Are Free Bitcoin Faucets Real?
Have you come across a discussion about bitcoin faucets and possibly even taken a look at one before clicking away, assuming there was a scam involved?
Afterall, how is possible for a website to give you free crypto unless there’s a catch right?
Surprisingly though, faucets that give away small amounts of cryptocurrency are real and have a large following, especially among people looking for their first experience of cryptocurrency.
The reason they’re popular with those new to the opaque world of bitcoin is that faucets are completely risk-free and cost nothing to use.
This means you can start to collection crypto without having to spend any of you own money, which you would have to do on a trading platform.
It’s all about advertising
Faucets give away crypto coins because they want you to visit them as often as possible. Why? So that they can increase the revenue they get from displaying advertising on the site.
It’s a number game for them – for every 100 people that visit they earn a certain amount, then if 2% of those visitors click on the advertising they earn a bit more.
This way they hope that the profit they make on advertising will be greater than the cost of giving away free crypto, together with running the site.
When it comes to making a profit for you, any free money is a profit right! However, the amounts given away by faucets can be exceedingly small and you’ll have to make a lot of repeat visit to collect a decent amount of crypto.
But ultimately faucets aren’t get rich quick schemes. Treat them as a friendly introduction to the often daunting world of cryptocurrency and you won’t go far wrong!
The best faucets around right now
Given how many faucets there are, the business model clearly works for some, although there are only a handful of faucets that have been around for a long time.
Three of the most successful and long-running faucets are Moon Bitcoin, Freebitco.in and Cointiply.
Moon Bitcoin is a remarkably simple website that offers some nice bonuses for loyal visitors and those that build up a referral network.
Freebitco.in is one of the oldest and most successful faucets, which has expanded to offer various games and prizes, together with offering interest on bitcoin that is held on the site.
Recently it launched a new competition which saw the first winner win a Lamborghini – yes, real life supercar!
Cointiply is a hybrid site where the faucet is only a small part of what’s on offer. Users can also earn coins from surveys, games and PTC ads.
Experiment, with eyes wide open
There are other sites out there and it’s worth experimenting. Some will be reliable and pay out, while others might disappear overnight when the owner goes bust.
The amounts of crypto that faucets pay are tiny and because of this you’ll need to collect it in a microwallet or reach a threshold and withdraw it to a fully-fledged bitcoin wallet (such as Coinbase).
Moon Bitcoin for example pays into CoinPot, alongside several other faucets. Freebitco.in and Cointiply on the other hand will pay to any bitcoin address you choose once you collect enough crypto.
Confused yet!? We hope not, but if you’re still struggling to understand how faucets work read our guide to getting started with bitcoin faucets.
You can also read our reviews of the best paying free bitcoin faucets right now.