Newbie questions

[Bitcoinuser44]

I was just reading an article on the subject of cryptocurrency, and decided to see the exchange rate of bitcoins to GBP... £180! God damn!

I decided to look into it further, specifically on how to attain bitcoins... I wasn't going to spend my money on them, they can be rendered almost worthless in a short period of time.

But I heard about bitcoin faucets, where I can get them for free... Apparently a method of distributing them to get the whole bitcoin thing started.

Then I found out you can actually change bitcoin into real cash... See where I'm going?

For anybody here who knows anything about this, can you tell me if it's possible to use the faucets to acquire bitcoins, then sell them?

Example: I get 1 bitcoin, I go onto an exchange site and sell it and receive £180.

I looked at one such exchange site, and most people were only interested in buying very short amounts of bitcoin... So there's obviously an incentive on both sides to conduct a transaction.

Is this correct?

I feel that this is insanely easy to do, and it perplexes me as to why everybody isn't doing it. Or maybe they are, and I'm in the dark about it... After all, I have only just stumbled on this information.

[Xialla]

Hello and welcome.

Even you created the topic in wrong section, I will try to reply (correct section is: https://bitcointalk.org/index.php?board=39.0)

1*  you will simply never ever get one whole bitcoin via faucets, because reward is usually only fraction of bitcoin, it is maybe cool to check, how it works, receive some satoshis first (fraction of bitcoin), but you will never collect one..

2* because you are calculating in British pounds, I expect that you are from UK. To get bitcoin in serious way, you can buy them locally (https://localbitcoins.com) or open some acc on EU exchange like Kraken or Bitstamp.

and yes, on exchanges, you don't need to trade whole bitcoins, but fractions, but there are fees and minimal amounts to trade depending exchange..

good luck

[achow101]

You are going to need a lot of time to get 1 Bitcoin from faucets. They only give out very small fractions of Bitcoin at a time. Most only give out a few hundered satoshi. 100 satoshi is 0.00000100 Bitcoin. As you can see, it is quite small and it becomes quite difficult to actually get any usable amount from faucets. You can go to faucets and use them to play around with Bitcoin, but you definitely cannot do anything of use with the Bitcoin you get from them.

[Derrike]

Since you are a newbie, you can use faucets to receive some Satoshi for free.
But that will be a waste of time as the amount is so much less that it will take many years to get a Bitcoin(if you are crazy enough).
Instead of doing faucet, you can apply for signature campaign here to earn much more than a faucet.

[Don007]

Xialla already gave you the correct answers to your questions. Indeed, you can get "free money" from faucets. However, the payouts of these faucets is really low. It is really a waste of time if you want to earn some pounds with that. It's much easier to work 1 hour in your county (for let's say £10 per hour) than earning £10 (~ 0.055BTC) with faucets.

As knightdk has mentioned, a faucet might only pay you 0.000001BTC per xx minutes. You need to visit the faucet 55000 times - and these faucets have time limits so you'll have to wait between each time you make use of it. Besides that, you need to fill in 55000 times a Captcha code (and probably even more if you mispell one). And that's all in related to doing your job for 1 hour. See where we are heading? It's quite a waste of time.

You better earn some pounds by doing a job and buy some (parts of) BTC then.  As soon as you've got some BTC, you might be able to start short term or long term trading to increase your amount of BTC. Use these terms as a query in the search field in the right top of this forum.

[gentlemand]

Forget faucets. When Bitcoin was worth nothing faucets gave out 5 bitcoins a time. Now they hand out microscopic amounts that take days out of your life to get. Why would anyone give away free money so you could sell it on?

Most here are waiting for a possible future where coins are worth a whole lot more if they catch on with the wider world. That being the case it's often  considered somewhat dumb to instantly dump bitcoins for pounds.

People believed it would stay worthless when it was worthless. Lots believed it would never, ever reach $1. Plenty of people sold up long before dramatic price rises and went batty.

If you want some BTC for the future, and it's a worthwhile gamble on small amounts, and don't want to buy them then sell some old crap to here https://uk.webuy.com/ and they'll give you bitcoins for it.

[AtheistAKASaneBrain]

Forget about anything that isn't dollar cost averaging aka spending a portion of your salary into Bitcoin monthly (a portion you can afford to lose). Forget about faucets and signature campaigns, don't pay you much. Wait at least until you are Sr Member to get something worth your time. other than that, focus on working and buying BTC or offering services for BTC directly.

[odolvlobo]

I was just reading an article on the subject of cryptocurrency, and decided to see the exchange rate of bitcoins to GBP... £180! God damn!

I decided to look into it further, specifically on how to attain bitcoins... I wasn't going to spend my money on them, they can be rendered almost worthless in a short period of time.

Think about it. Nobody is going to give everyone on the internet something worth £180 for free. If you want to obtain bitcoins, it will cost you something of value -- money, effort, or time.

The most efficient and effective way to obtain bitcoins is to do something productive and get paid for it. If you aren't paid directly in bitcoins, then buy them.

Faucets are a waste of time.

[Za1n]

I tried faucets for almost 6 months, not expecting to profit but to buy games. I roughly got 20 USD (I do not really know, I bought about 6 or 7 games, each 5 USD or less). I would have got more getting a (second) job, as people already told you (of course it was not full-time, I have a real-life job).

The best you can do with faucets is to setup a rotator (a list with links to faucets, with your referral inside), perhaps you would still need to spend time keeping it up-to-date (removing dry faucets, adding current top-paying sites) to not discourage your visitors and, promoting it (convincing people to actually use it). It is probably not going to be worth the time invested, either.

Exactly, even if you are still a kid, you could offer to mow someones lawn for probably $20 and it would maybe take you ~ 1 hour. You could be gaming the same day versus waiting months and months.

If lawn mowing isn't an option there are probably plenty of other things to try, walk peoples dogs, wash cars, paint, etc. No matter your locale, I am sure you could find something more productive to earn bitcoin and/or money than trying to do faucets. Besides just being a generally unproductive and unfit way of earning money, if you have to pay for electricity and Internet, you would not even recoup those expenses trying to utilize faucets.

[anderson00673]

As others have said, faucets are a waste of time.  I only recommend them if you are new to bitcoins.  Then you can use them to get some free coin ("dust") so you can learn how to use wallets and send transactions.

My favorite one is moonbitcoin, because you don't need to sign in every two minutes.  But even then you are earning a fraction of a penny every few days (is it pence over there?  Shilling?)

Look around this forum, learn a bit about cryptos.  I think the chance of bitcoin losing value and becoming worthless is close to zero, but you have to decide for yourself.

I truly believe that this is the beginning of the future of currency, and I am excited to be a (very small) part of it.

[sethortan63]

 Hi what is signature here and how to get it?

[cryptworld]

The point is that you think that you can get 1 bitcoin easily but it is not easy at all

[TreasureSeeker]

Hi what is signature here and how to get it?

Signature campaigns are where someone pays you some fractions of Bitcoins or altcoins to put their service or coin in your forum signature.  You can often find people offering coins for signature campaigns in the Services section of the forum, at https://bitcointalk.org/index.php?board=52.0

[odolvlobo]

The point is that you think that you can get 1 bitcoin easily but it is not easy at all

Getting 1 bitcoin is only a little more difficult than getting $290. For some, that is difficult, and for others it is not.

A person in the U.S. with a minimum wage job earns enough to buy a bitcoin every week, though a person with a minimum wage job should probably be investing their money in skill development, rather than bitcoin.

[sethortan63]

Hi what is signature here and how to get it?

Signature campaigns are where someone pays you some fractions of Bitcoins or altcoins to put their service or coin in your forum signature.  You can often find people offering coins for signature campaigns in the Services section of the forum, at https://bitcointalk.org/index.php?board=52.0

Got it.Thank you.

[n2004al]

I was just reading an article on the subject of cryptocurrency, and decided to see the exchange rate of bitcoins to GBP... £180! God damn!

Don't be astonished. It you do a search in internet there will be and you will find articles and study from respected groups or organisations that declare that the potential of bitcoin is much much higher. I can tell you some amounts and will be "dead". 10 000 us dollar but even about 70 000 -80 000 us dollar one bitcoin. Maybe are pure fantasy. Find these words of Gavin Andresen, chief scientist at the Bitcoin Foundation at the end of this article of Financial Times:

http://www.ft.com/intl/cms/s/0/9b27fb72-967f-11e4-922f-00144feabdc0.html#axzz3hY6R0xBR


“Bitcoin is wild and crazy investment that I’m diversifying out of all the time,” he says. “If bitcoin is wildly successful, I’m still holding on to a good chunk of bitcoin. It could be worth tens of millions of dollars, but it could be worth zero...”

[g1974ak]

For anybody here who knows anything about this, can you tell me if it's possible to use the faucets to acquire bitcoins, then sell them?

Example: I get 1 bitcoin, I go onto an exchange site and sell it and receive £180.

No you can't acquire bitcoins from faucets. You can have bitcoins from those gratis. But you will need all your whole life to make a bitcoin from not only one but from all over the faucet of this world. Then, after you will have your 1 bitcoin from faucets you can do everything with it. Save it in a wallet and wait that the price go 20 000 us dollar one bitcoin and then change that bitcoin in every exchange that accept it (and are to many) or change immediately with your big 180 paund price and enjoy that money. Yours the choice!

[jacee]

Consider joining a sig. campaign here. You can earn decently from them if you have a high rank already. Rank up your account to get more. Goodluck!

[Clegg]

For anybody here who knows anything about this, can you tell me if it's possible to use the faucets to acquire bitcoins, then sell them?

Example: I get 1 bitcoin, I go onto an exchange site and sell it and receive £180.

Well sure you could do that, but it'd probably take you all year to get a whole bitcoin from a faucet. You only get dust for them and certainly not worth your time doing. IF you want to earn any significant amount of coin you'll just have to earn it other ways I'm afraid.

[Derrike]

For anybody here who knows anything about this, can you tell me if it's possible to use the faucets to acquire bitcoins, then sell them?

Example: I get 1 bitcoin, I go onto an exchange site and sell it and receive £180.

Well sure you could do that, but it'd probably take you all year to get a whole bitcoin from a faucet. You only get dust for them and certainly not worth your time doing. IF you want to earn any significant amount of coin you'll just have to earn it other ways I'm afraid.

yup, you are right, it doesn't even worth it.

But when I was a newbie, I signed up for exchanges and used their Bitcoin addresses to the get some Satoshi from faucets.
And did the same for litecoin and some more altcoins and then trade them for BTC.