Pros and Cons of Bitcoin Faucet

Pros and Cons of Bitcoin Faucet

Introduction – Bitcoin Faucet

Bitcoin faucets are among the simplest ways to get an idea about how this cryptocurrency works. What’s exciting about a Bitcoin faucet is that it can be accessed without having to invest a penny of your money. While it may seem exciting, a Bitcoin faucet cannot be a regular source of income. Because rewards are too scarce to become a significant sum and the Bitcoin faucets are named accordingly for their rewarding mechanism that is comparable to the spillages of faucets. With everything considered, Bitcoin faucets are certainly a way to get paid for what does as a hobby or to ease off boredom. So, let us discuss in detail how Bitcoin faucets came to exist and what purpose they serve.

History of Bitcoin Faucet

The arrival of the Bitcoin faucet happened alongside the onset of Bitcoins during the closing of the 00s. When the crypto-king was trading at a rate far less than a dollar, people had their doubts about the newly emerging concept of decentralised currency. The Bitcoin community was desperately trying to get people to invest in Bitcoins. But what would be more effective than the good old sampling strategy? So, Gavin Andresen, one of the few early Bitcoin enthusiasts, designed the idea for Bitcoin faucets. On these websites, the users will be rewarded with Bitcoins for completing the activities given on the website.

During the early stages, people were rewarded with as many as 5 BTC for every task they completed. Translating these 5 Bitcoins would come up to around $150,000 in the current market value. However, the rewards naturally decreased as Bitcoins skyrocketed in the last few years. Nowadays, completing an activity brings only a Satoshi, which is one-millionth of a Bitcoin.

Pros and Cons of Bitcoin Faucet

One compares the pros and cons of something to see which of them outweighs the other. In the case of Bitcoins faucets, there is a symmetrical balance between the pros and cons demanding much more caution as we proceed with the activities.

ProsConsFree Bitcoins is the essential pilling factor of Bitcoin Faucets.A simple way to get started with Bitcoins with deposits and funding requirements.Often comes with an easy and accessible interface helping anyone to start with Bitcoins.There have been instances of scams through Bitcoin faucets in the past. So there is a security concern.Bitcoin crumbs offered on the site do not add up to a significant sum. The activities would not be as exciting as one may things and often contribute to boredom you already have.

How to Select a Bitcoin Faucet?

There are hundreds of Bitcoins faucets available just a click away. But are they all trustworthy? It is a question that needs to be answered with a bit of research before plunging into a website. 

To start with, always compare various aspects of different Bitcoin faucets to see which of them check through.Read more posts and articles about the websites to sift the reputable ones from the unreliable faucets. Look for recent articles not written for promotional purposes to be efficient in this task.Look for details regarding the minimum withdrawal limit and payment options and ensure whether there is a secure infrastructure for carrying out transactions.Always keep your devices secure while accessing such platforms in order to avoid unsafe logins and other forms of cyber attack.

Are Bitcoin faucets profitable?

The profitability of Bitcoin faucets has two perspectives. Firstly, the perspective of the person who owns the faucet. The person pays out from his wallet to the users who complete a certain number of tasks. However, it may not be as easy in practice with the number of Bitcoin faucets increasing every day. In order to ensure profit from this business model, one must keep getting more hosts and engage the content to stand out from the crowd.

From the user’s point of view, it might take even a few months to earn as much as 1 dollar worth of satoshis. This makes it not an optimal model to become a regular source of income for anyone. However, there is some possibility that these tiny crumbs may become more valuable in the future.

Conclusion

Getting paid in Bitcoins for completing activities might seem very inviting at first. But these websites are unregulated platforms that need to be approached with caution. Moreover, recent years have seen more effective and secure ways to earn Bitcoins outdated Bitcoin faucets.

Author: Connie Boyd