What is a Binance faucet?

Earn with Faucets

A crypto faucet is an app or a website that distributes small amounts of cryptocurrencies as a reward for completing easy tasks. They’re given the name “faucets'' because the rewards are small, just like small drops of water dripping from a leaky faucet. However, in the case of crypto faucets, tiny amounts of free or earned cryptocurrency are sent to a user’s wallet. In order to get free crypto, users need to complete tasks as simple as viewing ads, watching product videos, completing quizzes, clicking links (be careful!) or completing a captcha.

The term comes from the English language area and means: FAUCET = water tap or tap. Faucets have been a legit way of getting free crypto online for many years, and they have gained popularity with the boom in crypto currencies.

How do Binance Faucets Work?

The operation of a crypto faucet is mainly based on finishing simple tasks as well as participating in established activities. The faucet website can fix the rewards and can set a timelock for users to claim the rewards. Usually, users need to register on a crypto faucet by entering their details along with the wallet address. After solving a task on the website, the reward earned goes to a micro wallet — a wallet similar to traditional wallets, but one which is capable of collecting small amounts of crypto assets. For most crypto faucets, micro wallets are automatically created upon signing up.

How are Binance Faucets financed?

The site operators finance themselves by presenting advertising banners on the pages. Currently, these are mostly references to other faucets or other providers from the Bitcoin world. It would be inconceivable if large companies were to appear here at some point with thick marketing budgets. Apart from banner advertising, there are also games, where the payment is based more on the basic costs of playing a game and the chances of winning a jackpot or high scores. Furthermore there are also lotteries, which are organized among the users.

Where is the hook with the Faucets? How safe are they anyway?

Not everything is legitimate when it comes to offering free rewards, many use this as a tool to scam users. Some crypto faucet owners refuse to pay the users even though they make loads of money for getting the ads clicked Also there are many scams running under the hood of crypto faucets where they log users out of their website or app once the payment threshold is reached.

So do your homework before lending your priceless time to such scamming portals and if you notice anyone fooling around report and spread the awareness among the community.

Should you use a Binance crypto faucet?

It all comes down to the time you have and your experience with the cryptocurrency market. If you are already an experienced crypto investor who understands the market and spends quite a lot of time studying it, then crypto faucets are not for you. On the other hand, if you are a college student who browses the Internet a lot and wants to invest in a cryptocurrency but hasn’t done so before – then a crypto faucet is the perfect option.

Why we recommend a crypto faucet is – if you are spending large amounts of time playing video games or surfing the Internet anyway, then why not get paid in cryptocurrency for it? This way, you’ll have your hands on some actual cryptocurrency without spending a dollar buying it. You can then invest this cryptocurrency in the market to see what happens and understand how the cryptocurrency market works.