Bitcoin hits $700! (I actually spent some of my bitcoin!)

The price of bitcoin has been going crazy. Bitcoin is now at a 2-year high. I speculate some of this has to do the the upcoming halving.  You can read some of my thoughts on a old article I wrote for Coinbuzz. I might talk about about this and some of my experience writing for Coinbuzz in another post.

Anyway, with this huge upward price movement. I may have made a mistake. I didn’t anticipate the price of bitcoin to continue to rise so much, Earlier this week I made my first purchase with bitcoin ever! I used egift to buy an Amazon gift card, (I love shopping on Amazon!). I have a video on how to do it yourself at the bottom of the post.

Performing the transaction I experienced:

Fees	0.0007 BTC

Which was  ( at the time) about 40 cents of fees. This fee might seem high to you, but it is the result of receiving bitcoin in many small transactions.  A Lot of the bitcoin I have received is from faucets, and when you finally spend it, the transactions fees can be a bit high. Each source of btc counts as an input, which is one of the factors used in determining transactions fees. If you are interested, I talk about this more here.

As I continued and finished the transaction I noticed, it looks like Coinbase provides this service for egifter, so I don’t know if egifter even holds on to any of the bitcoin. Initially, I recommended spending some of your bitcoins right now if you have any, but I am no longer certain what the future holds for the price of bitcoin.

Big Tuna

I have just hit 10,000 views!  I mentioned this to my mother and she was astounded. But really it's not that big of an accomplishment.

In other news, it looks like the price of bitcoin has increased dramatically over the past few days. In my memory it has been awhile since bitcoin has broken $500. Let's see what happens, but it might be time to spend some of those bitcoin now! And I just learned a great way to do this...

Some of my friends when I talk to them about bitcoin are convinced bitcoin is used exclusively to buy drugs or other illicit things. “It’s just for buying pot” one friend would say. I would joke, no lol, that is what potcoin is for.  And I would elaborate that bitcoin isn’t just for drugs. You can buy anything with bitcoin. Anything. Like literally you can by tuna online with bitcoin, here is the link. Isn’t that something.

Faucets in trouble?

Recently my favorite faucets have been changing their payment amounts and not just in the normal pegged to a USD value type of way. During the past two weeks, https://freebitco.in and https://freedoge.co.in were giving out the smallest earnings I have ever seen. In the recent past, the smallest payout has been equal to the highest payout divided by 100,000 times 2. Prior to this, the smallest payout was equal to the highest payout divided by 100,000. But during these past two weeks, the smallest payout is the highest payout divided by 142,875. The highest payout is pegged to a USD value, which is $200 for both sites.

https://freebitco.in  has just returned to normal payouts (twice at base level) and   https://freedoge.co.in  is giving 100,000th of the highest payout.

Another blogger has given some analysis on why his own faucet is struggling.

The article discussed how google adsense is no longer allowing faucets to have ads on them. Perhaps some of these faucets are feeling the pressure. In fact, I speculate this is why

http://bitcoinzebra.com is for sale now.

Still, here is a faucet tip:

Bookmark all your faucets with the same interval for redemption into one folder on chrome or firefox. Then right click that folder and open them all at once.  For example, all of my one hour faucets are in a one hour folder. I also have a moon folder for my variable time faucets. You can see my faucet list here.