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

[Simon8x]

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.

[nwfella]

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"

[bitsmichel]

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"

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.
 

[Kprawn]

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. 

[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.

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.

[commandrix]

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.

[polynesia]

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?

[_AEGIS_]

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.

[Gimmelfarb]

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!

[Benjig]

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. 

[Gimmelfarb]

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. 

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.

[odolvlobo]

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 ...

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!

[ShakyhandsBTCer]

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. 

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.