What is a cryptocurrency faucet?
Home > What is a cryptocurrency faucet?
Killian Bell
Nov 13, 2022 7 mins read

What is a cryptocurrency faucet?

Did you know that it is possible to acquire cryptocurrency tokens without mining them, purchasing them, staking them, or having to use any of your own money at all? Thanks to cryptocurrency faucets, almost every cryptocurrency fan in the world has the opportunity to earn free cryptocurrency tokens by completing simple tasks, playing games, and more.

It may sound too good to be true, but cryptocurrency faucets are a very real — and very genuine — way to generate coins and tokens with very little risk. In this AAG Academy guide, we’ll look at how faucets work, what kind of faucets are available, and more.

Cryptocurrency faucets are usually apps or websites that reward users with free coins or tokens for completing certain tasks. The rewards are almost always small, but if you use crypto faucets enough, they can certainly build up over time. This is where the name comes from: A leaky faucet may release one drop of water at a time, but it will eventually fill a cup.

One of the first crypto faucets was launched in 2010, when Gavin Andresen, then a lead developer of Bitcoin, created a website that awarded visitors 5 BTC (worth a whopping $97,300 today) just for completing a simple captcha. Andresen’s site issued almost 20,000 free BTC overall and helped distribute the coin during the early days of its existence.

Over the years, thousands of other crypto faucets have appeared offering all kinds of cryptocurrencies to those looking to get a start in the cryptocurrency industry on a limited budget. Users should be mindful, however, that the crypto faucets they’re using are genuine.

How do cryptocurrency faucets work?

Crypto faucets, as we mentioned above, are typically apps, games, and websites that are designed to be friendly and approachable. They typically require you to create an account, then they will present you with all kinds of tasks you can complete to earn free coins or tokens. This could be anything from taking a quiz to achieving a certain objective in a game.

The tasks are usually fairly straightforward and don’t take up too much time, though that isn’t always the case. But in all cases, completing them successfully will earn you free cryptocurrency. It may not be much, however, if you dedicate some time to using faucets regularly, those rewards build up and you may be surprised by how much you can earn.

The coins and tokens you earn from crypto faucets can be moved to your own cryptocurrency wallet, and then you can do with them what you wish. They may be swapping them for other cryptocurrencies, using them to pay for goods or services, or selling them. However, you may find that some faucets require you to earn a certain amount before cashing out.

You may be wondering why anyone would give away free cryptocurrency tokens. In some cases, faucets make money using ads — which you’ll see inside the app or on the website — and then use that to pay for the crypto they’re giving away after taking a cut. In other cases, faucets are simply designed to promote a project with long-term objectives in mind.

What types of cryptocurrency faucets are there?

There are a wide variety of crypto faucets in existence today that offer Bitcoin, Ethereum, BNB, Litecoin, and lots of other cryptocurrencies. So, no matter what you might enjoy doing with your spare time, you should find a faucet that’s fun to use. Here are just some of the many things that crypto faucets may reward you for:

  • Learning new skills
  • Watching videos
  • Reading articles
  • Completing quizzes
  • Completing surveys
  • Playing games
  • Solving captchas
  • Using services

Some faucets even award you with free cryptocurrency for doing nothing more than logging into a certain service every day.

What are the best Bitcoin and Ethereum faucets?

Some of the best Bitcoin faucets are:
FreeBitcoin
Participate in a weekly lottery with over 50 million registered users and claim up to $200 worth of free Bitcoin every hour. You can also earn interest on your balance.

Cointiply
Offers a daily login bonus and pays rewards (more than $12 million worth so far) for playing games, completing surveys, and more.

TrustDice
A cryptocurrency casino that lets you play games to win BTC. You can also claim a free bonus every six hours and earn by referring friends. TrustDice lets you earn Ethereum as well as Bitcoin.

Some of the best Ethereum faucets are:
FreeEthereum
Earn Ethereum by playing games and win up to $300 every hour. Also lets you earn by referring friends.

Allcoins
Lets you earn free cryptocurrency by playing games, referring friends, and running lightweight software on your computer in the background.

TrustDice
TrustDice, yang kami sebutkan di atas, memungkinkan kamu mendapatkan Ethereum dan juga Bitcoin.

Crypto mining vs. faucets

One of the biggest advantages crypto faucets have over other methods of earning cryptocurrency, such as mining, is that they are designed to be incredibly accessible for everyone. All you really need to get started is a device that’s capable of accessing the internet, such as a computer or smartphone, and a cryptocurrency wallet.

Mining, on the other hand, requires a significant investment in powerful computer hardware that’s capable of solving complex puzzles to validate cryptocurrency transactions. It is also an incredibly competitive industry, so even if you have enough money to set up a dedicated mining rig, there’s no guarantee you will earn a reward.

The advantage to mining is that when you do earn rewards, they can be substantial. Bitcoin miners receive 6.25 BTC — worth almost $100,000 at today’s price — for successfully processing a single block of transactions. Faucets obviously won’t earn you anywhere near that much, but if you put enough time into them, they can be worth the effort.

You might be interested in: What is cryptocurrency mining?

What are the risks of crypto faucets?

Crypto faucets shouldn’t be dismissed as a scam just because they seem too good to be true. As we’ve already established, there are thousands of genuine faucets that really do reward users with free coins and tokens for very little work. Sadly, however, not all are legitimate.

It’s important to remember that some faucets are set up to scam unsuspecting users. They may not pay out the rewards they promise, or they may infect your computer with malicious software that’s designed to steal your data. Some may convince you to link your cryptocurrency wallet so that they can steal any assets you already own.

With that being the case, it is extremely important to ensure that any faucets you use are genuine. Research those that catch your eye before interacting with them to ensure they have a good reputation and that other users have had success with them. You may also choose to use antivirus software as a backup, and never link your wallet to a service you don’t trust.

References

Frequently Asked Questions

Cryptocurrency faucets give users the opportunity to earn free coins and tokens for very little work. They typically offer small rewards, but they can build up over time.

Yes. While some faucets may require you to pay to play certain games, there are plenty that are completely free to use.

A mini-wallet is essentially a wallet offered by the faucet’s creator for depositing any rewards you earn. Your coins and tokens are stored here until you move them to a more traditional cryptocurrency wallet.

Learn-to-earn is a type of crypto faucet that rewards participants for completing educational tasks and programs.

Was this article helpful?
YesNo

Have a Question? Join our active Discord

Share this article:

About the author

Killian Bell
Senior content writer
United Kingdom
Senior copywriter for AAG Marketing team with the focus of educating our community on all things web3, blockchain and Metaverse.

Disclaimer

This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.

Win $5000 USDC, NFTs and Lifetime Benefits with MetaOne
Join waitlist

Get news first

Be the first to get our newsletter full of company, product updates as well as market news.

Win $5000 USDC, NFTs and Lifetime Benefits with MetaOne

Join waitlist
Join MetaOne waitlist