Since Bitcoin came to be in 2009, countless business opportunities have emerged in the crypto space. Among the numerous enterprises, the bitcoin faucet is another way to earn cryptocurrency for yourself with little or no effort.
Without further ado, let’s dive into the world of crypto faucets to understand how it works.
What is a Bitcoin Faucet?
A year after the introduction of bitcoin, the first bitcoin faucet was created by software developer Gaven Andresen. In its early days, bitcoins were almost worthless because the concept was strange to the public. However, he saw potential in the decentralized digital currency and started the first bitcoin faucet to publicize bitcoin and encourage its spread.
When Gaven created the first bitcoin faucet, there was zero competition, and users were rewarded with five bitcoins for participating and completing simple tasks. However, as bitcoin grew in popularity and increased in value, many other bitcoin faucets emerged.
Today, bitcoin faucets no longer aim to promote bitcoin. They are primarily money-making businesses mainly used for promotion and advertisement. They reward and encourage users to engage actively with the platform.
Bitcoin faucets are networks, websites, or programs that offer users a small fraction of Bitcoins each time they perform different tasks. These tasks can be playing games, viewing ads, solving CAPTCHAS, etc. The amount of bitcoin received per task is considerably small and negligible. However, gathering these rewards over time makes for something significant.
How Do Crypto Faucets Work?
A crypto faucet works the same way a leaking faucet in your bathroom does. If you put a bowl down to collect the water droplets, you should have a full bowl of water by the end of the day. Crypto faucets thrive with this same concept of compounding rewards.
When you sign up with a crypto faucet, you earn small fractions of bitcoins or other cryptos when you complete assigned tasks. These tasks commonly include watching videos, playing games online, completing surveys, solving CAPTCHAs, joining a Facebook group, tweeting, watching ads, etc.
In the bitcoin faucet, instead of bitcoins, satoshis are earned. A satoshi is the smallest unit of one bitcoin. Like a hundred pennies make a dollar, one hundred million satoshis make up a bitcoin. When users complete their tasks, they earn a set amount of satoshis as their reward.
Over time, when the satoshis have reached a certain fraction of bitcoin, you can withdraw and send it to your bitcoin wallet address. In addition, you should know that some bitcoin faucets use third-party payment processing means.
Some important points to consider before picking a crypto faucet are security, stability, payment details and options, and most importantly, the reputation of the crypto faucet.
Five Best Bitcoin Faucets
As exciting as the prospect of earning free bitcoin is, there are certain levels of risks associated with the faucet industry. Although there are reliable and stable faucets, the scam ones outnumber the legit crypto faucets.
A common pitfall to avoid is a malicious attack. For example, since some faucets require you to download files and applications, some of these files are virus-ridden programs that can ruin your device. Another scam tactic to watch out for is faucets that will not allow you to withdraw your earnings after completing the tasks.
With that being said, let us look at some of the top bitcoin faucets of 2022.
FreeBitcoin offers users various opportunities to earn bitcoins through loyalty points, gambling, lotteries, and games. Users can reach up to thirty thousand satoshis every hour. Users can also participate in the hourly draw, earning from $0.0003 to $300 worth of bitcoin. In addition, withdrawals of as little as $1 worth of bitcoin can be made and sent directly to your wallet address.
- They offer a 50% referral commission.
- Withdrawal is instant with a $1 withdrawal threshold.
- Free weekly lottery.
Compatible with android and ios, Bitcoin Aliens has been integrated with features that help users maximize their rewards. They payout as much as five thousand satoshis for carrying out various tasks like watching videos and ads, playing games online, etc. However, rather than earn a set amount, the amount you make is dependent on how much time you spend completing the task. Furthermore, with only a smartphone and internet access, you can earn bitcoins daily for as long as you want.
- You can earn free satoshis every half hour.
- No minimal withdrawal limit.
- Rather than a fixed amount, you earn based on the time you devote.
As one of the oldest and highest-paying crypto faucets, Moon Bitcoin has some unique activities that encourage users to keep coming back. It is an ideal platform for anyone who wants to earn bitcoin and other altcoins like Ethereum and Litecoin. Because of this variety, Moon Bitcoin has secured its place as one of the top crypto faucets in the space.
- You can earn up to 20% commission through referrals.
- You can earn bitcoin as well as other digital currencies.
- They give out loyalty bonuses to users.
`With a very friendly user interface and multiple bitcoin claiming means, Cointiply is one of the best bitcoin faucets. They offer users an average of 200 satoshis every hour when they watch ads, play games, surf the web, etc. Cointiply processes your payment immediately without delay.
- You can withdraw your reward once you earn 50,000 satoshis.
- They have a coin multiplier feature that enables you to double your coins.
- Your privacy is protected.
With Bitcoinker, you stand a chance to earn up to 100,000 satoshis when you complete a CAPTCHA within a five minutes mark. Bitcoinker rewards loyal users. If you use the platform frequently, you qualify for seniority bonuses as high as 30%.
- Payout is weekly to your wallet address
- Earn up to 100,000 satoshis
- Earn 10% on referrals when you invite friends to the platform.
Bitcoin faucets are essentially a reward system that encourages participation in the network. You may ask, are crypto faucets worth it? The answer to the question is subjective. With the necessary patience and consistency, you can earn a decent amount from crypto faucets.
Lastly, since rewards are earned in cryptocurrency, bear in mind that the value of your earned reward is subject to market volatility.
Steve is a cryptocurrency researcher. After completing his master’s degree in economics, he delved into the world of cryptocurrencies. After completing his 5 years of education in London, he worked as an audit specialist in a financial company. He is currently producing exclusive content for coinews.io.