Mention the term gold rush and you’ll think of prospectors trying their luck in California. Hard-bitten men who have lived hard lives trying to find their fortune in the middle of nowhere.
Nowadays, you’d be forgiven for thinking that the gold rushes are relics of a bygone era. However the truth is very different.
We are in fact living in the time of the modern gold rush. Rather than pickaxes, men have made to switch to GPUs and ASICs. Instead of the wilderness of North America, prospectors have moved on to the digital landscape.
The digital gold rush can be defined as the chase for cryptocurrencies. Bitcoin in particular has been the object of many a man (and woman’s) desire. Since the early 2000s, prices of Bitcoin have been steadily increasing with several bull runs and market crashes.
Late 2020 however saw Bitcoin prices rising to never seen before highs. Just a few months prior, many speculated if Bitcoin would ever rise above $10,000.
Now at the time of writing, Bitcoin prices are trading slightly above $56,000 following a market correction.
Because of this, investors and enthusiasts alike have all been on the hunt for more and more cryptocurrencies. Altcoins like Ethereum and Litecoin have all risen in valuations on the back of the Bitcoin wave.
But through it all, Bitcoin remains the gold standard – being the oldest and most popular form of cryptocurrency. So you may be asking yourself the question – how do I get my hands on some of that sweet, sweet cryptocurrency?
Besides having social trading platforms, Bitcoin faucets are a great, risk-free method of obtaining cryptocurrency.
Let’s take a look at what are Bitcoin Faucets?
What are Bitcoin Faucets?
In a nutshell, Bitcoin Faucets are apps or websites that distribute small amounts of cryptocurrency in return for completing a certain task.
These tasks are usually relatively easy and straightforward. They can be completed within an afternoon or several hours.
Faucets are named as such because they provide a small reward. Just like a leaky faucet, crypto faucets drip out tiny amounts of free or earned cryptocurrency. These cryptos are then deposited into a user’s wallet automatically.
Let’s get the facts straight. Bitcoin faucets are not a get-rich-quick scheme. It is nowhere near as efficient as Bitcoin mining or trading. Also, some faucets may require you to earn a minimum amount of cryptocurrency before you can deposit your coins.
To learn more about Bitcoin including theories, development and more, you may want to take a look at informative bitcoin classes and find out more about this revolutionary technology and make it easy to understand.
Benefits of Bitcoin Faucets
Before you go walking off in a huff. Wait a moment and read on.
There are benefits of using Bitcoin faucets. For starters, they provide you with an easy, risk-free method of obtaining cryptocurrencies. You won’t need to invest in mining equipment or risk your capital trading on the market.
The main idea behind crypto faucets is that they can help distribute cryptocurrencies and raise awareness amongst people. Being able to obtain some cryptocurrencies would hopefully encourage people to invest in more cryptos.
To learn more about the benefits of Bitcoin faucets click here: https://blog.tezro.com/best-bitcoin-faucets/
The History of Bitcoin Faucets
Bitcoin faucets first appeared in 2010 and were introduced by senior developer Gavin Andresen. Originally you would receive 5 Bitcoins (!) for completing simple tasks such as completing captchas, viewing ads, completing quizzes, and clicking on links (watch it with this one).
You’ll typically be rewarded with the one-millionth unit of 1 Bitcoin (0.00000001 BTC) upon the completion of a task. So it’s easy to see why you won’t be earning a million bucks anytime soon with a Bitcoin faucet.
Some people have taken to farming Bitcoin faucets with the use of bots. However, we don’t recommend this method as it is not cost-effective and you risk exposing yourself to scam websites.
Closing Thoughts
Bitcoin faucets are often advertised as an “easy way to obtain Bitcoins passively” but the truth is they’re mainly intended to be used as an introduction to the world of cryptocurrency. If you’d like to learn more about the crypto and its technology, then it may be worth solving some captchas and seeing some ads.
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