Many have come to know that there is more to bitcoin than the human eye can possibly imagine.
A form of digital currency not backed by any central government or country has grown into the most popular and most traded crypto coin in the world.
Most times I hear, ‘I want to get into bitcoin space but I don’t have any money to invest’.
For beginners, have you ever heard of bitcoin faucets? What are they? Can I really make money from them?
These are some of the questions we are going to be exploring in this piece.
What are Crypto Faucets?
In simple language, crypto faucets are apps or websites that run a reward system for visitors who complete tasks set up by the site or app.
These earned crypto coins are mostly first deposited into an online micro wallet or sent directly to individual crypto wallets.
Faucets are not ‘a get rich quick schemes’ as the rewards are quite small and would vary depending on the value of the crypto-coin at any point in time.
Considering this, users prefer their rewards to accumulate in their micro wallet over a period of time until they are ready for a larger amount to be sent to their individual wallets. By doing this, the withdrawal would be able to cover transaction fees and still leave the user with a reasonable amount of coins.
How did the Concept of Faucets Begin?
The crypto space is still pretty new (about 10years old actually) and the majority are still learning what it is, not to talk of incorporating it into their investment portfolio.
This is what started the concept of faucets and why it has been growing in popularity. They are risk-free ways of educating and introducing people to cryptocurrency without them having to invest a dime.
Majority of faucets try to offer information on cryptocurrency to new users.
Simply put, faucets are great ways to earn free coins while learning about cryptocurrency simultaneously without risking any money.
Today, faucets are increasing in popularity among crypto enthusiasts and there are now different faucets for users to choose from.
What is in it for the Owner?
Why get into the business of offering crypto faucets?
By now, I expect you to have asked this question consciously or unconsciously.
Well, apart from educating users on the crypto space, faucets are used for a few other reasons which certainly include quality website traffic and income generation.
In lieu of this, websites that offer other crypto related services to users could use faucets to get the word out and get enthusiasts more familiar with their services or brand.
Depending on what you decide to promote, a business can also use its website to generate income.
Why do faucets give out free coins?
You have probably heard stories of how cryptocurrencies have made many first adopters a fortune.
So, why do faucets give out precious digital assets for free? Are they that charitable, kind and generous?
The truth is that no sane person would want to give out these virtual currencies for free. In the case of faucets, rewarding users with crypto coins also generates revenue? This is possible through Ads.
Major faucets serve as host to several ads. There is a chance that these ads are generating a steady stream of revenue for the website.
Also, some websites complement this revenue from ads with an affiliate program.
However, nowadays it is typical for a faucet to be overloaded with ads to the point of corrupting users’ experience.
But unfortunately, that is the price to pay to gather some free coins.
It is very typical for beginners to show interest in faucets.
I mean, who doesn’t like the sound of learning about an interesting and promising industry and gathering up precious virtual currencies for free.
Crypto faucets are stress and risk-free ways of getting involved in the crypto space without any out of pocket expenses.
If you are looking to get a grasp of the buzz around cryptocurrency space, now is your chance, practically, you have nothing to lose.