interaction with the platform to determine the incentives earned. The platform is mainly popular for its automatic and seamless payout system to wallets and its support for numerous cryptocurrencies.
On Fire Faucet, you can earn Bitcoin, Dash, Litecoin, Dogecoin, Tron, Tether TRC20, DigiByte, Cardano, Nano, Monero, Binance BEP20, ZCash, and Ethereum by:
- Doing daily tasks to earn coins.
- Solving captchas and claiming reward in seconds.
- Participating in paid offers such as downloading apps, playing games, signing up for subscriptions, watching videos, etc. for coins.
- Sharing your referral link to earn a 20% commission on the earnings of anyone who signs up using it.
Free Bitcoin
Established in 2013, Free Bitcoin is one of the oldest crypto faucets available and has remained a fan favorite thanks to the option to easily withdraw earned rewards every hour. Rewards on Free Bitcoin can be earned by:
- Referring your friends to 50% of their rewards.
- Playing the HI-LO Dice Game to multiply your coins by 4,750X.
- Participating in the weekly lotteries to earn rewards.
Current Status and Future Prospects of Crypto Faucets
Crypto faucets remain the simplest and most risk-free option for beginners to earn digital currencies, learn the basics of crypto transactions, and diversify their cryptocurrency for free. Therefore, as long as people are interested in learning about the $2.52 trillion crypto space, crypto faucets will remain relevant.
Furthermore, with technological advancements, we can expect the crypto faucet landscape to change and adopt decentralized finance (DeFi) technologies for more diverse earning options and automated rewards systems. Possible integration with non-fungible tokens (NFTs) could expand the learning and earning range to unique digital assets with intrinsic values
Conclusion
Crypto faucets are a valuable resource for beginners and while the rewards are like teeny-tiny drops of water, with consistency, they can eventually add up to a substantial amount. The three listed popular coin faucets should be a good starting point if you want to dive into crypto faucets.
That said, it is important to be wary of tempting offers from suspicious sites promising big profits as clearly they are scams. Remember, you cannot become instantly rich from crypto faucets — it takes time and effort. After all, the beauty of the journey is that you learn and understand everything about cryptocurrency for free and without risks.
