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

[Bizmark13]

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?

[ACAB]

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

[SquallLeonhart]

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

No its not..

[bitsmichel]

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?

Transaction fee may be higher than 5500 satoshi, depending on the site and which wallet you use. It depends on that.
For example, if the fee is 4000 satoshi, it is better to wait;

[Relnarien]

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.

[waqas]

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

[Cryptogirl82]

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?

Avoid faucets at all costs. Rather get up your activity and join a signature campaign. Check my signature - I am in the signature campaign of primedice.

[Cryptogirl82]

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?

[TrailingComet]

Sig campaigns are far better payers even if you are not a prolific spammy poster
Faucets are a time suck and generally add little to your bottomline

[validium]

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

No its not..

Faucets are only good for beginners plus you waste too much time and earn dust, affiliates are better.

[jjc326]

Sig campaigns are definitely easier than faucets.  You'll get a lot more for your time, as long as you have the intelligence and language skills to successfully do the sig campaign.  I suppose even a monkey could do the faucet if they could get past the captcha

[TheGame]

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

No its not..

lol. Tell us all how much money you made from faucets then and in how long?















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[Ravenna]

I know faucet where you can earn about 0,5 $/h and it is best i know.

[polynesia]

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?

[odolvlobo]

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.

[Kprawn]

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. 

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.

[mezmerizer9]

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.

[lynn_402]

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. 

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.

[Simon8x]

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.

[Simon8x]

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.

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. 

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.