Why did I build a cryptocurrency faucet? Mostly to learn about the world of cryptocurrencies, have fun and make a little money on the side. I don't know anybody yet who has gotten rich by running a faucet, so the first two reasons have been my real drivers. I work in the Internet but don't often get to try new things at my day job, so this project has been very satisfying.
I became interested in Bitcoin as it became increasingly popular, but didn't know that much about it. So, I went online to read whatever I could find on the topic. It was frustratingly difficult to find reliable information that applied to the average person. The information was either for wealthy investors with money to burn, or seemed kind of sketchy. Then I came across my first faucet. Initially I couldn't figure out why anyone would just give away Bitcoin - or Ethereum, Litecoin, Dash, Dogecoin or any of the other altcoins out there. After talking to some faucet owners it came down to three main reasons:
Faucets are a great way to help introduce new people to bitcoin (or other altcoins). A majority of faucets provide information to new users as well as offering them some free coins so that they can experimenting with a test transaction or two before putting real money on the line. Since this whole experience is so new and a bit complicated to people, who might not yet trust it with their money, this is a beneficial way to promote digital currency and bring in new users.
If a website has other content or services to promote to Bitcoin users, especially new users, a faucet is a great way to bring them to make them familiar with a brand name.
Making a healthy profit from a faucet site on its own is a lot harder than just making a popular faucet. There are a lot of these sites around today, so it's a very competitive market, and earning enough from advertising to cover the cost of the coins you are giving away and hosting costs is quite difficult. Adding additional content to a website, or creating some kind of unique or interesting twist, is the only way to generate an income for a Bitcoin faucet.
I hope you enjoy your time here at Killer Faucet. I will continually add features and currencies as time goes on and I hope you will keep coming back to be a part of its evolution.