What Is a Crypto Faucet?
January 28, 2021
Crypto faucets seem like a really easy way to earn crypto — for free...but what are the benefits, but what should you be aware of?
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There are a few different ways of increasing your crypto holdings in 2021. You can buy it, trade it, stake it and if you’re an unscrupulous lowlife, you can even steal it through hacks and scams. However, there are safer and perfectly legal ways if you’re out of funds and ideas, as there’s another way to rack up those satoshis: You can earn it.
Does “free crypto” really exist? Theoretically yes. Much like “free beer,” the so-called TANSTAAFL economic principle usually applies: “There ain't no such as a free lunch.” It essentially means that free stuff takes work.
Good news then. You can roll up your proverbial sleeves and start with our Learn and Earn educational program where we teach you about leading projects, and they in turn reward you with small amounts of their crypto in return. It’s our way to foster greater knowledge about exciting new cryptocurrency and DeFi projects. This type of reward program can be considered a type of crypto faucet.
Warning: Please be aware not all crypto faucets are equal and that we recommend you only interact with trusted websites. Some websites may infect your device with phishing malware, ransomware and spyware. CoinMarketCap does not endorse nor support any of the crypto faucets mentioned in this article, and nothing here should be considered to be financial advice of any kind.
What Are Crypto Faucets?
A crypto faucet is an app or a website that distributes small amounts of cryptocurrencies as a reward for completing easy tasks. They’re given the name “faucets'' because the rewards are small, just like small drops of water dripping from a leaky faucet. However, in the case of crypto faucets, tiny amounts of free or earned cryptocurrency are sent to a user’s wallet. In order to get free crypto, users need to complete tasks as simple as viewing ads, watching product videos, completing quizzes, clicking links (be careful!) or completing a captcha.
Crypto faucets are certainly not a get rich quick scheme. The simpler the task, the lesser the reward. Most websites offer a minimum payout threshold, so the rewards earned by completing tasks are deposited into an online wallet of the site. A user can withdraw this reward only after reaching the minimum set threshold. With the best crypto faucets, this might take just a day, but often, it can take longer than a week.
But, what is the purpose of a crypto faucet?
Though cryptocurrencies have had a great last year, they are yet not completely mainstream and are still new to many people around the world. The idea behind crypto faucets is to give free cryptocurrencies to people so they would take the time to learn about digital assets and hopefully invest in them.
How Does A Cryptocurrency Faucet work?
The operation of a crypto faucet is mainly based on finishing simple tasks as well as participating in established activities. The faucet website can fix the rewards and can set a timelock for users to claim the rewards.
Usually, users need to register on a crypto faucet by entering their details along with the wallet address. After solving a task on the website, the reward earned goes to a micro wallet — a wallet similar to traditional wallets, but one which is capable of collecting small amounts of crypto assets. For most crypto faucets, micro wallets are automatically created upon signing up.
As soon as these micro wallets are filled, the rewards are automatically sent out to the main wallet of the users.
Introduced by senior Bitcoin developer Gavin Andresen in 2010, Bitcoin faucets were developed to give a reward of five Bitcoins (!) for completing simple tasks. The purpose was to spread awareness about Bitcoin because the concept of cryptocurrency was very new.
Another reason to start a free Bitcoin faucet was the limited availability of exchanges in the earlier days of cryptos — there were simply no exchanges, so buying Bitcoin was difficult. Giving out free Bitcoins to people was a great incentive to get people interested in Bitcoin and drive its adoption, without having to risk any capital.
A Bitcoin faucet can be defined as a reward system from which small amounts of Bitcoin can be rewarded, known as Satoshi, the one-millionth unit of 1 Bitcoin (0.00000001 BTC). The reward system offers you Satoshis in exchange for solving captchas, clicking links or other simple tasks. The number of free Bitcoin a faucet can offer you vary — some sites have great rates, while others don’t.
Bitcoin was introduced as the first coin faucet, and it got so popular that other digital assets jumped onto the bandwagon.
An Ethereum faucet works like a Bitcoin faucet, but instead of Satoshis, it rewards users with Ether for completing different tasks. It is a great way to earn free Ethereum tokens by contributing to advertising and data mining. A few Ethereum faucet options are:
Allcoins.pw is a crypto faucet that offers miner and auto-faucet features along with a few games. The faucet is free to earn Ether, but you need to pay for playing the games.
Fire Faucet offers multiple ways to earn ETH tokens, including browser mining and completing captchas.
Dutchy CORP is another free Ethereum faucet website that allows you to earn rewards by solving captchas and playing games.
You can get free Litecoin from crypto faucets, which reward users with a small amount of LTC tokens in exchange for actions performed on the website. Essentially, with Litecoin faucets, you’re trading your time for rewards in LTC, also known as Litoshi. Following are two faucets that offer free Litecoin tokens:
Moon Litecoin offers free LTC to users for completing multiple tasks. The faucets use Coinpot.co micro wallet to store the small rewards earned by a user. After reaching the minimum threshold, the LTC rewards can be deposited into your wallet with no fees.
Fire Faucet is an auto faucet that pays you Litecoin in addition to BTC and other cryptocurrencies as long as you have Auto Claim Points (ACP). To get free ACP, you need to register on the website. The faucet will run automatically until your ACP is exhausted. You can earn more ACP through gift boxes and by performing tasks like visiting short links, clicking ads, etc.
Bitcoin Cash Faucet
As the name suggests, a Bitcoin Cash faucet will give you free Bitcoin Cash tokens by performing whatever options asked by a provider on a regular basis. In general, you’ll have to sign up for a micro wallet to use a Bitcoin Cash faucet, which will allow you to receive a small amount of BCH tokens. The faucets below allow you to get free Bitcoin Cash:
Faucet Crypto is a multi-coin faucet that rewards you with free Bitcoin Cash tokens along with other cryptocurrencies for using their services. You can claim your BCH by simply clicking on the tab “Ready to Claim”, which refreshes every 40 minutes. To get additional rewards, you can click on short links and PTC ads.
Konstantinova is another faucet that allows you to generate free BCH tokens, but the rewards are sent out automatically to FaucetPay.io. So, you need to create an account on FaucetPay.io. Konstantinova allows you to claim a reward of .00000121 BCH every five minutes for a maximum of 50 times a day.
People who would like to get their hands on Monero coins for free can start by using Monero faucets. You can earn XMR tokens on a Monero faucet by working on tasks like completing captchas and watching ads. Some of the best faucets to earn Monero tokens are:
Monerofaucet.info allows you to earn between 0.000005 to 0.025 Monero tokens per reward, which can be claimed every 60 minutes.
Express faucet lets you claim a reward of up to 0.00042754 XMR every four hours. The faucet also has a lottery game that you can play to earn additional free Monero if you win.
Allcoins.pw is another Monero faucet where you can earn a reward of up to 0.00001716 every five minutes. The faucet doesn’t have any threshold for withdrawal.
Just like other faucets, Zcash faucets offer free Zcash rewards for completing small tasks.
Pipeflare faucet supports ZEC coin, which you can claim every day for free by creating an account and solving one captcha. The average claim reward is 0.0000500 ZEC and there is no minimum limit for withdrawal.
Globalhive faucet also provides free Zcash that can be claimed every 20 hours. The average claim reward is 0.00003100 ZEC which can immediately be withdrawn directly to your wallet.
A Tron faucet acts as a rewarding system for people looking to earn free Tron tokens. Whether you are playing games, referring friends, completing surveys and more, you can earn free TRX tokens. Below are a few faucets you can use for earning Tron tokens:
Xcolander.com has a great reputation for being a Tron faucet for a number of users. The amount of TRX coins you get will depend on the number you get while rolling out the wheel on the platform.
Free - Tron is a faucet where you can get a free Tron reward by simply creating an account. The minimum withdrawal limit is set as 10 TRX tokens that can be withdrawn without any fees.
The Faucet Crypto allows you to earn TRX tokens for solving a captcha and by playing games every 20 hours.
As you can see with our thorough breakdown of crypto faucets, beggars can be choosers when it comes to earning crypto. If you’re a newcomer to crypto, these free tools to earn digital assets are a fantastic resource. Learn, earn, collect and HODL.
First assignment: Calculate how much the aforementioned 5 BTC given to the first Bitcoin faucet users as rewards are worth today. Yes, that much!
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I'm a technical writer and marketer who has been in crypto since 2017.
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