The short answer is “no” you cannot make a living from the faucet claim, and in this article, we will discuss all the possible aspects of bitcoin faucets. Let’s get into crypto faucets and see how much it is possible to earn from them and the underlying risks of getting too far into them.
What is a crypto faucet?
Crypto faucet is an app or a website that grants you free bitcoins in exchange for completing simple tasks like solving CAPTCHAs, answering short trivia questions, or watching ads. Faucets force users to do an activity and reward them with a tiny sum of bitcoins. The reward is collected after some time. You need to fill in your wallet’s address, and the money will be added to your wallet through the faucet application or website.
Faucets are similar to free games that help owners drive traffic to the website. They can also be a good option to introduce newbies into the world of cryptocurrencies. As the name implies, faucets give away “drops” of cryptocurrency, and initially, they were not intended to be used to make a living.
Cryptocurrency faucets are classified based on the type of token that the faucet uses to distribute rewards.
Crypto faucets are a hassle-free way of earning cryptocurrency without investing in mining, but they bring about a considerable amount of risks, and you cannot rely on them as a single income source.
How much can you earn from collecting bitcoins in faucets?
You will definitely not become a crypto millionaire from bitcoin faucets, and the number of earnings depends on the roll. You will need to spend months, even years, to earn a considerable amount of cryptocurrencies on this.
The rewards in bitcoin faucets are called Satoshi, which is equal to 1 millionth of a bitcoin, making it impossible to plan to earn a living on bitcoin faucets.
However, using crypto faucets as your passive income is a great idea, as they will allow you to get free crypto by completing super easy tasks.
What are the risks of crypto faucets?
There are always risks, especially in the financial market, and when referring to bitcoin faucets, we should consider the overall risks around cryptocurrencies. Entering the crypto market, you should consider all the risks and safety of your financial assets.
If you plan to start earning bitcoins from faucets, here are some risk factors to consider.
Personal information and financial fraud
Bitcoin faucet rolls are websites that can refuse to pay you as you reach the withdrawal phase. You should carefully assess the website’s reliability before sharing personal data like bank account details, credit card numbers, and the CVV code.
Many faucets can request a monetary deposit before they transfer your earning or use other fishing techniques to collect your personal data.
Therefore, if you feel suspicious about the website requests or the amount of information they require to proceed with the payment, you should stay away from them. It would also be nice to detect fraud, inform the crypto community, and prevent the spread of scams and potential data leakage.
Malicious software-related risks
When engaging in bitcoin faucets, you should also stay alert not to open malicious links and be a cyberattack victim. As faucets operate as websites or mobile applications, they can use all possible viruses to realize a cyberattack on your devices.
Faucet websites may ask you to download files or install the software before spinning the roll to collect the free reward. However tempting this may sound, it is not safe to download and install unknown software on any deceive. You can never judge by the file name what kind of malicious content the software can have.
The best actions here are to ignore those download requests, but running them through antivirus-detecting software is safe to mitigate risks and possible harm if you have still downloaded them.
Let’s conclude that you cannot make a living from collecting bitcoins in faucets. Faucets don’t provide sufficient bitcoin for living expenses, but they are great as a side income.
If you are new to the crypto market, it may look tempting and attractive to start earning bitcoins as a reward for a simple activity like a watched ad or a solved CAPTCHA. There is no global harm in rolling the faucets, but stay alert for internet fraud and malware attacks and choose only trustworthy crypto faucet websites or apps for earning crypto.
Also read: Predictions Regarding The Future of Cryptocurrencies in 2023