If you’re just getting into cryptocurrency, then more than likely you’ve heard about the first digital coin, Bitcoin. Bitcoin has carved out a large chunk of the blockchain market, which means most people tend to gravitate toward it when starting out.
However, not everyone getting started with cryptocurrency is comfortable with buying Bitcoin, or any other cryptocurrency for that matter. Whether using an exchange, a broker, or a peer-to-peer platform, purchasing digital currency can be intimidating. Additionally, there are many interested in crypto that simply don’t have the access needed to buy Bitcoin at all.
This is where Bitcoin faucets come into the picture. Bitcoin faucets are a free and simplified way for users to accumulate Bitcoin while learning more about cryptocurrency. This is the perfect method through which those new to crypto can dip their toes into the waters of cryptocurrency without going “all in” right away.
By using a Bitcoin faucet, new users can get a taste of what it takes to perform transactions with Bitcoin while managing their wallet. But where do you go to get started? That’s what we’re here to tell you.
We’ll discuss what a Bitcoin faucet is, which ones are the best to use today, and what you need to be aware of as you decide which one(s) to use. However, please remember that this is not investment advice and should not be viewed as such. Be sure to do your due diligence to determine which Bitcoin faucet, if any, is right for you.
What is a Bitcoin Faucet?
Simply put, a Bitcoin faucet is a website or application which creates rewards for its users. These rewards are typically in the form of Bitcoin and come as a result of completing specific tasks. Some compare it to an automated mechanism that pays you upon completion of a simple chore, which then rewards you with a given number of Satoshis. Satoshis are one hundred millionths of one Bitcoin.
Of course, the question that probably comes to mind is, “How can a Bitcoin faucet afford to give away Satoshis for free?”
If you think about it after looking at one of these sites, you’ll realize the answer is self-evident – ad revenue. Many Bitcoin faucet applications or platforms rely on advertisements to keep their website running. This type of advertising usually comes through either pay-per-click or pay-per impression.
When you’re ready to receive your Satoshis from your favorite Bitcoin faucet, you’ll have to create a cryptocurrency wallet that accepts BTC. You can also create a microwallet if you prefer, which is a wallet that collects small bits of BTC prior to transferring them.
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Now you can generate a Bitcoin address, then direct your rewards straight to your wallet. Keep in mind that most Bitcoin faucets or platforms won’t let you send out your Satoshis until you accumulate a certain amount. So you don’t have to create your wallet right away if you don’t want to.
Just remember that the payouts you’ll get from Bitcoin faucets are minimal, so it will take some time before you have a large enough amount to transfer that transaction fees won’t cancel out. If you do decide to go with a microwallet, there’s usually a limit of about 10,000 Satoshis before your holdings are automatically transferred to your main Bitcoin wallet.
Now that we’ve covered some of the basics about Bitcoin faucets, here are a few of our favorites to earn free Satoshis and Bitcoins.
At the top of our list for Bitcoin faucets is Cointiply. If you’re looking for a solid option, look no further, as this faucet provides significant payouts and offers a wide range of tasks that allow you to earn Satoshis.
The appeal with Cointiply is that users have the ability to walk away with 100,000 Satoshis each time they spin. With each spin, users can also earn a bonus if a prime number is rolled. You can also watch videos, install apps, take surveys, and visit webpages as additional methods of earning through Cointiply.
Cointiply also provides its users with a 1% per day loyalty bonus. If you’re looking for a faucet to use over the long haul, you might consider Cointiply. The site also gives users a bonus of up to 100% for each day they make a claim.
With Cointiply, you don’t have your Bitcoin wallet set up right away, as the site lets you add it when you’re ready to cash out. That means you can get started earning rewards right away and worry about adding your wallet info later.
Lastly, Cointiply has an excellent referral process which allows users to earn additional rewards. You can earn 25% of a referral’s earnings for as long as you use Cointiply. Even though the platform is still in its Beta version, it has paid users over 85 BTC during its existence.
Moon Bitcoin makes the claim that it is a “Bitcoin faucet with a difference.” This faucet lets its users decide how regularly they want to recoup their rewards. The vast majority of Bitcoin faucets only let the users claim Satoshis each hour, while others are once a day. Moon Bitcoin, however, lets its users claim their Satoshis whenever they want.
There is one catch. If users want to receive their rewards, they must create a crypto wallet with CoinPot, which specializes in microwallets for cryptocurrency. It is to this wallet that Moon Bitcoin rewards are moved when users are ready to “cash out.”
Finally, remember that Bitcoin faucets need ad revenue in order to keep their sites up. That means if you block advertisements on your browser, then when you won’t be able to use Moon Bitcoin as a Bitcoin faucet.
If you’re looking for a Bitcoin faucet that will give you instant withdrawals and a low minimum required threshold, then you might check out FreeBitcoin.io. Since it was established, FreeBitcoin.io has rewarded its 94,000 users with over 142 Bitcoin.
The site has a significant user-base, especially considering that it wasn’t live until June of 2018. Additionally, FreeBitcoin.io gives its users the possibility of winning up to $300 USD in Bitcoin every hour.
FreeBitcoin.io doesn’t have a lot of games, tasks, or videos to watch; however, it does offer a simple and straightforward way for its users to earn Satoshis. Users simply roll the dice and will receive a reward which ranges anywhere from $0.0003 to $300 USD.
The platform also offers a very nice referral program for its users. With the FreeBitcoin.io program, users can keep up to half of what their referrals earn. Additionally, just for referring friends, users get weekly tickets which are used for the lottery draw.
When users sign up with the FreeBitcoin.io platform, they are steered toward a BTC wallet through Blockchain.info. This is a reputable wallet and is well known in the crypt-sphere, so you know your BTC will be safe.
One of the highest paying Bitcoin faucets on the market today is Bitcoin Aliens, which launched in 2014. This faucet averages a payout of nearly 4,000 Satoshis every hour. Since its creation, Bitcoin Aliens has given its users almost 1,100 Bitcoin.
But Bitcoin Aliens isn’t like your other Bitcoin faucets. With Bitcoin Aliens, you don’t complete tedious and monotonous tasks or watch videos and ads for Satoshis. This platform changes things up by creating mobile games which require you to kill aliens. Essentially, users are rewarded with Satoshi in exchange for playing a game. Pretty cool, right?
Additionally, if you head over to BitcoinAliens.com, you’ll notice that their website gives users other apps and games for both Android and iOS. This includes Alien Run, a running game in which users get rewarded for finishing each level.
If you think of yourself as a brainiac and you want to earn some Satoshi, then you might check out Satoshi Quiz. This random knowledge trivia quiz lets users participate in a multiple-choice question and answer game. If you answer the question right, you earn Satoshis. Of course, the questions are timed to dissuade users from simply turning to Google for every answer.
The timer for the questions lasts 60 seconds with each correct answer netting you roughly 100 Satoshis. Depending on the questions and your ability to answer them, you could earn 6,000 Satoshis every hour. Payments are sent out every Sunday. However, you must have earned a minimum of 11,000 Satoshis before you can withdraw your Bitcoin.
Even though it takes some time to earn enough Bitcoin to move your funds to a wallet, once you’re able to, we highly suggest that you move it to cold storage. This will prevent your BTC from being taken in the event that the faucet is hacked or compromised.
If you’re unsure of where to go for a solid Bitcoin wallet, you might check out options like Ledger, Mycelium, or Exodus. These are all unique options. Ledger is a hardware wallet, Mycelium is a mobile app wallet, and Exodus is a desktop wallet. Find which one works for you.
Using a Bitcoin faucet is an excellent way to get into Bitcoin and the world of cryptocurrency. These types of platforms require no investment from a financial perspective, and you don’t need to know much about BTC to get started. However, keep in mind that not all faucets are worth your time.
Do your research before you get too involved with a Bitcoin faucet. Make sure the proverbial juice is worth the squeeze before getting too involved with one site. Of course, you’re aren’t limited to just one Bitcoin faucet. Find a few that work for you and switch between tabs as timers expire.
You may not earn a lot, but you’ll learn a good deal about the basics of Bitcoin.