I have a real soft spot for faucets and the ethos behind them. Gavin Andressen created the first Bitcoin Faucet in 2010 in order to spread the idea and adoption of BTC. Andressen's faucet was born out of faith in the notion of BTC and a desire to promote the currency beyond the message boards of Reddit. Faucets are places that give away small amount of Cryptocurrency, it is normally a few cents worth (or less) so why bother collecting them? Here are a few reasons why spending a few minutes on Faucets each day can be a lucrative source of Cryptocurrency.
Before you continue, you probably are not going to make a huge amount of money using faucets, you may also have to endure some really bad adverts etc. The big faucets do pay out however and if you wanted to get in to cryptocurrency then collecting some, for example, Dogecoin to try out moving crypto around using wallet addresses and services.
So why should we care about faucets in 2021?
- The current value of Faucet claims does not equal the value in the future.
The first Bitcoin Faucet gave away 5 bitcoins to each address – roughly worth $100,000 now. Now, you would have had to HODL those bitcoins for 10 years but if you did and made just 10 claims on a faucet, you would now own 50 Bitcoins, which at the time of writing, has at it’s peak, a value of 2 million dollars. I’m not suggesting you will become a millionaire but I have accumulated a significant amount of Crypto currency since the last dip that is now worth a substantial amount of money.
- You don’t really have to do anything to make a faucet claim
Go to the website, maybe watch a video, get a little bit of Crypto. Many websites and apps use this model however faucets pass on some of the wealth to you. Essentially most faucets are funded by advertising and when you watch or click the advertising, the website owner gets a payment, they pass a small amount on to you in the form of crypto, as a thank you.
- You don’t have to be 18 or provide any of your personal details other than an e-mail.
If you are under 18 and cannot buy Cryptocurrency then this is a great place to start, to accumulate a small amount of crypto. Do check the regulations on the faucet - some will require you to be over 18 although some do not even mention age. If you choose to ignore the terms of service, you may well be banned from the service.
- MOST importantly, it is a great way to earn a little currency and practice transferring funds between wallets, risk free
This is vital if we want mass adoption of cryptocurrency - generally crypto users are tech confident, the general public is not and mistakes with Wallet Addresses etc. can be costly. I think everyone in the Crypto space agrees that once you have used cryptocurrency a few times, you feel comfortable with how it works - faucets can help facilitate practice for newbies, risk free.
The Faucet Claiming Guide
The rest of this page will look at the best ways and the best places to claim crypto via faucets.
**Special note about Auto Collecting Faucet Bots*** I feel like I should address Faucet Farming or Faucet Bots before I go any further. Faucet Bots are pieces of software that automatically claim faucets on your behalf, which sounds awesome but in reality, is probably just going to get you banned from the best Faucets. Some of the faucet bots also steal your passwords or install malware on your computer.
Right, now that's out the way, let’s get to collecting free Crypto!
- It’s advisable that you create a new e-mail for the purposes of Faucet collecting as you will get adverts. The faucets I provide here seem to be legitimate as in I have withdrawn currency from them but I cannot comment on their security. You are advised to use a G-Mail account as some Faucets only accept G-Mail.
- As above, you should create a password for your new e-mail and your Faucet accounts that you do not use anywhere else.
- The first step is to create a CoinPot account. This is a micro wallet where you can receive your payout from the best faucets. You will be given wallets for Bitcoin, Dogecoin etc. and when you make a claim on associated websites, your payment will appear in Coinpot.
- Create your Faucet accounts, to get you started, I recommend you only start with the CoinPot faucets and what I like to refer to as “Grade A” faucets – they have been around a while, they pay out to your personal wallet and are generally higher payers. The grade A Faucets are as follows:
- Once you are comfortable with the Grade A Faucets, then you might like to explore a few more. Cointiply pays really well and has lots of different ways to earn, FreeBitco.in is also a great site.
- I have a very comprehensive list of Faucets that you can access here: LINK. These faucets are considered legitimate and pay out to your main wallet (the Coinbase, Binance or Trust wallet we set up HERE).
- Managing lots of Faucets can be overwhelming, Faucet Collector can assist you in this but please heed my warning, you can earn an account ban. Other methods include the use of lists and most sites have alarms for when you can collect.
- I have provided my lists on this page: https://showmethebtc.com/index.php/the-faucet-list/
Whilst many people who are veterans in the crypto space may see faucets as a waste of time, for newbies it offers a great training ground for future crypto adventures - it does not take long to get a few hundred Doge coin that you can experiment with moving around wallets. Again, for the veteran, this is arguably a waste of time, but for the new crypto comer, its is invaluable experience that will help build confidence and ultimately bring the average user to the crypto space - if we ever want cryptocurrency to reach mass acceptance, then we must find ways to support tech-novices transact with confidence.
