What is a Bitcoin faucet?
If you have ever researched how to earn free Bitcoin before, you would have probably heard of the term Bitcoin faucets, but what are they? A bitcoin faucet is a website that displays lots of adverts and rewards the user with small amounts of bitcoin in return for their visit. Some faucets will require you to build up a small amount of Bitcoin before withdrawing while others will be instant.
Bitcoin faucets make there money from displaying adverts to you and pay a small portion of that revenue to the user. Unfortunately some websites display too many ads and this effects the user experience, but i guess this is the price we pay for a few free coins.
How can i earn from them?
Earning from faucets is pretty straightforward, however there are a few facts every user should know. As a faucet user myself i have seen hundreds of faucets. Unfortunately most of them do not pay well and have really high withdraw rates so it becomes almost impossible to withdraw in any reasonable amount of time. To see my personal favorite Bitcoin faucets you can see my updated list here.
Some of the more successful faucets offer active users more incentives, which will increase are daily profit. For example the Coinpot faucets offer a daily bonus, referral bonus and a mystery bonus. All of these bonuses will be added onto our normal claim amount. If you can remember to log on daily and keep your daily bonus active and growing, this can be a really nice boost to your overall claims.
Are they worth my time?
The truth is you will never make a fortune using Bitcoin faucets. The average user can probably make around $5 or so per week claiming from faucets. However if you use the highest paying faucets and make use of the bonuses most faucets offer this amount can increase dramatically. Check out my review of the best Bitcoin faucet here.
One of the best advantages of using a Bitcoin faucet is the volatility in Bitcoin price. For example if you claim $10 worth of Bitcoin today, and the Bitcoin price increases in the future, your tiny amount of Bitcoin could turn into something more serious. A great example would be $10 worth of Bitcoin in 2012 would be worth $4,000 today.