FAQ: “What is the Minimum Withdrawal Amount from Coinpot”; Withdrawing, Converting and Exchanging Faucet Earnings Overview

Minimum faucet earnings withdrawals from Coinpot, per currency (zero-fee), per currency are:

Bitcoin: 0.0001 BTC (0.39 United States Dollar)
Bitcoin Cash: 0.0001 BCH (0.013 United States Dollar)
Dogecoin: 50 DOGE  (0.0997 United States Dollar)
Litecoin: 0.002 LTC (0.11 United States Dollar)
DASH: 0.0002 DASH (0.0166 United States Dollar)

*USD prices relevant as of 09.03.2019

Coinpot Token cannot be withdrawn. Tokens have to be converted to any of the five currencies; otherwise, it holds no value outside Coinpot. 100 Coinpot Tokens roughly equate to 0.01 United States Dollar. 

Contrary to popular belief, the cheapest withdrawal method of Coinpot-partnered faucets is normally Bitcoin Cash (sometimes – DASH); not Dogecoin. Doge remains a popular choice due to the Coin‘s liquidity, minimal trade and transfer fees, stable fiat value and instant transaction times. It must be said, however, that Dogecoin withdrawals from Coinpot take a very long time, as “industry standards” go. The delay is due to Coinpot‘s procedures and the funds never take 48 Hours to arrive (as stated in the Terms). Coinpot Dogecoin Wallet-to-any Dogecoin Wallet transfers normally take 14-24 hours on average.

Tip: Delay in withdrawing Doge (or other currencies) negates the possibility to execute price speculation operations on external exchanges. However, if a hypothetical Dogecoin millionaire feels that the Coin should be sold (or bought, for that matter) right now and the opportunity might be lost due to hours-long transfer… Coinpot Tokens’ stable fiat value and zero-fee instant Doge-Token conversion might save the day. Of course, keeping large amounts of any currency in Coinpot is lunacy. So is using an asset unique to Coinpot for high-value speculative operations.

DMYF recommends storing currencies in real wallets, DMYF does not encourage speculation (or any other form of financial decision-making). Monitoring currency exchange rates and earning a few Tokens or Coins on successful exchanges using funds earned from faucets is merely an educational exercise for an aspiring cryptocurrency day trader. Remember: using micro-earnings to acquire transferrable skills and knowledge is the only real value one must expect to gain from spending time solving captcha.  

Anecdotally, a test DASH transfer to Binance from Coinpot was, to our surprise, instant.

Remember: in a volatile market, currency transaction delays might result in significant losses.

…

Q: Considering the fact that the minimum Coinpot withdrawal amounts are measured in cents, where can they be sold or exchanged?..

A: If a user intends to sell/purchase currencies, when speaking of selling tiny fractions of coins, exchanges such as Binance should be avoided. Minimum trade amounts, commissions and withdraw fees might leave a seller with dust, – small amounts of coins/tokens left over after a transaction, – that is, if a minimum amount of a currency withdrawn from Coinpot will meet the minimum trade amounts at all. For more information, always refer to the Fees and Limits page of an exchange (e. g. Binance Fee Structure).

A simpler way to sell/exchange faucet earnings is using a converter, such as that offered by LuckyGames, – the site’s internal currency converter allows instant conversion and access to 100+ currencies. Most importantly, any featured currency can be used to purchase another featured currency, while traditionally, even altcoin-focused exchanges (e. g. CoinExchange) offer limited purchasing options (=trading pairs). LuckyGames conveniently offers conversions between any of the 100+ supported currencies at market rates, zero deposit fees and minimal withdrawal fees. Transactions are instant and rates are updated every minute.

In practice, that means that a Coinpot user can withdraw his earnings in Dogecoin and convert them to any popular currency in LuckyGames, since minimum conversion amount for Dogecoin is only 100 Doge. Going through an exchange would imply converting Dogecoin to USD/BTC/ETH/LTC (at best), purchasing a currency (IF being able to meet the minimum transaction amount!)… and then face withdraw fees.

At the moment, LuckyGames supports the following currencies: 0x Protocol, aelf, Aeternity, Ardor, Ark, Augur, Bancor, Basic Attention Token (BAT), Bean Cash, Binance Coin, Bitcoin, Bitcoin ABC (BCH), Bitcoin Diamond, Bitcoin Gold, Bitcoin SV, Bitcore, BitShares, BitTorrent, Blackcoin, BURST, Bytecoin, Cardano, Chainlink, Civic, CLAMs, CloakCoin, Crown, DASH, Decentraland, Decred, DigiByte, Dogecoin, Einsteinium, Electroneum, Emercoin, EOS, Ethereum, Ethereum Classic, Feathercoin, FunFair, Gamecredits, GAS, Gifto, Golem, Groestlcoin, Gulden, Holo, Horizen, HyperCash, ICON, Ignis, ION, Komodo, Lisk, Litecoin, Loopring, Monaco, MonaCoie, Monero, Namecoin, Nano, NAVcoin, Neblio, NEM, NEO, Nexus, Novacoin, NXT, OmiseGO, Ontology, Particle, Peercoin, PIVX, Populous, Potcoin, Pundi X, Qtum, Ravencoin, Reddcoin, Ripple, SALT, Siacoin, Status, STEEM, Steem Dollars, Stellar Lumens, STRATIS, SysCoin, Tether, Tron, TrueUSD, Ubiq, VeChain, Verge, Vericoin, Vertcoin, Viacoin, WAVES, WhiteCoin, Zcash, Zcoin and Zilliqa.

—

Q: Is it possible to quickly sell Coinpot earnings for fiat (USD, EUR…)?

A: It is becoming easier to sell popular Coins using a variety of methods. BCH, DASH, BTC, Dogecoin and DASH can be sold for fiat (PayPal, Payeer, Skrill, Neteller and many more paying systems). For best rates, it is recommended to have a look at an exchange monitor, which compares best rates available at the moment live. Rates and minimums vary; however, at time of posting, an exemplary sale of Dogecoin for USD (Perfect Money) would be possible even with a minimum of 100 Dogecoin.

Summary:

Although Coinpot is a legitimate service, withdrawals can take time and thus users do not have immediate access to their earnings. It is recommended to store Coins elsewhere, or take advantage of multiple new services offering low exchange rates. Although Coinpot Faucets offer the chance to earn enough Coins to be able to withdraw earnings multiple times a day, doing so would imply a slight conversion cost. Still, holding Coins on Coinpot account is unwise and faucet users should have a plan how to put their earnings to use.