Much has been said about crypto faucets, but not many people know about them. A crypto faucet, or BTC faucet as many call it, is a website or an app developed to distribute cryptocurrencies in small quantities.
It also stands as a reward for completing simple tasks. The term “faucet” in the crypto faucet is obtained from its ability to reward small quantities. Just take the reward of a crypto faucet as small water droplets from a leaky faucet.
Users who wish to earn Bitcoin through the BTC faucets method can do so by solving simpler problems, mining, playing games, or solving reCaptcha, depending on your chosen platform.
A small amount of faucets or all the earned crypto is sent to the owner’s wallet. The minimum withdrawal limit is from 0.0002 BTC to 0.002 BTC. And most of these BTC faucets are embedded with an instant direct payout function.
But don’t get it wrong, a crypto faucet is not a get-rich-quick scheme. The thing is, the easier the task, the lower the reward. Many websites offer users a minimum payout limit, so the rewards you earned by completing these tasks are paid into an online base wallet section of the website.
Users can cash out their rewards after attaining a stipulated limit. There may be other faucets, but the BTC faucets are the most popular. The best faucets can take up to a day but sometimes take longer than a week.
Purpose of Crypto/BTC Faucets
Although last year was a great time for cryptocurrencies, one can’t say they are mainstream. Moreover, they are still new to most people.
The main idea behind BTC faucets is to start a new concept that gives out free crypto to a few selected ones ready to learn about digital assets, no matter which part of the world they find themselves in.
These people are expected to invest in any crypto assets after finishing the course.
These days, no BTC faucets deliver such huge payouts on a normal basis, even as the price of bitcoin and its likes rapidly increase in the market. But for those other crypto projects that just made it into the market, there are always a thousand more crypto faucets enthusiasts patiently waiting to learn.
In otherward, BTC faucets are important in bringing supply and demand together.
There are also coupons. These faucet coupons are often recommended for downloading new apps to your device and engaging in a new service online.
With the BTC faucets, all you need is to complete your task, and you will get your earnings in small pieces. Using faucets is a good way to start your journey if you are new to cryptocurrency.
How does the Cryptocurrency Faucet Works?
BTC faucets usually work well when completing simple online tasks and participating in regular activities.
Most of these faucets’ websites are responsible for fixing rewards and can choose to introduce a timelock that helps users get their rewards. To do this, users are expected to register any BTC faucets by inputting their details with the wallet address.
After you must have completed the task on the site, your earned reward is sent to the micro wallet, which is very similar to the conventional crypto wallet. This wallet only can collect a small number of crypto assets.
But for many BTC faucets, micro wallets are usually created automatically after a new user signs up. When the wallets are all full, everything you have earned will instantly be sent to your main wallet.
Which is the Best Crypto Faucet?
It is and has always remained the BTC faucets. Gavin Andresen developed it in 2010 to reward those who completed specific tasks with five Bitcoins.
The initial purpose was to sensitize the public about Bitcoin and the idea of cryptocurrency in general since it was new at the time.
People who have taken an interest in BTC faucets realized that although it is free, it is still limited for exchange in the early days. And since there were no exchanges, buying BTC was a bit difficult.
Also, in the early days of Bitcoin, giving out free Bitcoins was a good way to get people interested, increasing the volume of adaptation. And most interestingly, people do this without having to risk their capital.