Nowadays, when you tell someone that they can get their hands on free Bitcoin, they’ll probably laugh in your face.
Or report you for being a scam artist.
So, the truth is, you can indeed get Bitcoin for free. And that’s when you make use of Bitcoin faucets.
What are Bitcoin Faucets?
A Bitcoin faucet is a platform/website that distributes Bitcoin to users for free.
Well, most of the time, you’ll have to complete a collection of basic tasks such as answering surveys, watching adverts, or maybe even play a few games.
In exchange, you’ll be rewarded with a small pay out, which will be deposited into your wallet. Other faucets allow you to collect your tokens on an hourly/daily basis each time you visit the website.
Faucets previously originated as a way for crypto enthusiasts to generate awareness for Bitcoin. In many ways, faucets can be seen to be the earliest form of crypto airdropping, as they deposit cryptos directly into a user’s wallet.
Besides that, faucets give curious enthusiasts a way to experiment with, and learn more about cryptos without having to expose themselves to any risks.
But of course, I hear you asking, why would anyone want to give out cryptocurrencies, especially Bitcoins for free?
Keep this in mind before using a Bitcoin faucet
While faucets do indeed pay out Bitcoins and other much sought-after cryptocurrencies, the amounts paid out are usually extremely small.
For example, Bitcoin faucets usually pay out cryptos in the form of Satoshis, i.e., the smallest measurement for BTC.
To give you some context, 1 Satoshi is valued at 0.00000001 BTC or $0.00067 – taking into account BTC’s current price valuation. So, don’t expect to turn yourself into a crypto millionaire overnight by farming Bitcoin faucets.
Can you Trust Bitcoin Faucets?
While most Bitcoin faucets are run by genuine crypto enthusiasts looking to spread the good word, they can also be quite risky.
With cryptocurrencies exploding into popularity, cybercriminals have also recognized the opportunity for crime that faucets represent.
Some crypto faucets may not be legitimate and are used to trick victims into handing over sensitive information, which can then be used against them.
This includes wallet addresses, private keys, emails, and social media information.
In other cases, some faucets pay out coins that are totally worthless, and trick victims into falling for a pump-and-dump scheme.
So, if you do intend to use a Bitcoin faucet, keep the following in mind:
- Never reveal your personal information, ever. Legitimate sites will not ask you for this.
- Make sure you know what coins are being paid out, you don’t want worthless tokens.
- Do your own research and read reviews.
Pros of Bitcoin faucets
There are plenty of reasons why you should use Bitcoin faucets, and here’s a list of our favorites.
- Faucets are a great way to get into cryptos. If you want to learn more about the crypto market and how it works, faucets give you free cryptos that you can experiment with.
- You get free Bitcoins. Obviously, this is a major reason why you should use a faucet. While the amount paid may be small, you’ll be surprised by how much you can accumulate over time.
- There are plenty of choices to choose from. Bitcoin faucets come in all types. Some don’t require active participation aside from a visit every hour. Others require you to play games, solve captchas, or just answer surveys.
Cons of Bitcoin faucets
Despite all of the benefits that they have, there are still a few things that you need to be aware of.
- Bitcoin faucets require a large time investment for a small reward. Meaning that farming Bitcoin faucets may not be cost-effective.
- You may have to reach a minimum balance before you can withdraw your tokens. This can make it difficult if the minimum balance required for withdrawal is high.
- Security is a major problem for Bitcoin faucets. And because of this, you’ll always need to be extra careful when using them.
Bitcoin faucets can be a fun way to obtain some cryptocurrency for free, if you’ve got the time. You can find some of the best ones that work in this article from Tezro: blog.tezro.com/best-bitcoin-faucets/
Also, don’t forget that the crypto market is extremely volatile and totally unregulated. This means that your investments can and will suddenly appreciate or depreciate without warning.