When I started with cryptocurrency in 2016, a question immediately consumed me: “can I make cryptos for free?”. Is it possible to earn or make a cryptocurrency of your choosing completely for free without being subject to scams or doing something horrible? Yes it is, and here's how.
In this article, I will not be talking about HYIPs, high-yield investment programs—which are essentially Ponzi-schemes and will make your money go POOF. HIYPs are a topic for another day. Instead, I will be talking about faucets. Faucets are reward systems, usually in the form of a site, which dispense very small amounts of cryptocurrency after a set period of time. These funds often go to an internal wallet which can be withdrawn usually when the site owner has made back the withdrawal on ads and with a daily withdrawal cap.
Brief history on faucets; The first bitcoin faucet was called “The Bitcoin Faucet” and was developed by Gavin Andresen in 2010. It originally gave out 5 bitcoins per person. 5 bitcoins are worth over 50,000 USD today!
Here are some popular faucet depositories.
FaucetHub is a faucet sharing site with its own microwallet which contains all the big currencies: Ethereum, Monero, Litecoin, Dogecoin, and of course Bitcoin. On this site after sign up, you will find thousands of faucets which you can claim from typically every 5 minutes. This service is definitely not my number one pick, though still rather nice.
Coinpot would have to be my personal favourite. It is often regarded as the highest paying faucet site to date. Once entering, you will immediately notice something different compared to other faucets; this site is not a faucet! Similarly to FaucetHub, this site is also a Microwallet and exchange. Unlike FaucetHub, this site only has 7 faucets, which surprisingly dispenses more value per time than thousands of faucets on FaucetHub. I’ve done you a favour and listed all of the faucets and main site below.
Faucets: (Email only required)
Without any referrals or full bonuses you can make around 0.25 USD per day with all the faucets providing you claim around 20 times on each of them. For only clicking a button, that’s not bad. But, we’re above that... we want to find the most efficient and profitable way to earn on this site. What better way than to make other people do the work for you? I’m talking about referrals, people. With just 2 referrals you’ll be making double what you would be otherwise claiming by yourself. Personally, I’ve seen people making 0.01 bitcoin per day off referrals on CoinPot. Granted, these people have over 4000 active referrals on each faucet.
CoinPot also has its own built in token which is worth approximately 1 Satoshi. You can obtain these tokens through a number of methods. One way is by claiming from the faucet, you will be rewarded with 3 tokens per faucet per claim, another is Converting in-wallet funds. Whenever your referrals claim, you will receive 1 token in addition to the percentage specified by the faucet, usually 50%.
When possible, I would recommend withdrawing in Dogecoin because it has the lowest withdraw fee of 1 Doge, around 0.003 USD. The minimum withdrawal for doge is 100, around 0.25 USD. Note that all Coinpot transactions will be payed to your wallet within 48 hours of confirming your withdrawal via email.
If gambling and annual interest are more of your thing, then FreeBitcoin will be perfect for you! This site includes a provably fair rolling game and an hourly faucet to fund you ravenous gambling addiction—which is probably the reason you're scrounging for money. When you claim from the faucet, the site will pick a random number from 1 to 10000, and the closer you get to 10000, the more you earn. The current chances are listed below:
0 - 9885
9886 - 9985
9986 - 9993
9994 - 9997
9998 - 9999
This site also has a weekly lottery. Tickets for the lottery are given out every time you claim as well as if you want to purchase tickets for 1 Satoshi each.
The CryptoTab chrome extension is more of a just-leave-in-the-background-and-get-paid kind of deal. Some might even call it passive income. The extension will mine Bitcoin in the background while you are using chrome, slowly amassing petty cash. The minimum withdrawal for this site is only 0.00001 BTC making it the lowest withdrawal limit on our list.
The great part about this service is that you can invite friends and earn a part of what they do. To spice it up even more, you earn from your friends' referrals too! This site even provides you with resources to make finding referrals easier with tones of free graphic packs to help better spread the word.
Here's the link to the Chrome extension.
Owning a Faucet
Unsurprisingly, the best way to make money with faucets is by owning them—I know, mind blowing. Faucets are designed to make money for the owner. All faucets run multiple advertisements on pages which helps offset the price of running the faucet. I’ve seen some smaller faucet sites make around 200-500 USD per month by just running ads on their sites. Depending on the ad network you go with, you could make anywhere from 0.20-5.00 USD per mille!
Stop and think, don’t get your hopes up too soon. The cryptocurrency faucet market is currently extremely saturated; making it difficult to get your faucet into the public eye. Your faucet would have to be something revolutionary, to bring in organic traffic. If your faucet is too much like all the other copy and paste sites, it’s not going to stand out and your monthly hosting fees will go to waste. One piece of advice is to design your website's UI and UX well so that users will want to come back and bring referrals with them. The number one rule is: don’t make your site boring.
You can earn cryptocurrency for free, but if you plan on building a gaming rig with your profits, you're going to have to wait a long time. Fortunately, if you’re a bored teen or young adult, you have that time to spend. Putting enough effort into getting referrals, you can start saving up money which can be "redeemed" for actual items on sites such as NewEgg. I wish you safe travels and happy hacking!