The crypto industry is not so new anymore. Hundreds of millions of users have decided to start investing in at least 1 cryptocurrency, and the profits surely are not too late to the party.
If you consider the market fluctuations and you have basic crypto knowledge, you can build an investment plan that will bring you some earnings in the near future.
But how can you earn your first crypto, based on which you will earn more? Is buying the only way, or are there more things to discover?
The short answer is “yes, of course there is more”. And in this article, we will talk about another truly intriguing way to earn crypto without investing: Ethereum faucets.
What Is an Ethereum Faucet?
An Ethereum faucet is an online platform that function like a reward system for the platform’s users. Usually, Ethereum faucets are programmed to share small amounts of ETH, the native cryptocurrency of the Ethereum network.
Why do you get rewarded?
You don’t just earn crypto rewards by accessing an Ethereum faucet. However, the ETH rewards keep on coming while you perform various tasks the platform requires you to. Usually, you might be required to watch some videos, click on ads, complete CAPTCHAs or surveys, or even play short and engaging games.
Ethereum faucets usually reward users with small amounts of ETH, but being consistent might help you earn more with every completed task. For instance, some platforms might have daily rewards ranging from 0.01 ETH to 0.1 ETH, also depending on how many tasks you complete.
Ethereum faucets are a great option especially for those who are just starting their journey in the crypto industry. Considering that you do not have to invest in order to earn crypto, you will not have too much to lose if the rewards you win drop in value afterward. And if the value increases, you will just end up with a surprising reward that you can use in various ways, such as staking, trading, lending, or just holding.
Other Types of Faucets
There is one more pretty popular type of faucets, called testnet faucets. They basically have the same goal – offering free tokens to specific users.
However, the main difference is that a testnet faucet rewards developers who need free testnet funds to test various transactions on a platform they build. Some of the most popular Ethereum testnet faucets include Sepolia Testnet and Goerli Testnet.
Testnet faucets do not work with real coins or tokens. Instead, they offer users some testnet funds that have no value and cannot be traded. The main purpose of such funds is to help developers test projects’ features. For instance, a developer that works on a platform built on top of the Ethereum blockchain will be able to access such a faucet and get some free testnet ETH to test how a type of transaction works on the platform.
How Do Ethereum Faucets Work?
Earning crypto while completing simple tasks can be pretty fun. But where do Ethereum faucets get the crypto for rewards from?
Usually, crypto faucets receive funds from sponsors and advertisers who are looking for various places where they can promote their projects, products, or services. The crypto faucet platform gathers the funds from such projects and distribute them to faucet users.
More advanced Ethereum faucets use smart contracts to automate the reward distribution. Smart contracts are self-executing parts of code that once introduced in a project, will not require further human verification.
How to Use an Ethereum Faucet?
Considering that they are recommended for newcomers, Ethereum faucets are not that hard to use. But let’s take the process step by step:
- Set up a crypto wallet – There are plenty of crypto wallets available on the market, but some of them still are the most popular and widely-used. When choosing a wallet to use for your digital assets, look for one that supports the cryptocurrencies you aim to buy, earn, or trade. If not, you will be required to have multiple wallets;
- Create an account – Once you have a wallet, you should find a profitable Ethereum faucet. There, you can sign up to start earning ETH;
- Complete tasks – After you set up your Ethereum faucet account, you can start completing different tasks in order to win small crypto rewards;
- Withdraw your rewards – Once you complete a specific number of tasks, you may end up with a more significant amount of ETH in your faucet account. However, keep in mind that the withdrawal limit differs from one platform to another, and to be able to withdraw your rewards, you might have to complete a remarkable number of tasks.
Ethereum Faucets – Pros and Cons
Pros of Ethereum Faucets
- You can earn free crypto with little to no effort.
- Ethereum faucets do not limit users. You can earn as much as you want on the same platform.
- You can also learn new things on Ethereum faucets. This will help you have a better view of the whole industry when you have enough crypto to start trading.
- You can help many newly launched crypto projects increase their popularity.
Cons of Ethereum Faucets
- Earning significant amounts of ETH may take pretty much time.
- You have to choose the Ethereum faucet wisely, as there also are fraudulent platforms that can affect you and leave you with no rewards whatsoever.
- You are required to complete pretty repetitive tasks. If you are easily distracted by such activities, Ethereum faucets might not be the right option for you.
- The amount of crypto earned might not be equal to the energy consumed to get those rewards.
Top Ethereum Faucets
FreeEthereum.com
FreeEthereum.com might be one of the most popular Ethereum faucets available at the moment. Launched in July 2020, the platform allows users to earn ETH rewards for completing various tasks, such as taking quizzes or clicking on links and ads.
The platform allows users to win up to $300 worth of ETH coins every hour through a game that implies rolling a series of numbers. Depending on the number you end up on, you get a specific reward, 0.16866345 ETH being the biggest one.
Potential Rewards (depending on the number generated)
- 0-9,885 – 0.00000017 ETH ($0,00028);
- 9,886-9,985 – 0.00001687 ETH ($0.028);
- 9,986-9,993 – 0.00016866 ETH ($0.28);
- 9,994-9,997 – 0.00168663 ETH ($2.8);
- 9,998-9,999 – 0.01686635 ETH ($28);
- 10,000 – 0.16866345 ETH ($300).
Main Features
- Instant withdrawal – FreeEthereum.com allows its users to withdraw their rewards instantly once they reach a minimum withdrawal amount;
- Referral program – The platform has developed a referral program where you can invite your friends to complete tasks in order to earn some ETH themselves. Once you refer a friend, you will be able to get up to 50% of what they are earning on FreeEthereum.com;
- Free promotions – Although users can roll the numbers only once an hour, they still can win ETH in other ways while waiting for another hour to pass. For instance, they can follow the project on Twitter and get free promo codes that will allow them to play the game quicker or will offer extra rolls without waiting.
Ethereum-Faucet.org
Ethereum-Faucet.org is a crypto faucet that allows users to win ETH rewards by solving CAPTCHAs and participating in lottery events. With tens of thousands of users, the platform is great for those who want to earn some crypto quick and with little effort.
Users can make up to 489 gwei every 4 hours. Furthermore, they can receive a free lottery ticket. During the lottery events, crypto enthusiasts can win between 0.005 ETH ($8.21) and 0.015 ETH ($24.64).
Main Features
- Instant payments – Once they reach the minimum amount required, users can immediately transfer the ETH coins they’ve earned to their crypto wallet;
- Very low minimum balance for withdrawal – The minimum balance required to be able to withdraw your coins is 0.00000001. This is the equivalent of around $0.000016;
- Customer support – The team behind Ethereum-Faucet.org is dedicated to helping its users use the faucet and have fun during its lottery events in order to win as much crypto as possible.
Allcoins.pw
Allcoins.pw is an Ethereum faucet that offers both miner and auto faucet features, along with many types of games users can play while earning crypto. Interested users will be required to click a button and confirm that they are humans by completing short CAPTCHAs. Afterward, the ETH coins are theirs.
The most intriguing fact about this Ethereum faucet is that it does not require users to create an account on the platform. Instead, they can access all features as visitors, still being able to win and withdraw coins. Furthermore, the coins earned are not testnet tokens, but real ones.
Main Features
- Short time between faucet activities – You only have to wait around 6 minutes before you can complete another CAPTCHA or play another game to win more ETH;
- Exchange tool – The platform has also developed a crypto exchange where users can swap the coins or tokens they earn during faucet activities.
Conclusion – Ethereum Faucets
There is nothing better than earning crypto without investing. And considering that the industry is gaining remarkable popularity and there are millions of users who want to start their crypto journey, many projects started developing various ways in which you can win crypto by completing various tasks.
Such platforms are called crypto faucets, and each one rewards users with a particular cryptocurrency. Ethereum faucets offer users ETH rewards for completing quizzes, watching or clicking on ads, clicking on links, completing CAPTCHAs, or playing virous games.
If you want to start earning ETH through an Ethereum faucet, you can look for platforms such as FreeEthereum.com, Ethereum-Faucet.org, or Allcoins.pw.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/ethereum-faucet/