The value of most cryptocurrencies tends to fluctuate a lot. Such volatility means that you can afford to buy Bitcoin one month, but not the next. Regardless, that doesn’t stop many avid cryptocurrency investors from seeking new ways to increase their holdings.
Fortunately, there are other ways to get more coins. You can start Bitcoin mining, receive crypto airdrops, and you might even get a Bitcoin gift card for your birthday.
But a much more sustainable option is crypto faucets. Some say it’s free money, but it’s not quite that simple. In this article, we’ll tell you everything you need to know.
Crypto Faucets Explained
A crypto faucet is a website or an app which gives away digital coins as a reward for completing simple tasks. The term “faucet” is fitting, as you can view the distribution of coins as “dripping” them into your Bitcoin wallet.
The concept of earning money by doing easy tasks online is not new, and the crypto industry fits in perfectly. Many crypto investors are looking for new ways to increase the amount in their online Bitcoin wallet.
If you were to sign up for a crypto faucet website, you might be asked to watch a product video or complete a quiz and get free coins in return. Some crypto faucet websites will require you to view ads and even click specific links.
Typically, you need to reach a minimum set threshold to withdraw rewards to your Bitcoin wallet. With some faucets, that will take a day or two, but you might need to complete tasks for a week or more with others.
Why Should You Use a Crypto Faucet?
The idea of doing tedious tasks online for crypto coins appeals to some but is off-putting to others. Still, crypto faucets have received mainstream acceptance in the crypto community and have been on the rise.
The primary purpose of crypto faucets is to allow people to get started with crypto and continue to be engaged. While you don’t need a huge budget to get started with Bitcoin, you still need to start somewhere.
If you’re reluctant to invest any of your savings into cryptocurrency, grabbing a few coins via the crypto faucet app is a decent alternative. On top of that, using crypto faucets allows users to learn more about digital assets and consider future investments.
Pros and Cons of Crypto Faucets
The main advantage of crypto faucets is pretty clear – free coins.
All you have to do is download an app or visit a specific website and sign up to become a user. Most platforms let you choose the tasks you’d like to complete, and the instructions tend to be straightforward.
But there are some downsides, too. Firstly, watching ads and completing quizzes might get tiresome quickly. Even worse than that, some of these platforms are not verified or safe.
That’s why it’s essential to do your research before getting started. Also, regardless of which crypto faucet platform you use, always be careful about clicking on external links.
Are Crypto Faucets a Scam?
Whenever someone talks about giving away free stuff, it understandably makes you wonder. Free Bitcoin or Ethereum coins seem too good to be true, even if you have to complete several online surveys.
The truth is that crypto faucets are not a scam at all – they’re perfectly legit. But they’re also not a get-rich-quick scheme. The smaller and more straightforward the task, the lesser rewards that land into your Bitcoin wallet online. If you don’t spend any time completing the task, you won’t get any coins either.
Plus, some crypto faucets offer various bonuses, such as a loyalty bonus, which encourages users to return. Others employ strategies such as surprising users with gifts from time to time. This is not an unusual approach for many crypto faucets these days.
Are Crypto Faucets a Right Choice for You?
When it comes to earning crypto money, most of us aren’t very picky. Having to answer a poll or watch an ad to increase Bitcoin wallet holdings seems like a fair trade-off.
However, if you’re doing well on the exchanges or have a successful Bitcoin mining operation, then you probably don’t need crypto faucets in the first place. But you never know, and perhaps a few rewards might come in handy from time to time.