So in a few hours the faucet will give us a very small amount of free bitcoins. The question is, is it real bitcoin? or is it just fake bitcoins and when we have met the minimum withdrawal limit, they just send real bitcoins to our withdrawal wallet address?
I think it's fake bitcoin, because on the faucet we only get 0.0000006 while the transaction fees are more expensive than that. So the small amount given by the faucet is fake bitcoin?
It is not fake, but it is just a waste of time.
If faucet give you 6 satoshi every hour, that is 0.00000144 BTC in a day, which is $0.0504 in a day if bitcoin is $35000. Can you see that yourself that it is an absolute waste of time. You will have to wait long before you can be able to reach the minimum withdrawal. But some people are patient, have no work, but able to have several accounts with different IPs for just to turn the small amount of bitcoin to something big. As for me, I see it as a waste of time and energy.
Yes, you are right, but it was a great experience for me because from the faucet I got to know bitcoin. After I didn't get anything on the faucet, I started following airdop on telegram, and again it was crap because I didn't get anything. Until finally I found out about this forum. Maybe that's my path to this forum. Btw, I found out about Bitcoin during the Covid pandemic and I was WFH so I had enough time to do it all. But when I think about it now, it seems like it was a waste of time
That sounds bad, so we also don't know how much bitcoin they have? including casinos and centralized exchanges also the same? the numbers written on our account are just fake bitcoins? can they use the bitcoins we send them for their needs? As long as there are no major withdrawals on the exchange, no one will know that our bitcoins there have been used. Could that be true?
Many exchanges them selves have said that they actually store the coins you store on them on self custodian wallets this indicates clearly that it is merely numbers that you are working with and just few bitcoins are on the platform.
Yes they can use it for there needs, think of them as traditional banks, it is your money stored there that use to give out loans or use to go into certain businesses because they feel not all of you will need that money at the same time. That’s why when am exchange crashes and refunds is ask for they start delaying and making excuses like the money will be paid in batches, simply because they don’t have all of it with them.
You should read on this current FTX saga and you will appreciate more the coming of bitcoin, as with it you can be your own bank
Ah... Yes, I just thought that if the exchange did something like that, it would be the same as what conventional banks do. As you said, I also know a little about conventional banking which uses customer savings to lend to other customers. When there is a large withdrawal of money, the bank will definitely go bankrupt and will not be able to disburse all of the customer's money because the bank doesn't have it.
That sounds bad, so we also don't know how much bitcoin they have? including casinos and centralized exchanges also the same? the numbers written on our account are just fake bitcoins? can they use the bitcoins we send them for their needs? As long as there are no major withdrawals on the exchange, no one will know that our bitcoins there have been used. Could that be true?
Well, now after the whole FTX thing, many exchanges have shared their hot/cold wallets addresses, so people can see how much money the exchange has. Now, is there a proper way to know whether that amount in those addresses equals exactly the amount of user's holdings? No, not for most exchanges anyway.
So what happens to the FTX exchange that experiences problems like this? I heard that FTX was a big exchange that went bankrupt but I don't know the root of the problem because at the time it happened I wasn't on this forum yet. I was interested in reading the FTX case.
