Crypto Faucets: Scams Or Legit?

Crypto Faucets

To many, the very thought of earning cryptos for free sounds insane all on its own. After all, who on earth would want to give away something so valuable for free?

Well, we are living in strange times, and you can definitely get cryptos for free, and this is by using crypto faucets.

Sure, that’s well and great, but there are always downsides. 

What Are Crypto Faucets?

A crypto faucet is a platform or website that pays out cryptocurrencies to users when they complete certain tasks.

These tasks can range from answering surveys, to watching videos, solving captchas, and playing games. 

While crypto faucets do technically give cryptocurrencies, you aren’t exactly getting it for free. Thus, it’s easy to see why crypto faucets are attractive as they let you invest in crypto, without risking your entire investment.

Can You Trust Crypto Faucets?

Sure, all of the above sounds well and good, but can you actually trust crypto faucets?

To put it straight, the answer is yes and no.

The Good

That’s because most sites are legitimate and have their own reasons for wanting to distribute cryptocurrencies. 

For example, faucets like PipeFlare rewards visitors who play games listed on their website with Dogecoin. 

This allows everyone to benefit as developers will be able to play-test their games, while visitors get paid in cryptocurrency, and the website gains traffic and can charge developers listing fees.

Other crypto faucets are run by genuine crypto enthusiasts looking to spread the word about cryptocurrency to the community. This mirrors the early days of Bitcoin, where crypto faucets were set up and used as a way of cryptocurrency airdropping.

Besides crypto enthusiasts, there are also developers who use crypto faucets as a means of advertising to market a new cryptocurrency. This means that there is a chance that you may be able to snap up a promising cryptocurrency before it’s too late.

Because crypto faucets don’t require any investment, they are a great way of learning more about how cryptocurrencies work. Instead of putting out a huge sum of cash from the start, you can experiment with a small quantity of cryptocurrency, and gradually explore the market.

Despite everything great about crypto faucets, there are still a few things that need to be taken into consideration.

The Bad

Crypto faucets only pay out a small number of cryptocurrencies every hour/day. And when we say small, we mean really small.

Take Bitcoin faucets for example where Bitcoins are paid out in the form of Satoshis, i.e., the smallest unit of a Bitcoin where a single Satoshi comes in at 100 millionth of a Bitcoin.

This means that you can forget about becoming a crypto millionaire overnight, just by farming faucets. And given the time investment needed, chances are you probably won’t be earning much money.

The Ugly

The unregulated nature of the crypto market means that scammers are a major problem. And as cryptocurrencies have become extremely popular, there are thousands of developers shilling sometimes fraudulent coins which are next-to-worthless. 

In other cases, you may end up visiting a fraudulent crypto faucet that steals your information or infects your computer with viruses and spyware.

Meanwhile, some crypto faucets force visitors to use the site’s in-house wallet, which requires users to reach a minimum balance before they can withdraw their funds.

Closing Thoughts

As can be seen, crypto faucets are most definitely legitimate. However, you also need to know that scams are rife, and you should always be extremely careful. You can read more about crypto faucets on this article written by Tezro.com.

While faucets are a great way of getting into crypto, they should not be viewed as the pathway to becoming a crypto millionaire.