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What are Bitcoin Faucets?
Bitcoin Faucets are applications or websites that give rewards to their users. These rewards are usually in the form of Bitcoins and are distributed after one completes specific tasks on the platforms. Experts in the crypto realm compare crypto faucets to automated mechanisms that pay you after completing mindless tasks on the internet, such as clicking links, signing up on websites, watching videos, and playing games. With that definition in mind, all you need to get involved with faucets is a bitcoin wallet, which you can get for free. Most faucets we will look at today also use collaborative wallets like FaucetHub and CoinPot, both of which allow you to put all your earnings in one place. However, we recommended using an external wallet for security reasons. One detail to take into account is that faucet rewards come in the form of Satoshis. A satoshi is the smallest unit recorded on the Bitcoin blockchain, which equals to 0.00000001 BTC.
How do Bitcoin Faucets make money?
After visiting one of the sites in the list below, you will instantly realize that bitcoin faucets rely on ad placements to keep their sites running. These types of advertisements allow them to earn through either pay per impression (CPM) or pay per click (PPC). As a general rule of thumb, a bitcoin faucet will stay in service as long as the amount it earns through ad revenue is higher than the bitcoins it gives out to the platform’s members. Are Bitcoin Faucets worth it? As you can already tell, Bitcoin faucets allow users to earn free bitcoins in small increments, often 1000 to 10000 satoshis at a time. But if you keep doing this over a long period, it will result in decent gains when Bitcoin shoots up in price. A few years ago, users could earn up to a single bitcoin in 3 to 4 days through bitcoin faucets. Needless to say, that would be a massive profit today. So yes, Bitcoin faucets are worth it and can be profitable in the long run, especially if you’re just getting started with bitcoin investments.