Growing your crypto wallet balance usually involves taking fiat currency, like U.S. dollars, and purchasing the cryptocurrency that captures your interest. Along with cash-based investing, activities like mining can also do the trick in helping you obtain crypto coins. But what if there was a legitimate way to earn crypto for free – or in exchange for a bit of effort instead of money? That’s where crypto faucets come into play.
If you’re interested in alternative approaches to investing in cryptocurrency, crypto faucets may be the solution you’re looking for. To get started, take a look at this beginner-friendly guide to this earning method.
How Do Crypto Faucets Work?
A crypto faucet is a website, browser or app that awards you cryptocurrency when you complete certain activities. People began referring to these mechanisms as “faucets” due to the slow, drip-style nature of the way they release rewards. Usually, a simple activity triggers a “drop,” the size of which can vary depending on the platform you’re using and the objective you achieved.
While each crypto faucet is unique, they all have a core trait in common: When you complete a desired action, you receive a small bit of crypto for your efforts. That cryptocurrency goes directly into your compatible wallet, often one associated with the app, browser or site you’re using — though not always.
Qualifying activities vary from one crypto faucet to the next. Some offer free crypto in exchange for viewing ads, completing captchas, answering surveys or taking quizzes. You may see certain platforms offer cryptocurrency in exchange for clicking links — one of the riskier options out there because there’s always a chance that a link is malicious.
In most cases, the website, app or browser holds your crypto rewards as they “drop” and until you reach a specific earnings threshold. Once you do, you can cash them out, which gives you the ability to either use the coins or transfer them to another wallet, depending on the type of crypto involved. In that regard, they aren’t unlike platforms that reward you with points you can exchange for gift cards or similar rewards; they just use crypto instead.
The Pros and Cons of Crypto Faucets
There are several pros and cons to crypto faucets. The most significant benefit is the ability to increase the balance of your crypto wallet without having to invest fiat currency or turn to complex processes like mining.
In most cases, the activities you need to complete are also quite simple. Usually, it only takes a few minutes to finish any particular one. Those that require more effort typically give you larger crypto rewards.
On the drawbacks side, they mainly mimic what you get through other rewards apps, browsers and sites. It can take a significant amount of time to earn enough crypto to cross the withdrawal threshold. Additionally, individual activities may offer very small rewards, essentially paying pennies for several minutes’ worth of effort.
For example, some Bitcoin faucets offer a single Satoshi for certain qualifying activities. If the task is a longer one, you may get several of them instead. However, one Satoshi has only been worth around $0.00039 (based on the $38,529 value of Bitcoin in May of 2022).
Tracking the rewards for tax purposes is also tricky. While you may be getting crypto for “free,” that doesn’t mean you won’t owe income taxes related to that crypto. Depending on how you earn and cash out the crypto, keeping up with all of the data you’ll need for filing could be a challenge.
For rewards that require link-clicking, there’s also the risk of malicious links. Those could lead you to download malware, causing far more trouble than any “drop” amount of crypto would be worth.
How to Get Involved in Crypto Faucets
In most cases, getting involved in a crypto faucet is simple. Your first step is to find a platform that meets your needs and create an account. Once you do that, you’ll be able to access crypto-earning activities.
Setup processes can vary from one app, website or browser to the next. Some may require little more than some basic details – like your email address and a password – to get started because they store your earnings in a platform-based wallet until you cash out.
However, to access your earnings (even on platforms that send all of the rewards straight to you), you’ll usually need to associate your account with a traditional crypto wallet. That could include wallets on certain other exchanges or investment platforms or your individually held wallet. Without that connection, receiving your crypto may not be an option.
Because associating an outside cryptocurrency wallet is typically a must, it’s critical to practice some due diligence when choosing a site, browser or app where you’ll earn free crypto. Ultimately, you’ll be providing some sensitive information that you’ll want to keep safe.
The Best Platforms for Earning Crypto Through a Faucet
There’s a variety of crypto faucet sites, apps, and browsers out there. Most reward in a particular coin, allowing you to acquire the cryptocurrencies you prefer by focusing on platforms that offer it.
If you’re interested in Bitcoin faucets, you may want to try FreeBitcoin, Rollercoin, FireFaucet, Bitcoinker or Cointiply. They’re simple to use and fairly popular among crypto faucet fans. Fire Faucet is actually a multi-coin option, allowing you to earn Ethereum, Litecoin or others if you prefer. Cointiply also works for Ethereum, along with Allcoins and Ethereum-faucet.org.
For browsers, you can explore CryptoTab if you’d like to bring in some Bitcoin. Braver offers up BAT, while Osiris provides rewards in ACE.
So, Are Crypto Faucets Worth It?
Whether you find crypto faucets worthwhile may depend on the amount of time you have available and your interest in completing the various activities. Some platforms offer some fun options, such as playing mobile games or taking quizzes. Others are a bit drier, particularly those involving answer captchas.
Your success with ad-based crypto faucets depends on how you feel about spending your time viewing advertisements. You’ll probably see the same ads repeatedly, which can feel tedious.
However, if you’re genuinely interested in boosting your crypto balance without committing fiat currency to the process, faucets are worth considering. Just make sure you choose a reputable platform and understand that it can be slow going. That way, you’re making a safe choice and keeping your expectations in check.