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Crypto faucet allows you to earn small rewards in cryptocurrency for completing simple tasks. Its name is a metaphor for how drops from a leaky faucet can eventually fill an entire cup. Crypto faucets come in a variety of varieties, including Bitcoin (BTC), Ethereum (ETH), and BNB faucets.
Introduction
The first cryptocurrency faucet used Bitcoin and was created in 2010 by the lead developer of the Bitcoin network, Gavin Andresen. He awarded 5 BTC for free to each user who entered a simple captcha. Throughout its history, this Bitcoin faucet has given out a total of 19,715 BTC, contributing to the widespread adoption of BTC. He was instrumental in forming the initial network of users that subsequently led to the organic growth of Bitcoin.
Naturally, today no crypto faucet offers such large payouts, since Bitcoin and other cryptocurrencies have increased significantly in price. However, developing crypto projects still need new users who are interested in cryptocurrency. To attract an audience, they can use cryptocurrency faucets, which play the role of a link between supply and demand.
Some apps and online services give new users various bonuses for downloading their app or registering an account. Similarly, crypto faucets allow you to earn tiny rewards for completing simple tasks. Using faucets is a great opportunity to start your journey in the world of cryptocurrencies.
How crypto faucets work
Typically, cryptocurrency faucets are extremely simple and easy to use. First of all, users need to register in the service for storing digital assets. This could be a website or application that awards cryptocurrency for completing simple tasks. In both cases, you will need to create a crypto wallet and sometimes even verify your identity.
Users are asked to perform various tasks: watch videos, read articles, watch advertisements, take games and surveys. You may also be asked to invite friends to this service. All tasks are relatively simple and most people can complete them easily, although they can sometimes take quite a bit of time.
For completed tasks, users receive rewards in the form of a small amount of cryptocurrency. It is assumed that regularly completing tasks from the crypto faucet will allow you to accumulate significant amounts. Please note that some sites and applications require you to accumulate a certain amount (for example, at least $5 in cryptocurrency) in order to withdraw funds.
What are the types of crypto faucets?
Cryptocurrency faucets are divided by tokens that are paid as rewards: there are faucets with Bitcoin, Ethereum, BNB and many others.
For example, when using Bitcoin faucets, users receive rewards in Satoshi, the smallest unit of BTC. There are also crypto faucet aggregator sites that offer users several faucet options with rewards in the desired token.
Crypto faucets differ from airdrops in that the latter follow a predetermined reward distribution schedule. They are usually issued to those who own a specific token or use a crypto wallet to raise awareness of a specific project.
Crypto faucets are also different from bounties, which are a list of tasks from a blockchain project. This way, it gets the help it needs from its community and rewards users for completing certain tasks.
Risks of crypto faucets
When using crypto faucets, you should be especially careful, since most offers to make money on the Internet usually come from scammers. Malicious websites or applications posing as crypto faucets can infect your computer with malware and steal important data. We recommend that you research the information carefully and rely on trusted brands.
Another disadvantage of cryptocurrency faucets is that the tasks can take too long and not be worth the money received. Some users reported that a whole week of actively completing tasks in crypto faucets brought them less than $1. Choose reputable crypto faucets that will provide you with enough cryptocurrency in exchange for your time and effort.
Summary
If previously crypto faucets gave away free bitcoins for entering simple captchas, now they are becoming more complex and varied. Before you start working with them, do thorough research on your chosen project.
Beware of suspicious sites that promise big rewards and choose trusted brands. If you use crypto faucets correctly, you will receive tiny shares of cryptocurrencies and can accumulate a significant amount over time, especially if the market value of the accumulated tokens increases.
