The answer is faucets. Cryptocurrency faucets are available on many websites and enable anyone to get hold of small amounts of cryptocurrency for free. They are a brilliant learning platform and great for anyone looking to cut their teeth in Bitcoin (and other cryptocurrencies) as you can experiment in making crypto transactions with free money. Sounds too good to be true? Read on to find out more.
In the world of crypto, a faucet is a website/application that ‘drips’ different types of cryptocurrencies, which a person can claim for free at intervals. The idea is these small drips, when collected regularly, can accumulate into a sizeable chunk of cryptocurrency.
Originally for bitcoin (BTC), faucets can actually contain anything from Ethereum (ETH), Litecoin (LTC) and Monero (XMR) to the newest alt coins on the market. Visitors to the site can claim these cryptocurrencies by clicking a button/completing a Captcha, performing some small online task or even playing a game. This crypto then gets sent to their cryptocurrency wallet. It is essentially a reward system as the sites are able to earn advertising revenue from having eyeballs.
The Bitcoin Faucet was the first to be developed in 2010. At the time it doled out five bitcoins per person! That was the same year that Laszlo Hanyecz bought two pizzas for 10,000 bitcoins (worth approximately $80 million in 2019). Those days are gone, but you can still claim plenty of satoshi (the smallest unit of bitcoin) and small units of alt coins, which can build up nicely and, if the experts are correct, could appreciate substantially in value in the future.
FreeFaucet.io has some of the highest paying faucets on the net. Free registered users can make three claims per day and choose from 11 different cryptocurrencies including: bitcoin, Ethereum, Litecoin, Dogecoin, Raven, PlusOneCoin and Monero. There are also membership packages available to boost earnings and claims. The Platinum Membership, for example, enables users to make 20 claims per day and get 30x the claim reward. It also provides the member with access to exclusive coins and early access to select coins. Another big draw of membership is it eliminates transaction fees between accounts.
Yes. Geofaucets are a first-of-their kind product. They enable people to claim free cryptocurrency at specific, real-life locations simply by scanning a QR code. A little bit like Pokemon Go, but with cryptocurrency.
Webfaucets are FreeFaucet-powered faucets, hosted all around the internet. Faucet claimers can claim from a FreeFaucet Webfaucet by visiting its respective website and performing the faucet task. Once the task has been performed, the Webfaucet deposits the faucet reward into the FreeFaucet user’s cryptocurrency wallet.
The FreeFaucet Webfaucet API enables anyone to create a Webfaucet, using the faucet creation page (https://freefaucet.io/webfaucets/create). Once setup, the Webfaucet is displayed on the faucets list (https://freefaucet.io/faucets). Those who set up a Webfaucet can specify its faucet task in the creation page, which shows up on the faucets list. Those who create the Webfaucet, trigger the faucet reward when the desired action is completed, using the FreeFaucet Webfaucet API (https://api.freefaucet.io).