As I have already mentioned in previous articles, I came accross the Free Faucet Family, over a year ago in my attempt to fulfil the void that the Coinpot and the Moon Faucet Family has left when the CoinPot team decided to discontinue their project. On my article "My thoughts why Coinpot is shutting down" I tried to explain the true reasons over their decisions. On the article "Celebrating Level 200 on FaucetCrypto" I explain that that void in my faucet cryptoactivities wasn't covered by Free Faucet Family as I have initially hoped but from the FaucetCrypto, another GPT/PTC platform that I recently celebrated reaching level 200 and I have already withdrawn multiple earnings in various altcoins.
But why Free Faucet Family failed to fulfil the void that the Moon Faucet Family left?
The answer probably is very simple and straightforward. It is very slow. Over one year now, I have hardly managed to accumulate enough crypto in order to reach the minimum withdrawal amount that the Free Family Faucets have set for their faucets. Yet, as an engineer i like to talk with numbers and facts and not with impressions, therefore, on this article i will try like Billy Crystal and Robert De Niro to "ANALYZE THAT" and perform a micro-analysis over the faucets metrics in order to find the true reasons for this failure.
THE FREE FAUCET FAMILY
In few words, it is a family of Faucets established on 2020 with huge interface similarities with Freebit.co as the faucet has a claiming period of 1 hour. It provides micro-faucets in various cryptocurrencies with the following minimum payouts:
- BINANCE COIN = 0.05 BNB
- BITCOIN = 0.0002 BTC
- CARDANO = 5 ADA
- ETHEREUM = 0.005 ETH
- NEM = 50 XEM
- NEO = 1 NEO
- DASH = 0.01 DASH
- BEP-20 SHIBA INU = 50,000 SHIBA
- DOGECOIN = 50 DOGE
- RIPPLE = 5 XRP
- STEAM= 5 CSGO
- TRC-20 USD Tether = 5 USDT
- TRC-20 USD Coin = 10 USDC
- TRON = 40.00000000 TRX
- CHAINLINK = 0.10000000 LINK
- LITECOIN = 0.01 LTC
The interesting thing about these faucets is that apart from the 1-hour claiming roll of the faucet, the Free Faucet Family Team provides extra rolls through "promo codes" that can be found daily on their twitter account. an example of a promo code can be found below:
One of the reasons that the faucets are too slow to accumulate the minimum withdrawal amounts even although the additional help of the "promo codes", is the fact that the Free Faucet Family Team keeps adjusting in the past mostly on higher levels, especially as soon as I manage to reach close ot these thresholds. For example for the Tron faucet, they started with 4 TRX then by the time I was about to reach it, they increased it to 20 and then to 40 and the same happened with NEO that has been increased from 0.05 NEO to 1 NEO or the XRP which was raised from 1 XRP to 5. Interestingly, the NEM faucet was recently risen to 50 NEM from 5 according to the following tweet.
What is the most interesting about the tweet is the fact that they mention that "NEM stopped suppporting our node" which has put me into thoughs how exactly these faucets work and what is the motivation of creating the faucet. For sure, they have no reason to provide free crypto without further profit but I can't find a way how they monetize their "bussiness". Although I have no specific idea how crypto-mining nodes work, I can only speculate that they take advantage of the accounts of their users in order to develop multiple instances of their crypto-mining nodes and they just provide a "drop" to the users on return of this service.
On the contrary the Free Faucet Family Teammanaged to reduce the minumum payout threshold for various altcoins as they managed to migrate the whole faucet in network with cheaper gas fees. For example SHIBA INU was reduced from 1,000,000 SHIBA to 50,000 when the faucet has been migrated to a BEP-20 (Binance Smart Chain) network and similar job happened with USDC and USDT that have been migrated to the TRC-20 (Tron) Network. Although the original networks aren't used, the withdrawn funds can be easily converted to any other altcoin of the network. For example, I would easily convert my BEP-20 SHIBA INU to BNB instead and the TRC-20 USDT and USDC to TRON and stake them in the relevant Binance Flexible Accounts. The FREE FAUCET FAMILY Team tried also to mitigate the problem of earning extra rolls aka drops by providing a series of shortlinks and surveys, yet I have never tried to use them.
FREE FAUCET FAMILY MICRO-ANALYSIS
Threfore, I have decided to make a micro-analysis of the Free Faucet Family, by putting down initially the current minimun withdrawal amounts (THRESHOLD), my current earnings and the percentage of my current earnings in comparison with the minimum threshold. For my greater surprise, for the majority of the faucets, one year of continuous but not daily use of the faucets, my current earnings were still under the 10% of the withdrawal thresholds. The only decent progress in my accumulations were made only for the BINANCE COIN, TRON, DASH and CARDANO for which i was almost on the middle of my endeavour and probably I will manage to reach their thresholds within the next year, if the Free Faucet Family Team won't decide the increase again the minimum withdrawal limits again when I will be closer to them.
But my analysis didn't stop there. After checking the amount that has been accumulated curerntly accumulated to each drop for each of the faucet, the percentage of the drop in comparison with the withdrawal amount, the results were horrifying as they demonstrate how tiny the faucet drop really is! I should notedown here that the Free Faucet Family Team adjusts not only the minimun withdrawal threshold but also the size of the drop in relevance to the current market price of the cryptocurrency. Nevetheless, as it obvious on the following Graph 1 (Drop percentage in comparison with withdrawal amount), DASH, LITECOIN and SHIBA INU had the "biggest faucet drops" for February 8th, 2022 with TRON trailing on the 4th place. Still all the rest of the faucets including the dollar-pegged stablecoins TRC-20 USDT and USDC are on the bottom with their faucet drops weighting almost less that 0.005% of the withdrawal threshold amount.
GRAPH 1: Drop percentage in comparison with withdrawal amount.
After dividing the "size" of each drop with the minimum withdrawal amout, it became apparent on graph 2 (Number of "faucet drops" needed to reach the minimum withdrawal amount) that NEO and ETHEREUM need more than 5000 drops in order to accumulate the minimum amount, so therefore their faucets could be branded as a "waste of time" unless someone has tremendous amounts of patience of claiming over 50,000 drops !!!
GRAPH 2: Number of "faucet drops" needed to reach the minimum withdrawal amount.
Finally, on Graph 3 (Number of days needed to reach the minimum withdrawal amount), I estimated the number of days that are needed to claim the minimum withdrawal amount, under the extreme assumption of claiming 24 hourly drops daily which it is impossible to happen but it was used for convenience. Obviously, for NEO, it would have required 3070 days of continuous hourly claiming in order to reach the minimum withdrawal amount which is impossible to happen. Even BITCOIN with 20,000 Satoshi currently needed for withdrawal, a fanatic and persistent fauceteer would need 833 days of continuous hourly claims!
GRAPH 3: Number of days needed to reach the minimum withdrawal amount.
CONCLUSION
"Free Coins are Free Coins" for sure. However and generally speaking for anything we do in our life we have to invest time but the purpose of life is to invest our time as efficiently as possible. It is clear from my micro-analysis that the Free Faucet Family is actually a "waste of time". Faucet drops are so tiny that a persistent fauceteer would need half of his life to claim the current minimum withdrawal amounts when other faucets offer lower withdrawal limits. Normally, my recomendations would have been to abandon the whole project completely, however since I have reached almost the middle of my endeavour with the DASH, TRON, BNB and CARDANO faucets, I have decided to only keep these 4 of them and abandon the rest. Nevertheless, for further crypto faucets and GPT-PTC crypto sites, you may visit my blog www.cryptomonkey.weebly.com.
Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions
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