Crypto faucets are one way to get crypto assets for free. There are several ways to obtain crypto assets including trading, mining, and airdrops.
The faucet itself is different from all those methods. To earn crypto using this faucet, you only need to complete tasks such as working on quizzes and captchas, watching an ad or product video, playing a game, or also registering for a service.
After you complete the tasks, you will get rewards in the form of crypto. The amount of the reward also depends on the level of complexity of each task.
For information, the faucet itself is present or intentionally made to attract the attention of the general public to crypto assets so that the public will also take the time to learn about digital assets and be interested in starting investments.
So, what are the types of faucets and a complete explanation on how to get them? Find out more in the explanation below.
As mentioned above, crypto faucets are a way to earn free crypto through an app or website. As for this application or web page, it will usually distribute various crypto assets in small amounts as a reward after someone completes a task.
On the other hand, this program is called a faucet, because the application/website will provide a small reward, like a small drop of water from a leaking faucet. Later, this free crypto asset will be sent to the user’s wallet.
A Bitcoin faucet can be defined as a reward system from which a small amount of Bitcoin can be rewarded, known as Satoshi or one million units of 1 Bitcoin (0.00000001 BTC). Gavin Andresen, a senior Bitcoin developer, introduced this faucet in 2010.
This faucet will give a reward of five Bitcoins after the completion of simple tasks, to spread awareness about Bitcoin because the concept of cryptocurrency at that time was still very new. Around 19,700 BTC at that time was distributed among users who completed the captcha.
On these sites, users can earn BTC after completing reCAPTCHA, Solve Media, playing games, or mining. The minimum withdrawal range is from 0.0002 BTC to 0.002 BTC. It is commonly known, most of these Bitcoin faucets have direct and instant payments.
Almost similar to the Bitcoin faucet, the difference is that this crypto faucet will reward users, who complete the same tasks as the Bitcoin faucet, from completing captchas to watching ads/videos, with ETH tokens.
The distinctiveness of this faucet is that users can earn 0.000002 ETH per ten seconds. This also happens in many programs that offer this faucet. Moreover, there is also an additional reward of 20% of that amount for users who complete tasks well and take advantage of referrals.
However, the process to get ETH is quite complicated, besides it also takes about 3 hours. In addition, users must also disable the ad blocking option to be able to watch some of the ads and pop-ups that appear on the website. Some website services that provide ETH faucets are Bestfaucetites.com, Allcoins.pw, Fire Faucet, and Dutchy CORP.
Similar to the previous two types of faucets, users will also get rewards after successfully completing the given tasks. The reward, as the name implies, is of course Litecoin—also known as Litoshi. At least, there are currently two faucets that offer free Litecoin tokens, namely Moon Litecoin and Fire Faucet.
If you as a user want to get a crypto faucet, you just need to complete a series of tasks provided by the app/website. Then, you must also participate in promo activities or campaigns that are already available.
Later, the faucet provider application or website can change the amount of the reward and create a timelock for the user to claim the prize. Here, users generally only need to register, then create an account by entering their personal information and wallet address.
Then, you as a user can immediately complete the tasks requested by the faucet provider. If this series of tasks has been completed, the cryptocurrencies obtained will be directly sent by a “micro digital wallet”, which is a digital wallet that is provided automatically by certain sites. The difference with digital wallets, in general, is that this micro digital wallet is designed as a means to store small amounts of crypto assets, which also has a minimum withdrawal limit that also varies between digital micro wallet providers. You can later make a withdrawal if the crypto asset that has been successfully collected has reached the minimum limit set by the provider.
Although in the process, this crypto faucet is quite safe and secure because users do not need to provide a private key, you still need to be careful. The reason is, there are also fake crypto faucet sites scattered on the Internet.
Some sites provide a fee that is too small for their users. You also need to increase vigilance because these fake faucets also carry out Initial Coin Offerings (ICO) fraud, mining, and even stealing users’ data.
Therefore, for beginners, it is highly recommended to know the tips for identifying the official crypto faucets below.
In this case, you should dig deeper into the level of security and trustworthiness of the faucet sites you find on the Internet. You can also search for them via Reddit. In addition, you can also consult with members of the crypto asset community.
This tip is important for you to consider because it is closely related to the security of your crypto assets. In this regard, you don’t need to submit a “private key” when you start doing tasks because most crypto faucet sites have guaranteed security. Therefore, if there is a site that asks for a private key, you should ignore it.
Trust me, if you want to be safe while doing the faucet, you shouldn’t deposit any coins. Some fake crypto faucets will ask you to deposit a number of coins before making a withdrawal. However, next thing you know you will not be able to make withdrawals because this is actually a scam.
Remember, this faucet activity is not going to make you rich instantly because this program is designed so that you can continue to learn about crypto assets without the need to stress out and of course without risk.