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

[Godye Sclaro X9]

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. 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?

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[PangPang]

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. 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.

[hilariousandco]

Earning fiat money in the real world then converting it to btc is fine and many people do it, but I wouldn't invest *all* your money into it. Maybe set aside a fixed amount every month to buy bitcoins with. Remember, only invest what you can afford to lose, but buying a bit every month is a worthwhile strategy I think.

[Godye Sclaro X9]

Thanks for the replies. So do you think that people should forget about faucets? Because the last faucet I used gave me 300 satoshis every hour which I calculated to be about one tenth of a cent. So if I clicked on ten faucets every hour, that would still only get me about one cent per hour. But a minimum wage job pays about $10 per hour which is 1,000 times more than that. So even if I clicked on faucets non-stop for 24 hours, I would only make 24 cents. On the other hand, if I participated in a minimum wage job, I would get the same amount in 90 seconds (yes I did the maths).

[PangPang]

Thanks for the replies. So do you think that people should forget about faucets? Because the last faucet I used gave me 300 satoshis every hour which I calculated to be about one tenth of a cent. So if I clicked on ten faucets every hour, that would still only get me about one cent per hour. But a minimum wage job pays about $10 per hour which is 1,000 times more than that. So even if I clicked on faucets non-stop for 24 hours, I would only make 24 cents. On the other hand, if I participated in a minimum wage job, I would get the same amount in 90 seconds (yes I did the maths).

Definitely.

You could work for fiat, and use (part of) your wages to buy bitcoin.
You could earn bitcoin directly for selling goods (https://bitcointalk.org/index.php?board=51.0) and services (https://bitcointalk.org/index.php?board=52.0).
You could join a sig program to earn bitcoin for making posts here as well (https://bitcointalk.org/index.php?topic=615953.0).

[newflesh]

Yeah personally I would buy as much BTC as you can, assuming you'll still have enough money left over to pay rent/eat etc.

Minimum wage sucks, I've been on a low wage for years but it's still better than no money.

[hilariousandco]

Thanks for the replies. So do you think that people should forget about faucets? Because the last faucet I used gave me 300 satoshis every hour which I calculated to be about one tenth of a cent. So if I clicked on ten faucets every hour, that would still only get me about one cent per hour. But a minimum wage job pays about $10 per hour which is 1,000 times more than that. So even if I clicked on faucets non-stop for 24 hours, I would only make 24 cents. On the other hand, if I participated in a minimum wage job, I would get the same amount in 90 seconds (yes I did the maths).

Obviously they're a collosal waste of time and effort and you've just explained why. You'd be better off trying to do menial cash-in-hand type work and buying the coins rather than using faucets.

[zimmah]

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.

[cech4204a]

Trust me, you will hardly find a job in my country, unless you are programmer or doctor. I'm looking for a job for 3 months now and still nothing. Your math is ok, but you missed another point, in my country normal pay per hour is 6$. Call that low, but that's reallity, you forgot to add costs of living a month and other stuff besides that. And you can beat minimum wage pay in my country by doing signature campaign here on this forum, that much about wellfare we have. It's your decision in the end but i'd suggest you use your brains and get paid more than minimum wage.

[Bizmark13]

Thanks for the replies. So do you think that people should forget about faucets? Because the last faucet I used gave me 300 satoshis every hour which I calculated to be about one tenth of a cent. So if I clicked on ten faucets every hour, that would still only get me about one cent per hour. But a minimum wage job pays about $10 per hour which is 1,000 times more than that. So even if I clicked on faucets non-stop for 24 hours, I would only make 24 cents. On the other hand, if I participated in a minimum wage job, I would get the same amount in 90 seconds (yes I did the maths).

Faucets are useful for newbies who want to earn their very first fraction of a bitcoin in order to get a general idea of what Bitcoin is about, learn how to set up a wallet to receive transactions, etc. but you'd be lucky to make anything over a couple cents worth of BTC with them. I admit I still click on faucets sometimes but balance-wise, 99 percent of the Bitcoin that I have was bought using cash.

(And did you know that back when Bitcoin was worth much less than it is today, faucets gave out whole bitcoins? That ended a long time ago, but if the predictions that the Bitcoin market will one day rival that of gold or replace fiat entirely ever do materialize, then those 300 free satoshis would then be able to buy you somewhere between a stick of chewing gum and a nice cup of coffee, so that's something to keep in mind as well.)

[PangPang]

(And did you know that back when Bitcoin was worth much less than it is today, faucets gave out whole bitcoins? That ended a long time ago, but if the predictions that the Bitcoin market will one day rival that of gold or replace fiat entirely ever do materialize, then those 300 free satoshis would then be able to buy you somewhere between a stick of chewing gum and a nice cup of coffee, so that's something to keep in mind as well.)

True, but if OP works for a week and buy 1 btc with his wages, his 100000000 satoshi would then be able to buy him an apartment.

[zwickl]

Bitcoin seems way too accepted already to just wait for some free giveaways. Converting a predefined % of my wage into BTC, but only when price seems ok (like a week ago), otherwise I wait for dumps

Really hope BTC will rise one day and all the believe and early adopting will pay out

[wachtwoord]

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. 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.

Or higher, in more developed countries (that was a joke, I didn't mean that. I'm not a fan of minimum wages at all)

[Jamie_Boulder]

Lolwhat, where are you making $10 an hour with BTC?

[maximuss]

Lolwhat, where are you making $10 an hour with BTC?

I'd like to know aswell, maybe they're a pro gambler or day trader?

[sgk]

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.

[guybrushthreepwood]

In most circumstances you'll be better off trying to earn cash for jobs then buying coins with it. sometimes you can get lucky and do small jobs online and get paid in bitcoin or do things like signature advertising, but you need to be a Member or above here. If you have any things for sale like stuff you would put on ebay you could list them on the Marketplace or on Cryptothrift to try get some coins that way.

[sintax]

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.

[odolvlobo]

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.

[coinmaster222]

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.