Before we go into explaining what a Litecoun facuet actually is, what it can do and why you might be interested in operating one – we will first breakdown the Litecoin currency itself.
What is Litecoin?
Founded by a former Google and Coinbase employee, Litecoin was created with the intention of being the ‘silver’ to Bitcoin’s gold. It’s open source, peer-to-peer digital currency that can be used for instant and near cost less transactions.
Litecoin is a fork of the Bitcoin protocol, meaning it’s very similar.
Litecoin has retained its position as a ‘top 10th cryptocurrency’ over the last few years, with a market cap of close to $5 Billion. Litecoin is currently providing similar services to Bitcoin (BTC) and it has been working to offer low-fees and fast transactions using the Proo of Work (PoW) consensus algorithm.
During the last years, Litecoin has been expanding as a digital asset to help the Bitcoin network scale and test new solutions. Indeed, many considered it a test network for Bitcoin implementations due to the similarities that it had with the BTC network. For example, developers behind Litecoin are currently working on privacy-focused solutions in order to make it fungible.
Currently, using Litecoin, Bitcoin or Ethereum is not privacy-effective. If you really want to protect your privacy, the information of your transactions and the data you transfer, then other privacy-focused coins would be the solution. Nonetheless, Litecoin is the largest cryptocurrency working on privacy solutions for users to have fungibility and better services.
As the Litecoin eco-system continues to grow, Litecoin faucets have become a prominent way for individuals to gain exposure to the cryptocurrency, without actually having to invest in it.
Litecoin Faucet: Everything You Need to Know
Before we start, we need to know what a faucet is. Faucets are sites that allow you to earn small amounts of cryptocurrencies by doing small tasks, including just clicking in a captcha that would appear every some minute. There is nothing else you must do in this case. After it, you will receive some cryptocurrencies as a reward.
There are different kinds of faucets that would work in different ways depending on the site and the company that is offering free digital assets. Some of these faucet would give you some digital assets for playing a simple game or completing some puzzles.
How Does a Litecoin Faucet Work?
Litecoin faucets are not different than other cryptocurrency faucets. The main difference that you will find with others is related to the fact that Litecoin faucets would pay you with LTC cryptocurrency. If you are bullish about the future of LTC, then it may be better for you to receive LTC rather than another digital asset. Other than that, the way in which faucets work is the same.
The more you engage with the faucet, the larger the payout would be. However, take into account that some faucets require you to have a minimum threshold before being able to take the funds away from the faucet.
How to Run a Successful Litecoin Faucet
If you are the owner of Litecoin faucets, you will have to always take into account which is the number of earnings you have with the faucet and how much you give away to users that enter. For example, if you earn from advertising $1,000 per month just with your Litecoin faucet, consider giving less than this per month with your LTC faucet.
You can make sure that your faucet would never surpass specific price levels and that it would allow you to get some funds. Of course, the larger the pay you five to users, the larger the number of clients you might have, which would, in turn, make your faucet better and more profitable.
Thus, to run a Litecoin faucet you must take into account the earnings you have and the LTC you are giving away. Try to always be above zero and increase / decrease the payouts as new users come or leave.
Lot’s of cryptocurrency faucets will use Ad Blocking software to make sure they generate the most revenue from their website visitors. This prevents you from using AdBlock or other extensions to stop seeing adverts, we expect litecoin faucet websites generate anything from $10-500 per day just from their visitors clicking on adverts.
Do you own a Litecoin faucet and want to advertise on our website? Let us know here.
Best Litecoin Faucet in 2020?
Here is our top list to help you find the best litecoin faucet!
- Amber Litecoin
In conclusion, Litecoin faucets are basically an incentive designed to expose new audiences to the cryptocurrency by rewarding them for completing basic small tasks.
Despite the fact the amount earner from a Litecoin faucet is small, it allows new users to get involved with LTC and practise sending and receiving without putting too much at risk.
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