Bitcoin faucets: what are they and the working platforms
Bitcoin faucets: what are they and the working platforms
Bitcoin

Bitcoin faucets: what are they and the working platforms

By Alfredo de Candia - 9 Aug 2020

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A type of platform that can be found in the blockchain and crypto sector is that of faucets, i.e. tools that allow retrieving Bitcoin and other crypto assets for free by performing simple operations.

What does faucet mean

Faucet is another word for tap, to give the idea that water flows from the faucet just like cryptocurrencies from apps.

Companies deposit their own crypto into a faucet, for example for marketing purposes, and users can open this “tap” to receive the cryptocurrencies in question, often after performing some actions.

How are faucets born

History shows that one of the first faucets was created by Gavin Anderson back in 2010, who started The Bitcoin Faucet website that gave 5 bitcoin (BTC) to every visitor.

It was enough to enter a bitcoin address and complete a simple CAPTCHA, so there was no risk of bots being used to empty the 750 BTC reserve.

The first transaction dates back to June 11th, 2010 and, worth noting, there were no fees.

What are faucets for

Faucets are designed to propagate a certain crypto among people and thus simplify the process of obtaining it.

While it is true that at the time it was possible to mine bitcoin with a simple PC, few people really knew how to manage the various commands and it was certainly not a simple operation for a user not skilled in the task. But with a faucet, the crypto was distributed directly to all those who wanted to use it or try its operation.

How did faucets evolve

Faucets, as mentioned, were born to spread a certain crypto, but over time this tool has become used as a marketing tool.

In fact, it is enough to create platforms where users receive cryptocurrencies if they carry out certain operations such as surveys, subscriptions to services and so on.

How much can be earned with Faucets

To answer this question we must first remember that faucet platforms provide a referral system where new users who sign up will provide a share of their earnings to the referral.

In this way, it is possible to amplify the effect of a faucet.

Depending on the platform used, the reward and the crypto will change: in any case, we are always talking about fractions of cryptocurrencies.

For instance, some of them offer, every hour, about a dozen bitcoin satoshis, so in 24 hours we can at most recover 240 satoshis.

An average user could at most make 10 times the claim since it requires a lot of waiting time, so we’re talking about 100 satoshis per day.

Multiplying these figures for a month or a year to understand the final gain, means that in 30 days it’s possible to get 3000 satoshis or $0.30, while in a year it’s possible to get 36500 satoshis or just $4.

Essentially, a person should only do this if they believe that prices will go up and that those satoshis may one day be worth something interesting.

What are the best Bitcoin faucets around?

There are a lot of faucets in this industry, but not all of them are reliable.

One parameter to judge the reliability of a faucet is certainly the uptime, so if it has been active for several years then it is very likely that it is reliable and pays users.

Among the various faucets we have tested there are:

 

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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