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Cryptocurrencies have fast become some of the hottest commodities in recent times. Thus, it should come as no surprise that many investors have taken to collecting their favorite digital currencies from crypto faucets.
After all, you’re getting free money for doing nothing but collecting coins from crypto faucets. However, there are only so many captchas you can solve and ads that you can watch before losing your mind. And it certainly doesn’t help that faucets only pay out a small quantity of cryptocurrencies. In case you are new you can check a beginners guide to Bitcoin faucets by Tezro here.
For example, Bitcoin faucets don’t pay you in BTCs; instead, payouts come in Satoshis. Satoshis are the smallest unit of measure for Bitcoins, with 1 Satoshi coming up to about 0.00000001 BTC. So, don’t expect to become a crypto millionaire overnight by farming faucets.
How to Make Money With Crypto Faucets
Crypto faucets are named because of the small rewards they pay out, i.e., being akin to a dripping tap. During the early days, faucets paid out about 1 or 2 BTCs for solving captchas. But keep in mind that Bitcoins were worthless back then, and faucets were used as a way to spread awareness for BTCs.
While the amount paid out by faucets nowadays blurs in comparison to the early days of crypto, you can still make money from them. Here’s how you can get started:
1. Collect coins from various faucets
The amount paid out by crypto faucets varies from site to site. So the first thing you want to do is identify faucets with the most generous payouts. You can do this by visiting a few faucets and keeping track of the payouts they offer.
From here, you can prioritize sites with the most generous payouts. So that way, you can maximize your return on time invested every time. Keep in mind that the key here is quality, not quantity. There’s no point visiting 30 faucets when 10 reliable faucets could net you the same returns.
However, regardless of the sites you visit, farming crypto faucets require significant time and effort investments. So be prepared to put in the hours if you want to collect some sweet, sweet cryptocurrency.
2. Hold on to your cryptos
Another way to make money from crypto faucets is by simply holding on to your portfolio of currencies. This is a long-term investment strategy that is based on the hope that cryptocurrency prices will appreciate in the future.
As faucets give you free crypto, this low-risk strategy can produce lucrative results should the market experience a surge in prices. However, keep in mind that crypto prices are highly volatile and can suddenly change with little to no warning.
3. Participate in referral schemes
As faucets make their money from advertising, the owners of these sites are constantly on the lookout for more traffic. This is why some offer crypto payouts for every successful referral you make.
So, if you’ve got an extensive network of friends and family interested in crypto, you can consider participating in referral schemes. From here, you can collect commissions for every new visitor you bring to the site.
There is no doubt that you can make money off crypto faucets. However, there are a few things that you should keep in mind at all times:
Not all crypto faucets are safe. The popularity of cryptocurrencies has encouraged scammers and cybercriminals to set up their fake crypto faucets. These fraudulent sites may trick users into handing over financial information or money via social engineering or infect their PCs with malware and viruses. Do your own research before using a faucet and never hand over any personal information or pay any fees.
Cryptocurrencies are extremely volatile. Because digital assets are unregulated and decentralized, the market is vulnerable to sudden shifts. So only invest what you’re prepared to lose.
Crypto faucets provide users with the means to explore and even profit from the crypto sector. However, they should be used with care at all times.