Is it bad to withdraw the minimum amount of ~5,500 satoshis?

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: Gimmelfarb on June 13, 2014, 02:48:33 PM

Quote from: Benjig on June 13, 2014, 02:42:14 PM

Quote from: _AEGIS_ on June 13, 2014, 02:24:16 PM

Some faucets ain't all that bad, you can get high pay outs from faucets like free bit co...
when i first started with bitcoin thats the faucet that got me started.

Yep but today the amount gathered from faucets is so small, perhaps early in 2013 thats was still a way to get bitcoin but now i prefer to spend 20 usd and will have the faucet amount of 100 days. Cheesy

but don't you see? in 2011, faucets were well worth it for 2013. in 2013, they were well worth it for 2014. hold your faucet payouts for a year or two, and then see how much they are worth! don't go buy how much they are worth today. the price of bitcoin is going up, long term.

During both of those time periods bitcoin saw huge price increases. I know people said this before, but it would be difficult to continue to see the same level of price increases.

odolvlobo

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Quote from: Gimmelfarb on June 13, 2014, 02:38:32 PM

Quote from: ACAB on June 12, 2014, 05:52:27 AM

Don't use faucets. They are waste of time.

well, just gonna throw this out there. for the long term bulls:

well, just gonna throw this out there. for the common-sense impaired:

Instead of spending hours, days, or weeks "earning" a few dollars worth of BTC. Spend an hour and buy some, and ...

Quote from: ACAB on June 12, 2014, 05:52:27 AM

when bitcoin is worth $1,000,000 a piece, those 5500 satoshis (unless i am off an order of magnitude) will be worth $55. they will add up!

Gimmelfarb

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Quote from: Benjig on June 13, 2014, 02:42:14 PM

Quote from: _AEGIS_ on June 13, 2014, 02:24:16 PM

Some faucets ain't all that bad, you can get high pay outs from faucets like free bit co...
when i first started with bitcoin thats the faucet that got me started.

Yep but today the amount gathered from faucets is so small, perhaps early in 2013 thats was still a way to get bitcoin but now i prefer to spend 20 usd and will have the faucet amount of 100 days. Cheesy

but don't you see? in 2011, faucets were well worth it for 2013. in 2013, they were well worth it for 2014. hold your faucet payouts for a year or two, and then see how much they are worth! don't go buy how much they are worth today. the price of bitcoin is going up, long term.

Benjig

sr. member

Activity: 462

Merit: 250

Quote from: _AEGIS_ on June 13, 2014, 02:24:16 PM

Some faucets ain't all that bad, you can get high pay outs from faucets like free bit co...
when i first started with bitcoin thats the faucet that got me started.

Yep but today the amount gathered from faucets is so small, perhaps early in 2013 thats was still a way to get bitcoin but now i prefer to spend 20 usd and will have the faucet amount of 100 days. Cheesy

Gimmelfarb

hero member

Activity: 658

Merit: 500

Quote from: ACAB on June 12, 2014, 05:52:27 AM

Don't use faucets. They are waste of time.

well, just gonna throw this out there. for the long term bulls: when bitcoin is worth $1,000,000 a piece, those 5500 satoshis (unless i am off an order of magnitude) will be worth $55. they will add up!

_AEGIS_

newbie

Activity: 17

Merit: 0

Some faucets ain't all that bad, you can get high pay outs from faucets like free bit co...
when i first started with bitcoin thats the faucet that got me started.

polynesia

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Activity: 1358

Merit: 1000

Quote from: Relnarien on June 12, 2014, 07:32:56 PM

Access the Console and use the listunspent() command. That command will present you with a list of all of currently unspent outputs in your wallet.

Thanks, This helps.

Just to clarify - Is the number of transactions received equal to the number of unspent outputs?
Even if a lot of dust is aggregated and sent to a person's wallet, does it sit in that wallet as one unspent output?

commandrix

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Activity: 798

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If you can take advantage of their referral programs and get about 50 frequent faucet users involved in about 10 faucets each, it might be worth your while. Otherwise, well, it's good for paying transfer fees if you don't transfer Bitcoin very often.

Relnarien

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Activity: 399

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Quote from: polynesia on June 12, 2014, 11:19:16 AM

Quote from: Relnarien on June 12, 2014, 07:58:16 AM

It is not necessarily bad to have a wallet full of dust transactions. If your wallet employs coin control and you have enough non-dust transactions to offset your dust transactions, then you can avoid having to pay large transaction fees (if you care about paying the minimum fee) by only sending out carefully planned transactions. However, in general, having lots of dust transactions in your wallet is indeed a significant issue, especially if you engage in a lot of microtransactions. Imagine buying something costing 0.01 BTC. Your wallet holds a total of 0.01 BTC but only in denominations of 0.0005 BTC. That means that all 20 denominations (inputs) would have to be listed as part of the current transaction, which also means that it would take up significantly more space in the blockchain than the regular transaction. I don't know how tolerant the system and the miners are regarding such transactions, but I really don't expect something like that to get accepted into the blockchain within the first day without an accompanying transaction fee. And yes, the transaction fee would be considerable relative to that total amount. Now, obviously, different scenarios would play out differently, but the general principle is the same.

I use an electrum wallet. How do I find out the denominations in my wallet?

Access the Console and use the listunspent() command. That command will present you with a list of all of currently unspent outputs in your wallet.

Kprawn

legendary

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Just spread payments, to different wallets. Create a bunch of paper wallets, for each faucet and when they reach a certain limit, transfer them all to 1 online wallet.

Cannot be that difficult. Huh

bitsmichel

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Activity: 518

Merit: 250

Quote from: nwfella on June 12, 2014, 12:45:45 PM

my 2c: go with a signature campaign. Not only do they typically pay better over time but it's a much better way for you to get up to speed on all things crypto-related at the same time. Not learning a whole helluva lot if your just clicking mostly-useless sites all day long and entering captcha codes.

I like to call it the "Learn and Earn Program" Wink

I agree with this post, sig campaigns pay way more. With faucets you are lucky to get 0.0001 to 0.0005 BTC in a week, sig campaigns pay that per post.

nwfella

legendary

Activity: 1610

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Well hello there!

my 2c: go with a signature campaign. Not only do they typically pay better over time but it's a much better way for you to get up to speed on all things crypto-related at the same time. Not learning a whole helluva lot if your just clicking mostly-useless sites all day long and entering captcha codes.

I like to call it the "Learn and Earn Program" Wink

Simon8x

hero member

Activity: 568

Merit: 500

Quote from: Cryptogirl82 on June 12, 2014, 08:24:01 AM

Quote from: waqas on June 12, 2014, 08:01:05 AM

Quote from: SquallLeonhart on June 12, 2014, 05:56:39 AM

Quote from: ACAB on June 12, 2014, 05:52:27 AM

Don't use faucets. They are waste of time.

No its not..

I agree its not a wast of time I have some good use of these payments and now have some good bank roll

care to share why faucets are better than a signature campaign in your opinion?

I don't think he said faucets are better than sig program...
And if he does think so, he won't join a sig program but will spend all his time on faucets lol.

Simon8x

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Activity: 568

Merit: 500

Quote from: odolvlobo on June 12, 2014, 11:22:29 AM

5500 satoshis is worth about $0.03. If it took you more than 10 seconds to "earn" that then you are making less than U.S. minimum wage.

Quote from: Kprawn on June 12, 2014, 11:35:13 AM

But if you live in a 3rd world country, you multiply that $0.03 with say a factor of 10, to convert to their currency, and it's worth their time. Grin

That is partly true IMO.
Collecting satoshi from faucets may be better than working in some situations, but I think it is way better to join a sig program when you reach member rank.
While you are still newbie or jr member, you can spend the time to know more about bitcoin (eg. how to store bitcoin safely, etc.) and bitcointalk (eg. which sig program is more suitable for you, what may get your account banned, etc.), rather than working on faucets.

Simon8x

hero member

Activity: 568

Merit: 500

IMO, it is bad to fill your wallet with 5500 satoshi outputs, as you will spend way more in tx fee in the future.
Even with coin control feature, it will take a very long time for you to "consolidate" the dusts with free high-priority tx.

lynn_402

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Activity: 462

Merit: 253

Quote from: Kprawn on June 12, 2014, 11:35:13 AM

But if you live in a 3rd world country, you multiply that $0.03 with say a factor of 10, to convert to their currency, and it's worth their time. Grin

Most people in some of these countries, make a minimum wage of $10 a month, and work in the worst places possible.

If the bitcoin community, can help those people, it would certainly put a smile on my face.

So do not base your opinion only on your scenario.

And if the satoshis they collect end up being worth 10x more in a year, this would be a significant help to their financial situation.

mezmerizer9

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Activity: 782

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Quote from: Bizmark13 on June 12, 2014, 05:23:55 AM

Usually the smallest transaction you can send or receive is about 5,500 satoshis. With faucets like freebitco.in, the minimum withdrawal amount is roughly this amount. Same goes for most other faucets as well as ones which use coinbox.me and microwallet.org. However I believe you can continue increasing your faucet balance past this if the auto-withdraw option is turned off. I've heard that acculmulating very small transactions in your wallet is a bad idea because they would cost more in fees to send, essentially rendering them worthless. So is it bad to withdraw the minimum amount when using faucets? Would it be a better idea to withdraw once you reach 20k+ satoshis instead?

The Only faucet I'd recommend is coinad, min withdraw is 20k satoshis and you can get them in a few days. Other faucets... well not so much worth it, better get a member status here and you wil earn more with services then all the faucets with less time spent.

Kprawn

legendary

Activity: 1904

Merit: 1074

But if you live in a 3rd world country, you multiply that $0.03 with say a factor of 10, to convert to their currency, and it's worth their time. Grin

Most people in some of these countries, make a minimum wage of $10 a month, and work in the worst places possible.

If the bitcoin community, can help those people, it would certainly put a smile on my face.

So do not base your opinion only on your scenario.

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: SquallLeonhart on June 12, 2014, 05:56:39 AM

Quote from: ACAB on June 12, 2014, 05:52:27 AM

Don't use faucets. They are waste of time.

No its not..

5500 satoshis is worth about $0.03. If it took you more than 10 seconds to "earn" that then you are making less than U.S. minimum wage.

polynesia

legendary

Activity: 1358

Merit: 1000

Quote from: Relnarien on June 12, 2014, 07:58:16 AM

It is not necessarily bad to have a wallet full of dust transactions. If your wallet employs coin control and you have enough non-dust transactions to offset your dust transactions, then you can avoid having to pay large transaction fees (if you care about paying the minimum fee) by only sending out carefully planned transactions. However, in general, having lots of dust transactions in your wallet is indeed a significant issue, especially if you engage in a lot of microtransactions. Imagine buying something costing 0.01 BTC. Your wallet holds a total of 0.01 BTC but only in denominations of 0.0005 BTC. That means that all 20 denominations (inputs) would have to be listed as part of the current transaction, which also means that it would take up significantly more space in the blockchain than the regular transaction. I don't know how tolerant the system and the miners are regarding such transactions, but I really don't expect something like that to get accepted into the blockchain within the first day without an accompanying transaction fee. And yes, the transaction fee would be considerable relative to that total amount. Now, obviously, different scenarios would play out differently, but the general principle is the same.

I use an electrum wallet. How do I find out the denominations in my wallet?

Topic: Is it bad to withdraw the minimum amount of ~5,500 satoshis? (Read 2027 times)