The main method of earning bitcoin and other cryptocurrency is through mining. Generally cryptocurrency mining has very high-costs and requires a top-of-the-line computer (or even multiple PCs) and the immense power consumption it requires often leads to losing money rather than making a profit. There is an easiest way to earn bitcoin and that is through bitcoin faucets. Earn free bitcoin with faucets.
Bitcoin faucets give out rewards in satoshis with minimum intervals to safeguard against fees and there is also a threshold before your bitcoins can be paid out. This is because of the high mining fees. However there are several of bitcoin faucets online and a simple search on google will give you thousands of results. Generally using a bitcoin faucet is simple.
Today, even the most skeptic of cryptos have to agree on one thing: Bitcoin is certainly creating value. Only five years ago, it was going around $350 USD and today it has crossed $11,000. That is a near 32 fold increase!
Many people who are interested in getting their hands on Bitcoin have two options: buy or work where they pay you in it. Little do they know that for a few easy tasks, there are many websites that give a tiny fraction of Bitcoin? The digital trickling is known as faucets, a homage to leaky taps where water drips slowly, but consistently.
Initially, Bitcoin faucets were created to create awareness about the digital currency and help in its adoption. But today, the faucets have more or less moved away from the awareness campaign and are business oriented to create profits for the website owners.
How do Bitcoin Faucets Work ?
The question that arises then is, if the website owners is giving away Bitcoin, what is the owner gaining out of it? Bitcoin faucets hand out rewards in tiny amount of Bitcoin (a few Satoshis) against different activities performed. These activities are dependent on the type of website or platform that offers, ranging from watching ads to playing little games. The Bitcoins are in a sense, not free. In other words the activities required to get the Bitcoins are compensated with the cryptocurrency. Much like that you do a job and a receive a salary for it.
The owner earns from the advertisement that the users watch. As more and more people join the website and watch more ads, the website ranking in the advertisement sphere rises and the owner gets more money. Moreover a fraction of the money that they earn is passed on to the users in the shape of Bitcoin. The more time visitors and users spend on the website, the more they earn and the cycle goes back to the website generating more revenue for itself.
How to Earn Free Bitcoin through Faucets?
Firstly different faucet websites have different methodologies of allowing visitors and users to earn Bitcoins. Usually, the users have to take the following steps :
- Find the faucet that suits you.
- Register either through an email ID or enter personal BTC wallet address.
- A timer will start and the user will need to spend a certain amount of time on the website, doing the required activities to be able to secure the small amount of Satoshis.
- After a set amount of rewards are aggregated, the user can then claim them. Since the rewards are very small in quantity, some website may pose a large amount required to be collected before users can withdraw the cryptocurrency.
- To avoid one user claiming a larger amount and depriving others of Bitcoins, the websites limit to how much time a visitor can spend in total on daily, weekly or even monthly basis.
What to Look for When Selecting a Faucet to earn bitcoin?
To keep the cash flows in check and ensuring that users do not end up generating claims of Bitcoin that the website owners cannot fulfil (remember, they earn in the shape of limited fiat and not Bitcoin), the websites will have different limitations. If you are interested in earning through faucets, you should first look into the following criteria and aspects:
- Claim Amount: How much reward you get for every activity performed.
- Time: Is there a gap limit between two and more activities? Also, how much can a user earn before their daily, weekly or monthly quota is fulfilled?
- Withdrawal Limit: How much of the cryptocurrency you should earn before you can withdraw the amount? If the limit is too high, the user might find it infeasible to perform the activities of such a large period of time.
- Withdrawal: Does the website send directly to the user wallet or uses a third party micropayment system? Direct deposits are cheaper and quicker.
- Withdrawal Fee: Every transaction on the blockchain requires a small payment to the miners to note down the transaction in the distributed ledger. Some faucets will charge more than others. Also, the third party micropayment system may charge.
The Best Bitcoin Faucets to earn bitcoin
We have gone through a few Bitcoin faucets available today to help people accelerate earning their free Bitcoin:
- Coinitply: One of the best faucets out there, shelling out an average of 200 Satoshis with a 60 minute limit. Activities include videos and play to click games.
- MoonBitcoin : Although the claim is very small when you compare it to Coinitply (a mere 10 Satoshis), the 5 minute limit means that users can start off again much more frequently.
- BonusBitcoin: Users can earn up to 24 Satoshis every 15 minutes and can substantially increase their free Bitcoins through the coin multiplier.
Although the amount of free Bitcoins you can earn through the faucets may not seem enough, you should keep in mind that a small bit of Bitcoin today can potentially turn into a huge profit the way its value is increasing.