Since 2009 when Bitcoin was launched, hundreds of new blockchain technologies have emerged. The cryptos and the ever-evolving blockchain technologies do not simply provide means for sending and receiving payment parallel to the conventional banking system. Rather, users also get a new way of earning through mining. This can be done on the respective cryptocurrencies such as Ethereum classic and Bitcoin or third-party mining services. One of the latest third party mining services in the market is faucet.cloud. In this post, we look at faucet.cloud to establish its features, pros, and cons.
How does the faucet.cloud work?
As a cloud mining site, faucet.cloud requires users to start by registering for mining accounts. This involves providing personal details to get a username and password. The moment you register, faucet.com rewards your account with 2000 DOGE. The coins are converted into the preferred local mining currency in FCL (the site native mining currency). At this point, you can start mining the preferred cryptocurrency. To know your income as you continue mining, faucet.com has an income calculator for users.
The main features of the faucet.cloud
The affiliate program
This is a unique feature meant to encourage miners on the faucet.cloud network to introduce new users. On the site’s dashboard, the user is required to activate the partner link so that all the sessions are captured and stored in the user history. After getting 50 referrals, a user starts getting 1% of all the referral earning. This earning can grow and reach up to 30%.
The faucet.cloud FCL
This is the native currency of the site that allows users to mine any of the accepted cryptocurrencies. At the moment, you can mine the main cryptos including DOGE, BTC, NMC, LTC, ZEC, DASH, and ETH. Note that when you convert deposit to FCL, the mining power or value grows day after day.
The faucet.cloud bonus system
This is a system controlled feature that tracks users and allocated bonuses. When you join the system, an introductory gift of 2000 DOGE is given. Besides, you are also entitled to a progressively growing bonus in the faucet.cloud referrals system.
Centralized data servers
Unlike most blockchain technologies that are highly decentralized, faucet.cloud uses a centralized model. The system utilizes highly encrypted servers of the data centers for easier control.
Pros of using faucet.cloud
- The site is very easy to join and start mining. A new member only requires personal details to create a free account and start mining. Unlike other sites that take a lot of time, you can register and start mining within hours.
- A site ready to empower its users. The moment you join faucet.cloud, the site rewards you with 2000 DOGE. This means that you can indeed start mining using the rewarded coins only. This is completely different from other sites that require miners to buy coins of a specific amount before allowing them to start mining.
- The faucet.cloud takes deposits in all major fiat and cryptocurrencies. This means that people will be able to make deposits and mine more without following lengthy and expensive conversion chains. You can also start mining immediately no matter the currency of preference.
- The network is very cheap to use. Unlike other mining networks, faucet.cloud is very cheap to use. Whether you are transferring cash, converting to a different currency, or making payment, it is one of the cheapest in the market.
- When you convert deposit to the native site currency, FCL, the mining power grows every day. This is one of the best ways to increase your investment over time.
- It allows users to create groups and use the aggregate power to earn more. Once you join faucet.cloud, you are free to form groups. Once you meet the target referral in the affiliate system, 20% of their earnings will be transferred to you. As your groups continue growing, it will reach a point when stable daily income will be guaranteed without mining.
Cons of using faucet.cloud
- The biggest problem of faucet.cloud is that users have been likening it to another cloud mining service, Scumrr that defrauded its users. These fears have made a lot of people to remain skeptical and, therefore, only invest a small amount.
- The network is relatively new in the market. Because of this, most of its features are still in infancy and require further testing before stability can be guaranteed. In many cases, people prefer systems’ with features that have been tested for years and proven to work.
- The fact that faucet.cloud is still using a centralized system can easily reverse the multiple gains achieved through blockchain technologies. It means that the system is still under direct control of a single or several entities. Therefore, there is a great risk of manipulation the same way it happens with fiat currencies.
- Faucet.cloud is not applicable in online shopping. One of the things that miners are so much interested in is the ability to link with online stores. Some keep asking; what is the point of mining a lot of coins if they cannot be used for direct shopping? This is one area that Faucet.cloud team needs to work on. Because users do not have a way of using FCL to make direct purchases in online stores, the only option is converting to other cryptos such as Bitcoin when making a purchase.
- The faucet.cloud tracking system and mining algorithm are unclear. Except for the referral system that follows those people you refer to the system; it is unclear how the service algorithm works. This one of the key things that contributes to the service’s suspicion.
The final take
The faucet.cloud is one of the fastest upcoming cloud mining services in the crypto world today. Its generous bonus system has made people to continue trooping in droves. More importantly, all miners work extra hard to introduce new users to get referral benefits. Despite the fast growth and promising rewards, the service is still young, and miners should consider using it as well as other more stable services.