If you have ever wondered about how to earn cryptocurrency outside of trading, investing, or mining, then this article should set you on course to one of the simplest crypto earning practices—Faucets.
Understanding Cryptocurrency Faucets
Crypto faucets are apps or websites where small amounts of crypto assets get distributed as a reward for completing easy tasks. These platforms go by faucets because the coins disbursed are minute, like tiny water drops from a leaky faucet.
To earn crypto rewards from faucets, participants need to complete simple tasks, like viewing ads, viewing product videos, answering quizzes, opening links, or completing a captcha. Most platforms offer rewards according to the difficulty of the underlying task.
That said, many platforms have minimum payout thresholds. In this case, small rewards accumulate in a designated online wallet. Users can only withdraw after their accumulated coins reach the stipulated level. With some faucets, this could take just a day, with many others, it could take longer than a week.
What is in it for the Company Behind Cryptocurrency Faucets?
While cryptocurrencies have become a household name in the financial world, many of them have not attained a mainstream status and are unheard of by many people across the globe.
That said, by giving out free coins to random individuals globally, the host company aims at sensitizing the public about its product and attracting investors.
Popular Bitcoin Faucet
In 2010, Bitcoin developer Gavin Andresen developed a faucet to give out five BTC (yes, five!) to successful task candidates. The idea behind it was to create awareness for Bitcoin, a relatively obscure concept at the time.
Today, numerous faucets are willing to dole out free coins to interested participants. Some famous faucet platforms include Freebitcoin, Cointiply, Bitcoin Aliens, Faucet Crypto, Fire Faucet, Coinpayu, BTCClicks, and Satoshi Quiz.
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