Are Bitcoin Faucets A Dying Trend?

March 11th, 2018

Bitcoin Faucets work as a reward system for Bitcoin users. These websites “reward” Bitcoin users with a percentage of Bitcoin, called Satoshi-which is a hundredth of a millionth BTC.  Earning free bitcoins can be appealing to many Bitcoin enthusiasts and may in fact be the reason that many are spending the bulk of their day solving captcha. Currently, there are thousands of people spending hours each day, solving the Bitcoin Faucet. But is it worth it?

The Truth About Bitcoin Faucets

Right now, the price of Bitcoin is right around $8000, a Bitcoin faucet will usually pay any amount around a cent, meaning you can get a only a few satoshis for each claim. Due to high transaction rates, the minimum withdrawal threshold is very high (and to reach that threshold takes a lot more time than you would think). When Bitcoin first started a few years ago, Bitcoin enthusiasts were more than happy to follow this process of earning Bitcoin. Now, there are much better ways to earn bitcoins, without spending the entire day getting an average of 10-100 satoshis.

Bottom Line – Bitcoin Faucets aren’t worth the hassle.

Bitcoin Faucets: The Facts

Bitcoin Faucets first began operating in 2010, just a year after Bitcoin came out on the market. Users who solved captcha would receive 1 to 2 bitcoins. Now in 2018, that’s around $8000 to $9000, which means people are only getting a few satoshi instead of a full Bitcoin. Back when digital currency was worth just pennies, Bitcoin Faucets were one of the best ways to get free bitcoins and to spread the new digital currency worldwide. Many people took advantage of this free service. Imagine in the “good ole’ days”, if you were on a Bitcoin Faucet for 100 days you would have earned at least 100 Bitcoins. However, not too many people took advantage of this, since in the early days of Bitcoin there was little knowledge of this cutting edge digital currency.

As time went on and Bitcoin grew more popular, the price per Bitcoin increased, thus the reward from Bitcoin Faucets was reduced dramatically. Around 2012 is when Bitcoin Faucets began giving out a variety of rewards to Bitcoin users. The highest payout would have been around 100,000 satoshis or $10.

 

Now in 2018, there are very few faucets available to the public and the demand for these websites has increased. With the particular Bitcoin Faucets of today, you need to solve a captcha and then the system will randomly assign you a number. If you were to work with the same site 10 times a day, by clicking on captcha once an hour, you would make about 60 cents a month. But the actual Bitcoin Faucet or the website is making bank from all of your clicks, your essentially paying them by clicking on the captcha instead of the other way around.

Bitcoin Faucet Income

The website makes money from each click, ads, and even money per captcha that is solved. There are definite higher returns in this business-that’s what keeps them in business. At the end of the day, the Bitcoin user makes almost nothing and each time you withdraw money you have to pay a share. So why bother?

The truth is that Bitcoin Faucets were once a great way of making bitcoins, if you used and kept the coins that you made-now they would be worth a huge amount. But now Bitcoin Faucets are a waste of time.

Now more than ever, Faucets for alternative coins are coming up, and if you find the right one, you can earney back fast. Selecting the right faucet is important as this trend will probably be short lived. The pri

Off late faucets for all kind of Altcoins are coming up, the right one can definitely help you earn money in quick time. Selecting the right faucet is important that is going to trending shortly. The price of that Altcoin should also increase in that span of time. If they prove to anything like Bitcoin, you should start utilizing Altcoin Faucets now before it’s a waste of time.

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