Are Coin Faucets Worth The Effort?
Coin Faucet

Are Coin Faucets Worth The Effort?

By jimstew | Stewgame | 27 Oct 2020


Thinking about getting involved with coin faucets?  Are you missing opportunities to get free Bitcoins and Altcoins? Let’s see.  A good place to start your research is https://99bitcoins.com/best-bitcoin-faucets/  This site will give you a little history and attempt to direct you to some of the better faucets.

Faucets pay out fractional coins either directly to your wallet or some 3rd party micropayment wallet like CoinPot or FaucetHub. In addition to awarding coins, faucets offer games and gambling opportunities to increase or decrease your stash. Also, there are loyalty and referral bonuses available. While most faucets appear legitimate, there are no doubt scammers out there waiting for you, watch your step.  

If you look at the rating statistics at https://coinpot.co/ you will see that there are users out there that rack up some impressive numbers. But is it worth the time and effort? Here are the results of my study based on coin prices as of 10/24/2020

Coin                    Price           Faucet Award      Value

Bitcoin              $12,897      0.0000005       $0.006494

Litecoin             $58.74        0.0000433      $0.002545

Dogecoin         $0.002636   1.341              $0.003530

Bitcoin Cash   $237.37     0.00000481      $0.001141

Dash                 $72.15      0.00001132      $0.000817

 

                                              Total Value $0.014527

Total time to operate faucets =5.08 minutes, (308 seconds)

This equates to about $0.17 per hour or about 62.5 times lower than a minimum wage of $10 per hour. This did include some loyalty awards due to previous visits but no referral awards, I just could not bring myself to ask anyone else to do this.

Most of the 5.08 minutes was spent solving the reCaptcha proving that I was not a robot. This was kind of crazy because after a while doing these reCaptchas I felt like I was a robot. How many times can you identify a fire hydrant?

Conclusion: Because the rewards are very small and based on the current price of the coin, it is just not worth your time. The only way your rewards can ever reach a meaningful number is if you try to make a business out of it by encouraging your friends and strangers to enroll and collecting referral royalties that run about 50% of the lifetime awards of that new member. However, if you keep at it and accumulate rewards over a long period of time, and the price of the saved coins increases substantially, (as it has with Bitcoin), you might wind up with a retirement nest egg.

 

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jimstew
jimstew

I think value is the way to go. I follow the markets in crypto, US and International stocks, metals, and some commodities.


Stewgame
Stewgame

Subjects of this blog will be crypto, the economy, precious metals and anything else that seems relevant.

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