With the years I have spent studying cryptocurrencies backed up with all the researches I have conducted in this particular field, I am proud to say that I have stumbled into a goldmine, and I think I have figured out a way to get rich with bitcoin cash or any cryptocurrency I put my mind into. The only thing I need is a lot of patience and an unlimited amount of time, like a 100 years or so.
Alright, I am offering you my sincerest apology for the title of this article and for the first paragraph if you thought that this article will help you to get rich quick with BCH. Given, you can get rich here, but not that quick. So anyway, what is this goldmine I am pertaining to? It's what the people in cryptocurrencies call a Faucet. A cryptocurrency faucet.
Cryptocurrency Faucet
Usually, a cryptocurrency faucet is an app or a website that gives out "free" BTC, BCH or other cryptocurrencies to its users. And yes, I said "free". That's interesting right? What's that? Why do I keep on putting quotes on the word "free"? Well, because in life, for real, is there such a thing that is "free"? Yes, I believe that there is no such thing as free. So how are these applications and websites giving away free coins?
How Faucets Work
Crypto faucets make its users do tasks in exchange for some Satoshis. It is important to keep in mind that the amount of the coins they are giving are very small, and I mean small, but of course, the tasks are just simple. Some websites will ask the users to visit a website, to click a link, watch a video, join a chat, send a message, and other petty tasks. Side note when clicking or visiting a site: you shall be wary of what you are clicking in the internet, you don't know where you will be redirected to, there may be malwares, scams, or you might be visiting a clickbait article like this one.
When a user completes a chosen task, the user will be rewarded by the system a miniscule amount of coins. See? They are called faucet because just as a leaky faucet, you are paid in drops only. It is not free. It's easy to think that you are paid to do something. Pretty much the same concept utilize by many websites on the olden days. The get-paid-to (gpt) websites, paid-to-click(ptc), are pretty much the same idea.
Usually, a user must meet a minimum amount before the user can withdraw or cash out his or her hard-earned coins. Some of the faucets set the minimum required amount high enough so they can make the users stay longer on their site or app.
If you really think about it read.cash is somehow a bitcoin cash faucet. It gives us bitcoin cash for posting and for being active on the platform. I really am not sure but I think the concept is the same.
The Reason for Faucet
So, why would people give away "free" coins? In read.cash's case, they have been opened and true to it, they want to contribute to bitcoin cash's growth. They wanted to spread the awareness about bitcoin cash, and as a way to promote it, they are giving us bitcoin cash to use and spend. That way, the blockchain will continue to grow and the mass adoption of bitcoin cash will be more than a vision, it will be an eventual actuality. And thanks to the team and the ever supportive sponsors, we are part of it.
On the other hand, some faucets are there to generate profit, income and maybe solicit data and information. How can faucets earn while they are giving cryptocurrency? If you visit some of the crypto faucets today, you will notice that you will be bombarded by massive amounts of ads and promotions. And as you now know hopefully, those ads pay the website owner's real money to be displayed on their pages. The more they are shown, the more people that sees their impression, the more money they pay and them more the owner is get paid.
I think I do not have to tell you how websites collect your data, you've read it in the fine print whenever you register on a website or a service, right? Right?!
Faucets I Have Tried
And since they are free to use, and they give coins, I also tried using them. These are some faucets I tried that are giving BTC/ BCH for simple tasks done.
These two websites give away some BTC when you click "roll". For every roll you do, a random number will be generated and depending on the number, you will be rewarded the corresponding amount of BTC. There are also different tasks you can accomplish on those sites to earn some more. Just like others, they have a minimum account required for a user to be able to withdraw the collected coins.
This one is a faucet shared to me by a friend. It's a faucet inside the Telegram messenger app. This faucet will pay you BCH for every task you complete. The tasks include, visiting a website, watching a video, joining a group in telegram, or joining another faucet. As you can see, the pay out isn't much. Doing all those, just to meet the minimum amount requirement will rob you a lot of your time.
Konstantinova.net also gives you the chance to claim some bitcoin cash several times a day.
Make Money From Faucets
Of course, in theory, you can still get rich doing those tasks in faucets. An extreme sense of luck will help, or like what I said before, you can spend all your time working on those tasks just to even make a decent amount. It's also important to note that these sites are legit and they are also prone to misuse and abuse.
I can imagine that some evil geniuses could create bots to do all those tasks and earn without really doing a thing. But that's another story. I think one can really make a decent income out of faucets. How? Make one.
I think that it is possible to create a steady income from making and maintaining a faucet. Revenue from ads is one avenue of income I can think of. If you own a website with a crypto faucet, can you imagine how much traffic you can generate for that? And for that traffic and website views, how many impressions your ads could get? I imagine a lot. Affiliation programs also is another avenue to take.
Well to sum it up, I think that the real money when it comes to faucet is in owning one.
Hey there!
Thank you for reading this one and sharing my journey into learning cryptocurrencies. If you have any thoughts kindly visit my comment section and let us have a blast discussing it. :)
As always, cheers!!!
Sources:
Lead image : https://simpleswap.io/blog/crypto-faucets-guide
image 1: https://www.coinbureau.com/education/cryptocurrency-faucet/
https://www.coinbureau.com/education/cryptocurrency-faucet/
https://www.newsbtc.com/all/bitcoin-faucets-explained-in-detail/
https://99bitcoins.com/complete-beginners-guide-make-money-bitcoin-faucet/
https://www.bitdegree.org/crypto/tutorials/highest-paying-bitcoin-faucet
I have experience with some of these taps. But it didn't make me enough money back then. I think that at a time when cryptocurrencies were not very popular, it was profitable. You could have made some money and just wait for the bull market and the popularity of the blockchain. But now it's a dubious pleasure. But I could be wrong.