Interested in buying cryptocurrencies, but not sure where to start? Intimidated by the absurd values of Bitcoins?
Well, there is a solution: collecting Bitcoin, Litecoin, and other cryptocurrencies on your smartphone. Several apps are available that let you collect small amounts of cryptocurrency over a period of time. With concentrated, focused use, you could realistically generate enough to spend.
Android users have a particularly wide choice of options, but how good are they?
What Is a Cryptocurrency?
You’ve probably heard of Bitcoin, and perhaps some of the various altcoins, such as Litecoin or Ethereum. These are cryptocurrencies, and they’re essentially an electronic means of payment. However, they use encryption to control their creation, as well as to secure transactions, and verify their transfer.
Bitcoin was the first decentralized cryptocurrency, and its importance over the years is why Bitcoin currently has a massive value. With a single Bitcoin trading at around $16,000 at the time of writing, an increase of 1651% on the previous year, there is massive interest in cryptocurrency.
It’s hardly surprising, is it?
Litecoin and Ethereum are also seeing a bump in their value, chasing Bitcoin’s coat tails. Simply, the cryptocurrency market is buoyant, and people are looking at any way possible to generate, earn, or otherwise acquire Bitcoin.
Cryptocurrencies and Android
Various cryptocoins can be collected on Android. But it’s slow going, and you’ll be wise to stick with the most popular. At the time of writing, these are Bitcoin, Ethereum, and Litecoin.
There are two important things to note:
- Your phone or tablet isn’t powerful enough to mine cryptocurrency alone. It needs to run an app that enables you to collect or win cryptocurrencies that someone else produced.
- It’s going to take a very long time to collect enough satoshi (the smallest denomination of Bitcoin, which is 0.00000001 Bitcoins) to make a full, single cryptocoin.
Before trying any of these apps out, however, you’ll need to make sure you have a cryptocoin wallet. Several providers are available, but you should be looking at one that offers considerable security. Going forward, you should also consider an offline cold wallet.
Cryptocurrency Faucets for Android
First developed in 2010 for Bitcoin, faucets are websites or apps that reward you in satoshi for performing tasks. This might be something as simple as viewing an ad, or playing a game. You might also be asked to sign up to a service, buy an app, or reach a particular stage in a game (something that will typically require you making an in-game purchase).
These tools have three purposes:
- Introduce newcomers to Bitcoin and other cryptocurrencies
- Drive traffic to apps and websites
- Make money for the owner
Very few such websites and apps make money for their owners, however. Only those with a unique giveaway, or with high traffic, have survived.
As for you, it will take a long time to generate a meaningful amount of Bitcoin. If you’re willing to try, there are apps you could use, focusing on single cryptocurrencies. Or you could try a smart faucet.
Explaining Smart Faucets
If tapping away at apps with the hope of gaining a small sliver of cryptocurrency eventually is something that appeals, why not try a smart faucet?
These are apps that offer an interface to several faucets at once, enabling you to easily flip between them. Although this requires a more focused effort, it does mean that you’re able to almost constantly earn satoshi and other fractions.
Such apps include Bitcoin Smart Faucet Rotator and Faucets CryptoCoins. But should you use them?
As with many things cryptocurrency related, there is an issue of trust here. While Bitcoin Smart Faucet Rotator has a good reputation, Faucets CryptoCoins has been accused of pre-loading cryptocoin addresses. The result: you’re working for someone else’s Bitcoin account.
If you want to try one of these smart faucet apps, the best approach is to do so with no expectations. Remember that these services all have minimum payout limits that are quite high, so rotating is likely to take longer to yield rewards. On the plus side, if the faucets you’re using are reliable, the accumulated payout will be worth the effort.
But Are There Too Many Scams?
To find out more about being paid in cryptocurrency for viewing ads, I installed a pair of apps.
Bitcoin Miner Robot and ETH Miner Robot (for those more interested in Ethereum) both create the impression that they’re using your smartphone to mine cryptocurrency. Of course, this isn’t the case at all. Your phone isn’t powerful enough! Further, some investigation of these apps reveals that they simply display random numbers (the satoshi counter) and ads.
In short, they’re scams. Hardly a surprise. There are a bunch of Bitcoin and cryptocurrency scamsout there.
With many similar faucets on the Play Store, it’s difficult to say how good the competition is for these tools. After three weeks, the ETH Miner Robot reached its minimum payout limit, so I attempted to claim the amount generated (over 0.045 ETH)…
I’m still waiting for that tiny fraction of ETH to appear in my wallet. Interestingly, you’ll notice the words “Minimun [sic] Withdraw 0.025 ETH” which is the wrong amount for this app. Instead, this is the minimum withdrawal amount for the Bitcoin version of the app… which suggests a lazy re-titling of the existing app. There’s also a Litecoin Miner Robot from the same developer to avoid.
Looking deeper, it seems that there are few (if any) cryptocurrency apps that generate results for their users. It increasingly seems as if the entire mobile cryptocurrency “mining” trend is a massive scam. The only winners are the app developers.
What About Winning Cryptocoin on Android?
You should be rightly put off by scams. But are there any alternatives for generating Bitcoin and altcoins on Android?
Well, yes there is, but it’s not easy. We’ve previously looked at the reality of gaining free Bitcoins, and it’s pretty tedious.
However, if you’re really determined, a handful of games (and game-like apps) are available that apparently pay out genuine satoshi and altcoin fractions. But we’re not going to recommend any.
There isn’t a single focused app that has not been accused of being a scam, or of withholding payments. We’re simply not going to encourage you to waste your time tapping your phone and hoping for Bitcoins.
Honorable Mention: Bitcoin Developer
Ultimately, if you’re set on generating Bitcoins on your phone but understand it’s really unlikely, then the Bitcoin Developer game is an option. This is basically a tapper with a 16-bit graphic look, the aim being to generate Bitcoins, and use them to upgrade your character’s life.
There are more entertaining games around, but if you’re sold on the idea of Bitcoin on Android, this might satisfy.
Is It Worth It?
With so many Bitcoin-flavored scams on Android, it can be tricky navigating your way around. Sure, there are legitimate apps, but they feel spammy. And when it comes to faucets, they range from scams to near-useless apps that require you to input your cryptocoin address with each use. This is time-consuming and frustrating.
In short, collecting Bitcoin and altcoins on Android is next to impossible, and certainly not an effective use of time.
We suggest you forget about generating cryptocoins on your phone or tablet, and just play a mobile game. Want some Bitcoin? Buy some and store it in an offline wallet.
Have you tried a cryptocurrency mining app for Android? How long did it take you to realize it was a scam? Or did it pay out? Tell us below.