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Converting free bitcoin to physical silver (no FRNs needed)

Discussion in 'Digital Currencies' started by Silver Art, Nov 30, 2015.



  1. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Since I am doing well getting free bitcoin from various bitcoin faucets on the Internet, I have accumulated enough free bitcoin to buy some silver online. As of now, I have a total bitcoin earnings total of 0.16876508 BTC which amounts to ~$63.97 based on the BTC $ price of $379.03. Earning bitcoin from the internet faucets is the easiest thing that I have done and since I am on the computer anyway listening to internet talk radio and browsing the web, then this fits right in for me. I do not make much from these bitcoin faucets but a little bit here and a little bit there adds up and here is where I am with using what I have earned online to convert that free bitcoin to physical silver. Each day I go to various faucets to get free bitcoin so even after I convert some of that BTC to physical silver, I am still continuing to earn more BTC. I plan to use Provident Metals as the online dealer of choice since they accept bitcoin as a direct payment to buy silver. My bitcoin faucet earnings are located in Coinbase for ease of use.

    The reason that I am starting this thread because I like to see how much silver I can buy with my accumulated bitcoin faucets earnings and given the fact that I am a bitcoin enthusiast, this is interesting to me since I am consistently earning bitcoin on a daily basis online. I plan to make my first bitcoin-based silver purchase tomorrow (Dec. 1, 2015) on Provident Metals. I have not decided what type of silver I am going to buy with my free bitcoin but each time that I use bitcoin faucet earnings, I will update this thread.
     
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  2. Strawboss

    Strawboss Intergalactic Silver Guru Gold Chaser

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    Is there a reporting mechanism between Provident and the US gov where you will have to account for your bitcoin "earnings" and subsequent silver purchases?
     
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  3. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    As far as I know (after looking around Provident website), there is no indication that there is a reporting mechanism between Provident and the .gov regarding this. It will be treated like a purchase with FRNs (paper trail but no reporting mechanism). However, like with online purchases at online dealers (such as APMEX), there will be a paper trail that I purchased silver at Provident but no (as far as I know) reporting mechanism (to the IRS) to report my bitcoin faucet earnings. This would be my 1st time ever using Provident Metals for any purchases and it would be the 1st time that I purchased silver with bitcoin.
     
  4. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Short answer, no.

    There are IRS reporting requirements when you sell, if you sell non u.s. Minted stuff, but it has to be 30+ ounces of gold, or 1000 ounces of silver.
     
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  5. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Thanks for providing a better answer than I did on this. This will not be an issue for me since to do not plan to sell any physical silver that I buy with my bitcoin.

    Even though I mentioned in another thread that I was not interested in the 2016 silver chinese panda, I plan to buy a 2016 silver Chinese panda and another silver round on Provident metals. I have not decided on the 2nd silver roind or bar of this purchase yet. I will look on the Provident site later today and make a final decision tomorrow.
     
  6. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    As of now (6:31 AM, Tuesday, December 1, 2015), My total bitcoin faucet earnings at Coinbase stands at 0.17111374 BTC which equates to ~$61.19 at the current BTC $ price of $357.62 (Coinbase quote). I went to Provident metals and decided to buy 3-oz's of silver since I had enough free bitcoin to get that amount of silver. It was not that difficult to pay by using bitcoin. The order (including shipping) cost me 0.162635 BTC ($58.15) and I used my Coinbase online wallet (instead of my Bitcoin QT wallet) to send the bitcoin payment to Provident since I send my bitcoin faucet earnings there anyway and I like the use of use with Coinbase since it takes time for my bitcoin QT wallet to sync and for people who are in bitcoin know what that can be like. Besides, I plan to convert more of my bitcoin faucet earnings after I spend a few more months getting more free bitcoin from bitcoin faucets.

    After spending 0.162635 BTC for 3-oz of silver, I now have 0.00847874 BTC left in my Coinbase wallet (about $3.06 based on $360.42/1 BTC Coinbase quote). At this time, I will concentrate on building back up my bitcoin balance by continuing to get (earn) more bitcoin from internet bitcoin faucets in order to convert more free bitcoin to physical silver. Just for clarity, when I say "free bitcoin", I mean not using FRNs to obtain bitcoin but instead using the many bitcoin facuets to obtain bitcoin. As I have mentioned in my OP, earning bitcoin from the faucets is the easiest thing to do on the internet. Far easier then working 8 - 10 hours/day to obtain FRNs. However, I am obviously going to keep my dayjob earning FRNs since I have to pay bills and will continue to buy '70's silver art bars and ATB pucks with the FRNs that I earn from my regular job. The obvious drawback is that bitcoin Faucets do not pay very much and it will take a few months to increase my bitcoin savings. That does not bother me since I know that it will pay off eventually (lower spot silver price and/or higher bitcoin $ price).

    As for what I bought with my free bitcoin on Provident, I bought 3 of the 1-oz Zombucks silver rounds. The Zombucks that I bought are the 1-oz Zombucks Saint silver art rounds. One thing that I noticed is that there is not much difference between the cash price and the bitcoin price. It is about 18 cent difference ($17.24 cash price vs. $17.42 bitcoin price) for a 1-oz Zombuck. In my OP, I was leaning toward the 2016 Chinese Panda but decided against it because I like the Zombucks better and it was a lower premium which at this point it did not matter since I did not spend any FRNs to get them.


    Here is where I stand regarding free bitcoin to physical silver conversion (as of Dec. 1, 2015):

    Total bitcoin earnings (free bitcoin) spent: 0.162635 BTC

    Total physical silver oz's obtained with bitcoin earnings: 3 troy oz's



    BTW for those who do not know what those look like, the following link is what the current Zombucks looks like:

    http://www.providentmetals.com/zombucks-saint-1-oz-silver-round.html


    As of right now (7:31 AM), my order is in "Confirmed Payment" status meaning that the bitcoin transaction received enough bitcoin confirmations and now I am waiting for "Order Processing" status which should not take too long since the bitcoin payment is confirmed and they received the bitcoin payment.

    Overall, using bitcoin to buy silver through Prodivent Metals was very easy and it did not take long at all. As a matter of fact, it took me much longer to write this post then it took to place a bitcoin order on Provident Metals.
     
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  7. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    By the time I go to bed (will be about 11:30 PM), I would have made nearly $2 worth in bitcoin faucet earnings so far this week after spending my free bitcoin on 3 1-oz Zombuck Saints yesterday. I like how things are going with this. I plan to buy more silver with bitcoin when I have enough free bitcoin to do so.

    EDIT: I will keep a running total of how much bitcoin I earned and how many oz's that I convented that bitcoin into.
     
    Last edited: Dec 2, 2015
  8. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    ^^^^^^

    I was wrong when I said in post #7 of this thread that I made about $2 total during this week. I actually made about $1.83 worth (based on Coindesk quote of $362) in total bitcoin earnings so far this week. It is still shaping up being a good week. I think that I can make about a total of at least $3 worth in bitcoin earnings by the end of this week (end of the week for me is on this coming Saturday Dec. 5) assuming that bitcoin is close to the same price range that it is in now ($353 - $368). At this rate of obtain $3 of free bitcoin, I can buy another Zombucks or a lower premium silver round (or silver art bar if Provident has one) sometime in early 2016 (Late-January 2016 - Mid-February 2016). I had about $3 worth of free bitcoin left over after I bought 3 Zombucks at provident so whatever I get in free bitcoin this week will help a lot. I will see how this goes and update accordingly.
     
  9. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    For today (December 5, 2015), I obtained a bitcoin total of 310,633 satoshi (0.00310633 BTC) from several faucets which that is a personal record for me for amount of bitcoin earned in one day from bitcoin faucets. With bitcoin currently at $394.61 (Coindesk.com quote), that equates to ~$1.22 worth of bitcoin that I obtained from the facuets. I earned over 1 million satoshi in Bitcoin and this is the first time that I have ever earned that amount of bitcoin faucets. As a matter of fact, for the week (Nov. 29 to Dec. 5, 2015), I earned a total bitcoin amount of 1,151,786 satoshi (0.01151786 BTC) which equates to ~$4.54 worth of bitcoin that I earned from the various bitcoin faucets on the internet. That is a personal record for me for the amount of bitcoin that I earned in one week from the various bitcoin faucets on the internet. At first glance they appear to be small amounts, but obtaining them from internet faucets during the week (Nov. 29 to Dec. 5) that is a lot considering that a bitcoin faucet does not pay out a lot. This is going better than I am expecting because 1.) The Bitcoin $ price is much higher than where it was 2 months ago and 2.) I found more bitcoin faucets online with decent payout to earn more bitcoin from.

    I am happy with this and, as I have mentioned in earlier posts in this thread, I plan to convert that free bitcoin into more physical silver by placing a bitcoin order on Provident Metals once I earned enough bitcoin from the faucets and that assumes that spot silver stays in the $13.90 to $15.30 range. I will probably buy another Zombuck Saint (if they still have them) or another lower premium silver round/bar on Provident Metals by as soon as the end of this month if I can maintain this bitcoin earnings output for the next 3 weeks and bitcoin stays in at least the $330 to $350 range). No FRNs out of my pocket required.

    To be continued......................
     
  10. #48Fan

    #48Fan Silver Member Silver Miner

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    What faucets are you using?
     
  11. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I use a LOT of bitcoin faucets to get free bitcoin but the main ones that I use are the following:

    BitcoinAliens.com

    CoinOOF.com

    Bitcoin Zebra

    Bitcoinker

    Moon Bitcoin

    Bitganancias

    Break The Coin


    I also use a couple of bitcoin rotators that contain more bitcoin faucets that I can get free bitcoin from.



    EDIT: This is the main bitcoin rotator that I use and lists the faucets with the biggest payout:

    http://www.mybitcoinfaucets.com/
     
    Last edited: Dec 6, 2015
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  12. PhucilliJerry

    PhucilliJerry Gold Member Gold Chaser

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    Silver Art,

    I think I'll give this a try, thanks for posting about it. Are there any referral bonuses I can help you with if I sign up?
     
  13. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Honestly, I do not know. I have never had any referral bonuses before. Here are some of my referral links:


    http://bonusbitcoin.co/?ref=912CE1254A92


    http://moonbit.co.in/?ref=088f8dab2958




    Those are two of the best bitcoin faucets that I use on a daily basis get obtain free bitcoin from. Keep in mind that a single bitcoin faucet does not pay out much but doing several bitcoin faucets in a given time span can add up quickly (see post #11 for faucets).

    EDIT: This is the first time that I had given out any bitcoin faucet referral links so I am still learning about this myself.

    EDIT2: Here are a couple more referral links from a couple of other bitcoin faucets that I use:

    http://freeoof.com?affiliate=17851

    http://coinoof.com?affiliate=6583
     
    Last edited: Dec 6, 2015
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  14. PhucilliJerry

    PhucilliJerry Gold Member Gold Chaser

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    Thanks!

    So I'm completely new to Bitcoin, can you recommend a wallet as well?
     
  15. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    When I first started out with bitcoin 2 years ago, I used an online wallet called Coinbase. Here is the link to Coinbase:

    https://www.coinbase.com/

    I currently use Coinbase to store my bitcoin faucet earnings in and I find that this is a very good online wallet to get. There was a time that I used to have a software-based bitcoin wallet client called Bitcoin QT and I was using that for a while when I was inventing FRNs directly in bitcoin but stopped using it after sold my bitcoin investment for FRNs when I had an FRN gain on it. I prefer to obtain bitcoin from the faucets and started doing so in Summer 2014 once I realized the potential to accumulate a decent amount of bitcoin if done on a persistent and constant basis.

    Since I plan to convert a certain amount of bitcoin faucet earnings to physical silver, Coinbase is easier and quicker to use because a software-based wallet (like Bitcoin QT) has to "sync" (i.e. update the blockchain) and that can take a long while. I have all of my bitcoin wallet earnings on the Coinbase online wallet because I know that every few months, I plan to spend it at Provident metals once I get enough free bitcoin from the faucets.

    I will also say that I still have my Bitcoin QT wallet because just in case, I happen to have a lot of bitcoin (for example, $150 in bitcoin earnings), then I will keep some of those earnings on my Bitcoin QT wallet because it is more secure than an online wallet if I know that I will not spend them for a while.

    There are many places to get a bitcoin wallet and you should DYODD when it comes to this since there are several options.

    EDIT: This following link is also helpful about bitcoin wallets:

    http://bitcoinintro.com/wallets/
     
    Last edited: Dec 6, 2015
  16. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I am off to a good start for this new bitcoin earnings week (started on Dec. 6, 2015). My total bitcoin faucet earnings total for Dec. 6, 2015 (Sunday) was 322,892 satoshi (0.00322892 BTC) which is a new personal daily bitcoin faucet earnings record for me. That equates to ~$1.25 worth of bitcoin faucet earnings at a bitcoin $ price of $389.52 (Coindesk quote at the time of this post). Since I am on vacation Monday (Dec. 7, 2015) from my regular job, then I will have a possibility to obtain even more BTC than that. My goal for Monday (Dec. 7, 2015) is to earn at least 400,000 (0.004 BTC) satoshi in bitcoin faucet earnings. I also have another goal to making 2 million (0.02 BTC) satoshi in bitcoin faucet earnings for this week (week of Sunday, Dec. 6 2015 to Saturday Dec. 12, 2015). Those are doable goals IMO. Sometime during the middle of the week, I will check my Coinbase wallet to see how much total free bitcoin I have accumulated since I will be getting emails during the early part of the week stating that my BTC earnings have been transferred to my coinbase wallet. If I can accumulate enough free bitcoin in my Coinbase wallet by December 31, 2015, then I will convert that bitcoin into another oz of physical silver by placing a bitcoin order on Provident metals. Stay tuned.............
     
  17. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I have some good news and bad news. First the bad news...............I fell short of my objective of earning at least 400,000 satoshi (0.004 BTC) for today (Dec. 7) and I did not break my daily bitcoin earnings record of 322,892 satoshi that set yesterday. However, the good news is that I had a very good day for today and earned a total of 266,302 satoshi from the bitcoin faucets. Based on the current Coindesk.com Bitcoin $ price quote of $395.72, todays earnings equates to ~$1.05. Starting tomorrow (Dec. 8), I should get back down to my average bitcoin earnings rate of between 150,000 to 175,000 satoshi per day rate since I will go back to work tomorrow from taking a vacation day. Overall, I am happy with how this week is going for me in terms of obtaining free bitcoin from the faucets.
     
  18. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    If you could devote more hours to it, perhaps you could up your take to $2 a day.
    Maybe think about quitting your job.
     
  19. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    That's ok. I am satisfied for the time being with obtaining 75 cents to $1 worth of free bitcoin a day from the bitcoin faucets. It is not much but it adds up since it yielded me 3 ozs of physical silver so far. I plan to keep my day job.

    Edit: if I can obtain enough free bitcoin between now and the end of this year, then I will convert that into another oz of physical silver by placing another bitcoin order with Provident metals before the year is over.
     
    Last edited: Dec 8, 2015
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  20. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    My 1st Bitcoin order for 3 oz's of physical silver from Provident metals did arrive in the mail today. I love these particular Zombucks silver rounds especially love them when I was able to buy these with the accumulated free bitcoin that I was obtaining from the various Bitcoin faucets online. No FRNs came out of my pocket for this purchase. As mentioned earlier, this is my first ever bitcoin purchase and I am glad that it was for physical silver. I like the result of my efforts and I will continue to obtain more free bitcoin in this manner in order to convert that to more physical silver in the future. Doing this is a very slow and steady game but it is something to do since I am on the Internet anyway doing things like browsing the web, posting on gold and silver forums and listening to internet radio. I might as well get something out of it.

    Here is what the Zombuck silver rounds look like:
     

    Attached Files:

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  21. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I am calling it a night earlier than my usual 11:45 PM end time (stopped at 10:55 PM) because I am going to enjoy the fruits of my "labor" by spending some time looking at/fondling my Zombucks Saints silver rounds. I ended up earning a total of 177,914 satoshi from the bitcoin faucets for Dec. 8, 2015. That equates to approx. 75 cents based on the current bitcoin $ price of $421.50 (Coindesk.com quote).
     
  22. #48Fan

    #48Fan Silver Member Silver Miner

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    Hey Silver, found this faucet, not sure if you're using it: http://coinoof.com?affiliate=12605

    Pays 600+/20min with a slim chance to x10. Up to 30k and started using it yesterday. Also, if you click the "more free satoshi" in the top left, it will take you to a similar page with a slightly smaller prize.
     
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  23. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yep. I use that faucet and the other two (FreeOOF.com and BitcoTIME). Most of the time, I try the double my prize (or more) but I sometimes end up with less than what I would have had if I just took the initial prize. Basically my strategy now is when I start earning from those type of faucets, I go with taking the initial prize for the 1st 15-30 minutes and then I double for the rest of the time I am on my computer. As a matter of fact, I had better luck doubling my prize on those faucets during the morning than I do now.

    EDIT: That is a great start getting 30K satoshi from that CoinOff Faucet. Good job.
     
    Last edited: Dec 10, 2015
  24. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I am losing badly on the "double prize" option. I have been getting only 100 to 300 satoshi every 15 min when I attempt to double. I am going back to claiming the initial prize every 20 min for the next hour or two.
     
  25. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Hey #48Fan, I would also watch the bitcoin $ price. The reason that I say this because if the bitcoin $ price continues to go up and stays there at that higher price for a while, then the faucets payouts will decrease. If the bitcoin $ price goes down, then the faucet payouts will increase. There are other factors (faucet advertising revenue, demand, etc) in play but the bitcoin $ price plays a large part on faucet payouts and the duration between when you can obtain more bitcoin from a particular faucet. Just something to think about.
     
    Last edited: Dec 10, 2015
  26. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    #48Fan,


    I forgot to mention this but the following is a bitcoin "faucet rotator" that can be used to obtain some free bitcoin if you find yourself behind on your average bitcoin earnings. Here is the Faucet rotator:

    http://www.mybitcoinfaucets.com/

    The above link to this faucet rotator is the fast way to get free bitcoin especially the ones on the top that pay 2000+ satoshi per facuet. I use this faucet rotator and it has served me well when I want to get some free bitcoin in a short time span.
     
  27. #48Fan

    #48Fan Silver Member Silver Miner

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    Much appreciated! Have you tried any of those ecoin investment sites? Where they claim you can double your bitcoin every 1-5 days? Minimum is .01BTC to invest. Once I get there, I'm going to try it.
     
  28. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Nope I have not tried those. I usually stay away from those. Slow and steady for me. I do not feel good about sites like those.

    EDIT: I would not recommend sites that claim you can double your BTC investment. Smells like "too good to be true" to me. JMHO.
     
    Last edited: Dec 10, 2015
  29. #48Fan

    #48Fan Silver Member Silver Miner

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    Yes, been using it since you posted it earlier. Had a deposit into my ewallet of 180k today. Hell, cant complain since that is without sites you have to manually deposit. I really appreciate you making me aware of this BTC stuff!!
     
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  30. #48Fan

    #48Fan Silver Member Silver Miner

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    I'm gonna give it a go for the f%ck of it. Not losing anything as I've been doing this since Sunday and about half way to mu .01BTC goal. I will let you know how it goes.
     
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  31. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Fair enough. Be careful on those type of sites like those. Once you get enough bitcoin from the faucets, then maybe invest half (or less) of your bitcoin earnings to see how it goes with those types of sites.
     
  32. lumpOgold

    lumpOgold Gold Member Gold Chaser Site Supporter

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    At 5¢ - 10¢ per can and bottle, I could probably get more than a dollar a day. Could be a monthly ounce or 2 of silver from that.

    I have about $400 worth of Doge coins, just over 3,000,000 from back in the days I had a nice setup with 6 Zeusminer Blizzards (1.35Mh/sec each, quite slow by today's standard). Now the difficulty is so high I'd be losing money to electricity using them.
     
  33. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    You are doing well getting to that 0.01 BTC. That is really good. I need to tally where I am at on my weekly bitcoin earnings thus far. I had a "bad day" yesterday in that I obtained a bitcoin total of only 125,196 satoshi for all of yesterday. I think that I can still get earn a least 1 million satoshi for this week ending this Saturday (Dec. 12). I will see how the rest of this night goes as well as tomorrow and Saturday.
     
  34. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I have never mined any DOGEcoin or bitcoin (do not have equipment to do that). Like Bitcoin, I also get free DOGEcoin from the DOGEcoin faucets but I do not concentrate on them very much since I mainly do the Bitcoin faucets. I do not have much in DOGEcoin. Maybe $7 worth of DOGEcoin faucet earnings. I will have to check my DOGEcoin balances.
     
    Last edited: Dec 10, 2015
  35. #48Fan

    #48Fan Silver Member Silver Miner

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    I hear ya. Much easier clicking here and there than picking up cans on the side of the road. Of course, it ain't much but if I'm on the cpu anyway, why not?
     
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  36. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    What exactly must be done to collect the free bitcoins online? It sounds like a time consuming headache for people with nothing to do and no life.
     
  37. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yep. Exactly. Before, I go to work and when I get home from work, I am on my home computer on the internet listening to internet radio, sometimes posting on forums, listening to the radio, reading newspapers online. Since bitcoin exists, I am doing the exact same things that I just mentioned when I am on my home computer and on the intenet but the difference now is I am getting free bitcoin by solving simple captchas and playing simple games while doing what I usually do on the internet such as listen to Internet radio. Easy stuff.

    In other words, being the Internet junkie that I am, getting free bitcoin from the faucets is perfect for me since I am on the computer and on the Internet anyway when I am at home and now since some online dealers, such as Provident Metals, are now accepting bitcoin as payment, then I can simply "convert" the free bitcoin that I have obtained from the faucets into physical silver. No FRNs involved at all. Starting this thread is demonstrating how I am doing it and how it can work. This is how I am getting bitcoin to work for me. The three Zombuck Saint silver rounds that I bought with my free bitcoin are the 1st example of how this has worked for me so far, on a very small level.
     
  38. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    See post #37. It is not really time consuming based on what I wrote in post #37 but that is just my take on this. Easy stuff in my opinion. I will admit that I do not have a social life but I am happy with that and getting free bitcoin from the faucets and converting that into physical silver fits me.
     
  39. #48Fan

    #48Fan Silver Member Silver Miner

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    Just set up a BTC wallet, Google BTC faucets, and your there. Faucet rotators are the shizznit and there are some games. Leave the 5 min/pays open if you want (they usually have a timer)and use the rotators (they keep track of elapsed time for you). Other than that, you just click and solve basic puzzles.
     
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  40. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I ended up obtaining a total bitcoin amount of 190,286 satoshi for today (12-10-2015) from the bitcoin faucets. That equates to approx. 80 cents based on the current bitcoin $ price of $423.17. That is a good day for me IMO. I am still on track to earning at least 1 million satoshi (0.01 BTC) in bitcoin by the end of this week (ending on Dec. 12, 2015).
     

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