What is Ethereum
Before we delve into what an Ethereum faucet is, it is important to first know what Ethereum itself is. Considered by many to be the Queen of cryptocurrency to Bitcoin’s king, Ethereum is the second most valuable crypto currency and the biggest blockchain technology network for decentralized applications.
Vitalik Buterin proposed it in 2013, and early developments were funded by an initial coin offering in 2014 before it was subsequently launched in 2015. A third-party project flaw led a hacker to exploit the Ethereum platform and steal $50 million worth of Ether in 2016. To reverse this theft, a vote was taken by the community to hard fork the blockchain. The result is the current Ethereum network and Ethereum classic, which is the original chain.
While The Ethereum blockchain is known by many for its native cryptocurrency, Ether or ETH, it is much more than that. The real use of Ethereum lies in its ability to host and run a decentralized application and execute a smart contract. The erc20 token is native to Ethereum and can be used to execute Ethereum smart contracts.
Ethereum dapp ability and widespread use have also increased the adoption of its native digital asset, Ether, increasing its price significantly over the past few months. It reached a new all-time high of $2200 earlier this month after being worth less than $200 about a year ago from now. Today, the Ethereum network is the biggest when it comes to decentralized app.
Without a doubt, this increase in value over time has made many interested in acquiring it, but it also means buying Ethereum now costs more, leading to the question of whether there is a way to earn free Ethereum. Well, there is one way, and that is through Ethereum Faucet.
An Ethereum faucet gives free Ethereum the same way a Bitcoin faucet gives free bitcoin. It is a reward system in which users will be required to perform specific tasks, and as rewards for completing the tasks, they get very small fractions of free ETH. Ethereum faucets are usually websites built specifically built for this purpose, and the owner of the faucet uses them to generate revenue mostly through ads.
How does a free faucets work?
Tasks that users must complete include surveys, solving captchas, viewing ads, pop-ups, and other simple tasks. The tasks’ complexity will usually determine how much you will earn on them, and each faucet also pays differently.
All faucets have in common that what they pay you is very small, whether bitcoin cash, eth coin, or satoshis. The sole reason people use these faucets is the belief that these fractions of free ether coin will accumulate into something tangible over time.
To use an Ethereum faucet, you will need to have an Ethereum wallet that you will connect to the faucet by inputting the Ethereum wallet address. Most times, the faucet will limit how much you need to have before you can withdraw, and some even have rotation periods.
Are Ethereum faucets worth It?
There is a common saying that nothing is free, even in Freetown. This statement is true of free Ether gotten through the Ethereum faucet. At the basics, it looks quite simple since all you have to do is view some ads, solve some captchas, and you will have an Ethereum token in your wallet. But if it was this simple to get a free coin, everyone would own tons by now.
It will require hours and lots of clicking to get rewards that are still too small to matter. Beyond the tedious and time-consuming effort that goes into earning on Ethereum faucets, there are also the risks.
You will need to switch off your ad blockers and other protective features on your browsers to use a faucet. This means you are exposed to risks when using a faucet; anything from viruses to cryptojacking is possible. Even worse, a cryptocurrency faucet can expose you to scam and scammer, and you could lose everything in your Ethereum or bitcoin wallet while trying to make free money.
All these means there are risks attached to earning free Ethereum through faucets. When all these are considered, it becomes evident that free Ethereum might not be worth it. Even when these risks are not involved, and you find a faucet that pays, it is not proportionate when you compare the effort to the rewards.
Alternatives to Ethereum Faucets
Considering the challenges and risks associated with Ethereum faucets, there is a need for better options to get Ethereum. Fortunately, there are better options for you to get Ethereum. The only catch to these options is that they are not free; you will need to spend money to make money. Here are the alternatives:
One of the ways to own this digital currency is to mine it yourself. Ethereum mining simply means you will be creating a block of transactions that will be added to the Ethereum blockchain. Like Bitcoin, it uses a proof of work model in which miners contribute their computing resources to keep the blockchain running by processing transactions.
They, in turn, get Ethereum coins as a reward. It is the best way to earn Ethereum, but it will require you to make some investment first to buy the computing resources you will use for mining.
This is the simplest way to own this digital asset. Simply buy Ethereum either through cryptocurrency exchanges or peer to peer from someone you can trust. A Cryptocurrency exchange like Binance, Kraken, Coinbase, etc., is your best bet, and you can use your credit or debit card to buy substantial Ethereum. You immediately get a cryptocurrency wallet when you open an account on the platform.
Work for Ether
You can also earn Ethereum by using your skills and getting paid in Ethereum. There are several jobs that you can do online where you will get paid in Ethereum. Skills such as writing, accounting, design, software engineering, and other jobs that can be done remotely can also be paid for with Ethereum.
You can use crypto.jobs, cryptojoblist.com, or social media platforms like Twitter, Telegram, Facebook, etc., to find jobs that will pay you in cryptocurrency.
Get Cloud Mining Contract
This is also mining, but you are not doing it yourself. Instead, you are paying a mining pool to do it for you, and you get a share of what they make. There are mining pools with all the computing resources needed for mining, and through a contract, you can buy part of their hash power, and you will earn part of the Ethereum they make based on the amount you pay. This is an effortless way to earn Ethereum, but you should make sure the contract is Favourable before signing. Cloud mining contracts are not flexible, which means the amount you have to pay remains the same regardless of whether Ethereum price is high or low.
How do you make money with Ethereum?
The sole reason anyone would want to buy Ethereum or any cryptocurrency for that matter is to make money. The common way to make money from Ethereum tokens is by trading them. This means buy it and sell for profit. Many cryptocurrency exchanges provide an avenue for you to sell your cryptocurrencies for fiat currency, and you can also use peer-to-peer trading. The best way to make money with Ethereum is long term investing or buying and holding the tokens until it increases in value.
It’s pretty clear that almost any other job would generate you more than $0.5-1 per hour without exposing you to extra risks. Of course, some apps and games might be fun, but from an investment standpoint, there are far better alternatives. And remember that nothing ever comes without effort!