Cryptocurrencies are one of the most talked-about topics these days. Just take a look at how many exchanges and trading apps are out there. If you want to see one of these, visit this site. However, it needs to be said that even those people who are educated on this topic are not aware of some fields. The reason is that this is a concept that constantly evolves, and sometimes, it can be quite hard to follow it thoroughly.
These additional features are appearing constantly. One of these is certainly cryptocurrency faucets. For those who don’t know what this is, it is a simple way of obtaining various digital currencies. It is simpler than mining and trading. Now, we want to provide you with a quick insight into what cryptocurrency faucets are, and how do they work.
What are These?
Source: coindoo.com
Basically, cryptocurrency faucets are apps and websites that reward their users or visitors with digital currencies. The reason why they do this is that their users and visitors will perform some simple tasks for them. We are talking about tasks like solving a puzzle, watching a video, checking out advertisements, or playing a simple game. As you can presume, these rewards are not big.
That’s why these apps and sites are referred to as faucets. They provide rewards that are as small as drops of water are. In most cases, these will be one-millionth of a single BTC or ETH. Nobody expects any company out there to start giving out higher amounts of these for tasks as simple as those we’ve named before. In any case, many believe this is a great chance to get some of them.
Furthermore, it is quite obvious that the commonest digital currency in these places is BTC. It’s quite clear why this is the case, it is the most widespread. For a long time, the general opinion of these was that they are some sort of get-rich-quick-scheme. But, when you take a more careful look at them, you will see that these amounts are too low for something like this to happen.
How Do They Work?
Source: cryptocurrencynews.com
As you can see, these tasks are rather simple. To claim these rewards, you would need to act fast, because most of these sites and apps will set a timelock. It is a time range that limits you on when you can claim a reward. Besides that, it is important to say that users would need to register and fill out a form with all the relevant information. The most significant one is an e-wallet address.
The reason is quite simple, this is an address where site owners will send your rewards. After you have claimed it, it will go to micro wallets, which are pretty similar to the usual ones. Still, they are specialized in handling smaller amounts of digital currencies. After that, the funds will be sent directly to your e-wallet. In most cases, the app or site you use will create an account for you on a micro wallet immediately.
What needs to be said is that these transactions will not require paying any sort of fees. Just think about that, if this would happen, a vast majority of the coins would be eaten by these fees. If that happened, there would be no point in using crypto faucets. Thankfully, measures of precaution were made by faucets. So, you can receive all the funds you need, without losing a portion of them for practically no reason.
What’s Their Purpose?
Source: dailybayonet.com
Even though the concept of cryptocurrencies is more than a decade old, it is still relatively new. There are still many people out there who haven’t heard about it, and many of those who have don’t know what it is. They do not have a proper idea about what it is, how they can use it, whether they should invest or not, and most importantly, how can they be successful in this market.
The purpose of the faucets was the spread the word of BTC’s existence. They are practically as old as this crypto is. The idea was to help people understand how to use it, and what is the ultimate goal of owning these. For that reason, they’ve started giving out smaller portions. New users could get a hold of these, in a pretty harmless way, if we can say it like that.
The popularity of BTC faucets has started growing enormously. That’s why pretty much all other digital currencies have followed this example. Today, there is practically no digital currency that doesn’t have its faucets. Think about that, it was a perfect way to present a new concept to the public. We do not doubt that everyone would like to get something practically for free. At the very least, it would spark interest.
The Benefits of Faucets
With all this information in mind, let’s take a look at a couple of benefits of crypto faucets.
Free Crypto
Source: businessinsider.com
The first and most obvious benefit of this approach is users get free crypto. When you think about that, there are not many ways you can get these under similar circumstances. Sure, there are some other methods, but we wouldn’t describe them as simple as this one is. There is simply nothing simpler than these tasks.
An Introduction
Source: finance-monthly.com
If you do not have any knowledge about a certain market, chances that you will invest in it are minimal. Not many stories tell about people who were so far-sighted, that they purchased anything they don’t know anything about. At the very least, they have heard a rumor that made them interested.
Effortless Options
Source: livemint.com
Last but not least, it is significant to say that the tasks you will be faced with will not require any effort on your behalf. You can earn some crypto by investing a couple of minutes. It is not a bad deal, huh?
In Conclusion
Crypto faucets are one of the most efficient marketing approaches that made cryptos what they are now. In this article of ours, you can take a look at some important factors about this concept. We’re sure you will find all of them entertaining and informative.
