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A crypto faucet works just like a leaky faucet in your sink. It drips tiny amounts of crypto in return for you completing an action.
I do not recommend faucets to you unless you’re the type of retiree who plans to spend the rest of your life glued to your computer. If that’s you, here’s a quick explanation.
The web page that offers the crypto faucet has several ads on the page. Every five, 30 or 60 minutes, it allows you to collect some crypto. But you must complete a graphic challenge before you collect it.
Completing the challenge and clicking the button to collect your crypto results in a page refresh, which displays more ads to you.
It doesn’t seem too onerous, right? It’s not really, except you’re working for pennies. Or, more accurately, fractions of a penny. Here’s an example:
To make the math easy, we’ll price Bitcoin at $50,000 USD. A faucet drips out anywhere from 5 satoshi to 1,000 satoshi each time the timer reaches zero. How much will you earn? Not much.
One satoshi is .00000001 of a Bitcoin. At $50,000, your 1 satoshi has a fiat currency (USD) value of five one-hundredths of a penny.
If you happen to be rewarded with the unicorn-like 1,000 satoshi, you’ll earn the princely sum of $0.50. That’s right, 50 cents.
And as the price of crypto goes up, the less the faucet will give you. So you’ll still end up earning about the same amount in fiat terms for each time period.
As bad as all that sounds, what you’ve earned is also at risk. The faucet owner can shut you down at any time for any reason, with no recourse, since there’s never any contact information offered on a crypto faucet site.
You end up losing everything you’ve collected up to that point.
If I haven’t convinced you not to get involved in the entire crypto faucet scheme, there are some search terms you can use to find faucets, including:
I’ll leave you with an important point about the search results you’ll find when using any of the above terms to find crypto faucets. Invariably, each page you visit about faucets will have a list of them.
The person who created the list will be an affiliate of each faucet on the list. If you choose to use one (or several), that person will earn an affiliate commission based on how much you collect from each drip.
It doesn't sound like much. But some of these marketers have thousands of people earning them tiny commissions. Those numbers add up! But not for you, unless you also plan to become an affiliate and start flogging faucets.
Just to be extra clear, don’t involve yourself in crypto faucets unless you’re so broke that you can’t afford to purchase any Bitcoin, Ether or other cryptocurrency.
But since you can buy just about any amount you want, right down to as little as $50 (or less!), why waste your time sponging up a bunch of droplets?