Using a minimum wage job to earn BTC? Is it worth it?

Harley997

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Quote from: Godye Sclaro X9 on June 18, 2014, 02:58:29 AM

It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange. If the minimum wage job nets $10 an hour and you participate for 12 hours a day, you should (if my maths is correct) have 1 BTC in five days. Shocked

If 12 hours a day sounds too extreme, then I'm guessing you can adjust it so that putting 2 hours towards it everyday should be able to get you up to 1 BTC in 1 month flat, etc.

Has anyone here tried this method before? How easy was it? And how would this compare to say, using faucets or other methods of earning BTC?

Wouldn't a more efficient way to earn 1 BTC be participate in a job that pays the minimum wage plus $0.01 ($7.26 per hour in the US)?

I hope you understand my point.

Nerazzura

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Quote from: sgk on June 19, 2014, 05:53:00 AM

Quote from: Nerazzura on June 19, 2014, 05:20:34 AM

Indonesia. I am sure you must have heard it not?? : D
here work in government, agency or department of education can not make you rich. if you want to be rich, you must be an online business or open their own business in the field of services and goods. but apart from all that, I love my country;)

Indonesians are very competitive on online freelancing sites. That explains it.

yes .. exactly once. If you have a community of social networking accounts such as facebook, twitter and others you will often get an offer from them to follow the off-line, and every week there is just the latest. many successful but not least also failed.
however, I am more interested to learn about bitcoin or other cryptocoin. what about your friends

Light

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Circa 2010

Depends upon which country you are talking about. If it's first world countries like the US or Canada and you can find the work easily enough then it'll probably earn you more than you're going to get via any other means. If you're in a poor nation where wages are really low you might make more from selling online services or creating a blog and earning ad revenue.

feinter

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Yeah I don't see why not, even if your only getting a small amount of bitcoin every week/month.

sgk

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!! HODL !!

Quote from: Nerazzura on June 19, 2014, 05:20:34 AM

Indonesia. I am sure you must have heard it not?? : D
here work in government, agency or department of education can not make you rich. if you want to be rich, you must be an online business or open their own business in the field of services and goods. but apart from all that, I love my country;)

Indonesians are very competitive on online freelancing sites. That explains it.

Nerazzura

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Activity: 378

Merit: 250

Quote from: DavidHume on June 18, 2014, 12:14:00 PM

Quote from: Nerazzura on June 18, 2014, 11:20:00 AM

Quote from: Godye Sclaro X9 on June 18, 2014, 02:58:29 AM

It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange. If the minimum wage job nets $10 an hour and you participate for 12 hours a day, you should (if my maths is correct) have 1 BTC in five days. Shocked

If 12 hours a day sounds too extreme, then I'm guessing you can adjust it so that putting 2 hours towards it everyday should be able to get you up to 1 BTC in 1 month flat, etc.

Has anyone here tried this method before? How easy was it? And how would this compare to say, using faucets or other methods of earning BTC?

it will sound very nice and great if my country has a minimum wage of it; but the problem in my country is very rarely a job that pays wages every hour, on average they provide wages every week or every month. if there is no pay per hour nobody reaches $ 10. or maybe my work in your country .. lol

What country is this?

Indonesia. I am sure you must have heard it not?? : D
here work in government, agency or department of education can not make you rich. if you want to be rich, you must be an online business or open their own business in the field of services and goods. but apart from all that, I love my country;)

Quartx

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Becoming legend, but I took merit to the knee :(

Most of us here have proper paying jobs and use spare cash or savings to buy cryptos.

FattyMcButterpants

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Quote from: SirKoin99 on June 18, 2014, 05:30:17 PM

So now working a job is a "method" to earn money? Lol. Yes it is. In fact, it's the most obvious method out there, but not really the best. I would suggest doing some freelance work on sites like fiverr instead, so you wouldn't be tied down to a job like that.

this is really just the same thing. it sounds like, if one is getting a job to buy BTC, they don't need that job to make a living. just the same, could be comparable to doing freelance jobs on Fiverr, or the like...

SirKoin99

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So now working a job is a "method" to earn money? Lol. Yes it is. In fact, it's the most obvious method out there, but not really the best. I would suggest doing some freelance work on sites like fiverr instead, so you wouldn't be tied down to a job like that.

Yakamoto

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Well, I've actually never purchased any bitcoins, I've only ever worked for my BTC. It's somewhat different in a community of buyers and then there's just me, working away for all my BTC...

I'd say that a minimum wage job wouldn't be a bad way of earning BTC, assuming that you have another job for any other expenses. I myself am considering getting a minimum wage job for the ability to buy BTC with it. Now, then again, I can't say for sure that's the best thing to do, but from what I know, it isn't half bad.

What's the minimum wage in your country or jurisdiction? That could help you decide if it's worth it.

sgk

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Quote from: Testing123 on June 18, 2014, 11:04:35 AM

Quote from: sgk on June 18, 2014, 07:35:07 AM

Many developing countries have much lower pay scale. For example a fresh college graduate in India is paid around $200 A MONTH for his first job. That's like $1 per hour.

Just curious, how much can an "ordinary under-educated person" earn in India?

Nearly half of a fresh graduate. That's nearly $0.5 per hour. In rural places and for pure labor tasks the rates can go even lower than that.

Argwai96

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Quote from: Godye Sclaro X9 on June 18, 2014, 02:58:29 AM

It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange.

Well, I suspect, at least at present, that the average bitcoiner is not a minimum wage worker. But generally, I agree, the best way to obtain BTC is to roll your fiat income into it.

DavidHume

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Quote from: Nerazzura on June 18, 2014, 11:20:00 AM

Quote from: Godye Sclaro X9 on June 18, 2014, 02:58:29 AM

It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange. If the minimum wage job nets $10 an hour and you participate for 12 hours a day, you should (if my maths is correct) have 1 BTC in five days. Shocked

If 12 hours a day sounds too extreme, then I'm guessing you can adjust it so that putting 2 hours towards it everyday should be able to get you up to 1 BTC in 1 month flat, etc.

Has anyone here tried this method before? How easy was it? And how would this compare to say, using faucets or other methods of earning BTC?

it will sound very nice and great if my country has a minimum wage of it; but the problem in my country is very rarely a job that pays wages every hour, on average they provide wages every week or every month. if there is no pay per hour nobody reaches $ 10. or maybe my work in your country .. lol

What country is this?

sukamasoto

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Black Panther

Quote from: PangPang on June 18, 2014, 03:04:01 AM

Quote from: Godye Sclaro X9 on June 18, 2014, 02:58:29 AM

It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange. If the minimum wage job nets $10 an hour and you participate for 12 hours a day, you should (if my maths is correct) have 1 BTC in five days. Shocked

If 12 hours a day sounds too extreme, then I'm guessing you can adjust it so that putting 2 hours towards it everyday should be able to get you up to 1 BTC in 1 month flat, etc.

Has anyone here tried this method before? How easy was it? And how would this compare to say, using faucets or other methods of earning BTC?

Yes, your math is right, and many of us here have bought btc with fiat (part of our wages, or part of our savings which was accumulated from wages).

A side note is that, the minimum wage can be a lot lower, in less-developed countries.

you are right but companies in developing countries also benefit companies calculate and adjust the minimum wage for workers

Nerazzura

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Activity: 378

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Quote from: Godye Sclaro X9 on June 18, 2014, 02:58:29 AM

It seems to me that the most efficient way to earn 1 BTC for the average individual is to participate in a minimum wage job and then directly convert the fiat produced into Bitcoin by dumping it on an exchange. If the minimum wage job nets $10 an hour and you participate for 12 hours a day, you should (if my maths is correct) have 1 BTC in five days. Shocked

If 12 hours a day sounds too extreme, then I'm guessing you can adjust it so that putting 2 hours towards it everyday should be able to get you up to 1 BTC in 1 month flat, etc.

Has anyone here tried this method before? How easy was it? And how would this compare to say, using faucets or other methods of earning BTC?

it will sound very nice and great if my country has a minimum wage of it; but the problem in my country is very rarely a job that pays wages every hour, on average they provide wages every week or every month. if there is no pay per hour nobody reaches $ 10. or maybe my work in your country .. lol

Instamatic

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Quote from: zimmah on June 18, 2014, 03:45:35 AM

There's some flaws:

Minimum wage is not the same in all countries. Some countries don't have min. wage at all.

Minimum wage is in some countries adjusted for age (for ages under 23)

People may not be able to find a job

You'll have to pay income tax

You'll have to pay for rent/mortgage and food, clothes, electricity, gas, etc.

Most people can't afford even 1btc/month next to their expenses I'd guess.

All valid points and I'd only add:

In addition to paying income tax we're supposed to also pay capital gains tax on any monies made from BTC (initial price vs fiat sale price) according to the IRS (US only).

https://bitcointalksearch.org/topic/capital-gains-and-bitcoin-12950

Testing123

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Quote from: sgk on June 18, 2014, 07:35:07 AM

Many developing countries have much lower pay scale. For example a fresh college graduate in India is paid around $200 A MONTH for his first job. That's like $1 per hour.

Just curious, how much can an "ordinary under-educated person" earn in India?

coinmaster222

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Quote from: odolvlobo on June 18, 2014, 10:21:41 AM

That is still more than you will earn by clicking on faucets.

Yeah, expecting to get income by faucets is purely miserable. It's just a waste of time.

odolvlobo

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Quote from: sgk on June 18, 2014, 07:35:07 AM

Quote from: PangPang on June 18, 2014, 03:04:01 AM

A side note is that, the minimum wage can be a lot lower, in less-developed countries.

^^ This.
Many developing countries have much lower pay scale. For example a fresh college graduate in India is paid around $200 A MONTH for his first job. That's like $1 per hour.

That is still much more than you will earn by clicking on faucets.

sintax

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Depends on your situation, if you're living with your parents and can afford to spend most of your wages then I think it would be wise to invest in BTC.

Topic: Using a minimum wage job to earn BTC? Is it worth it? (Read 1971 times)