If you are interested in owning a few Ether and earning Ethereum free, then you’ve for sure stumbled into the phenomenon “Ethereum faucets”. But what are they really, and are they worth your time? If so, which are the best Ethereum faucets? Let’s get right into it!
So, before starting my dig into the “faucet market” I thought this was going to be a normal buying guide where I showed you what to look for in the best ethereum faucet and the list the best ones there is. If you have landed on this page, that’s what you’re looking for. I am sorry, I just didn’t want to promote such horse sh*t.
What is an Ethereum faucet?
A crypto-faucet is a website that pays you, in cryptocurrencies, for viewing ads and completing captchas. The owners of faucets make money by having a lot of ad impressions which in turn makes them money, or by solving captchas for large companies that need help with automating this task. If we do a search for “earn money with captchas”, the first result advertise “Earn up to $1 per hour!”. You can barely make any money with faucets. Even in third-world countries, you’d have to work 300+ hours to make the average wage.
Nothing in this world is free
This is a motto I live by, and if I see something advertised as “free”, there is always some sort of catch in the offer. With Ethereum faucets, yes, you can earn Ether for free but that is if you don’t count your own time, or count it as free – which it usually isn’t.
The pros of using an Ethereum faucet
If you stand between solving captchas for fiat currency or doing it for Ether or Bitcoin, then I’d advise you to go with the latter due to the increase in the price of cryptocurrencies. Your salary might double in value over-time, that is if you’re holding your Ether. If you want to cash out directly, it might be a better option to do so in USD, EUR or another fiat currency.
Surely, this is one way to earn some Ether – but if you are willing to put in maybe $20-100, then I think you will see a way better return hodling or day trading it than what you might see in years worth of work on a faucet.
The cons of using an Ethereum faucet
The real winners in the faucet game are the ones who are operating them, and even those don’t really make that much money off it. The cons is that you are in my opinion wasting your time doing work that only the most desperate would do. While the owners of these faucets sit and receive money for all the captchas you complete – they only pay you a fraction of what they receive.
Ethereum Faucet Alternatives
Mining Ether – while this can require a bit of initial cost (unless you got a powerful computer sitting at home that you can use) it is probably the best way to earn Ethereum. It is not free, as the faucets are but provides a way better return on investment. You can also get a cloud mining contract which you can get for as little as $20 or so.
Working for Ether – maybe you are really good at designing, writing or want to work as a virtual assistant in return for Ether. This is a perfect way to utilize your talents to acquire more cryptos. Make sure to only deal with people you can trust (sign a contract of some sort). Also, don’t forget that many countries want you to declare your income. Do not forget to pay taxes where taxes are due. Here’s a list of jobs where you get paid in crypto.
Buying Ethereum – This doesn’t require as much of an initial cost as mining, but does, at the same time, not require as much of your time as working for Ethereum. Simply buying Ethereum is probably the best option for most of the people. Are you under 18? Ask your parents to sign up and buy via their account.
I think my standpoint in the faucet-question is pretty clear to you by now. Stay away from them and try to find another way of making money – anything is better than $0.5-1 per hour. Ask your neighbours if they need help with anything, or get a job and make some money that you can invest in cryptocurrency with. Good luck!