If you haven’t already heard by now, then you probably know that cryptocurrencies are here to stay. And given how every investor and their aunt seems to be getting on the bandwagon, you may even be tempted to get in on some of the action.
However, with the prices of mainstream cryptos going through the roof nearly every other day, and how volatile the market is, most of us would probably have second thoughts.
But what if I told you that there is a way for you to get your hands on some free crypto?
And, I don’t mean coins that are worth next-to-nothing or an outright scam like Squid turned out to be.
I’m talking about earning real stuff like; Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).
Yes, you read that right, and it’s all thanks to the magic of crypto faucets.
What exactly are crypto faucets?
A crypto faucet is basically a platform or website that rewards users with cryptocurrencies in exchange for completing several types of tasks.
These tasks can range from answering a survey to watching some videos or maybe even playing games. The point is that crypto faucets pay you in actual cryptocurrencies for your efforts.
But like all good things, there’s a catch to be had, which is…
Crypto faucets payout only small amounts of crypto
Crypto faucets are just that – a faucet, and a leaky one at that. They pay out only a small quantity of your chosen cryptocurrency, so don’t expect to become a crypto millionaire overnight.
The quantities are so small in fact, that they have their own units of measurement, for example:
- The smallest unit of Bitcoin is called a Satoshi.
- The smallest unit of Litecoin is called a Litoshi.
- The smallest unit of Etherum is called a Gwei.
Now that we’ve gotten that out of the way, here’s the million Bitcoin question…
Do Crypto Faucets Work?
Yes, crypto faucets do actually work and are not a scam.
Crypto faucets were the earliest form of airdrops and were first used to introduce the community to Bitcoin. They provided curious crypto enthusiasts with a risk-free method of getting into cryptocurrency.
The small amounts paid out, let people experiment with Bitcoin and would serve to spark interest in cryptocurrency.
Nowadays, the amount paid out by crypto faucets is nowhere near as high as it once was. This is obviously due to the fact that crypto prices have become absolutely stratospheric over time.
But this doesn’t stop people from farming crypto faucets to slowly accumulate high-priced cryptocurrencies like Bitcoin, Litecoin, and Ethereum. While the quantity seems to be small at first, you’ll be surprised to see how much crypto you can collect over time.
However, the time investment and effort required to farm several dozen crypto faucets usually outweighs any benefit.
The idea of free cryptocurrency is definitely attractive, but before you get started, there are a few things that you need to keep in mind…
Staying Safe With Crypto Faucets
Obviously, there’s no such thing as a free lunch in this world, and this is why you need to be on the lookout when you’re using crypto faucets.
Here are some of the most common crypto faucet scams:
- Fake wallets
As you’ll need a wallet to store your cryptos, some sites may require you to use their on-site crypto wallet, and here’s where things can get ugly.
Some unscrupulous sites only allow you to withdraw your cryptos once you’ve achieved a certain minimum balance, forcing you to stick with said site. Other wallets may even disappear overnight, leaving you with nothing.
- Crypto faucets with worthless coins
If a crypto faucet tries to pay you in some type of obscure coin, then you’re better off avoiding it. More often than not, such coins are totally worthless and end up being a waste of your time.
- Faucets that ask you for personal information
A site that asks for your personal or login info is a major red flag and one that should be avoided at all costs. While some claim that your personal info is simply collected for administrative purposes, chances are that info can be stolen or used against you.
Crypto faucets are an excellent way to learn more about cryptocurrencies and how they work. If you want you can read what are the 10 best free Bitcoin faucets by Tezro here.
And with plenty of real working crypto faucets available, they are very much worthwhile exploring.