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January 11, 2022

What is a Crypto Faucet?

Today, we explain crypto faucets.

Crypto faucets are wallets that automatically give away small amounts of a token for free. You simply plug in your address and they'll send you some.

Sounds too good to be true? Well, there is a reason.

Most blockchains have transaction costs, so-called "gas fees". Those fees pay the people who run the infrastructure to validate transactions.

But when a blockchain is young, and getting a token through an exchange isn't easy, it's very hard to get started. Say you want to create a token, it will cost you gas fees you don't have. Or you want to create an NFT, same problem.

That's why many blockchains start out giving their currency to anyone who wants it. They put a little money in your pocket, so you can build on top of them.

On cryptohunt, we'll include public faucets so you don't have to stumble through the web to find them.

Now you know what faucets do. And next time we'll explain forks!

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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