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Let's Talk About Faucets

Author: Chris P. Bacon


If you are just starting out with this stuff, you may or may not have heard the term "Faucet".

Faucets are a metaphor that implies exactly what you think... Little drips and drops. In this case, those drips apply to cryptocoin. Faucets give you free cryptocurrency! Yes. This is for real. Why on Earth would anyone do that?!

The reason for that is simple... Because the sites that offer such things are making money too. They make money when you visit the site. They make money when you convert your coins. They make money when you withdraw your coins.

So obviously there is an incentive. Mind you, they don't make a lot. They make fractions of a penny on any of these transactions. But if you are one of those faucet site owners, and you have a few 1000 people hitting your site every day, those pennies add up.

Faucets come in a few different varieties. Many exchanges have faucets for many different coins. There are a few apps out there that will let you claim from faucets. In most cases, you will need to complete simple tasks like a ReCaptcha.

One other thing to mention...

The payout from the faucets. This is something you'll just have to look at for yourself. Some faucets give you a pretty good amount for every claim. Some give you such a laughably small amount that it's not even worth the trouble. Which brings up a secondary point to watch out for; minimum withdrawals. Some of those sites out there will allow to collect all you want, but then won't let you withdraw any of it until you reach a high threshold. Usually so high that you would have to effectively collect for 6 months straight before earning enough to cash out.

And sometimes, if the minimum isn't too high, the fee is. I've seen some make it so that the fee is the equivalent of $1 USD. Just the fee! So if you want to actually claim any of the coin that you've collected, you need to keep collecting until you have WAY over that fee. Otherwise, you are just giving them their coins back.

My advice on this

Before you get too invested in any of these faucets, make sure they are worth the time and effort. Then make sure that the fees and/or minimum withdrawals are such that it is still worth it. Take a look at the Banners page for some good ideas on sites that I have already checked, researched, and use myself.

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