Introduction- What are Bitcoin Faucets?
Bitcoin faucets are the easiest and not-so-effective way to earn Bitcoins out there in the digital world. A faucet offers dribs of Bitcoin to the users for completing several simple tasks. The word faucet metaphorically refers to the droplets of Bitcoin the users receive on the website. The hopes of getting rich through Bitcoin faucets may seem dry and narrow now, but some people got to meet Lady Luck due to some silly games they played in the distant past. So, we never know until we know.
How do Bitcoin Faucets work?
A Bitcoin faucet often offers an unconvoluted interface as it principally intends to get people started with Bitcoins. Most of the faucets out there come with in-built wallets. These wallets are automatically activated as the user registers with an e-mail or phone number with the website. Now the earnings per activity would be listed on the website, and it is usually one Satoshi, the smallest unit of Bitcoin. There are various activities available for the users to complete and claim the rewards. Some of which are-
- Watching Videos– The videos on a Bitcoin faucet usually contain product launches and other promotional activities.
- Completing Captchas– The users can also earn by completing the Captchas given on the website. The Captchas typically consist of letters and numbers which the users need to identify.
- Clicking on Ads– Apart from videos, the users can also earn by viewing a certain ad or visiting a particular website.
- Puzzle Solving– It is one of the fun ways of earning Bitcoins and getting paid to ease off your boredom.
- Online games– Who does not love playing games? And would it not be super exciting to get paid for doing what we love?
What is the Purpose of Bitcoin Faucets?
When Bitcoins were first introduced to the world back in the 00s, it was not received with as much excitement as it is now. Getting people used to Bitcoins was a Herculean task amidst the doubts and skepticism revolving around this Utopian scheme. And then, the crypto world has not been equipped with the various infrastructures and business models of today. With no crypto exchanges and business firms hesitating to adopt cryptocurrencies, Bitcoins needed a jump start into the market. So, Gavin Andresen, one of the first adopters to see the silver lining of Bitcoins, came up with a new model in which the users would be rewarded with Bitcoins for completing tasks. In 2009, the faucets paid around 5 BTC for watching a simple video. Those 5 BTC would exceed $150,000 in today’s market.
Can you make money with a Bitcoin faucet?
Yes, we can make money with a Bitcoin faucet. But, would it be worth your time? That would be a big no and a tiny yes. The Bitcoin faucets are designed to help people get started with Bitcoins without having to invest their money. So, the rewards would not be as big as we expected. Accumulating even $1 would take many months with Bitcoin faucets. However, even the smallest denomination could possibly give a big return in the future. These faucets paid around 5 BTC over a decade ago, whereas the rewards are now reduced to one in 5 million of what was initially given. This is a staggering prospect for something as fun-filled as Bitcoin faucets are.
The Future of Bitcoin Faucets
As far as the future is concerned, Bitcoin faucets do not hold any bigger picture. They have essentially remained the same for the past decade. It is because the design itself is just to open the doors for beginners to familiarize themselves with Bitcoins. The rewards given are not very large, and it tests the patience of the user for the smallest denomination. Furthermore, no one would want to spend an entire day online to earn a fraction of a dollar. Not to mention the resources needed for such activities. Again, a Bitcoin faucet is not a way to earn money. But a fun-filled way to get started with Bitcoins and altcoins.
Although Bitcoins faucets seem fun and exciting for their games and rewards, we must know that there have been attempts to scam people through this model. There are parasitical websites that tend to feed on user data and, at times, their money. The legitimate Bitcoin faucets do not offer bigger rewards, and it is always the smallest denomination, a Satoshi. Typographical errors are another aspect that identifies illegitimate sites. So, be vigilant of these aspects while providing your details on the website.