What are crypto faucets?
Crypto faucets are one of the legitimate ways to earn small amounts of free cryptocurrency such as bitcoin for your interactions with a website. Typically they are run by either companies which mine crypto and redistribute a part of their earnings, or they run advertisement to gain profit which enables them to give out free cryptocurrency. Most faucets typically let you claim your free coins after solving a captcha and proving you are a human. The amount you receive varies from site to site and usually you need to wait a certain amount of time between claims.
Earnings from crypto faucets are often credited into a micro-wallet such as FaucetHub or Coinpot which lets you accumulate enough crypto for withdrawal. Also, by using these microwallets you can get some extra rewards and bonuses. Some standalone services don’t use micro-wallets but rather deposit directly to your account or personal wallet.
Even though Bitcoin faucets are the most popular ones, you can earn many other cryptos such as Dogecoin, Dash, Litecoin, Stellar Lumens and others. If you are using multiple faucets which are a part of same micro-wallet, typically you can convert between them easily and withdraw the currency you want.
Many crypto faucets besides claiming free coins offer additional services such as playing lottery and games, betting and other ways of earning additional coins. However these are often games which can both benefit and damage your accumulated amount so you should only play with what you can afford to lose. If you are only playing with what you claim, these features can provide enrichment and excitment for those who are into games of chance for a fairly negligible cost.
What is the benefit?
Even though they are not a sustainable long-term source of income, faucets provide a fun activity especially for people new to cryptocurrency. You can explore what it feels like having different cryptos without the fear of investment. Faucets can also help you develop your financial management skills, teach you patience and encourage saving habits.
If this article got you curious stay tuned for our upcoming list of top crypto faucets to use. What is your opinion on crypto faucets? Feel free to share it in the comments below.