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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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    I ended this week (week of Sunday, Dec. 20 to Saturday, Dec. 26, 2015) on a very good note. I will start with Saturday (December 26, 2015) that I earned a bitcoin earnings total of 350,444 satoshi (0.00350444 BTC = ~$1.45 @ $415.49 BTC $ price Bitpay quote). This is a new daily bitcoin micro earnings record for me and I am proud of this accomplishment. For this week (week of Sunday, Dec. 20 to Saturday, Dec. 26, 2015), I earned a total bitcoin amount of 1,402,360 satoshi (0.01402360 BTC = ~$5.82 @ $415.49 BTC $ price Bitpay quote). While it fell short of my personal weekly earnings record of 1,532,657 (set on the week of Sun., Dec. 6, 2015 to Sat., Dec. 12, 2015), it was a very good IMO.

    Overall, this was a great week for me getting free bitcoin from the bitcoin faucets and being able to convert some free bitcoin to an oz of physical silver was a huge plus for me to end the week that ended on Dec. 26, 2015. I feel very good going into 2016 and during the next week, I plan to set some ambitious 2016 goals as a bitcoin earner since I am doing well with this and will state them here on this thread on Thursday (December 31, 2015).
     
    Last edited: Dec 26, 2015
  2. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    While reading a bitcoin forum online, I saw a place called Gyft.com where you can buy gift cards online from major retalers and that includes ebay gift cards. I checked out the Gyft.com website and I see that they accept bitcoin as direct payment. It gives me an idea of an indirect way to buy '70's silver art bars on ebay using my bitcoin faucet earnings. Something to look into in the future if I decide to do this. For the time being, I will keep it simple buy using Provident Metals to convert my free bitcoin into physical silver once I accumulate enough free bitcoin to do so.
     
    Last edited: Dec 27, 2015
  3. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I ended up earning a total bitcoin amount of 217,252 satoshi for Sunday, December 27, 2015. This was a decent day for me and I am happy with it. My bitcoin goal for this week (the week of Sunday, December 27, 2015 to Saturday, January 2, 2016) is to earn between 1 million to 1.5 million satoshi which is doable based on my past bitcoin faucet earnings trends. I feel that 2016 will be good year for me in terms of obtaining free bitcoin from the faucets. I am in the process of setting some goals for 2016 and will state those goals on Dec. 31, 2015 (Thursday).
     
  4. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    My bitcoin faucet earnings 2016 goals:

    1. To get obtain enough free bitcoin to buy an ATB 5-oz silver puck.

    2. To have a day where I obtain at least a bitcoin amount of 500,000 satoshi (0.005 BTC) during that day.

    3. To have a bitcoin savings of at least $100 worth of bitcoin faucet earnings saved up in my Coinbase account.

    4. To have a week where I obtain at least 2 million satoshi of bitcoin faucet earnings.


    I feel that these goals are attainable for me in 2016 as a bitcoin faucet earner.
     
  5. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    As of this post, I have a total bitcoin amount of 0.01157344 BTC in my Coinbase account. That BTC amount equates to ~$5.02 based on the Coinbase BTC $ quote of $433.85. Based on current bitcoin $ price levels ($433 level), that is a $4.13 increase in my bitcoin savings from December 26, 2015 (the last time I converted free bitcoin into physical silver) to now (December 31, 2015). This has been a great year for me as a bitcoin enthusiast in terms of the amount of physical silver that I obtained from the free bitcoins that I obtained from the bitcoin faucets and the $ price increase from $230 to a current $433 which helped me convert my free bitcoins into physical silver. I hope that 2016 will be a even better year for me as a bitcoin earner.
     
  6. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Update (April 15, 2017):

    I still earn bitcoin through the bitcoin faucets but it is significantly less than it was when I started this thread on November 30, 2015 The main reasons:

    1.) Rising BTC price (from $379.03 to current price of $1180): There is an inverse relationship between BTC faucet payouts and the BTC price. As the BTC price rises, the faucet payouts decrease and vice versa. This turned out to be the case when BTC rose.

    2.) BTC Faucets disabled/defunct/ran out of BTC: A lot of faucets ceased to function mainly because of Google Ad cutting off their funding

    3.) Other interests/career changes: From December 31, 2015 (last time posting on GIM2) to April 10, 2017 (1st post on GIM since December 31, 2015), I did change jobs to focus on my ebay side business of selling '70's silver art bars which I am concentrating most of my free time to make it more successful. I also recently started a '70's silver art bar channel on YouTube and have been concentrating on that. Of course, I have spent a lot of time hunting for '70's silver art bars and that involved time away from my computer since I have done a lot of travelling during that time.

    Key events relating to my bitcoin earning/trading:

    1.) As I mentioned earlier, I do earn some bitcoin but it is from only one faucet that is still working (Moon Bitcoin)

    2.) On June 9, 2016, I converted $43 worth of accumulated bitcoin faucet earnings into 2-oz of silver. I bought two 1-oz RCM Superman silver coins from Provident Metals (I ended up selling one RCM Superman coin to use the proceeds to buy a '70's silver art bar but I have 1 RCM Superman 1-oz silver coin left). As a result of that June 9, 2016 BTC to silver conversion, that left me with only $11 worth of bitcoin faucet earnings left on June 9, 2016. At that time 1 BTC = $450 (If I remembered correctly). After than conversion, I was still earning bitcoin from just one faucet. As of 7:43 PM, Saturday, April 15, 2017, I have a total of 0.22 BTC (worth ~26.38 based on $1178.99 Coinbase BTC quote).

    3.) For a short while, BTC surpassed gold price when it touched $1300 before it declined to as low was $900 after the 1st Bitcoin ETF failed to get SEC approval

    4.) Using an online trading account, I did trade GBTC (Bitcoin Investment Trust) on two occasions. Those were short-term trades and I only made a total of $76.00 from trading GBTC (after paying trading commissions).


    I am still involved in Bitcoin since I still have 0.22 BTC in my coinbase account and I still earn bitcoin from 1 faucet but I am not nearly as involved in any bitcoin-related activities like I was on November 30, 2015 when I started this thread.
     
    Last edited: Apr 15, 2017
    lumpOgold and Joe King like this.
  7. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    How did the bitcoin faucet work out as a profit per hour of time invested?
     
  8. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Honestly, I do not know. I did not calculate that. This was a leisure thing for me so I really did not take it seriously enough to calculate that. However, I will admit that I wished that I did not convert any bitcoin faucet earnings on June 9, 2016 and instead would have waited to convert when the BTC price was at near $1300. If I would have waited at that time, then I could have bought a 2017 ATB bullion puck with my bitcoin earnings with that higher BTC price. Oh well............Hindsight being 20/20...............

    The only good thing about all of this is that I still have some BTC in play just in case BTC made a "To Da Moon" move from where it currently is.
     

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