Bit coin - How does someone get started? - Any recommendations?

[notinmybackyard]

I'm interested in learning more about Bitcoin and how money can be made out of electricity.

Never let it be said that you can't teach an old dog new tricks.

[jscott]

if you're talking mining, instead of trading, then you'll need as many good luck wishes as you can get

as for trading, you can start buy depositing USD to coinbase. Setting up accounts for USD deposits isnt quick or easy, lots of verifying and all, but you'd be doing same if setting up a stock trading acct

Once you deposit usd, buy BTC, send to trading platform like Bitfinex (no usa), Mercatox, Bitmex (no usa), Cex, HitBTC to begin your trading (bitfinex is best platform i've ever used)

[notinmybackyard]

Originally Posted by jscott

if you're talking mining, instead of trading, then you'll need as many good luck wishes as you can get

as for trading, you can start buy depositing USD to coinbase. Setting up accounts for USD deposits isnt quick or easy, lots of verifying and all, but you'd be doing same if setting up a stock trading acct

Once you deposit usd, buy BTC, send to trading platform like Bitfinex (no usa), Mercatox, Bitmex (no usa), Cex, HitBTC to begin your trading (bitfinex is best platform i've ever used)

I'm familiar with traditional trading so is there some sort of tutorial that I can study in order to learn how this trading is done?

[seeandsee]

bitcoin is going down

[jscott]

Originally Posted by seeandsee

bitcoin is going down

It's gone up $150 almost exactly after your post

luckily sigwhoring opinions carry zero weight

[Google Expert]

You're too late to the party. The ship has sailed.

[rowan]

Originally Posted by Google Expert

You're too late to the party. The ship has sailed.

Says everyone since 2010.

I remember people calling someone an idiot because he'd just invested $25k in GPUs and motherboards. This was when Bitcoin was worth barely double figures. If he'd mined for a year and held he'd now be a multi-millionaire.

You're probably unlikely to make a 500000% ROI like early early adopters, so repeating the above story is kind of stupid, but there's still a chance to make money.

[notinmybackyard]

Originally Posted by rowan

Says everyone since 2010.

I remember people calling someone an idiot because he'd just invested $25k in GPUs and motherboards. This was when Bitcoin was worth barely double figures. If he'd mined for a year and held he'd now be a multi-millionaire.

You're probably unlikely to make a 500000% ROI like early early adopters, so repeating the above story is kind of stupid, but there's still a chance to make money.

As I do with all business matters I'm approaching this with an open mind. I'm willing to look at how all of this works.

Also at my age I've made my money and it would be pretty foolish of me to think I could build an empire. (and I like being a nobody) But I do have grandchildren and great-grandchildren and soon I'm going to be a father again in a few months. So I'm interested in seeing what I can set them up with.

[TheDynasty]

Since you are in late i'd start buying some litecoin and coin alternatives. Unless you have 5k to plunk down on whole coins you could make a hundred here and there while it goes up.

[rowan]

Originally Posted by TheDynasty

Since you are in late i'd start buying some litecoin and coin alternatives. Unless you have 5k to plunk down on whole coins you could make a hundred here and there while it goes up.

I've found that alts tend to track BTC-USD value, sometimes with a bit of a delay. If BTC goes up, BTC-<alt> goes down. In the very short term you may be able to take advantage of the lag, but if you want a longer term hands-off investment, just buy BTC IMHO.

[rowan]

And just to add... I was doing my taxes recently and looked at a trade I did last year. BTC value has increased over 20 times since then, and in the last few months alone it's gone up by about 400%. I don't think it's over yet.

[bronco67]

Anyone who gets into Bitcoin now will be plagued by intrusive thoughts :"If I had only bought Bitcoin years ago. I'd be fucking rich now.."

At least that's what I'd be thinking.

[bronco67]

Originally Posted by rowan

And just to add... I was doing my taxes recently and looked at a trade I did last year. BTC value has increased over 20 times since then, and in the last few months alone it's gone up by about 400%. I don't think it's over yet.

Ever hear of this thing in trading called a bubble? So many people are going to get buttfucked.

[rowan]

Originally Posted by bronco67

Anyone who gets into Bitcoin now will be plagued by intrusive thoughts :"If I had only bought Bitcoin years ago. I'd be fucking rich now.."

At least that's what I'd be thinking.

And then in a year's time you'll be wishing you'd invested now.

I've made mistakes with Bitcoin - I could have made tens or maybe even hundreds of thousands of dollars extra if I'd held for longer - but that's hindsight; I prefer to look forward without being bothered too much by "if only I'd done it differently"

Originally Posted by bronco67

Ever hear of this thing in trading called a bubble? So many people are going to get buttfucked.

Could be a bubble, could just be the market finding the true value.

[JohnnyPearl]

Buy only S9 Antminers for mining bitcoins. Anything else is a waste of time and power.

[charlie g]

I believe we are still in the early stages of crypto currency. While it's true that mining is not as profitable as it was, the idea is that your gains will come as the coins increase in value. So if you can mine wih gpu's you will not get rich quick If you can mine and hold the coin, you have the potential for huge gains. And even BTC still has a very long way up before we see the top, eth is where the real opportunity still exists.

[HomerSimpson]

Mining is probably no longer profitable.

Two ways to profit:

1. Buy, keep, sell at higher price - best site to buy/sell BitCoins (with credit card) is CoinBase

2. Buy mining contracts and keep the bitcoins: HashFlare, Genesis-Mining. The main idea is to buy mining contracts only in USD, NEVER reinvest mined coins into buying more hashpower. Withdraw them and keep them until their value rises. Always buy hashing power only with USD.

[MaDalton]

I'm one of those that dismissed it earlier - then broke down a few weeks ago and bought some bitcoin and I am 55% up since then