Are Crypto Coin Faucets Worth it?
Back in 2010, the first Bitcoin faucets started operating, you solved a captcha and would get rewarded 1 or 2 bitcoins, yes, 5,000 dollars free if it was now. Back then Bitcoins were worth pennies and faucets were a way of promoting the use of Bitcoin. I doubt many people took advantage of this, just imagine if you had used this faucet for 100 days you would have gotten at least 100 Bitcoins, if you had held them, you would right now be looking at over half a million dollars, I guess very few people did this, at this time I was not even aware of Bitcoin.
As time passed and Bitcoin started increasing it's price rewards started going down, when I found out about Bitcoin, I believe it was in 2012 there were faucets that had varying rewards, I was able to get the highest in one of these it was about 100,000 Satoshis, which right now would be at least 5 dollars. I was able to accumulate about 0.02 Bitcoin, after a lot of clicking.
Right now I will just look at one such faucet, I believe it is one of the most widely used freebitco.in, now on this faucet you solve a captcha and the system randomly assigns you a number, up to 9885 you get the minimum reward which is 0.00000036 BTC, then from 9886 to 9985 you get 0.00000356 BTC, and so on until if you get 10,000 you get 0.03559916 BTC which is about 200 USD, now just look at the odds and you will see that most probably what you will always get is 36 Satoshis which, if you work this site 10 times a day clicking once every hour you would make a cool $0.60 a month.
I really don't know what this site's income is, they don't have ads and I don't know if they receive any money per captcha solved, but they must be making money or they would not continue in this business, I know the user makes nothing, because apart from making very little you have to pay 30,000 Satoshis any time you withdraw your money.
So I would say Bitcoin faucets were once a great way of obtaining bitcoins, if you used them and kept the coins, you have in your hands a nice amount of money, but today Bitcoin faucets are just a waste of time. Of course you can get referrals but once people see they are practically just going to make pennies a month they quit so I don't think referrals will help you out much.
Now there are faucets for all kinds of alt coins so I guess a few of these faucets could make you rich but you would have to pick the faucet for the coin that is going to be trending in the future and whose price will skyrocket, and if I knew that I would surely be using every faucet possible, unfortunately I don't.
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Thanks for looking into this. For another look at coin faucets, see my post @ https://steemit.com/cryptocurrency/@gjones15/crypto-faucets-what-are-they-and-are-they-worth-it