Crypto Faucets Guide

Since the advent of cryptocurrencies, the market value of Bitcoin has been increasing since 2009. Until today, the market value of Bitcoin has reached nearly 35,000 US dollars. The value-added space for Bitcoin is incredibly huge, which is also the reason why many emerging market investors are currently exploring cryptocurrency investments. However, trading Bitcoin is a very difficult business. First of all, trading Bitcoin requires considerable capital and not all people can afford it. Secondly, you need to have abundant experience in the field of cryptocurrencies. Finally, it takes a lot of time and effort to understand the market discipline and make investments at the right time to avoid losses caused by market fluctuations. Maybe you are just a beginner, financial resources and experience seem an unreachable barrier to entry, you can still choose to earn cryptocurrency-using the crypto faucet websites is a good choice. In this guide, we will tell you exactly what it is and how it works.

Bitcoin Faucet

What is a Cryptocurrency Faucet?

In simple terms, Crypto Faucet is a website or application. Its operating model is simple. When registered users perform simple tasks on the site, it automatically distributes tiny amounts of cryptocurrency. These simple tasks are usually completing captchas or quizzes, but may also involve clicking on links, watching continuous ads and product videos, and playing specific games. Many crypto faucets also conduct referral programs which is another source of income. In return for these tasks, the user is given a certain amount of cryptocurrency (in the case of the Bitcoin Faucet, a reward for Satoshi, i.e. 0.000000001 BTC) which is transferred to the micro-wallets supported by the site. When the balance reaches a threshold, You can transfer earned cryptocurrency to your real wallet. Most faucets have a minimum payment threshold, in some cases, the payment withdrawal may take only a few days, but it can often take a week or more to reach the minimum payment. Like an untightened faucet that keeps dripping, cryptocurrency is slowly trickling into your cryptocurrency wallet through the accumulation of tiny rewards. The cryptocurrency faucet is not a get-rich-quick scheme; its real appeal lies in the upside of cryptocurrencies. In this way, getting $0.10 worth of cryptocurrency on the cryptocurrency faucet today could be worth $1 or even $10 at some point in the future. Today, the Bitcoin crypto faucet still prevails, but there are also crypto faucets for Ethereum, Litecoin, Dogecoin, and a few other cryptocurrencies.

The Purpose of a Cryptocurrency Faucet

The first cryptocurrency faucets to appear were the Bitcoin faucets, which were originally created in 2010 by Gavin Andersen, one of Bitcoin’s leading developers. Such sites are not intended to generate revenue or as a source of earning cryptocurrency, but rather to spread information about Bitcoin, such as what it is and how profitable it is before it is widely recognized and accepted. The crypto faucets he created initially gave out rewards up to five or so bitcoins. The idea of logic is that people are always willing to get something for free, if people in a risk-free way (without investment or savings) get the COINS, they will have more interest and motivation to learn information about the currency, after a thorough understanding of encryption monetary operation mode, wish to invest more in encryption currency. Overall, running a cryptocurrency faucet website is a profitable attempt at innovation. By now, You might be wondering, how crypto faucets afford to pay you, and the answer is simple, they currently have two major sources of revenue, one is mining cryptocurrencies on your computer while You perform tasks, The other is that some businesses associated with cryptocurrencies use faucets as a way to get more people familiar with their brand or company, so faucets make money through ads displayed on websites and downloads on app stores.

Steps to Collect From a Cryptocurrency Faucet

First of all, you are supposed to find a reliable faucet.  Xfaucets is one such website. Xfaucets (https://www.xfaucets.com/) is a global cryptocurrency faucet website, where users just need to associate the wallet address in iCoinPay to obtain a certain amount of cryptocurrency for free. The users can earn free cryptocurrencies(such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other 10 types of cryptocurrencies) with just a few clicks but not complicated Internet access, and another earning type is to level up referral commission. You can earn cryptocurrencies when you invite people to register on the website. If someone registers and claims through your referral link, you can earn 25% commission every time your direct referral users claim and 10% commission every time your indirect referral users claim. This Referral program is a superior way to obtain a profit if you have a large social media presence.

You can withdraw the Bitcoin to your iCoinPay account if it reaches the minimum withdrawal amount of 0.00000001 BTC. The withdrawal from iCoinPay to an external wallet is possible by accessing the “Withdraw” tab of the User Dashboard. Its minimum withdrawal amount and withdrawal fee are similar to FaucetPay. The minimum withdrawal limits and withdrawal fee vary according to the coin type, take Bitcoin for example, it will charge a 0.00010000 BTC withdrawal fee and the payment threshold is 0.00050000 BTC.

Xfaucets.com-Homepage

Xfaucet

What are Micro-wallets?

Various faucets are relying on a payment service called micro-wallets as a place where payments are stored before being paid to users. A micro-wallet is similar to a traditional wallet, but the difference is that it is specifically used to collect a small amount of cryptocurrency.  Except for micro-wallets, cryptocurrencies cannot technically be stored anywhere. As a temporary storage space for small transactions, it is completely reliable, safe and easy to operate. Developers are active on various platforms and always pay on time.

crypto wallets

Should you use a crypto faucet?

In my personal opinion, whether or not to choose a faucet website as a new source of income depends on how much time and effort you are willing to invest for a meager return. “Free Bitcoin” sounds too good to be true, but in fact, while you don’t have to buy coins or pay fees, it still costs a lot to make money on these sites. Many faucet sites are very time-consuming and if you are already an experienced cryptocurrency investor who knows the market, the crypto faucet is definitely not a perfect choice. On the other hand, if you’re an initiator who’s interested in investing in cryptocurrencies but doesn’t have any experience, the crypto faucet is perfect for you. You can get a rudimentary understanding of cryptocurrency investment through the faucet websites, which is the first step into the world of cryptocurrency investment.

Be aware of Crypto Faucet Scams

In recent years, with the rise of Bitcoin and other cryptocurrencies, there has been a lot of fraud in the field, and millions of cryptocurrency investors have been defrauded of real money. Through a study of blockchain, cryptocurrencies, and cybercrime, we can see that the most common method used by cryptocurrency fraudsters is to rely on long-established Ponzi schemes and use the revenues of new participants to repay early investors. In the case of encrypted faucets, some owners deliberately withhold payment after users complete simple tasks such as viewing an ad or completing a captcha. A common technique is to remove a user from a website or application after the payment threshold has been reached. Another scam is to demand some form of payment, but even after the user has paid, they don’t get their coins. In other cases, users’ revenue from the faucet site slows down almost before reaching the payment threshold, or the revenue is wiped out of the wallet after the task is completed. There are a lot of scams in the crypto faucet world, so users need to maintain critical thinking and be more careful to distinguish between the various faucet sites. Before registering for a new cryptocurrency faucet app or website, you should be rational and thoroughly research the faucet you decide to use by checking out comments online. This will save you time and money.

Conclusion

Crypto faucets may be an opportunity for you, but improper use may also be a waste of time and energy. We hope this guide can help you understand crypto faucets more deeply. If you can, please pay attention to our website for regular updates.

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