The Death Of The Crypto Faucets?
It started with a warning a few days ago on Coinpot, one of the most popular crypto faucets in history...
After years of dishing out millions in crypto rewards, this popular site will be shutting down...
And it isn't alone. It seems to be that these things have been hurt by scammers, hackers and every type of abuse you could imagine.
Sad isn't it...Give people something 'free' to use and somehow, it ends up getting abused.
I know, there are plenty of people that think faucets are the worst things in the industry but here's my story of why I think their potential demise, might be one of the best things that can happen to Hive and it's related projects.
First a little back story...
My goal since day one was to bring new people to blockchain and crypto currency. It started with this:
@blainjones and I took everything we did at the original ClickTrackProfit.com and brought it to our new platform called BitcoinBully!
The concept was...
Teach people, step by step, about blockchains and let them learn at their own pace. We did this by short, easy to follow video training and action steps to get them to roll up their sleeves and actually USE this crazy crypto stuff.
Remember, most of our audience knew nothing about crypto...So the way we wanted them to get their feet wet was...Faucets.
We trained them in two platforms, one being the still heavily used FreeBitcoin and then...Coinpot.
After they 'mastered faucets' they moved onto more advanced topics and training.
BitcoinBully was 'reinvented' in 2020 with StartEarning.Today
Again, the target market was...People who knew nothing about crypto...But we presented them alternatives to popular online tools.
No more Chrome just Brave browser...
Stop using Facebook, instead use Hive...
Stop 'Googling', start using PreSearch
and to get them earning a few satoshis in the process....FreeBitcoin.
These things are fantastic tools to get someone started with crypto. They can see their accounts grow, they can get a feel for different terms in crypto and learn about wallets (which isn't the easiest thing to grasp when you are first starting out)...
By no means is this meant to be the end goal for people...But a great way to get them earning satoshis without anything out of pocket.
But then....It happens!
Like I mentioned above, faucets usually attract people that are trying to abuse the system and sadly...Get rich quick.
It's never a good mix and as Coinpot will be closing down in February...We can see why.
So where does that leave people that use faucets and new people looking to 'try their hand' at earning some crypto without spending anything out of pocket to start?
The 'Hive' Opportunity
I've been spending a lot of time recently looking for replacements for the potential demise of the faucets for many of my training platforms.
Sure there are cool little projects like Noise.Cash which is VERY addictive when you start seeing your Bitcoin Cash wallet grow each and every day...But what about...Right here? On Hive? On Leo?
I've spent a good chunk of my day today on Noise.Cash and my end goal is always to point people back to Hive...And let's be brutally honest, I've earned like 2 bucks a day...Which is light years more than the faucets ever paid out....But peanuts compared to what I'm doing on Hive and Leo!
Break It Down...
Let's take a look at a post I did last week...
Not to mention around $2 worth of CTP Tokens and bunch of other Hive-Engine rewards too...
Now yes, I have a decent following and have been building my brand and following up on Hive for years...But anyone that knows faucets, knows the way to make any kind of return worth it on them is by building a downline...
Same amount of time invested needed though!
So to me....Hive and it's related platforms are the better investment for the 'faucet' audience looking for a replacement when the faucets dry up.
On top of that, this is a decentralized blockchain with applications that people actually use...That puts these users...Right here on Hive!
Activity!
I'll be adding much more to TheHiveGuide.com to try to cater to this market going forward because Hive truly is...The better option!
The potential demise of the faucets could be a major win for Hive...Because at the end of the day...People looking to abuse the system, don't last very long on this blockchain, and we could help introduce crypto, to a brand new market that could become heavy users of not only Hive, but all it's related projects!
https://twitter.com/Jon_G_Olson/status/1351689083777671170
Shared this on Twitter
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Oh man, if I added up all the front ends...It would have been more :)
Love this place!!!
Whoa for the update. most like would not have know. otherwise. I go see what they say and if I had anything it to withdrawl am sure it is tiny or for crying did not even save log in for coinpot
Much better ROI on building your brand and network here. Might take a few years, but you see the benefits of it almost immediately.
Well agree with that 🤣
I do not think that coin pot shutting down is the end of faucets, the bigger ones like freebitcoin and a few others are growing strong and expanding. True having a strong downline in these has made me hundreds of dollars and continue to do so. I also et interest paid daily in bitcoin from the better ones as well as well.
Oh they are dying....Just a matter of time. Kinda like TE's LOLOL
Much better options and much more rewarding ones out there. The thing is, there will be a bunch of people looking for ways to generate crypto...Hive provides a much better solution IMO.
Hello, @jongolson,
It's too interesting your thoughts about the end of the faucets. I agree with you on the opportunity for #Hive, always and when we know using the current situation in favor of our blockchain.
I don't think they are 'dead' per se...But Coinpot made everyone take a good strong look. And seeing the abuse that's rampant on sites like Torum and NoiseCash...
To me, it's more of an opportunity for Hive and the projects we have here. To offer a better solution.
You're right! Only, there is that to promote in the adequate canals to #hive, and their projects. Sure, it's necessary good support for the newbies, so avoiding issues with the learning of the basics for operating in the ecosystem.
I heard about coinpot shutting its doors. I have a little bit sitting there that I can't get out. It isn't enough to worry about I am sure.
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I think I have around 40 bucks worth of crypto in there....Over 3 plus years LOL
I think the better place to be is here LOL
@jongolson I have what my mother in law called tuppence. She was from England. So it's English for not a whole lot. 😂🤣 And yes it is so much more fun here.
Made in Canva
@lisamgentile1961
___
I believe you can still get out what you have there. Just look for the right coin (with the lowest withdrawal limit/fee). I've withdrawn to LTC, but there are other options.
Yeah you have until the end of Feb. But withdraws werent working for me yesterday. I'll try again today....And just buy more Hive and LEO with it LOLOL
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Thanks, @gadrian! If I have some extra time I will take a look! Have a great day! 😀
Made in Canva
@lisamgentile1961
___
Ah... I commented without looking the first time, thinking it's a reply to my post from today. Funny that it sorta matched, lol.
Now I see this is a reply to an older comment.
Yeah, take a look if you have time. Have a great day!
Any time you giveaway something for free it gets abused. It cracks me up every time I see anything that is using get this free and thinking they are going to profit off of it. Legit you could give away a few pennies for free and there will still be people that abuse the heck out of it, try and hack it etc. It's freakin lame lol
Death of faucets in terms of BTC most likely especially if the price keeps going up. However they would simply change to the next highest or popular alt coins and still be running business just as smooth.
Let's all be honest here bitcoin actually sucks and there are hundreds of better faster and less fee options now. The only thing really going for Bitcoin is it's name and how people associate it with cryptocurrency first.
Posted Using LeoFinance Beta
100% Agree!
As for day to day use case, it's awful LOL Almost as bad as Ethereum LOL (Tried to move another 25 bucks in an ERC-20 token....Would have cost 45 bucks in gas fees lol)
It's horrible man, give someone an inch, they take a mile. Because they could be such amazing tools for onboarding...But alas, the freebie seekers show up and the abuse happens almost immediately.
Nice idea Jon.
There's certainly an opportunity for those that are SEO inclined to target search terms such as 'sites like to coinpot' and the like.
I'll add it to my to-do list haha.
Posted Using LeoFinance Beta
LOL Oh for sure.
Lots of opportunity I think....Especially where you mentioned lol
I'll be sad if they go away for good. I hope they stay around for those of us who don't mind spending some time. Very nice job promoting HIVE and I hope to see some more active users. From what I heard, we have the ability to handle the traffic but not enough users.
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Oh Hive as a blockchain, can grow by leaps and bounds. The issue is, high user activity and keeping people coming back every day.
Which could be helped by things like faucets...But alas, most people abuse them :(
Yes the bots are rampant everywhere even in some of the gaming Dapps we have on HIVE. I wish they wouldn't abuse it and hurt everyone involved.
!WINE
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In the past I messed around with faucets.
But I quickly realized the time was better spend on Hive (and this was before Hive Engine). Now it is no comparison.
Imagine when there are a dozen different groups that have tokens with a dime or two per. Then the rewards will be significantly larger.
Posted Using LeoFinance Beta
It's night and day!
Been working hard to put that message out to as many people as possible....Invest a little bit of time here...And just watch what happens....It's remarkable!
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I'd say a lack of evolving the business model was the biggest problem. Nowadays, crypto GPT sites are on a run and they incorporate a faucet but don't totally rely on the faucet component. Revenue is generated from surveys and other micro tasks too. Freebitco.in has survived with the same basic faucet model largely due to having gambling on the site. It's all about gamification of some kind right @jongolson? 🙂
The internet is wrought with bad actors, even when things aren't free, and crypto seems to attract that element. I'm very interested to see what the owners do next. They teased an upcoming project that's in the works.
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Yeah they leverage a lot on Freebitcoin for sure...So much going on LOL
The straight up faucet, I think is dying a slow death. Need to adapt or make way for the new business models like you said.
Tech related stuff there will always be hackers trying to figure out how to game the system. I like your comparison between Hive and FB. LOOONG Hive for sure. Heck the end to one of the most popular crypto faucet maybe a good thing. More users now have the time and could possibly join Hive to make it more active. The key to earning in HIve is exactly what you mentioned, brand. You got a great brand hence the big upvotes and rewards. Congrats.
Right and it takes time...Unless you are coming to this platform with thousands of followers on social media...You need to build it here, step by step.
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Faucets is where I started out.
Gonna miss this site.
Posted Using LeoFinance Beta
So many others did too. And I think that's a shame because it's obvious, they do attract good people!
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Tbh, I think they'll adapt. Not everyone is great at sharing their thoughts/life/advice. Just think at the 'Good post' comments from non-English speakers. For them and not only, the new sites that have a faucet component somewhere will go on. Plus, I've seen some adapted and pay USD-worth of crypto. And the bear market will come back at some point (not that anyone wishes for it). Then, pressure will be somewhat released from their businesses, whichever survive. But I agree, their biggest enemy is bad actors.
That being said, I agree the new crypto business models are more rewarding. From social platforms to games, from defi (or pseudo defi) to long-term investment programs.
Personally, I didn't stop using 'faucets'. Every crypto coin I get that I don't pay for (still need to work on minimizing the distraction they are) is great, provided they'll eventually all (or more likely some) moon.
That is...An ideal situation. Where they do adapt. I just read that message from Coinpot and they sounded defeated. Like they gave it their all and it's just becoming a nightmare.
I think the opportunity is in the new platforms that are emerging and of course, everything on the Hive blockchain too.
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To me it sounded like they were looking for a way out, because they have a different focus now and operating the faucets took too much time. Not to mention adapting them to changing conditions.
But yeah, I agree, many faucets are really basic. And now many crypto users went to a higher level. Even if faucets will adapt (and I believe some will), they will never be in the spotlight like years ago, for good reason.
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STOPLooks like an excellent opportunity to build a funnel stressing this point to advertise on TEs and other faucets.
Great market for it...Most have a horrible game plan though on how to present it to the industry.
For a while I used the Faucets until I closed Faucethub, perhaps for the same reasons that Coinpot closes today. I even built my own faucet, but the bots were the fucking one, so I gave up on that idea. Regards.
Yeah that's what seems to happen sadly. The bots and the abuse start showing up and ruining it for everyone.
I left faucets long ago but coinpot faucets were best and they helped me in learning trading too(not in coinpot but by the use of their free money).