What Are Faucets?
The History of Crypto Faucets
Crypto faucets were invented by Gavin Andresen in 2010. They were designed to be a “reward” system and a promotion tool, giving out Bitcoins for free to help raise awareness and adoption of the new and then relatively unknown cryptocurrency. Faucets were a tool to promote Bitcoin, you might, for example, be given free Bitcoin in exchange for going to a website or watching a video on a site. The first Bitcoin faucets would often give away 5 Bitcoin for free at a time, which was then worth less than 5 cents..
Over time, faucets became more common, and one had to do more and more tasks to get any significant amount of Bitcoin. You would have to play a game to get your free bitcoin, or watch a video, or click on ads. As the value of Bitcoin increased, faucets gave away less and less Bitcoin per log-in. Soon, faucets were no longer needed to make people more familiar with Bitcoin, as the fast rise in value and media attention was already achieving this. Faucets continued their existence but turned into advertising platforms.
How can they afford to give away free Crypto?
Today, the amount of Bitcoin one can get from any faucet is very low- usually less than 10-15 Satoshis per login, but all you have to do is to go to the site, and sometimes click on their ads. The faucet sites are paid more by the advertisers for getting traffic to view or click on the adverts, than they will ever pay out in crypto.
How do Crypto Faucets work?
It’s relatively easy for a website to set up their own crypto faucet. The site owner would first set a budget, and can then add a faucet app or plugin that puts ads on the site, keeps track of his budget in Bitcoin or another crypto, and tracks the amounts the different site visitors or members have earned by logging in or clicking on the ads. The systems then run entirely autonomously. As faucets are not considered gambling, site owners do not need an electronic gaming license.
The owners of the faucet sites earn their money from driving traffic to the adverts (creating impressions) and by getting people to click on the ads (clicks) and are thus paid by the advertisers. They will always earn far more from the advertisers’ payouts, than they will be paying out themselves through the faucets – and can determine this as they set the rates that the faucets pay out at.
Some other crypto altcoin faucets give out free coins for promotional purposes.
Can one really make any money from Crypto Faucets?
Not really. As we mentioned above, the highest amount you can get from any Bitcoin faucet is 0.0001 BTC per day. If Bitcoin is $10,000, this is worth $1 – but this is unusual. This is the absolute maximum that one can earn from any faucet though, most only give around 5-10 satoshis per day (roughly $0.001). You would need to visit a lot of faucet sites, click on a lot of ads and play a lot of games or watch their videos etc. to be able to make any amount of money from faucets. Then you have to accumulate enough on your account on each site to be able to cash out, if it is even possible to make enough on the site to reach the minimum threshold for them to allow you to cash out. Basically, Bitcoin faucets are glorified PPC (pay per click) sites nowadays and nothing else.
Some other smaller cryptocurrency projects still use faucets as promotional tools, and on these, one can earn free coins by simply visiting them at regular intervals without having to click on ads or perform tasks. You’ll only ever get tiny amounts of any crypto, and these will only ever be worth anything if the cryptos in question shoot up in value after you’ve managed to ever send your earnings from the faucet site to an exchange. But, if you have considerably more time than money, it’s not a bad idea to regularly visit some of the better faucet sites (with lower withdrawal thresholds) and store their coins for the future. It will take only a few minutes of your time and if the project fails, the only thing you will lose is a few hours in total.
Scam Crypto Faucet Sites
There are many crypto faucet sites, but not all of the crypto faucet sites actually pay out. The majority of crypto faucet sites are created precisely to get visitor traffic to their sites by advertising free Bitcoin, but are designed to never have to pay out to anyone. The majority of crypto faucet sites (and this is how most of the scam ones work) have a minimum pay out. This means the minimum amount of Bitcoin or crypto you have to have accumulated to be able to send it out of the site and cash it into fiat. This minimum value might be very low, but for many faucet sites, the amount of Bitcoin or crypto you can get for free is so low, that you would never be able to earn enough free crypto to be able to ever get it off the site! Effectively, you’d be spending your time visiting the sites and doing tasks which earn those sites advertising dollars, but without ever being able to get any benefit from doing so. These sites rely on people not doing the maths
The Best Crypto Faucets in 2018
(with this one, we would want to incorporate pictures of the logos of each of the sites and links to them)
|Name||Maximum Amount You Can Win||Explanation|
|QoinPro||0.00000002 BTC, 0.00000039 LTC, 0.00000043 DASH, 0.00000264 NEO, and much more per day||Gives 11 different crypto-currencies for free each day. Signing up the site is enough to get rewards. Uses a referral system to multiply the amount of rewards up to 1.250%|
|MoonBit||18 Satoshi per 4 week||No ads. Visiting the site is enough. However, the maximum amount you can win per day is limited to 8 Satoshi.|
|MoonDoge||0.22 DOGE per 4 week||No ads. Visiting the site is enough. However, the maximum amount you can win per day is limited to 0.10 DOGE.|
|MoonLite||626 Litoshi per 4 week||No ads. Visiting the site is enough. However, the maximum amount you can win per day is limited to 294 Litoshi.|
|Bitfun.co||10.000 Satoshi per withdrawal, no maximum amount||You need to complete 5 surveys to win Satoshi. Each survey awards a different amount. When your balance reaches 10.000 Satoshi, you can withdraw to your wallet.|
|Xbit.co||5 Satoshi every 5 minutes, no maximum limit||You need to solve a captcha each time|
|Melovin||30 Satoshi every 30 minutes||You need to solve a captcha each time|
|Claimbit.top||6 Satoshi every 3 minutes||You need to solve a captcha each time|
|Free4Faucets||Supports 10 different crypto-currencies, including BTC, ETH, DASH, DOGE, and LTC.||PTC (pay to click) site. Prize amounts differ according to the task. Mostly asks you to watch YouTube videos.|
|EthereumFaucet.info||0.0020 ETH every 60 minutes||You need to solve a captcha each time|
|InstantDoge.eu||1.15 DOGE every month||No ads. Visiting the site is enough. However, the maximum amount you can win per day is limited to 0.54 DOGE.|
|CoinLite.me||6.000 Litoshi per day||Visiting the site is enough but you cannot use an AdBlocker.|
|XPM-faucet||0.0013 XPM per 60 minutes||Also offers a lottery for free|
|Bitsler||0.00000015 BTC every 15 minutes||Just click on the “free BTC” button|
All of these sites are free to access. You won’t get rich from any crypto faucet, unless the value of a few satoshis goes up so high as to be of significant value in fiat, but, visiting all of these sites shouldn’t take more than 30 minutes or so a day and might make you some free money.