What is a Bitcoin faucet?
Who doesn’t want to get in on the Bitcoin action? Well, with a Bitcoin faucet, you don’t even need to spend a penny to get some!
A Bitcoin faucet can be thought of as simply a reward system.
Rewards can be dispensed to users during predetermined time slots for the successful completion of tasks. The tasks can range from a number of activities, such as completing a captcha test through to a simple game.
Additional activities include loading a page of advertisements or watching promotional videos.
With a Bitcoin faucet, you would typically only receive a fraction of a Bitcoin. This is because Bitcoin’s price is currently valued at $3,700 at the time of writing. No company would willingly give away that much money on a regular basis, so you would usually be rewarded in satoshis.
What do you need?
To earn Bitcoin through a faucet, all you need is a working internet connection and a cryptocurrency wallet.
If you haven’t heard of cryptocurrency wallets, think of one as a digital storage facility for your cryptocurrency.
There are several types of cryptocurrency wallets, such as electronic, mobile, desktop, third-party, and hardware wallets.
A third-party wallet is one that is managed by a third-party, such as an exchange. This type of wallet means you trust the third-party to keep your crypto safe.
Electronic, mobile, and desktop wallets have the added incentive of convenience, but they are not the safest.
A hardware wallet is functionally similar to an external hard drive, and you can just plug it in when you need it. The benefit of a hardware wallet is that it is never connected to the internet, making it one of the safer types of crypto wallets.
You could also use a paper wallet. Paper wallets are best for safety, but you would only typically use one to store large amounts of crypto. A paper wallet is a form of cold storage. However, if you only need a wallet to use a Bitcoin faucet, a paper wallet won’t be convenient for you.
If you’re having trouble figuring out which wallet is best suited for you, you can discover more about the pros and cons of each type of crypto wallet here.
Where do you find a Bitcoin faucet?
Bitcoin faucets can be found easily online with a simple search.
However, you need to make sure the faucets you use are safe and secure. We do not recommend any cryptocurrency, project, or company, and as such we will not recommend any faucet in particular here, but you should conduct your own research into Bitcoin faucets that interest you. It does you no harm to scope them out, but it could cause harm if you fall prey to a scam.
What will you be paid in?
As mentioned above, Bitcoin faucets pay in fractions of Bitcoin known as satoshis.
Satoshis are the smallest unit of value for Bitcoin. They are not so different from the penny to the pound, or cent to the dollar. However, satoshis are worth significantly less.
A single satoshi is worth 0.00000001 Bitcoin. There are therefore 100,000,000 satoshis in a single Bitcoin, so you would need to complete a lot of tasks to earn a full one!
However, you will be paid with plenty of satoshis. It is highly unlikely a Bitcoin faucet will pay with an insignificant amount of them.
Do keep in mind that different Bitcoin faucets are going to pay different amounts. There isn’t a standard across the board for these type of reward systems. It is all down to the faucet provider.
Some sites may only offer as little as 10 satoshis, while others have the potential to net you between 200 to 300,000.
Also, bear in mind that the value of your satoshis is going to depend on Bitcoin’s current market price. If the price plummets, your satoshis will be worth less, but they could be worth more if Bitcoin’s price rises.
Interested in discovering more ways to earn cryptocurrency? You can learn more methods for earning cryptocurrency without investment here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.