We live in a time when many people spend a lot of their time on their smartphones or PC surfing the internet. Most times, while online, filling out survey forms, watching ads, and playing games are common. But if you could monetize these regular activities online to cash, would you monetize it?
If you want to monetize certain activities online, doing simple tasks with a free crypto faucet is the way to go about it. As a beginner, keep reading this article to learn more about free crypto faucets and how they can benefit you.
What are Crypto Faucets?
Crypto faucets are platforms that reward users for completing a captcha. These captchas can be anything from filling out a survey form to watching ads or even playing games. Often, these captchas are simple tasks, so you don’t have to be an expert in anything to be able to participate.
As a beginner, the whole idea of free crypto faucets may seem a bit daunting. But to understand why a free crypto faucet is such a big deal, let’s go back a little over a decade ago to when bitcoin was newly launched. After the launch of bitcoin, the challenge people had was buying, selling, and trading it as only a few people had possession of the token.
To help curb the scarcity of bitcoin, Andresen (the software developer that built bitcoin) created a free crypto faucet to increase the number of people in possession. As of then, free crypto faucets were giving several BTCs out for completing simple tasks. It became such a big deal when the prices of BTC rose, and people were making alluring profits.
If you didn’t participate in a free crypto faucet while the value of BTC was low, you could participate in other new cryptocurrencies. The idea is to find the right faucet, register, complete the captcha and claim the reward. While the value of a new crypto token may be low, you can save it, and in the nearest future, when the value increases, you will make a profit.
How Do Crypto Faucets Work?
One question many beginners often ask when they get into crypto faucets is how it works. The working principles of crypto faucets are straightforward, as they have one goal: to distribute a specific crypto token. So, after the faucet mint the crypto tokens, they get ad deals from different companies, games, surveys, and several other simple tasks and get them to invest in the scheme.
You get rewarded with a certain amount of crypto tokens for every task you complete. Those crypto tokens minted are then distributed to users for watching the company ads or filling out the survey form. The more tasks you complete, the more you earn. So, it helps to complete as many as possible, provided the task keeps refreshing, as there are several tasks you can perform within a set timeframe.
The crypto token you get from completing a task is sent to your crypto faucet account. Depending on the platform, you may have to reach a minimum amount before withdrawing. Read the terms and conditions of the faucet to find out specifics about withdrawing from that platform. If you have satisfied everything, you can withdraw to your crypto wallet. From your crypto wallet, you can exchange the crypto token for cash.
The Relationship between Arbitrage Model and Crypto Faucet
The only relationship the two have is that they are both cryptos. However, while the free crypto faucet is earning free crypto by completing some tasks, arbitrage crypto is a pretty different activity that involves purchasing a crypto asset in a particular market and selling it for a higher price in another market. Arbitrage crypto is simply a crypto trading strategy. To be able to trade in arbitrage, a person dealing in free crypto faucets should have a quantity of free crypto valuable enough for sale.