Many believe cryptocurrencies are a scam. Others believe they will change the course of history. But when the price of Bitcoin hit $20,000 per coin, I guarantee more than a few people turned a violent shade of green as regular people became multi-millionaires overnight.
The price has cooled since. Cryptocurrency markets are volatile (they always were, mind). Wouldn’t it be great if you could get Bitcoin and other cryptocurrencies for free? Do free cryptocurrencies even exist?
You might be surprised to find that they do.
Are There Really Free Cryptos?
There are a few ways to acquire free cryptocurrencies. However, none of them will turn you into an overnight crypto millionaire. The amounts given away by any single service are low.
There are two main sources for free cryptocurrencies: 1) Bitcoin and cryptocurrency faucets and 2) airdrops. Other sources include giveaways, games, and watching and clicking adverts.
What Is a Bitcoin Faucet?
One of the best-known sources of free Bitcoins (and other cryptocurrencies) is a faucet. A faucet “drips” small amounts of cryptocurrency over a set period of time (different rates for each faucet).
Bitcoin faucets vary in the amount they pay out, but most payments are in the range of hundreds to thousands of satoshis. At the time of writing, 100 satoshis (that’s 0.00000100 BTC) is worth $0.0036. Not much on its own, but if you return to the faucet enough, you will eventually have some cryptocurrency to play with.
But accumulating the coins isn’t always enough. In many cases, the faucet requires you to hit a minimum payout level before releasing your cryptocurrencies into your wallet.
There are thousands of Bitcoin faucet sites and hundreds more offering different cryptocurrencies of varying value. The actual worth in subscribing to and collecting payments from cryptocurrency faucets is an interesting value question: Are the payments so small that it isn’t worth your time? Or do you ascribe to the “value added over time” theory?
How Do Bitcoin Faucets Make Money?
Like almost everything on the internet, Bitcoin and cryptocurrency faucets make revenue with advertising money. The more people that visit the site, the more advertising revenue the sites can make. The difficulty for the numerous faucets is attracting people to begin with. The “best” faucet sites offer the users something do other than clicking a “Receive” button and closing the tab.
Some faucet sites use browser games to boost user engagement, while others offer spin-the-wheel type contests with payout-boosting prizes to allure potential and existing users. Others offer gambling games where users can stake their earnings against the site in the hope of winning more.
Unfortunately, some sites use cryptocurrency mining scripts that hijack a visitor’s CPU to mine cryptocurrency. The majority of sites using scripts of this kind are cryptojacking: stealing your CPU and electricity to earn cryptocurrencies. That said, there are some that use only a small amount of your CPU, and some may even offer the option of turning on the script. These are usually few and far between.
4 Cryptocurrency Faucet Sites to Check Out
Here are a few sites you should check out if you’re getting into crypto faucets.
- Faucet Hub. Faucet Hub picked up the slack when popular faucet amalgamation services FaucetBox and Paytoshi Faucet Hub brings the thousands of links for faucets all under one roof, saving you time scouring the internet looking for the best options. Better still, Faucet Hub details exactly how much you can earn, how frequently, and perhaps most importantly, if the faucet is still healthy (e.g. still has crypto to give out). You can also find links for Ethereum, Monero, Litecoin, Dogecoin, Bitcoin Cash, ZCash, and other tokens.
- Bonus Bitcoin. Bonus Bitcoin is a great simple bitcoin faucet. It doesn’t mess around with games, clickers, dice, or otherwise. Just click the button, grab your coins, and leave.
- Cointiply: Cointiply is a bitcoin faucet that combines numerous games, adverts, clickers, and more to keep your attention (remember how faucets make money). Cointiply has a high payout rate and numerous ways you can boost your earnings, as well as a few ways you can lose them, too.
- Moon Bitcoin: One of the oldest bitcoin faucets keeps rumbling on. Moon Bitcoin is slightly different in that you can set your payout time. Shorter payout times mean a smaller return and vice versa. Find the balance that suits your payment needs.
What Is a Cryptocurrency Airdrop?
A cryptocurrency airdrop is a process where a company distributes a set amount of cryptocurrency to any users that sign up to a service, site, or ICO. For instance, some websites use airdrops to gain more followers, while some ICOs give away tokens to raise awareness of their new product.
An airdrop is a great way to receive free cryptocurrency, though there’s little chance you’ll find entire Bitcoins raining from the sky. No, airdrops are a way to explore new crypto projects and grab a little of the currency to use when a service goes live. Alternatively, you can “hodl” and hope that it becomes the next big thing in crypto.
While you may not have heard of many, or any, of the cryptocurrencies you read about in airdrops, some of the biggest cryptocurrencies have participated in airdrops in the past. For instance, Stellar Lumens (XLM) regularly airdrops new tokens to new customers to raise awareness and keep the XLM ecosystem ticking over as it is not possible to mine the coin.
What About Cryptocurrency Giveaways?
Prizes! Giveaways! Competitions! They’re all similar.
Giveaways are not the same as Bitcoin faucets. The FreeBits subreddit regularly contains threads offerings for giveaways, airdrops, and competitions. Back in the day, you would find Bitcoin being given away like candy on Halloween. Not so much, these days.
Unfortunately, this particular method of gaining Bitcoin isn’t without issue. Some websites offering free Bitcoin giveaways have nefarious owners or content. Consequently, your computer may fall foul to malware and other unwanted invasions.
Games, Books, and More
You can also earn cryptocurrency playing games, reading books, watching videos, and clicking on advertisements.
There is a substantial amount of games that let you earn crypto while you play. These vary from browser-based flash card and dice games all the way through to fully-fledged MMORPGs and collectible card games. Dan has written extensively about the best cryptocurrency games where you earn as you play.
You can earn small amounts of bitcoin while you read a book. Head to Paidbooks, create an account and enter your bitcoin wallet address. Like playing games, reading a book is a vastly more engaging method of earning bitcoins than trawling through faucet sites. The payouts are still small, but at least you’ll feel like it was relaxing and rewarding.
Clicking and Watching
Do you like clicking things? Do you enjoy watching ads? Well, these might be the free cryptocurrency services for you.
Services like earncrypto allow you to watch, click, and answer surveys to earn one of 54 cryptocurrencies. Alternatively, vidybit lets you earn crypto for every video you watch, with a multiplier after every three videos.
Free vs. “Free” Cryptocurrency
“If you are not paying, you are the product.” It’s an adage we are all too familiar with. It certainly rings true when you consider these free Bitcoin and cryptocurrency sources.
The faucets, clickers, books, and some of the games lure you in with the offer of free Bitcoin. Why not try a few of the sources and see if they suit you? Then when you have built up a nest egg, check out these ways you can you spend your cryptocurrencies.