Are Free Bitcoin Faucets Profitable or Worth It?
Bitcoin faucets, those strange websites that give away free cryptocurrency, still hold a degree of alure to those wanting to dip their toes into what can still be something of an opaque world.
Faucets give away fractions of bitcoin and other crypto to encourage you to keep visiting and help them generate revenue from the advertising that features on the page.
Common questions that crop up when someone first discovers faucets are a) Are crypto faucets profitable? and b) Are crypto faucets worth it?
The short answer to a) is, for most people, not really, depending on how you define profit. You are getting free crypto for no financial outlay which does have a value so in that sense they are profitable.
But the amounts given out are tiny and you need to make a large number of faucet claims before you have a usable amount of crypto.
That said, it’s easy to set up your own referral network which, if you get a large number of people clicking through on your link, can start to become a bit more interesting in terms of the amount of money you make.
Profit depends on time and referrals
The success of this will very much depend on how much time you are prepared to spend on it and how good you are at marketing your referral links.
Also, given the rollercoaster ride the price of bitcoin has taken over recent years, there’s always the chance, however slim, that those tiny chunks of crypto will be worth a lot more in years to come.
Now turning to the second question: are bitcoin faucets worth it? The answer to this really depends on why you’re exploring the world of crypto in the first place.
Many people are rightly nervous about investing their own cash in bitcoin given the volatility of its price and the doomsayers who say it has no value and that it is a bubble.
They may be proved right in the long run, but right now bitcoin is holding a significant value and attracting ever increasing interest from large institutional investors.
Some think cryptocurrency will ultimately be worthless, while others speculate wildly about high how its value is going to go as more people start to use it.
Risk-free route into cryptocurrency
Whatever you believe, you may still be curious to get a risk-free feel for how it all works and this is where faucets play a useful role.
There is no expense at all involved in using faucets – you simply claim, collect a pot of coins together and transfer it out to any one of the free bitcoin wallet providers out there.
At no point will you have to take any financial risk and you can own your very own slice of digital gold, as it is fondly referred to by crypto aficionados.
So, take a look at Moon Bitcoin, which is a very popular bitcoin faucet, then open a free microwallet at CoinPot (this is not a proper bitcoin wallet, rather a repository for collecting the tiny fractions of crypto given by faucets).
Once you’ve collected enough set up a proper bitcoin wallet for free. There are several options here, but Coinbase is a good place to start for beginners because of its user-friendly interface. Plus, it’s one of the largest players globally so hopefully secure.
And that’s it, you’ve started your crypto journey!