Bitcoin Faucets: The Good, the Bad, and the Ugly

When I first started exploring the cryptocurrency world I spent some time on Bitcoin faucet sites. For those who are unfamiliar with faucet sites, they are websites that dole out tiny amounts of free cryptocurrency to visitors (i.e. they ‘drip’ small amounts of Bitcoin and altcoins). Typically, you claim the free coins by clicking a button and completing a captcha. The coins slowly build up in your account on the site until you hit the minimum withdrawal limit (I’ve seen this vary from .0001 to .001 BTC). At that point, you withdraw your accumulated earnings to a personal wallet. Some faucet sites allow you to claim every 15 minutes, others every hour, and some only once a day. The frequency with you can make claims is related to the payout. The more often the site allows you to claim, the less BTC you receive with each claim.

You might be asking why a website would ever give out free Bitcoin? It’s a good question and I’ll explain in a bit. First, I want to talk about the experience of first discovering faucets.

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Free Bitcoin? 🤔

Most people encounter faucets early in their Bitcoin careers. It happens before they have a firm grasp of how to get, use, and trade cryptocurrencies. This was…