Bitcoin Faucet- Does it exist?
Free cryptocurrency! Yes, you read it right. The Bitcoin faucet is the road that leads to free cryptocurrency. It’s very obvious that nothing is free in this world, and faucet users need to do something to receive rewards from a faucet.
Before jumping into the deep discussion regarding Bitcoin faucets, it;’s important for the community to know that in the past, people have created scams using Bitcoin faucets. Moving forward, there are plenty of websites that infect users’ devices with ransomware, malware, and spyware. Users need to be aware of this fact and involve themselves with crypto faucets on their own responsibility.
Because whatever is on the internet is intended to face online corruption and hacks. It’s a safety tip that you need to consider before moving ahead.
What Are Bitcoin Faucets?
The real question is here! What is it actually?
It’s an app or a website that offers to lure you with small amounts of crypto. Confused? Well, you need to complete a simple task and you get cryptocurrency for free. To be eligible for these types of rewards, you must first complete the following tasks:
- Completing a Captcha
- Watching product videos
- Solving a puzzle
- Viewing or clicking on advertisements
- Playing a game
Users who complete these tasks could receive a single Satoshi (0.00000001 BTC).
Now we know what Bitcoin faucets are, but it’s important to know how they work?
Bitcoin faucets are commonly easy to use. You will be surprised to see that it’s as easy as getting into a public key address for your Bitcoin wallet. Just click some buttons and you will receive coins.
The rewards mainly depend on the task complexity. The hardest tasks hold the biggest rewards.
As mentioned earlier, you need to be very careful because there are scams attached to Bitcoin faucets, but there are some faucets that are safe and legal. The only problem with them is that they carry a very tiny reward, so it’s not possible for you to become rich with free cryptos.
Faucets frequently include a web-hosted wallet that stores tokens for users until a certain amount is reached. Often, these Bitcoin faucets have a minimum standard that users should attain until they can withdraw the tokens to their own wallet to prevent transaction fees gobbling up all or most of the rewards.
Why were Bitcoin Faucets created?
In the early days of Bitcoin, which was 2009, very few of us knew about it and only used to appreciate the concept. The use case of Bitcoin was nothing at that time, so people who had them were not able to use them.
So an early adopter of Bitcoin, Gavin Andresen, trusted the future of Bitcoin and found a way to use cryptocurrency. He asked people to complete captchas and get free Bitcoin.
How thoughtful that was. The main aim was to bring Bitcoin into circulation, and that was a great move.
The first Bitcoin faucet ever developed was in 2010 and paid out 5 BTC in exchange for completing easy tasks. And you won’t believe that this time the value of Bitcoin was worth less than a penny. With the popularity of crypto faucets, the value of rewards started decreasing and faucets became an inherent part of crypto history.
So that’s how it worked.
Conclusion
Some faucets are legal, but some are scams, so it’s not very advisable to do it. Now there are so many easier ways to invest in crypto, so opt for that method instead of wasting your time and energy on crypto faucets.
