Home Money & FinanceCryptocurrency What to Avoid When Picking a Bitcoin Faucet

What to Avoid When Picking a Bitcoin Faucet

by Olufisayo
Antrix Corporate Solutions Ltd
Bitcoin Faucet

Investing in the cryptocurrency market can be scary given how volatile things are. While this volatility has attracted many investors, it has left many more penniless with nothing to show for it.

But given how important the cryptocurrency market is, it would be foolish to avoid the market entirely.

And this is why crypto faucets are important – because they allow for new joiners to better understand how cryptocurrencies function.

What are crypto faucets?

Simply put, crypto faucets are applications or services that reward users with small quantities of cryptocurrencies for completing certain tasks.

These include completing surveys, watching videos, looking at ads, and sometimes even playing games.

Bitcoin faucets are extremely popular given how Bitcoin has exploded into popularity in recent times. Because of the small amount, payouts are known as Satoshis – the smallest Bitcoin denominator.

While the amount of cryptocurrency paid out by these crypto faucets is minuscule i.e. around 350 Satoshis per hour, they are totally free.

To be clear, it is basically impossible to get rich from Bitcoin faucets. But if you are willing to take the time and effort to accumulate Satoshis, Bitcoin faucets can be a fairly decent source of passive income.

So before you go wild collecting tokens from the first Bitcoin faucet you come across, there are several things that you need to take into consideration.

Why Bitcoin faucets can be dangerous

1. Scam sites

As Bitcoin has exploded in popularity in recent times, hundreds of new Bitcoin faucets have begun appearing.

While most of these sites are harmless, Bitcoin faucets are known to be a favourite target for cybercriminals looking to take advantage of gullible individuals.

These include trap sites that trick you into revealing confidential information such as your identity or bank account details.

Other sites may contain malware that can find its way onto your computer or mobile phone and from here steal your identity or damage your phone/computer.

And if that wasn’t bad enough, there have been examples of mining faucets that ask you to solve captchas in exchange for crypto. While it may sound innocent enough, these faucets actually hijack your CPU and use its power to mine cryptocurrency.

Ideally, you should only stick to sites that have been rated safe by others in the community.

2. Shifting goalposts

When searching for an ideal Bitcoin faucet, you’ll quickly notice that most of them have a minimum balance requirement.

This means that you’ll have to accumulate a certain amount of coins first before you’re able to withdraw your funds. While understandable, some unethical sites have been known to intentionally change the minimum balance requirement.

For example, having accumulated enough tokens to meet the withdrawal limit, you decide to make a request to transfer the coins out of your account.

However, the site suddenly informs you that the withdrawal limit has suddenly doubled and if you want to proceed you’ll need to make a payment.

This is a common way of trapping users or extorting additional funds out of them.

3. Useless payouts

Naive or inexperienced crypto enthusiasts may sometimes fall victim to what is known as FOMO or the fear of missing out.

Looking to take advantage of this, some crypto faucets may offer to pay you with their own in-house token that they promise you will soon appreciate.

Oftentimes, this will lead to you doing a whole lot of work only to be rewarded with what is basically a worthless coin.

So the next time someone offers to pay you with their own token, keep on walking no matter how good the offer may seem.

You can check here which are the highest paying crypto & Bitcoin faucets by Tezro. Do your research to avoid being scammed.

The cryptocurrency market can be a perilous place for the unprepared and inexperienced. But with a bit of care, you’ll be able to stay safe and secure.

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