A crypto faucet is a website or an application that enables users to earn small crypto rewards in return for completing easy tasks, such as completing a captcha, watching videos and adverts, completing surveys and quizzes, or playing computer games. The term "faucet" refers to the small amount of rewards, similar to the tiny drops of water dripping from a leaky faucet that could fill a cup over time.
One of the first crypto faucets is the Bitcoin faucet developed in 2010 by Bitcoin developer Gavin Andresen. Users who completed a simple captcha could earn up to 5 BTC at a time, and 19,715 BTC in total were eventually distributed, assisting in the widespread distribution of early BTC ownership. The Bitcoin faucet was instrumental in educating the initial network of Bitcoin users, resulting in the cryptocurrency's healthy expansion later.
Crypto faucets are less generous today, as the value of Bitcoin and other cryptocurrencies has skyrocketed. However, crypto faucets still play a crucial role in educating new users about cryptocurrency projects and the technology powering them and assisting novices in their crypto journey.
Read on to learn everything you need to know about crypto faucets, how crypto faucets work, and how to earn free cryptocurrencies by completing simple tasks. Additionally, we've compiled a list of the best crypto faucets for earning free crypto assets in 2022 to help you avoid scammers or other malicious actors looking to infect your computer or compromise your privacy.
So without further ado, let’s get right to it!
What Are Crypto Faucets
A crypto faucet is a reward system that gives users free coins in return for performing basic tasks. To obtain free crypto, users are asked to complete simple tasks, i.e., watch videos, play games, take surveys, complete quizzes or a captcha, etc.
Crypto faucets aren't a get-rich-quick scheme; they're simply fun, educational, and let you earn some free stuff in return for simple work. The simpler the work, the smaller the reward. Moreover, sometimes you must invest some time to accumulate the minimum threshold of cryptocurrencies that can be withdrawn to your wallet. Most websites have a minimum withdrawal limit on tasks, and rewards are usually sent into an internal crypto wallet when users reach the withdrawal threshold set by the platform. With the best crypto faucets, this can take as little as a day, but it can also take up to a week.
Crypto faucets provide users with free cryptocurrencies to increase awareness of new cryptocurrency projects, educate users about cryptocurrency and blockchain technology, and encourage them to invest in them.
How Do Crypto Faucets Work
Crypto faucets help companies earn profits and maximize their revenue through "traffic arbitrage," i.e., by sending traffic to advertising networks. Crypto facet users earn crypto rewards, i.e., a tiny portion of the revenue from the ad networks, in return for viewing ads.
The same revenue-share arbitrage model works with captcha, gaming networks, survey companies, affiliate networks, etc.
Crypto faucets are easy to use - you must sign up for a digital asset service or visit a cryptocurrency faucet website or app that offers free cryptocurrency in exchange for playing games, conducting surveys, watching advertisements, etc.
Due to high transaction fees, networks use a micro wallet and a micropayments platform to pay off faucet rewards when the minimum withdrawal limit is reached. The earned cryptocurrency is sent to your online mini-wallet by the crypto faucet's website or app. Micro wallets are often created once you sign up for a crypto faucet.
You can cash out when this micro-allocated wallet achieves a certain threshold of rewards (say, $5-10 in Bitcoin). When this happens, all the cryptocurrency is instantly moved to your actual crypto wallets.
Crypto Faucet Types
One way to categorize crypto faucets is by the token paid out as a reward. In the past, crypto faucets used to pay rewards in only a single cryptocurrency. The first currency-specific faucet was the Bitcoin faucet, paying rewards only in satoshis, the smallest unit of BTC.
Later on, in addition to Bitcoin faucets, other faucets like Litecoin faucets (Free LTC), Ethereum faucets, Monero faucets, Bitcoin Cash faucets, etc., were created.
For example, Ethereum faucets pay users a certain amount of ETH for completing tasks such as solving captchas, as mandated by Ethereum-faucet.org. You can also earn ETH tokens by mining websites and solving captchas using Fire Faucet. Dutchy CORP is another free Ethereum faucet where you can complete tasks and play games to earn rewards.
Currently, Altcoin Multicurrency Faucetssupport reward payouts in multiple cryptocurrencies. You can choose to withdraw your rewards in a variety of alternative coins supported by the faucet.
Crypto faucets vary from airdrops, referring to crypto assets being dropped into traders’ crypto wallets. An airdrop is a marketing strategy that usually requires participants to register with several platforms, be active on social media and internet forums, share posts, join discussions, etc., to earn rewards. During an airdrop, projects give away free tokens to promote their brand and gain awareness of their token.
Crypto faucets also differ from bounties, a list of reward-earning tasks published by a blockchain project. Bounties are a way for a blockchain project to solicit community participation and give out one-time crypto rewards to anyone who can complete specific tasks.
Top 10 Crypto Faucets
Crypto faucets have grown in popularity to earn free money through investing your time. You can earn free cryptocurrency by completing easy tasks as described above.
Below is the list of the 10 most popular crypto faucets& to help you get started:
1. Tamadoge
Tamadoge (TAMA) is an interesting new crypto project that's giving away $100,000 in tokens to investors who hold TAMA on the day of the drawing.
TAMA is a meme coin with a twist, providing holders with NFT ownership, a play-to-earn game, and giveaways in addition to potentially big returns.
TAMA is already proving to be one of the best new cryptocurrencies on the market, having received $2 million in its presale and employing deflationary tokenomics in which 5% of every transaction is burnt.
Tamaverse also offers NFT ownership and a fun play-to-earn game that consists of gathering, battling, and training 3D animated Tamadoge pets. Food and toys help the pets grow, and once they reach a certain size, they can compete against other pets, earning their owners points to climb a worldwide leaderboard, with rewards awarded on a monthly basis.
By the third quarter of 2023, pets will be available in Augmented Reality, allowing owners to walk out into the real world with their pets and earn TAMA tokens and other rewards.
2. FreeBitcoin
FreeBitcoin, founded in 2013, is one of the best Bitcoin faucets accessible today. As the name implies, it allows you to earn free Bitcoin by playing games on its website; namely; you can earn up to $200 in Bitcoin for every hour of playing. Bitcoin faucets work with a Bitcoin wallet, allowing you to earn free satoshis in return for completing the required tasks.
Additionally, FreeBitcoin allows you to earn free cryptocurrency through contests, etc., and earn passive income by depositing Bitcoin into your Bitcoin wallet. The company provides free crypto interest accounts with up to 4.08% APY on your balance.
There is also a weekly prize draw on FreeBitcoin, which provides you another chance to receive free Bitcoins. Furthermore, you can earn a handsome 50% of anything your affiliates win on the platform with its referral program. You can also win free contest tickets whenever someone you suggest plays Bitcoin games on the crypto faucet site.
3. FireFaucet
Fire Faucet is an excellent platform for people looking to diversify their digital portfolio using crypto faucet sites. Fire Faucet is an auto faucet that pays Bitcoin and other cryptocurrencies as long as you have Auto Claim Points (ACP). To claim free ACP, you must sign up and complete tasks like visiting short links, clicking ads and completing surveys. The faucet will run automatically until your ACP is exhausted. You can earn additional ACP through Firefaucet gift boxes.
Furthermore, the benefits you earn from the site are determined by your user rating, i.e., the more you use FireFaucet, the better your daily rating. This may be quite beneficial because the Bitcoin faucet pays its top 20 users with additional incentives daily. You can also earn additional benefits by completing daily tasks on this site.
FireFaucet also has a referral program with high benefits. You can sign up for free and get rewards for your FaucetPay or other digital wallets. It's also possible to earn cryptocurrency by completing surveys or watching videos on this website.
4. Battle Infinity
Battle Infinity is another attractive blockchain-based gaming platform and the first of the top metaverse projects built on the BNB Chain. It integrates NFTs, fantasy sports leagues, and play-to-earn games and provides some of the finest giveaways in crypto.
Battle Infinity offers a $3,000 airdrop of its native token IBAT, which will power the whole ecosystem.
TIt offers the fantasy sports league, IBAT Premier League, a decentralized exchange, an NFT marketplace, a P2E gaming platform, a metaverse universe, and a staking platform.
The Battle Infinity presale sold out in less than 24 hours, raising 16,500 BNB (about $5 million), making it one of the most exciting projects to hit the sector.
Joining the Battle Infinity Telegram group will provide you with the most up-to-date information and news about IBAT and the whole ecosystem.
5. Cointiply
Cointiply is another popular crypto faucet for Bitcoin and other digital tokens such as Dogecoin, Dash, and Litecoin. You can earn points by completing surveys, finding new companies, watching commercials, or even playing free games on this site. You might make hundreds of dollars each month depending on your location and how much time you spend on this crypto faucet site. You can also participate in browser mining with Cointiply.
Furthermore, there is no limit to how much free cryptocurrency you can accumulate on Cointiply. You can increase your profits by up to 61 times by participating in contests on the platform and benefit from loyalty programs by earning a 25% bonus through referral schemes. If you deposit 35,000 digital coins into your Cointiply account, you can earn up to 5% interest on your crypto balance.
6. Lucky Block
Lucky Block is one of the top 2022 crypto projects, giving all players blockchain-based jackpot drawings and regular prizes.
It's one of the most rapidly developing games in the online crypto lottery sector. As it's powered by smart contracts, you can be 100 % confident that the outcomes of every draw are completely random and trustworthy.
The platform focuses on transparency and fairness, with comprehensive tracking and recording, improved security, and a speedier payout of rewards to winners. 10% of the daily jackpot is donated to charity, a further 10% is provided to its native LBLOCK token holders who participate in the daily charity voting, 8% is dedicated to marketing, and 2% is donated to the NFT prize draw.
Lucky Block is also the creator of one of the best new NFT projects on the market, the Platinum Rollers Club, allowing members to participate in daily giveaway prize draws.
The first jackpot, held in May 2022, saw over $2 million in rewards, with the next giveaway occurring after selling 10,000 NFTs. The spectacular reward will be a Lamborghini worth more than $300,000, and more games of chance will be added to the Lucky Block Gallery in the future.
7. CoinpayU
CoinPayu is one of the top crypto faucets for claiming over 15 different digital coins. You can use CoinPayu to earn crypto rewards in satoshis by watching advertisements.
When making a withdrawal, you can convert your earned satoshis to any digital coin of your choice. However, you must fulfill the minimum withdrawal amount and cover the costs, which vary depending on the type of cryptocurrency you select. Apart from watching adverts, CoinPayu allows you to participate in 15-day contests.
CoinpayU can also be used as a staking platform for five different digital currencies, including Tron and Cardano. The lock-in duration and interest rate are decided by the staked coin.
8. FaucetCrypto
Faucet Crypto distinguishes itself by providing access to 18 different cryptocurrencies. You can earn coins every 25 minutes by performing chores like watching movies and answering surveys on this free cryptocurrency faucet. Faucet Crypto is user-friendly, with an advanced interface, allowing you to track all your earnings.
This crypto faucet service employs a level-up method, with the possibility of moving to the next level as you complete each activity on the platform and with more significant rewards available at each new level.
9. Allcoins.pw
Allcoins.pw is a crypto faucet that serves as a crypto exchange and a web miner. It may not appear beginner-friendly at first look, but it does offer several perks that may appeal to you.
You can use this faucet to earn free crypto by viewing advertisements, playing games (like VegaDice, Harvest, etc.), or participating in its referral program.
On this platform, you can also operate auto faucets and use the "Multi-feature" to earn up to three different cryptocurrencies at the same time. You can claim incentives at the end of each day.
10. BonusBitcoin
BonusBitcoin is one of the most popular free Bitcoin faucets. Users can earn a decent amount of coins through watching video clips, clicking adverts, filling out surveys, etc. This platform includes a large referral scheme rewarding users for recommending this free Bitcoin faucet to others. The site pays them 40% of anything people using their referral link earn.
Note: Moon Bitcoin, the highest paying Bitcoin faucet linked with the online wallet Coinpot, has now closed down.
Closing Thoughts
Crypto faucets have evolved from their early days of giving out free Bitcoins for completing basic captchas to becoming more sophisticated and diversified.
To get started with crypto faucets, conduct thorough research first. After choosing a trustworthy crypto faucet with high rewards, you must register by entering your personal information and your crypto wallet address to start completing the required tasks.
Be wary of suspicious-looking websites with high promises and only use trustworthy and well-known brands.
If you use crypto faucets properly and regularly, the free crypto you earn may add up over time, especially if the market value of your collected tokens increases.
You can also visit our CoinStats blog to learn more about wallets & exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy Bonfida, How to Buy Avalanche,& How to Buy Polygon, What Is DeFi, How to Buy Cryptocurrency, etc.
Investment Advice Disclaimer:& The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.
Cryptocurrency is a highly volatile market, sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
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