Topic: Your view on faucets and GPT anyone using these to earn free bitcoin? (Read 197 times)

I cannot deny the fact that I started here I owed to the early faucets and PTC that I've worked with, for my education and what I've learned and reached in Cryptocurrency investing, I have referred some of my friends on faucets where they can accumulate satoshis, if they want to start and they do not have funds, but I always urge them to buy, when they have funds, of course I educate them on how volatile the market is, lest they blame me if they've lost.  

Many of us started here I am proud to say that I started out here, this is where I got my first satoshis my first Bitcoin wallet and everytime a friend who is just new in Bitcoin asks me where to earn Bitcoin I refer them to this niche, faucets and paid to clicks, eventually they evolve and they will find out the many ways to earn more Bitcoin through trading and bounty hunting.

I still faithfully collect my hourly faucets on freebitco and I have for 2 or 3 years, despite the price going up making each claim about 25 satoshis (I actually get 10x that but that is because I racked up a lot of wagers).

It also pays me interest every day on my balance.

Total free coin and interest earned for those times is over 0.02 BTC. Not much maybe, if you consider the time, but I don't know how many sites compensate you that much for no ads no captcha no nothing:)

Remembering those days when im still collect some faucets of ETH and it does really pays off and thats the only time i can say that fauceting might really be worthy of your free time.

but talking on the current market condition? Faucets are useless and total waste of time if you do tend to collect coins knowing that we've been flooded by thousands of shit projects which you cant easily spot out which one is the potential one.

Earning $50 daily for these free things? its an impossible thing.

excellent analysis. But it doesn't have to be such a readable calculation.
Maybe someone can't change his local Library job, and all earnings from the faucet is a bonus. He still has a salary from his real job.

I was running my own faucets a few years ago and I remember that I earn some money from ads on my faucet. Then it was still safe to use AdSense and make a solid profit but as faucet owner.
I promote on these pages my referral links to other faucets which bring me profit more than 1 BTC in a few months.
Still, think faucets is a waste of time, not sure for owners, but it is a good educational start for beginners to learn more about blockchain and Bitcoin how it works.

I find this situation to be a variant of the exception i already detailed... I mean, living in a country where the minimum wage is under 7 cents per hour put you more or less in the same situation as living in a country where the minimum wage is over 7 cents per hour, but it's impossible to get a minimum wage job. I already detailed that in this situation, it *might* be a reasonable idear to use faucets.

As for the second part of your post: the important thing to notice is that you waited for a few years so the price could rise from $x? to $18000. If you had had an IRL job that payed you more than the equivalent of 1000+ sat/hour, you'd have made more profit doing this IRL job and converting your earnings to BTC, then waiting untill the price rose to $18000.

What if you live in a country where 15 000 people apply for 1 job opening at McDonalds? Unemployment is a harsh reality for a lot of people living in 3rd world countries and it is not easy to jump from one job to the next, as it is with people in 1st world countries.

Also, the few Satoshi that you might get from that faucet, is a lot more valuable to people living in countries with a weak currency. I can remember the days when freebitco.in gave 1000+ Sat/hour and if you saved up all those Satoshi over time, you would have a good amount to spend now.  

I deposited all my Satoshi into one address and then left it there for a few years, when the price of bitcoin was at $18 000, I sold it and I bought a Xbox one.

GPT sites are completly garbage.

Their primary audience is supposed to be unskilled, unemployed users who have too much time on their hands, from countries with low minimum wages and/or high inflation. If you don't fit in this category then I really don't think that you should be doing them.

Faucets are the same thing. Unless you are looking to get started with a coin and want to test out their blockchain, you should not be looking at faucets as a way to earn money.

Considering the times it needs to earn just a few cents and have bigger expense by doing it? I don't think this is a smart move to earn cryptocurrencies as really the ones earning here are the website owners who have ads in their faucet websites. Not unless you have referrals of your own I don't think its wise for you to claim and wait for another time to claim again just to earn a cents worth of Bitcoin. Your electrical expense on just running your computer alone is enough to cover the claims you have from that faucet. Not really a wise move for anyone in the crypto world.

You explained it all very well! You convinced me and all Newbies should understand this too! You have definitely deserved a few Merits!

Well, my point still remains the same... I've had this discussion a couple times before, and i guess it's hard to wrap one's head around the concept, so i decided this time i'd give a theoretical (imaginary) example...

For example, at this moment, BTC is about ~$8000.
Let's create a theoretical example based on the mimum wage in my country : ~$12/hour, net (after taxes).
Let's say that in 1 year, the BTC price rises 100x

Situation 1: somebody claims faucets for 40 hours/week, 4 weeks:
7 cents/hour * 160 hours = $11,2
Let's assume he's working from a local library so he doesn't pay electricity, pc or internet
Let's assume i grossly underestimated the income, and this person makes 10 times more per hour than i estimated (including a couple refferals).
This person now makes $112/month.
This is ~0.014 BTC
In 1 year, the BTC price becomes $800.000/BTC
This person has now an equivalent of $11200 USD

Situation 2: somebody works for minimum wage, 40 hours/week, 4 weeks and converts his wage into BTC:
$12/hour * 160 hours = $1920
Since this person is lawfully employed, he doesn't have to pay for any charges (internet, devices,...)
He converts his $1920 into BTC ($8000/BTC) = 0.24 BTC
In 1 year, the BTC price becomes $800.000/BTC
This person has now an equivalent of $192000 USD

So... The end result: even if the BTC price skyrockets in the coming years, the person that got the IRL job ended up with >17x as much BTC (or fiat) than the person that claimed from faucets. Also, i added a correction factor of 10 to the first situation, if i wouldn't have done that, the person with the IRL job would have ended up with 170x more BTC and fiat compared to the faucet guy... Last but not least: the IRL job guy made minimum wage, if he had any kind of education, or was willing to work odd hours or do a little harder job, he'd make significantly more...

In any way sitting at home and claiming faucets is the worst idea to my mind.
At first you can't develop by claiming faucet while real life job at least gives you some chance of developing in every country. Things will never come if you just sit and wait, no, you have to fight in order to achieve your goals. Everyone wants good villa, luxury house, Ferrari and etc but no one wants to do the job that such life requests.
There are a lot of ways to earn some money and almost all of them are better. Your faucet can't even pay your electricity bills and if you have so cheap electricity, then buy antminer or GPU (worths to take a loan with free electricity). Or offer others to host their miners in your house or etc (need some changes at home for this).

I agree with you, and I completely support what you wrote.
However, to be absolutely clear, it should be added that value can change over time and history shows that it has changed significantly.
First faucet made by Gavin Andresen have been giving 5 BTC per visit!
https://news.bitcoin.com/bitcoin-history-part-3-turning-on-the-faucet/
There will probably never be such a big increase in value, but it is a fact that it happened.
Another thing is that faucets should not be treated as a form of income (job) only as an opportunity to learn how to operate with cryptocurrencies for new users without risking their own money.

About a week ago, i did some estimation and calculation work here:
https://bitcointalksearch.org/topic/m.53054541

if it's TL;DR; the conclusion was pretty simple: If you live in a country where the minimum reward for labour is higher than 7 cents per hour, it's better to get an IRL job paying in fiat and convert your wage into BTC than it is to claim from faucets.
These calculations and estimations did NOT take into account that in order to claim from faucets, you need a device, internet and power... So, in reality, you'll make even less than 7 cents per hour claiming from faucets if you subtract your expenses.

For most western countries, it's just plain stupid to claim from faucets... Even if you're a kid, you'll have ways to earn much more on an hourly basis (mow your neighbor's lawn, your allowance, a paper route,...). If you're an adult, even mc donalds will pay  at least 100 times more per hour working compared to claiming from faucets.

IF you live in a poor third world country (where you only make a couple bucks per week) with nearly free electricity and have a device that's already purchased for other reasons, it *might* be a reasonable idear to claim from faucets.

Articles like this are created to make a group of referrals. (Every link there have referral numer.) I doubt that it would be possible to earn $50 a day by performing the activities described there. Clicking in faucets it is very boring work, but if someone collects free coins and keeps them, over time their value can increase significantly. Someone who used faucets a few years ago and saved their rewards can now have a lot of money. I have been keeping about 100k Dogecoin collected just from faucets a few years ago and I didn't do that for long time I wait when Doge price will rise to at least $0.01

I know we love [BOUNTY], [ANN], contests and signatures but...

There is a category of websites called "faucets" or GPT (get-paid-to) which allow you to
earn free bitcoin on a daily basis for completing simple tasks. These are things like
watching advertisements, answering short questions, playing an online game, etc.
You simply register for free and start earning.

What are your thoughts?

see this post for some examples:
10 Websites to Earn Free Bitcoin: How to Easily Make $50/day
http://www.normbondmarkets.com/bitcoin/10-websites-to-earn-free-bitcoin-how-to-easily-make-50-day/