Introduced by senior Bitcoin developer Gavin Andresen in 2010, Bitcoin faucets were developed to give a reward of five Bitcoins (!) for completing simple tasks. The purpose was to spread awareness about Bitcoin because the concept of cryptocurrency was very new.
Another reason to start a free Bitcoin faucet was the limited availability of exchanges in the earlier days of cryptos — there were simply no exchanges, so buying Bitcoin was difficult. Giving out free Bitcoins to people was a great incentive to get people interested in Bitcoin and drive its adoption, without having to risk any capital.
A Bitcoin faucet can be defined as a reward system from which small amounts of Bitcoin can be rewarded, known as Satoshi, the one-millionth unit of 1 Bitcoin (0.00000001 BTC). The reward system offers you Satoshis in exchange for solving captchas, clicking links or other simple tasks. The number of free Bitcoin a faucet can offer you vary — some sites have great rates, while others don’t.
Bitcoin was introduced as the first coin faucet, and it got so popular that other digital assets jumped onto the bandwagon.
Some of the best and biggest Bitcoin faucet sites can be found on bestfaucetsites.com, with the most popular being Freebitcoin, Cointiply and Firefaucet. Users can earn BTC through solving reCaptcha, SolveMedia, playing games or mining. Minimum withdrawal range from 0.0002 BTC to 0.002 BTC. Most of these Bitcoin faucets have instant, direct payout.