Introduction – Crypto Faucet
In recent years, cryptocurrency, especially bitcoins, started to gain attention from investors. The fact is that for consumers, cryptos are cheaper and offer a much faster peer-to-peer payment option when compared to traditional fiat transactions.
With numerous benefits being involved for crypto users, one way to earn cryptos for free has been happening for the past 10 years. If you need to know a short history, and how to use it, then this article will be helpful. So, keep reading!
If you are a crypto lover and had earned a few coins in it, then you would have come across the word crypto faucet. But, it may be new to beginners and the ones who are not involved in crypto borrowings. If you are one among them, then it is time to know about the meaning of the crypto faucet.
Cryptocurrency faucets, otherwise called crypto faucets, are mobile applications or a website that offers users a small number of rewards in terms of cryptocurrencies. The name faucet has been applied because it offers a few coins, just like water dripping from a faucet in small quantities. One cannot assure to turn the faucet users to be overnight billionaires, but still, you can gain a few cryptos by completing the assigned tasks like completing the captcha, watching the product video, etc.
By using the faucet app, you can gain coins, and it greatly depends on a few factors like the time that you spend on the website, the number of app users, the task that is assigned at a particular time. But you must remember the fact that fewer tasks, then fewer your reward.
How Did Crypto Faucets Come Into Existence?
The initial idea in developing the crypto faucets was for increasing the users as it was new and not many people knew about cryptocurrencies. To make it reach the public this concept was introduced. The first idea of the crypto faucet was put by Gavin Andersen in the year 2010, one year later to the invention of the crypto coins. At those times, the reward was higher as they offer up to 5 BTC, now it is much reduced. So, it is not advisable to rely on crypto faucet earning completely. You can consider it during your spare time.
How to use a crypto faucet?
The process is quite simple. The user needs to register and sign up in any of the preferred crypto faucet sites by entering their details and wallet address. Once you complete the task that is assigned, you can receive rewards that will be in terms of agreed cryptos. They will send it to the micro wallet, which is used to collect a small number of crypto coins.
The Future of Crypto Faucet
Cryptocurrency faucets are a gateway for beginners to start their initial investment in the crypto ecosystem with zero cost capital. Even though no one will access the faucet website every day frequently, and in terms of value one may receive a tiny fraction of coins which may disappoint many users. You cannot easily predict the future of any application regarding cryptocurrencies, as when cryptos were introduced only a few came forward to invest in them. But now, more than 300 million users are there, with more than 18,000 businesses already started to accept crypto transactions.
Still, one cannot consider crypto faucets as a way to earn income as the takeaway will be too low, that makes many disappointed. You can think of visiting faucet sites during your spare time to earn a few coins.