Talk to any serious Bitcoin Investor or trader and ask them about Bitcoin faucets and whether you should utilise them they will tell you a resounding NO! Followed by some spiel about them not being profitable and not making you any money. However I disagree with this totally and I thought it would make a good first proper post on Steemit.

I first discovered Bitcoin Faucets in 2014 and I participated in them when I had the time to do so and collected the minuscule amounts these were paying out to users. This is where my first point comes in, whilst these payments were minuscule at the time, today they would be worth quite a lot more than they were back then. For example I had a few faucets that I collected from up to 12 times a day and they paid around 0.0001000 - 0.0003000 which equates to $1.16 - $3.68 at todays current price of $11625.4. A bit of quick math we can see that it would be possible in today’s Bitcoin value to earn $44.16 per day which is more than some a lot of DIY miners earn each day that have invested thousands in multiple GPU mining rigs.

Obviously this is all speculation as I’m sure you know that these faucets do not pay out 0.0003000 or even 0.0001000 per claim any more so why I am taking the time to go through all this? Well the most of the faucets that have been around the longest work on a algorithm that changes the payout amount based on what the current price of bitcoin is. The high it is the lower the payment, so when bitcoin dips as it currently has you have the potential to earn more currency.

If you haven’t worked out what I’m trying to get at with this article I’m saying that maybe you won’t make a lot of money today by collecting these faucet claims but if you HODL your winnings safely in a secure wallet and let them do what Cryptocurrency does so well (usually) which is to increase in value. Honestly if id have held onto those payouts that seemed so small and insignificant at the time I would have had a nice tidy sum. From memory the highest I ever got to was about 0.95 bitcoin which today would be worth about $10,000 or a few weeks ago during that huge run nearly $20,000 - That’s insane.

Whilst I don’t think this method is likely to float the boat of any whales or serious Bitcoin or Crypto aficionados - for those without the money to get in on Bitcoin this could be the perfect way up of saving a little nest egg for the future albeit that Bitcoin is the future and continues to rise again as I’m sure it will.

For those of you interested in trying this out I have a few reputable faucets that have been around for years and continue to payout to users day in day out. Stay away from the flyby-night faucets that popup they won’t be there long. A good place to start is with FaucetHub or anyone of the Moon Faucets such as MoonBitcoin, MoonDoge, MoonLitecoin, MoonDash and MoonBCash - all of these payout every five minutes but the longer you wait the more you get. Payouts are instant to a CoinPot wallet.

Good luck and let me know how you get on.

NB: I should have mentioned that another good tactic is to claim from Altcoin faucets that payout too and then exchange those back into Bitcoin. Whilst this won't be a huge amount every little helps as they say.