Contributor, Benzinga
September 2, 2022

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Have you ever left a light on or a sink running and then received an egregious bill at the end of the month? If so, then you are aware that small costs can add up to a lot. This basic premise underpins crypto faucets. If you generate small amounts of income, it will eventually add up. However, quite a few of these crypto faucets circulate. Which are the best? Are any of them worth the time commitment?

What is a Crypto Faucet?

A crypto faucet comes from the idea that a dripping faucet can eventually fill up a glass. In practice, a crypto faucet is a system where users complete small tasks (completing surveys or watching ads) and earn small amounts of crypto for doing so. Payouts for crypto faucets can come in the form of a variety of cryptocurrencies, such as ETH, BTC and BNB. 

How do Crypto Faucets Work?

Crypto faucets are mutually beneficial for organizers and users. For organizers, they receive revenue for the manpower the users provide. For example, the owners of a crypto faucet can earn money by having the users complete a survey. A portion of this money is then passed onto the users. Both parties are making money, though it may be a negligible amount.

How Profitable Are Crypto Faucets?

Most crypto faucets will exaggerate the amount you can make using their platform. For example, some platforms claim that you can make several hundred dollars per hour on the site when in reality, it is closer to several dollars. However, in terms of profitability, you have virtually no up-front expenses for crypto faucets. As such, the money you earn from these sites will be pure profit, although the amount may not be much, especially when compared to the overall time commitment. 

Best Crypto Faucets

Moon Litecoin

Moon Litecoin is a crypto faucet that is extremely simple. Users complete captchas and earn crypto. Captchas are essentially small puzzles that are used to verify that someone is a human and not a robot. You can complete one captcha every five minutes.

In terms of earnings for Moon Litecoin, you can expect to earn about $1 a month. Payouts are in the form of Litoshis, which are a fraction of a Litecoin.

Cointiply

Cointiply is self-described as a “supercharged Bitcoin faucet.” It offers several ways for users to earn Bitcoin. Users can complete tasks, play mobile games, take surveys and refer new users to earn coins that can then be exchanged for Bitcoin. 

Cointiply has a minimum payout of $3, and this amount can usually be reached within a few days. However, the top users are able to make up to $300 a month from the site. As with most crypto faucets, the main issue with Cointiply is that the time commitment cannot be justified by the amount you earn. It could take several hours just to earn pocket change. 

Fire Faucet

Fire Faucet is attempting to be more than a typical crypto faucet through a few unique features. The site offers your typical faucet staples — you can watch videos and fill out surveys to earn crypto. However, it offers payouts in 13 different cryptocurrencies, which allows for better diversification. Additionally, it offers unique rewards to the daily top 20 users. These rankings can also influence the amount of crypto you earn. The more you use the site, the more your rewards will be.

Fire Faucet will typically net you anywhere from $0.25 to $0.50 an hour. The rewards could be more or less depending on your daily rank. Overall, Fire Faucet is probably not worth your time unless you are able to commit several hours a day.

Risks of Using Crypto Faucets

If Crypto faucets sound too good to be true, and in most instances, they are. You face several risks with crypto faucets.

Perhaps the most obvious risk is that you can completely waste your time. There is a strong possibility that any time you put into a crypto faucet will return you nothing, especially if the faucet has a high withdrawal minimum. If you had spent the time doing something else, you may have been able to make more money. 

The other major risk is that of phishing scams. Some crypto faucets never intend to give out money at all and instead are just looking to steal information or money from their users. This factor is a very real risk associated with crypto faucets. If you are intent on trying out a crypto faucet, make sure you do your own research and find a faucet that is well reviewed. 

Other Ways to Earn Free Crypto

Another way to earn free crypto is through the website Freecash. This website pays users for performing various fast tasks like testing out new apps. In addition, it offers surveys to complete. Each task that you complete gives you tokens, which can be exchanged for money. Payouts can be through PayPal, giftcards or in cryptos. Freecash is much more profitable than a vast majority of crypto faucets.

Another way to earn free crypto is through airdrops. Airdrops are when a crypto project gives out free crypto to certain wallet addresses, usually early adopters. For example, the Ethereum Name Service (ENS) token had an airdrop for users who had registered on its site before the token launched. A variety of resources are available to find the latest airdrops and steps you can take to claim your tokens. 

Are Crypto Faucets Worth it?

Crypto faucets sound like a good idea in theory but do not work out very well in practice. The space has become convoluted and is straying from the basic premise. Because of this, as well as the numerous risks associated with crypto faucets, it is probably not worth engaging with a crypto faucet. However, if you are risk-averse and have lots of spare time, then it may be worth checking out. 

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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