As I couldn't be bothered going home and cooking anything for dinner. On way home from the beach, decided to stop in at our local Grill'd (Healthy Burgers).
Sitting there eating the sweet potato and zucchini chips, while possibly not the healthiest option on the menu, they are a yummy snack.
Scrolling through the twitter feed, as you do. Came across from the following (pre) announcement from Free Cryptos.
And You Ask "So What?"
Well for starters Faucets:
have been around longer than all the crypto with the exception of grandad.
they are the low hanging fruit of the cryptoverse and have always held a fascination for me.
as well as being some what addictive.
besides Faucets do serve a useful purpose of introducing people to the wonderful world of crypto and scams. With no capital outlay other than your time (battery life and data).Â
in some parts of the world earning a few cents a day can make a big difference, so those that look down their noses at Faucets should not be so hasty.Â
and I have published a few posts about them.
Feb 16, 2020
The Original Faucet Gave Away 5 BTC Per Visit
Can you imagine getting 5 BTC and having the good sense or dumb luck to still have them.
May 03, 2020
What I Learned From My Faucet Phase
A tongue in cheek account of my Faucet journey.Â
December 24, 2020
The Most Popular Token? The Inverse Rule. What Happens When Bitcoin 🚀 🚀 🚀 ? And Other Stuff
Briefly touched on what happens to faucets when the value of the under lying crypto moons 🚀 🚀 🚀  and undermines their business model. This idea lead me to conduct an Q and A with Free Cryptos via Direct Message on Twitter. With the aim of one day publishing the interview.Â
Q and A With Free Cryptos
The 3rd subject we covered was in regard to minimum withdrawal thresholds. The 1st two subjects we covered, will save for another day.
Then we moved onto the subject of the payout in the Bitcoin Faucet, which was touched on in the postÂ
The Most Popular Token? The Inverse Rule. What Happens When Bitcoin 🚀🚀🚀 ? And Other Stuff
It is worth noting that Free Cryptos had already changed the minimum Bitcoin payout from $0.00015 to $0.0006 USD.
At the current price of $63,000 USD 1 Sat is actually worth 0.00063 cents not the 0.0006 shown in payout schedule. Doesn't sound much but their business model will have very slim margins and any further increase in Bitcoin value will further erode their profit.
The minimum withdrawal has been 20,000 sats for a few years now.Â
So there you go. They were considering back in January and must be very close to making the changes to be making the preliminary announcement today.
Recent Increases In Withdrawal Thresholds
Before any one gets too excited. In the last six months the following crypto had their minimum withdrawal thresholds raised substantially:
XEM, ADA and XRPÂ Â Â Â Â Â Â 1.0 to 5.0
NEOÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.05 to 1.0
TRXÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.0 to 30.0
LINKÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.10 to 0.30
Now I can understand increasing an ERC20 token due to the high gas. But the others I am not sure of the rationale behind the changes.
I did ask about the NEO withdrawal increasing 20x but didn't really get a satisfactory answer, so left that subject and moved on.
So will be interesting whether they go back to the original amount or some where in between. There is a case to be made to lower it even further.
For some perspective, when ADA was only 4 cents, the withdrawal threshold was only 1 ADA.
At the time we were earning about 5 ADA per month, which included 50% of the earnings from 6 referrals.
As far as I know the ADA transaction fees are still the same.
Currently it would take 66 months to earn 5 ADA with 50 % of the earnings from 151 referrals.
Between A Rock And A Hard Place
One of the things that was mentioned that I hadn't previously considered was the problem of earning ADA at 4 cents and Free Cryptos having to payout at 95 cents. As they don't accrue your earnings but make the payout from their current income. Those early ADA are now costing 24x as much as what they were worth when you earned them. Which is great for you but not so good for Free Cryptos.
Can see the current business model having a limited shelf life. Of course that will depend on how far and fast this Bull Run runs for.
The End
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Free Cryptos Sites
https://freebitcoin.io/?ref=150742
https://free-doge.com/?ref=37011
https://free-ltc.com/?ref=10150
https://freechain.link/?ref=300
https://freecardano.com/?ref=150466
https://freenem.com/?ref=160445
https://coinfaucet.io/?ref=506273
https://freeethereum.com/?ref=52151
https://freedash.io/?ref=19102
https://free-tron.com/?ref=40330
https://freebinancecoin.com/?ref=40657
Ethereum (ETH), Farm Finance (FARM) and Ampleforth (AMPL)
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Free Zcash (ZEC)
Claim ZEC every 24 hours from the PipeFlare Faucet. Earn commissions on 4 tiers of referrals (50%, 30%, 20% and 10%). Plus claim free FLARE (native token) and DOGE
Claim ZEC every 24 hours from the Global Hive Zcash Fountain. Earn commissions on 4 tiers of referrals (50%, 30%, 20% and 10%)
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Free ZEN
Claim ZEN tokens every 20 hours from the Horizen Faucet. Earn commissions on 4 tiers of referrals (20%, 10%, 5% and 3%)
getting harder to get close to threshold as values go up the amount goes down. Creates a high attrition rate. Eventually got a BTC payout but will take a couple years to get the next one.
still working on getting them to add BCH 💚 💚 💚