There are many different ways to acquire cryptocurrency but they can basically be boiled down to two big categories: 1. Buying it in a exchange using a different currency, 2. Receiving it from someone else (a person or company) as a gift or a payment for a product or service provided to that entity.
Crypto faucets are basically a part of the second group, as they pay out small amounts of cryptocurrency for users that do some online activities for the faucets. These activities can include seeing ads in their pages, doing surveys, visiting affiliated websites, playing games, among other things.
In general, crypto faucets do not pay a lot, the payments are limited to small amounts of crypto. However they remain one of the easiest ways for one to obtain cryptocurrency without an upfront monetary investment.
What is coinpot.co?
Coinpot.co is an online microwallet that centralizes the payments for some crypto faucets ( Bonus Bitcoin, Bit Fun, Moon Bitcoin, Moon Cash, Moon Dogecoin, Moon Litecoin, Moon Dash ). As the name of the faucets suggests, coinpot operates with Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash. It also keeps its own currency (coinpot token) for internal purposes.
How to make money with coinpot.co?
First you have to create an account at CoinPot. After that, use the same e-mail to create an account on all the other crypto faucets associated with it:
You can also make money by earning daily interest if you keep a certain balance of coinpot tokens on coinpot.co account since they have a VIP rewards program that allows staking, however this is riskier and to make any significant money you will require an upfront investment, so it is not going to be covered in this article.
How to earn free cryptocurrency on these crypto faucets?
After joining the faucets, you can claim a small amount of crypto periodically by hitting the button “Claim” on the pages. You can also make extra crypto by completing offers or surveys on these websites. If you refer people, you can also make a percentage of their claims (the links above for instance contain my referral information if you with to use so).
You will earn both coinpot tokens and the cryptocurrency of the faucet when you make a claim. Your crypto balance will be available at CoinPot and you will be able to withdrawal it to any wallet address that you want. In addition to that, you can play the lottery or a multiplier in the coinpot.co website if you want to multiply (or potentially lose) your gains. It is also important to note that coinpot may pay you extra coinpot tokens after reaching certain milestones (claiming X amount of faucets or playing the multiplier Y amount of times), after reaching these milestones you will receive extra coinpot tokens and a star.
Is it reliable?
Regarding its tracking record, Coinpot has been in the market since 2017 which is not a lot however it is not an insignificant amount of time considering the high amount of crypto scams out there either. From experience I would say that it is in general reliable when it comes to withdrawals. I have done several transactions and I have received the crypto with no issues. Of course, I would recommend cashing out every time as soon as you reach the minimum necessary for a withdrawal just to reduce your risk.
Will you make a lot of money?
No, and that is not the purpose of a faucet to begin with.
A faucet will always give away only small amounts of crypto for simple tasks. The expectation for someone that uses a crypto faucet is that the price of cryptos will grow exponentially over time, so that the small amounts of satoshi that they would gain today will be much more valuable in 10-20 years.
However, considering the opportunity cost of your time, realistically for short term purposes, you are better off working a regular job, earning money and buying the crypto in an exchange. Even if you dedicate yourself a lot to a cryptofaucet you are unlikely to make significant more money than you would in a regular job in the short term (the exception would be, of course, if you have a very large referral base generating passive income from that).
Should you even bother then?
The answer of course is based on each individual. I do think so. It does not hurt to have an account with coinpot.co and to periodically visit its faucets and make some claims while you are doing something else as well. It does not take much time to set up and it makes you gain a small amount of crypto that may be negligible for now but may (or may not) represent a lot in the future. Since you don't have to invest anything upfront except for a fraction of your time, it may be something that you could consider incorporating in your routine.
