Crypto Faucets are usually associated with the words “Free Crypto”. They are not wrong, but you need to understand by what degree that statement is correct. If you have never heard about a Crypto Faucet, let me explain to you what it actually means.
What is a Crypto Faucet
A Crypto Faucet is something that helps a person generate cryptocurrencies by completing simple tasks. For example, there are some websites that will reward you with fractions of Bitcoin or Satoshi if you repeatedly fill in the Captcha, or if you just watch a video, maybe leave a like, share it and etc.
These websites are usually marketers or marketing solutions providers. Other companies either partner up with them directly, or the website just gets an affiliate link, posts it on their platform and lets people “do the heavy lifting”.
For example, every time you watch a video or fill in the captcha, the website may receive $0.5 for that. However, they reward with about $0.01 worth of Bitcoin. You may think that this is amazing, you’ll just spend the whole day doing it and be rich before you know it. Well, no, not really. The faucets know that there are people out there with a lot of time on their hands, therefore they needed to restrict it to some degree. Meaning that you can do it continuously for about 15 minutes every couple of hours or maybe every day.
Let’s say that it takes you about 30 seconds to view a video. That video generates you $0.01 cents of Bitcoin, then all of the redirects and clicking need to be added to the whole mix. In total you’d probably get around 10 minutes of watching the video, which is about 20 videos, meaning 20 cents. So if you calculate it like that, it would take you nearly an hour of watching meaningless videos to generate just $1 worth of BTC. There are way better things you can spend your time on right?
Why Crypto Faucets are so popular
The idea of getting free money is not new to the world. Especially to the financial industry. Various other markets have been focusing on similar marketing campaigns. Take the no Deposit bonus from XM as an example. They market it as “free money”, you’re given the money, and you don’t have to return it, furthermore you don’t have to work for it. Crypto Faucets have the same idea. A thing like “We give you free money if you watch this video”.
Now let’s compare that 1 hour of making $1 through cryptos, with actually trading cryptos. It is redundant with BTC as it doesn’t spike in a small amount of time anymore, but the new and cheap coins are very likely to. Within an hour, there is a possibility of you making at least 100% of your initial investment. Even though you may “spend” $10, you’d still be making more.
So is it worth spending time on Crypto Faucets? No, not really, unless you have absolutely nothing on your balance and you need it asap, then yes sure it can work out. Most “faucet users” register on multiple websites at the same time to speed up the whole process, but honestly, no matter how many you go for, it is unlikely that you will make more than $1 worth of cryptos per hour.