My Entry to Cryptocurrency and Faucets

The World of Cryptocurrency

Many of us in the crypto-space might have been introduced or have our first taste of cryptocurrencies through faucets. At least for me that was the case. My first encounter with a cryptocurrency faucet was through an online game forum a year or so ago. Of course I have heard of the term “cryptocurrency and Bitcoin” here and there before that but didn’t really bother or put much thought into the subject.

I was a gamer after all. Why would I care about some Bitcoin or some other weirdly named cryptocurrency? Besides, my first impression of cryptocurrency was not good to begin with. I often heard my guild mates in the guild chat or in the forum complained how crypto-miners are ramping out the price of video cards, or that it’s very difficult to find decent video cards at a low price because miners bought most of them to mine Bitcoin or something.

Even though it didn’t affect me that much despite being a gamer myself, my first impression of the Bitcoin and other cryptocurrencies in the market was relatively bad. Of course that impression slowly changed as time passes by and it’s all thanks to other players who started promoting Bitcoin in several of the online gaming forum that I usually frequent. One of the main he reasons why I dislike cryptocurrencies before was because I only hear bad things about it.

But as I learn more about the subject, my view of cryptocurrency started changing and my interest grew. This is especially through when I heard how people are getting rich overnight by trading cryptos. Obviously, I’m not stupid enough to believe that everyone can become millionaires if they traded with Bitcoin but didn’t stop me from being interested.

My First Cryptocurrency

My first cryptocurrency, like most people was Bitcoin (satoshi) that I collected from cryptocurrency faucets which I will not name since I don’t plan on advertising for them.

I was introduced to a popular faucet by a gamer who posted a referral link of said faucet. Being as ignorant as I am I clicked the link and registered to the aforementioned popular faucet through that link effectively becoming that person’s referral. Like I said I was ignorant.

The faucet I used give only tens of satoshi per hour which would have an increment increase or decrease based on the price of Bitcoin during that time. And since I was a student (I have no money to invest) and a complete newbie when it comes to cryptocurrencies I have no confidence in trading with Bitcoin so decided to just slowly study and learn before doing anything. I also stick around with my first crypto faucet and even registered to similar faucets in order to accumulate Bitcoin…err satoshis despite the fact that I was getting very little cryptos.

After several months of religiously collecting satoshis from my many faucets, I was finally able to collect more than $10 worth of cryptocurrency. Yay, how exciting…

Yes, after months of toiling and claiming from faucets I only have $10 to show for it. Many of you would say that I wasted my time claiming from faucets and you’re right. It was really a waste of time. I have already noticed that fact several days after I started claiming from faucets that the amount I would earn from them was not worth the energy and time I’ve put in. But since I already started I felt like it would be a shame to just stop. At the very least I want to collect what was required for the minimum withdrawal. I know that I was just being stubborn back then but sometimes people are like that.

So after collecting my earnings (and satisfying my ego) I finally quit cryptocurrency faucets once and for all and started doing more productive things like writing articles like this one.

The Lessons I learned From Using Faucets

Using faucets while barely earning anything was obviously a waste of time but it’s not like I didn’t get anything useful from it. Aside from the (pitiful) monetary reward, I’ve also learned several things from using faucets. If I were to use gaming term, I’ve gained some experience points from faucets.

Here’s what I’ve learned so far about faucets:

• Faucets are not worth your time unless you’re good at recruiting people.

• The only way to earn worthwhile money using faucets was through your referrals.

• Don’t bother with games (gambling) offered by your faucets because there’s 90% chance that you’ll lose. It’s almost impossible to beat the house.

• Faucets well try to entice you to deposit Bitcoin or other cryptocurrency into your faucet address through emails, and promos. If you fall for it you’ll be bombarded with offers to gamble with promises of doubling your cryptos if you win (which is very difficult thing to do because the house almost never loses.)

•   If you reached the minimum withdrawal, you won’t get the whole amount because the transaction fees of most faucets are atrociously high.

And so that’s how I came to know cryptocurrencies and my personal experience at using faucets. As you have read, it was not pleasant at all. Maybe some of you have better experience than me but for most people their experience should be the almost the same as mine. I won’t anyone to quit using faucets but if you’re just starting I suggest you stop and put that energy and time into something more productive.

That’s all from me for now. See you all again next time. Thanks for reading.

 Image Source: https://pixabay.com/illustrations/bitcoin-blockchain-cryptocurrency-3290060/