Bitcoin faucets as the name suggests are sites that dispense bitcoin. These are basically rewards for doing small tasks such as completing captchas or watching ads. So how do faucet owners generate the funds to give out rewards?
How bitcoin faucets work
Here is how it works. The more traffic a site attracts, the more the advertisers. It’s even much better if they get to spend a few minutes at a time. Bitcoin faucets are just one way of monetising this attention.
Faucets also serve as a great way of acquainting people to the workings of bitcoin. Since they do not have to buy them, people will be more willing to experiment with digital currencies earned this way. In the early days of bitcoin, faucets dispensed as much as five bitcoins sometimes for free.
To increase the number of visitors, many bitcoin faucets have referral programs where you can get extra rewards from bitcoins earned by your referrals.
How much can I make from bitcoin faucets?
Bitcoin faucets are no way to get rich, far from it. The amount of time you need to spend before you can even get a reasonable amount is way too much.
As stated earlier, it is one way of earning a few satoshis for free. They are mostly used by people who cannot acquire bitcoins any other way or those who are just happy to earn a few coins while pursuing their hobbies.
Most of the users are beginners who are just out to learn how bitcoin works. Minors who have not attained the legal age for buying bitcoin also often use free btc faucets to get their hands on the digital asset.
Because of the strategies they employ, AdSense has banned the placement of ads on bitcoin faucets.
Bitcoin faucets give out rewards in satoshis with minimum intervals to safeguard against fees. There is also a threshold before your bitcoins can be paid out. This is to guard against high mining fees.
Using Bitcoin Faucets
There are several of bitcoin faucets online. A simple search on Google will give you thousands of results.
Using a bitcoin faucet is simple. You just have to sign up with an email address and a wallet address and you are ready to go. A timer is there to count the time you spend on the site. After a certain interval, you will have a chance to claim your rewards.
BitFun is one of the highest paying bitcoin faucet and can pay anything between 200 to 1000 satoshis. Most other top paying bitcoin faucets have rewards within this range. As you can see, there isn’t much here to be made.
Robots can easily be used to cheat the system. That is why there are safeguards like solving simple mathematical problems or filling in captchas.
You should exercise caution when using bitcoin faucets. Most of them are full of deceptive advertisements that trick you to click on unwanted ads.
A good number aim to achieve illegitimate traffic and the reasons the likes of AdSense have banned the placement of ads there.
Creating a BTC faucet
Making a btc faucet is easy. The hard part is how to monetise it. Bitcoin faucets like other businesses involving cryptocurrencies are highly vulnerable to fluctuating prices.
Creating a bitcoin faucet website is as easy as registering a domain and buying a few plugins. You can check out step by step guides on how exactly to do this.