What's a Crypto Faucet?

What is a faucet?

A faucet is a reward system, in the form of a website or software app, that dispenses rewards in the form of a satoshi, which is worth a hundredth of a millionth cryptocurrency, for visitors to claim in exchange for completing a captcha or task as described by the website. The first faucet was called "The Bitcoin Faucet" and was developed by Gavin Andresen in 2010. It originally gave out five bitcoins per person.

How it works?

The rewards are dispensed at various predetermined intervals of time as rewards for completing simple tasks such as captcha completion and as prizes from simple games or shortlinks. Faucets usually give fractions of a cryptocurrency, but the amount will typically fluctuate according to the value of the cryptocurrency. Some faucets also have random larger rewards. To reduce mining fees, faucets normally save up these small individual payments in their own ledgers, which then add up to make a larger payment that is sent to a user's crypto address.

Tether

Is a cryptocurrency stablecoin, often referred to by its currency codes, USDT, among others, launched by the company Tether Limited Inc. in 2014. As of July 2022, Tether Limited has minted the USDT stablecoin on ten protocols and blockchains. It is the largest cryptocurrency in terms of trading volume, commanding 64% of the market share among stablecoins and having surpassed Bitcoin in 2019 to become the most traded cryptocurrency in the world.

FaucetPay

Is a micro wallet provider where you receive micropayments from faucets and other sites without any extra fees. First of all, you need an account on FaucetPay and add your wallet addresses to your user profile. That's all! You can now receive payouts from any website that uses the platform simply by giving them your linked currency address. FP accepts Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Tron (TRX), Tether (USDT), Ethereum (ETH), Dash (DASH), Digibyte (DGB), ZCash (ZEC), Feyorra (FEY), Solana (SOL), Binance Coin (BNB), Polygon (MATIC), Ripple (XRP), and Cardano (ADA).

 

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