Disclaimer: This article is sponsored content and should not be considered as financial or investment advice. Always do your own research before making any financial decisions. The opinions expressed in this article are those of the author and do not necessarily reflect the views of CryptoGlobe.
Crypto Faucets are websites or apps that allow their users to collect free crypto regularly in extremely small amounts. For instance, they can collect free bitcoin every hour, every day, or every specific given time. The amount given by the faucet is usually small but it has the potential to be a big reward as well, allowing users to experiment with crypto.
Crypto faucets are providing their users free crypto for several reasons but the main ones are:
- To get traffic. By paying the users directly, the faucets get “traffic” (visitors) to their sites. Instead of paying for example to Google Ads to buy traffic, they invest that money directly on the users themselves. It creates a win-win situation where the faucets get traffic and the visitors are the ones being paid, thus leaving any middleman behind (e.g. Google).
- Faucets allow users to play for free. The classic example is online casinos providing new customers with 100 free spins, for example. The 100 free spins carry a rollover requirement. Similarly, the faucets allow users to play in their games in a type of promotion by giving away small amounts of cryptocurrency.
- To bring more traffic using referral programs. Similarly to the reason of cutting out the middleman, faucets get more users by paying users a commission on their referral programs.
What kind of crypto is given away by these faucets?
Crypto faucets pay in different cryptocurrencies. The most popular currency would be Bitcoin. However there are many other faucets out there for less popular currencies, with some often being created to allow users to experiment without having to buy the cryptocurrency directly.
Can you provide examples for these faucets?
One of the most popular bitcoin faucets is freebitcoin.io and as the name of its domain implies, it does allow users to collect free bitcoin from the site. The collected bitcoin can be withdrawn to a bitcoin wallet after reaching a specific threshold, or used for games on the site and more.
A similar Ethereum faucet is freeethereum.com which provides a similar thing but only with Ethereum. Both of these sites were established around 2017-2018 and have been operating since.
Some other popular faucets out there include Dogecoin faucets and the Tezos faucet, which hand out their respective cryptocurrencies.
How can I trust the faucet I use?
Crypto users often use the motto “don’t trust, verify,” and as such users are encouraged to do their own research on any cryptocurrency faucet they plan on using. Be aware of any new sites that are popping out around the corner and have barely established themselves.
Platforms including the Bitcointalk forum, communities on Reddit, and social media can be useful to gather feedback on users’ experiences with cryptocurrency faucets.
