Why faucets are the best thing for cryptocurrency
Faucets are not only a great way to earn free cryptocurrency. It also helps as a real-world use to earn and redeem typically in small amounts. This allows people to learn how to transact with cryptocurrency without a huge risk. You hear all too often how someone sent funds to the wrong address. I too have done this and since the transaction was less than $5 not much pain was felt. Learned my lesson and how to do it correctly the next time. It is good practice to test with a smaller transaction when possible before attempting a larger transaction.
Cryptocurrency faucets increase adoption. Adoption is important as the more people that acquire cryptocurrencies the more valuable they will become. Especially now with the ease of use that cryptocurrency has become with wallets and exchanges. Many you don't even need to KYC and can be set up in minutes such as KuCoin. With no KYC requirement, anyone can set up an account without an ID or any complicated requirements.
I am sure many have thought to themselves do faucets pay out the top prize? The answer is yes they do although it is much like winning the lottery. The odds are very low that you hit the top prize. I use faucets for around 6-8 hours a day and have only hit the top prize once in the last year. With that being said, I have hit many mid-prizes and although they don't have the satisfaction of hitting the top prize they are rewarding. It all comes down to you can't win if you don't spin.
How much can you earn with crypto faucets? Well we know the odds of hitting a top prize are low, it isn't uncommon to earn $1 or $2 a day from faucets. This makes even hitting the mid-tiers exciting to see a $5 to $6 day. I always think it is funny what people say about this knowing if they gave away free scratch-off tickets at the gas station or corner store with a top prize of $200 people would be lined up down the block for them no matter the odds of actually getting the top prize, especially having a guaranteed base prize.
What is a cryptocurrency faucet? These are websites or apps that give out cryptocurrency in exchange for a small easy task. They never intended to make anyone financially independent. The idea was to increase adoption which was greatly effective. This in turn did make many people very wealthy for the early adopters. Although the biggest boom is likely over there is still plenty of opportunity left for more to join.
Not all faucets are the same. The most common type of faucet is the tier-style faucet. These faucets have a top prize number of typically 9,999 or 10,000. You will commonly see around 5-6 tiers that the numbers match for the prize. The bottom 2 tiers are the most common to hit. Odds decrease for the mid-tiers and greatly decrease for the odds of hitting the top prizes. Generally, you will complete a short easy captcha and spin. These spins can be offered anywhere from every minute to every hour. The higher the top prize the longer the waiting period before your next spin.
Some faucets do not have tiers. Instead, they give out a slightly higher base prize that is tied to the current value of cryptocurrency. These are more of a guaranteed claim as you already know about what you will get each time you claim. Although it lacks the excitement of the bigger claim potential it does add up quickly with the higher guaranteed base prize.
The final type of faucet is confusing to many is the auto faucet. Auto faucets are used by those who want to gain many different coins and expand their portfolio. These sites provide ways to earn site coins. These are then used to run an auto-faucet that will exchange them for cryptocurrencies. By running it through the auto claim faucet you will get higher payouts than if you simply exchanged the site coins for a specific cryptocurrency. The more different cryptocurrencies you select the faster you can acquire and redeem them which is why it is best for those that don't mind collecting many different coins.