Bitcoin has grown so well to become the most popular cryptocurrency in the market, with a total capitalization running close to $1 trillion. Bitcoin was originally designed to serve as an electronic payment system – although many people say BTC isn’t suitable for small-value transactions due to high fees. However, it’s now adopted by many investors and the public as a better store of value and inflation hedge.
Its resilience, especially after the market crash in March amid the COVID-19 outbreak last year, spurred lots of attention and adoption for cryptocurrency amongst corporate, institutional, and retail investors.
There are several ways you can own Bitcoin, aside from buying it through cryptocurrency exchanges. You can choose to get started by trading for BTC or running a mining farm, all of which requires capital.
However, it might interest you as a new investor to know that there is a way you can get Bitcoin for free, and that is through Bitcoin faucets. Before we proceed to list the top faucets for cryptocurrency, let’s briefly look at the history of Bitcoin, which has become the largest digital currency by market capitalization.
What is Bitcoin?
Bitcoin is the first cryptocurrency and the first decentralized digital currency to ever exist on a blockchain network. By decentralization, we simply mean that Bitcoin isn’t controlled by any central system like the government or central bank. It was created by an unknown person or group of people called Satoshi Nakomoto. The Bitcoin whitepaper was released back in 2008. To date, no one knows the real identity of the brain behind the most successful cryptocurrency.
However, this does not make it dangerous to hold cryptocurrency. The Bitcoin network is secured by a vast number of miners and node operators around the world. Since Nakamoto disappeared in 2010, the cryptocurrency waxed stronger, with many institutional adoptions and no single downtime recorded so far. This is reassuring for many people and one of the reasons they believe that the cryptocurrency will continue to grow in adoption and market value.
In 2013, one Bitcoin was traded for $135; however, the price has grown today to over $45,000. Some companies like MicroStrategy and Square are holding the cryptocurrency as an inflation hedge investment, and there’s more room for the cryptocurrency to grow with mainstream adoption. However, it is worth mentioning that BTC isn’t exempted from dropping in value. Bitcoin is very volatile, so it can still plummet in price.
Now that you know a bit about Bitcoin, let us look at what Bitcoin faucets are and the ones you might want to consider in 2021.
What is a bitcoin faucet?
A Bitcoin faucet is a website or application that rewards you in Bitcoin for completing small tasks. It is a reward system where users can consistently earn some fractions of Bitcoin as far as they complete tasks assigned to them. The bitcoin gotten from these faucets is different from a Bitcoin airdrop. In airdrops, you don’t have to work for the cryptocurrency you receive. With Bitcoin faucets, however, you have to complete tasks in order to get rewarded with Bitcoin.
Technically speaking, these faucets don’t pay in Bitcoin; rather, they pay in Satoshi. Satoshis are a fraction of Bitcoin, named after the famous BTC founder. One Satoshi equals 100 millionth of 1 BTC, i.e., 1 Satoshi = 0.00000001 BTC. This might seem small at first, but accumulating them should be profitable, as the market value also rises.
There are numerous Bitcoin faucets on the internet nowadays which claim to pay the highest. We selected four faucets you might want to consider for a decent return on your time and effort.
- Bitcoin Aliens
If you search for ‘bitcoin faucets,’ it is very likely that you will see Bitcoin Aliens on a number of sites. This is probably due to their friendly user experience ratings. The platform claims you can earn up to 9000 Sats every five minutes. It is a smartphone app that runs on both Android and iOS systems.
This faucet was established seven years ago. The users are provided the option to switch between cryptocurrencies directly on the platform. Bitcoin Aliens also offers about 25 percent in each of your referral’s earnings.
Cointply is another Bitcoin faucet worth considering this year. The platform boasts over 250,000 users and a user-friendly interface, which is ideal for people who are new to the cryptocurrency industry. It also features a buzzing community where you get to interact with other users. Some of the tasks here include watching promotional videos, playing games, and visiting websites for reviews.
Cointply offers an extra 5 percent to users who keep 350,000 Satoshi in their walkers without withdrawing. The payments are made weekly on the platform.
- Moon Bitcoin
Moon Bitcoin is another well-known Bitcoin faucet that has been operational for about six years. Besides Bitcoin, the platform also supports other cryptocurrencies like Ethereum and Litecoin. However, Moon Bitcoin requires users to only use CoinPot on the platform as their cryptocurrency wallet.
Unlike other faucets that allow withdrawals for a specific period, Moon Bitcoin allows users to claim their BTC rewards anytime. Users who spend longer time on the site also receive a special bonus, in addition to their regular earnings.
FreeBitcoin is a popular Bitcoin faucet that gained over a hundred thousand users in less than a year after its launch. The platform claims it has paid-off about 199 BTC to users since its inception. One good thing about Free Bitcoin is that you have a chance to win $300 with Bitcoin every hour. It’s beginner-friendly and also offers a weekly lottery where lucky users can earn a good number of Satoshis, besides the rewards they get for performing certain tasks.
Keep in mind that Bitcoin faucets cannot make you rich immediately, as you will need to keep completing certain tasks on the platform to make a decent profit. We gave a variety of faucets so you could easily switch between in case you have free time. These faucets are one other way you can get started with cryptocurrencies legitimately, aside from buying or trading for BTC on exchanges.
Meanwhile, you might also want to check out these cryptocurrency interest-earning platforms to make passive income with your free BTC.