Crypto faucets have been operating online for some years now, the first crypto faucet was called "The Bitcoin Faucet" and was developed by Gavin Andresen in 2010. Long running high paying crypto faucets are still going strong today. When the first crypto faucet opened originally gave out five bitcoins per person for the simple task of solving a captcha!
In the early days of Bitcoin and crypto faucets became a great way of promoting the use of Bitcoin and the blockchain technology that powers it. The cryptocurrency space was in its infancy and with not a lot of use cases for the digital assets locked away in secure wallets. Back in 2010 Bitcoins were worth less than a penny until a bull run jumped it from around $0.0008 to $0.08.
In these early days many people took advantage of the traditional bitcoin faucets and if those faucet users had used the Bitcoin faucet for 100 days consistently, they might have claimed 100 Bitcoins! Now consider if they decided to hodl the Bitcoins up to this day that would make them Bitcoin millionaires. It’s widely thought that only a few people possibly did this as at the time bitcoin was not very well known.
As Bitcoin gradually started gaining in importance over time crypto faucets became more popular and had to reduce the number of rewards to reflect the rising price of Bitcoin. Now we are here in 2021 and no crypto faucet on the planet would consider giving out a single Bitcoin to their users. They typically claim reward as of 25/03/2021 is between 1 to 4 satoshis, a fraction of a bitcoin.
A Crypto Faucet Win!
The following is a personal example of how claiming from crypto faucets and hodling over and extended amount of time can see a small bag appreciate.
I have held these payments in my wallet and tracked the price changes in my Delta portfolio app. As you can see the amount has appreciated rather nicely and this is just from two payments out of one faucet!
It really depends on the intent for using a faucet. Faucets can be worth your time if you employ patience, hodl for a long period of time and utilise every feature a faucet may have to offer. I would say that they are not worth your time if you are trying to make money quickly.
My advice is to spread activity over many faucets and limit expectations. This way you will always be pleasantly suprised when a small bag suddenly becomes a little bigger over time.