Are bitcoin faucets really worth your time in 2018?

I have already mentioned in my other post that I don't own a super powerful mining rig to fuel my interest for bitcoins so I started to dig around which lead me to bitcoin faucets, which is considered the easiest and simplest way to earn bitcoin. This post is simply a break down of what I have learned which might help you if you are also a crypto enthusiast like me.

If you are new to this topic, faucets is a reward system, in the form of a blog or website, that gives you rewards in the form of a Satoshi for completing a captcha or task as described on the website. 

In simple terms, you can complete a simple task online and earn Satoshi without having to buy any equipment or invest money in cloud mining etc. Sounds simple, isn't it?  there is a catch th0ugh, the earning you get from these faucet sites are usually very low and would require a lot of time to even collect a meaningful amount.

Please remember that 100,000,000 satoshis equal 1 bitcoin, we will need this later to do some calculations to prove my point.

Me personally being so much interested in bitcoin, I have spent an awfully long time with the faucet sites.

A common trend that I have noticed is that the reward on this site are usually high on a day when the bitcoin price is low similarly low reward when the bitcoin price is high. 

To give you a clearer picture, a faucet site I regularly use would normally reward 18 satoshis when the bitcoin price was below $7000 USD but when bitcoin has gone back up to $8000 USD it rewards only 12 sat0shi.

Getting back to our question, is faucet sites really worth your time? let's do some calculation. Be reminded there are going to be a lot of assumptions because no one can actually give a correct statistic or figure, this is just how bitcoin works.

Considering you use a faucet that pays 15 sat every 10 minutes on average most faucet pays average close to 15 at the moment but may rise or drop based on the price of bitcoin. 
And yes, there is a time limit to claim this rewards and normally on average it would be around 10 minutes. Since there are hundreds of faucets lets say you claimed from two more faucets during this 15-minute break each paying you 15 Satoshi. 

With the scenario, you would be earning 45 satoshis every 10 minutes, 270 satoshis every hour and 3240 satoshis in 12 hours.

But ask yourself this, would you be able to claim faucets continuously for 12 hours?  from experience I would say that it is not really possible. At most, you would be able to make around 2500 Satoshi in a day that too if you are determined enough.

Since 1 bitcoin equals 100000000 Santoshi, it would take you 40000 days equivalent to 109 years to collect 1 bitcoin through this faucet sites.

But on a good note, many of these faucet sites has a referral program where you can earn some commission from your referrals. If you manage to refer thousands of active member to this site under you there is an off chance that you may even earn 10000 satoshis per day.

A quick math would show that even when you earn 10000 sat per day it would take you 10000 days equivalent to 27 years to make 1 bitcoin. I wonder if there will a such a thing as bitcoin in 2045? I have made my point and whether it is worth your time or not is up to you to decide.

If you are determined and willing to spend 27 years( as per my calculation) to get 1 bitcoin, let me give you a brief introduction to how you can get started with faucet sites.

First and foremost you will need to create a micro-wallet to store your Satoshi. Many faucet sites are linked directly to the micro wallet and they will payout automatically to your account. Micro wallet will serve as a gathering point for all the Satoshi that you claim from the different faucet sites, which you can transfer it to your wallet or exchange it to other currencies.

If you want to learn more about the micro-wallet and other types of wallets I would advise you to search online as there are plenty of good post about it.

Undoubtedly, Faucethub and Coinpot are two of the most popular micro wallet at the moment which I also personally use.
Read more:  How faucet site works? 

Where I share how to get started with faucet sites in detail and also how a faucet site works if you want to start one.

Although most of what I write are the things that I have actually tried and experienced. Some of them as you may have seen are based on my opinion and as such may not be fully correct or agreeable. I do not intend to offend anyone and if you find anything not written as it should be I would appreciate you contacting me and I would gladly change it.
If you find this post useful please leave a comment as it helps this blog a lot, thank you.