Faucets: A Look Back at 5 Months of CoinPayU

By JCRoemer | JCR's Crypto Musings | 19 Oct 2021


After the May crash, crypto was not as much fun as it was earlier in the Spring so I decided to branch out and see what I could accumulate and where while the panic worked itself out of the market. I tried to find some reputable faucets and kept my expectations low. I joined a few, one of which was called CoinPayU.

CoinPayU allows users to make an hourly claim on up to three different cryptocurrencies per day. They offer some variety: Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Bitcoin Cash, Tron, Binance BEP20, BitTorrent, Tether, and Cardano. Each claim requires the user to click a button, wait nine seconds for a recaptcha to appear, solve it, and then claim a fraction of a penny worth of the crypto of their choice. The higher value cryptos like BNB and BCH are claimed in relatively stable, set amounts. For example, as BNB has traded between $400 and $480, each claim is worth 0.00000200 BNB. On the other hand, coins with lesser values come in varying amounts based on recent price action. For example, as BTT trades around $0.0035, each claim is worth about .22 BTT. Tether, with its stable value, delivers around a fifth of a cent per claim, sometimes more with the first claim of the day. 

I thought that CoinPayU would provide an entertaining way to trade irrelevant amounts of crypto for fun. I thought of it like an exercise we did in 6th grade Math class where we were given a budget and had to pick stocks. The class competed to see who could generate the most return on their budget. The same concept applies here except you are competing against yourself for something of actual value, albeit not much value. However, as the wealthiest among us instruct us, it all adds up. 

After a few days of intense hourly claims, I discovered that once you've accumulated at least $0.05 worth of the currency, it can be swapped for another currency. This way, you can spend days or weeks claiming ADA as it drifts down, catch a market rally and then swap your ADA for USDT before it retraces. Another example might be accumulating ETH below $3k and holding it as it tries to test its all-time high and swapping it into BTT when BTT is down 5% on the week while ETH is up 9.6% on the week, as an example. And then the following week, trading a BTT rally for a reeling DOGE right before DOGE rallies. Through these sorts of swaps, the successful trader can find that they start accumulating a couple dollars. 

Let's not fool ourselves, the actual monetary value that the average user will take from CoinPayU will offset the fees involved with entering an LP on the Binance Smart Chain, but then again, free is FREE! When the market rallies big, I accumulate USDT. When the market flash crashes, I accumulate the three hardest hit coins and perhaps trade the USDT I've accumulated for the same. 

CoinPayU also offers users a way to produce some actual value. Users can watch ads on affiliate sites for a small number of Satoshis or sell advertisements for CoinPayU for a commission. While this may not amount to a ton of money, it's a cheap way to learn crypto trading, and let's face it, it's far better to make all the rookie mistakes on CoinPayU with pennies than it is to do it on Ethereum with your hard-earned dollars and those absurd gas fees. 

Users can also pay a monthly premium to upgrade their account. Upgraded accounts can claim up to 6 different currencies per day while avoiding the hassle of captcha verifications. Upgraded users also enjoy a claim value worth 200-400% what the freeloaders enjoy... might be worth a little look-see, who knows. 

Enjoy and happy trading!

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JCRoemer
JCRoemer

Baltimore bred and spread. Egg custard with marshmallow. Pan-fried crab cakes. JO not Old Bay. Peppermint in lemon. Grape jam on scrapple. Ketchup on your eggs.


JCR's Crypto Musings
JCR's Crypto Musings

A collections of thoughts, ideas, and analysis of various crypto projects. Opinions are my own. Not financial advice.

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