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Bitcoin faucets used to be very popular when the “crypto boom” was in full swing. If the traders weren’t busy speculating on the market, you’d mostly find them on random websites, watching random videos and filling in captchas for no apparent reason. Well, back then, grinding on these websites was actually a really good way to make some extra cash on the side with cryptocurrencies. These sites are called Bitcoin faucets or crypto faucets. So what are they?
What is a Bitcoin faucet?
If you are new to the cryptocurrency sphere or have moved over from traditional financial markets, then seeing these two words together may be confusing. Try to imagine a handout from a company for doing a very small task.
One of the best examples for your financial market migrants out there is the Forex no deposit bonus – where you only sign up with the company, and you get some money. It’s pretty much similar with Bitcoin faucets, but it requires way more than just signing up.
How they work
Usually, Bitcoin Faucets are just websites that offer visitors to “work for cryptocurrencies”, meaning that you sign up, get a small bonus, and then you do a small task and also get a bonus. The tasks are usually extremely simple, but quite time-consuming if you do them en masse. For example, the simplest task can be to watch a video, or like it, share it, etc. There are also examples where people are just tasked to fill in the captcha. Usually, the reward for these tasks is now around $0.01. In the past, however, when Bitcoin was at its peak price, the rewards were somewhere around $1.