What Is A Crypto Faucet?

There are many ways to build a crypto portfolio in 2022, including trading, staking, lending, and holding for an extended period. However, all these ways require you to spend and risk your money. Of course, nobody likes it. And if seasoned investors might be ready to risk it all, you might not be.

But what if we tell you that it is possible to get free cryptocurrency? You might say there is no such thing as a free lunch… However, this might be possible through a crypto faucet. Today, let’s find out what a cryptocurrency faucet is, how it works, and how to use it. Let’s start!

What Is a Crypto Faucet and how Does it Work?

A crypto faucet is a website or a mobile app that gives away small amounts of Bitcoin or other altcoins in exchange for completing simple tasks or playing online games. Users can earn crypto by watching videos and ads, solving puzzles, completing captcha, answering surveys, clicking on the buttons, participating in polls, and so much more. The name is a faucet because it gives away really small amounts of crypto, and it can be compared to a leaky faucet. Even though crypto faucets may not make you wealthy, everything depends on your strategy and efficiency.

Like with the entire crypto industry, everything began with Bitcoin. The very first cryptocurrency faucet was launched back in 2010 by Gavin Andresen, a software developer best known for his involvement with Bitcoin. Crypto faucets also made it easier to get BTC since there were no crypto wallets ten years ago. Thus, it can be said that Andresen gave away Bitcoins for free (which cost almost nothing) to users who completed the usual captcha. Over time, different altcoins were created, and the faucets became something ordinary both for crypto enthusiasts and blockchain developers.

The benefits of using crypto faucets

Crypto faucets come with several benefits and advantages. Some of them include:

Getting knowledge about crypto for free

 It is one of the easiest ways to get started with crypto. Faucets allow newbies and novice traders to better understand cryptocurrency and blockchain technology in general before starting real trading. After using cryptocurrency faucets for some time, it is possible to get more confidence in dealing with digital currencies.

Receiving free crypto

 It is the most apparent benefit of crypto faucets. Even if you don’t get a lot of tokens, free is free. The more time you spend, the bigger your reward.

No financial risks

Unlike actual trading and investing, using crypto faucets is not risky at all. They only require your time and patience.

No limit when using the same crypto faucet

 As there’s usually no limit to the number of times you can earn crypto from a faucet, you can use the same one multiple times.

How to Use a Crypto Faucet?

There are many crypto faucets out there, but they all work almost similarly. However, there are always some differences. For example, some crypto faucets pay you for completing simple captchas, while others give rewards for doing various activities. Some allow you to earn different crypto tokens, and others support only Bitcoin or so-called ‘Satoshis.’ Finally, some offer their users bonuses, while others have commissions on winnings.

So, first, you need to choose a faucet you like, enter its website or download the official mobile application. After that, you will need to register by providing your email address; however, sometimes, there’s no sign-up required, and you can play anonymously. All crypto faucets have timers that indicate crypto earning cooldowns (for example, 60 minutes) and withdrawal limits with minimum withdrawal amounts. In fact, the whole process is straightforward and doesn’t require any special knowledge. You can start earning crypto in no time!

Source: FreeBitcoin

$BLP airdrop as an example of a good crypto faucet

Airdrops can be compared to crypto faucets; however, there are a lot of differences. A crypto airdrop is a marketing strategy that refers to the transfer of tokens from a particular crypto project to multiple users. The goal is to distribute coins to current or potential users to increase awareness of the crypto project.

We can give the perfect example with $BLP, the native token of BullPerks, a decentralized community VC and launchpad coupled with multichain capabilities.

For example, BullPerks gives away a total of 3,000 $BLP to 100 lucky giveaway participants. To receive these tokens, users need to complete simple social tasks and submit their details to the giveaway form to get a chance to win 30 $BLP each.

The step-by-step guide should look like that:

  1. Visit the BullPerks giveaway form.
  2. Join the BullPerks Telegram group and Telegram channel.
  3. Follow BullPerks on Twitter, retweet the pinned tweet, and tag @bullperks and at least 3 friends of yours.
  4. Follow BullPerks on Facebook.
  5. Follow BullPerks on the Medium blog.
  6. Finally, submit your info to the giveaway form.
  7. 100 lucky winners will be randomly selected to win 30 $BLP each.

The winners will be announced on August 10th at 3:00 pm (CET).

Are there any risks associated with crypto faucets?

Even though crypto faucets were created to spread the word about Bitcoin and cryptocurrencies, there are some risks associated with them. First of all, there are a lot of fraudulent crypto faucet projects and crypto faucet scams. Usually, these websites trick users into depositing funds in exchange for completing tasks. But once a user reaches a certain amount and tries to withdraw crypto, they won’t be able to do it. 

Some faucet sites can even infect your laptop with malware. Therefore, you should be extremely careful when choosing a crypto faucet. Do Your Own Research (DYOR) first; for example, read forums to know what other users think about a particular faucet site. 

Furthermore, completing such tasks can be extremely time-consuming. Don’t forget that it is not a source of passive income. So you will spend a lot of time and energy and get almost nothing.

Conclusion

Even though it is true that you will not get many Bitcoins, Satoshis to other tokens through crypto faucets, accumulating small amounts for a certain period is still a good start. Cryptocurrency faucets are an excellent way to receive real money without making any investments required in the crypto world. Furthermore, crypto faucets are just great, especially if you’re a novice trader and want to learn more to start your exciting trading journey! 

And if you feel ready to start investing in the most impactful crypto projects with BullPerks, read our comprehensive tutorial!

FAQ

Do crypto faucets still exist?

Yes, crypto faucets still exist. They are sites that dispense small amounts of crypto for free. These sites are trendy as they give away free money. Unfortunately, even though there are many trustworthy and legit faucet sites, there are also many crypto faucet scams.

What does faucet mean in crypto?

A faucet in crypto means a website or an app where users have to perform different tasks (usually elementary ones) or even play some games to earn a small amount of real cryptocurrency.

Are crypto faucets worth it?

It depends on particular goals and strategies, and it can’t be compared to a real source of passive income. However, most legit and trustworthy crypto faucets can be profitable if used strategically. In fact, it is the easiest and most inexpensive way to earn cryptocurrency for free online from the comfort of your home.

Disclaimer. This material should not be construed as a basis for making investment decisions or as a recommendation to participate in investment transactions. Trading digital assets may involve significant risks and can result in the loss of invested capital. Therefore, you must ensure that you fully understand the risk involved, consider your level of experience, investment objectives, and seek independent financial advice if necessary.