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Gigi

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What is Bitcoin?

I remember the first time I researched BTC mining on a PC was a year back and already it was a saturated and competitive market to enter (I missed the mining bus as they call it). One thing for sure, was that I didn't have the tech savvy to build something mining-worthy, and not just an elaborate room heater. Electricity isn't exactly cheap where I live either, due to excessive taxation.

Cloud mining certainly seems to have some perks, you meddle with less hardware, you get less senseless heat from the computer and there's a lower electricity usage.

But it's not all flowers and sunshine, most cryptocurrency mining sites are complete ponzi schemes (they pay the earlier investors with money from the newer ones).

Legit sites also have a thing called maintenance and electricity fees ("MEF"), which adds up as expense on your otherwise flawless plan of gaining profit in the span of 6 months. Another thing is that mining difficulty increases as more cryptocurrency is mined and there's a huge variation in the balance of cryptocurrency making frequent re-calculations of your "plan" necessary to avoid going into negative profit.

Has anyone successfully seen any profit from Cloud mining? Even small sum stories, I'd like to hear the experience.
 
I am not sure about cloudmining but it think it is mining of cryptocurrencies. THere are some cloudmining companies i know only about genesis mining (Sign up with a discount counpon you'll get 5% off just google it).
I suggest don't go for mining because it pays us too low and rates of cryptocurrencies can go down anytime so it is a bit risky.
 
Anybody here mine bitcoins? How much money do you make? Is that profitable?

My own opinion is if you're tech savvy you can almost squeak a small profit, but you probably missed the boat. Remember, its very difficult now compare it to high cost of hardware and electricity.

Perhaps it would be better to start joining mining pool. Just my opinion. what do you think guys?
 
I think mining was profitable upto 2016. But now a days the mining cost has increased a lot. And you would not be earning 1 bitcoin that easily. It may take a lot of CPU power for the decoding of hashes. And this process may take years or months in due process as well. I have learned that mining should be avoided instead you can buy the bitcoin and hold it for some time. that should be more than enough too.
 
If you want to invest make sure that you invest in a stable mining bitcoin pool for most of bitcoin investment today turn out to be a big scam later on. They pay at first to their members but once a large amount of money deposited on the site they vanish instantly without any prior notice. So, invest at your own risk which you can afford to lose.
 
I want to know what is cloud mining? How can I mine any currency with cloud mining means process of cloud mining. Which company gives best cloud mining results? If anybody knows then please explain it.

It is quite simple to understand it. On first days of bitcoin life peoples was able to mine from their personal computers. Today, if you want to have your personal mining, you need to buy expensive hardware. But if you, for example invest 3000$ in mining hardware, depend on bitcoin network in future, your hardware can become garbage in 6 months, for example. So with reason that bitcoin network can change in future and thing that mining hardware consume high ammount of electric energy, peoples deicide to sell hashpower rather then mining by themselves. That is cloud mining. That mean you don't need any hardware for mining, you just buy hashpower and mine bitcoins in your cloud account on their website (which you can withdraw to your bitcoin wallet). But as I wrote before, it can be profitable if you invest high ammount of BTC with short term contract. Don't believe in profit calculators, because they calculate how much you will earn with today's rates and BTC price, but everything can changes tomorrow. And long term contracts usually result with your loss with 2 factors - BTC network can change in future, cloud mining site can turn into scam and don't pay you
 
to mining bitcoin by Individual person is very expensive. unity is strengths. for risk of reduce losing money we can start that kind of mining project with a group people. people, it may your friend, your colleague. with group of people- win or lose - but no frustration.
 
I believe mining bitcoins with a laptop and be profitable is pretty hard, first of all, your laptop must have high-end GPU, but still, you will face problems with overheat after couple hours of mining. I believe the laptop will be destroyed due to mining soon.
That's right. its way better if you tried to mine Litecoin or Monero
 
Wow, I've gained some good insight from this thread, and also left with so much questions.

Bitcoin
Litecoin
Hardware
Cryptocurrency
Cloud minning
Bitcoin trading
Bitcoin wallet
Peer to peer

I will love some more insight in the Terms I've listed above. I'm still kind of confused as a newbie

Should we go minning or should we go trading

How do one avoid been scammed
 
Wow, I've gained some good insight from this thread, and also left with so much questions.

Bitcoin
Litecoin
Hardware
Cryptocurrency
Cloud minning
Bitcoin trading
Bitcoin wallet
Peer to peer

I will love some more insight in the Terms I've listed above. I'm still kind of confused as a newbie

Should we go minning or should we go trading

How do one avoid been scammed
No one actually can give you proper answer for this. Because if that is simple, all of us would be millionaire in short time..
But I will try to explain a little more, that you better understand

What is Bitcoin, Litecoin?

Bitecoin, Litecoin, Dogecoin, Dash, Monero, Ethereum, Ripple and many other are cryptocurrencies like Dollar, Euro, Pound, Franc is for real money
Bitecoin is most expensive and most popular cryptocurrency. Several countries already accept bitcoin as a payment option (banks, hotels, restaurants, etc)
To better understand, google bitcoin history and read that

Why is collect cheaper altcoins instead they are not popular like a bitcoin?
1. you can exchange them for bitcoin
2. you can keep them in your wallet and wait what future will bring

I write about it on other posts, but I repeat here again:
There are many faucets for bitcoin and altcoins.
Faucet are reward system in form of website or application which giveout reward of parts of bitcoin or altcoins
What is difference between bitcoin and dogecoin faucets for example?
First you need to understand that claim rate from faucet depend of that coin price on market
At this moment bitcoin price is about 4700$ and dogecoin price is about 0,001$
So from bitcoin faucet you claim satoshi. satoshi is 100.000.000th piece of bitcoin or 1 satoshi = 0.00000001 BTC
On dogecoin faucets you can claim 0.1 to 1 or more doge per claim. That mean you can collect hundreds or thousand of doge pretty easy.
When you read bitcoin history, you can see that bitcoin price on it's start was about 0,1$ and today it is 4700$
if you have 1000 dogecoins for example, and price go up in future, you can become rich for basically doing nothing. But we cannot predict what future will bring

Is it worth to use bitcoin faucets, such as a rewards very small, and I need ages to collect good amount of BTC?

Answer is: YES it's worth

First reason - it is free money
Second reason - there are many ways to multiple your collected amount
Third reason - Using multiple faucets give you chance to collect thousands of free satoshi for free

What is ways to collect btc:
- faucets
- ptc (paid to click) sites
- games (pokebits, virtualpub, faucetgame, satoshiwars etc)
- gambling sites with simple hi/lo dice game (most popular and legit are freetbitcoin, and freedogecoin, but there are several sites with same game...you know with gamble you can multiply your btc very easy, but you can lost your btc also)
- gambling sites who accept btc as a payment option (slots, poker, roulette, betting sites, etc)
- cloud mining and invest sites (keep in mind that your investment can result in loss because of network difficuly, and price change)

Hardware?

I will not talk much about it. Simple on bitcoin start peoples was able to mine BTC from their personal computer. With growing, bitcoin network become more difficult and personal computer just become too much weak for BTC mining (however if you interested in solo mining you can test it to mine low cost altcoins). Today you need powerful mining rigs where you need to invest at least few thousand of dollars if you want to mine bitcoins solo. Pros of invest in mining rigs: you can make 500+ $ every month. Cons: if BTC price and network change in future, your high cost hardware can become garbage in short time; high electric power consumption

Anyway, you don't need to think about solo mining (even if you have money) before you don't read, research, learn more about BTC, and until you don't be sure exactly what you doing

Cloud mining?

Cloud mining allow you to mine bitcoin and altcoins through other's hardware. Basically that mean you need to invest money to buy hashpower (more power = faster mining = better earning). But also you need to keep in mind that because of BTC network difficulty (again) and price your investment can result in loss. Usually cloud mining sites have profit calculator (daily, monthly, yearly) but what you see on calculator it is what you can get only today, only in present, because in future rates will be changed. That is why is not good to buy long term contract on any cloud mining site. Also if you want to invest to buy hashpower first check several places (from google result), reviews, peoples experience to avoid scam. Because many cloud mining sites pay at start at turn into scam in future.

If you are want to try cloud mining. I will suggest you to start with Eobot

Reasons:
1. site is legit (anyway keep in mind that like every else can be closed), have fair team (you can read on eobot thread on this forum that they are warn their members for closing possibility (which is change later - they will not close), with shut down of BitShares coin (they warn peoples to withdraw their BitShares balance)

2. they have faucet from which you can earn free BTC (about 100 satoshi every 17 hours)...you can exchange that earning to buy 24h or 5 year rental power)

3. you can buy hashpower and exchange between currencies (with 5% fee)

Scam and how to avoid it?

Actually no one can answer on that question, too if he is not already scammed on that place

You just can follow tips to avoid scam:

- Site look unprofessional or have many errors on website
- Site use free hosting and free email address (you can check it on scamadvisor site). Of course admin of legit site can use free email, such as gmail, but serious and legit companies usually use their domain email
- Site don't have a forum
- Site don't have contact info
- Site don't have support section, or no one give you support (if you ask on forum, open ticket, etc)
- Site don't have social networks pages (also it's not mean that site is scam if don't use social networks, but like every serious company use social networks as an one way of promotion)
- Site offer unreal rewards and commissions (example for it is BTC generators, BTC doublers which are scams)
- Better invest 10$ (for example) on 10 different places rather then invest 100$ on one place
- Never invest money you are not ready to lose
- All investments with goal to make profit are risk

What is wallet?

Cryptocoin wallets are like every wallet is place where you store and transfer your money. Every crypto coin have official wallet (like blockchain for btc, dogechain for doge, etc) in form of website or desktop application. Unlikely money wallets (paypal, payza, payeer...) bitcoin transactions are anonimous. To recovery access to your wallet you need to write down (on safe place, best on paper) keyphrase or unique combination of words which called seed. (depend on what software or site you use, you can get your seed on backup option)

Also there are wallets those support multiple coins, like Exodus software

Where should I start?

That is depend on several factors - how many time you spend on your computer, do you patient or hasty person, do you ready for risk, or prefer safe ways.
100% safe, but very slow way is to start with faucethub microwallet
That mean you need to create account and wallet for every cryptocoin you want to collect, where you will get address for that coin
After that, make account on faucethub
and link your coin address in Wallet Addresses in User Dashboard section
After that you can claim free bitcoins and altcoins from hundred of faucets associated with faucethub. That mean that faucet owners are faucethub premium members, so most of them will don't scam you (they make profit with tons of ads, banners, popup ads, link shorteners on their faucet websites). On most faucet payout are instant after every claim, but some faucets require to collect minimum amount to be able to withdraw
After you collect required amount of bitcoin or other coins (what is minimum you chec on faucethub's withdraw section for every coin) you will be able to withdraw to your personal wallet of that coin

Hope this help, and if you have more questions, feel free to message me
 
Hi guys,

we have been looking into investing into a #cloud mining# site, but im unsure on which to use..
ive narrowed the list down to #6 sites
Genesis mining, Hashing24, hashflare, bitprtite, telco miner and chaingroup.

could someone give some advise, on which would be best to use, or maybe i should invest in all 6?

thx in advance for replies :)

*Admin: sry if i posted in the wrong section
 
genesis mining is the best one but the problem is that they don't have bitcoin mining contracts anymore. How ever i don't know much about hashflare. I thought of investing but as i cannot calculate my earnings so i left it. IF you can calculate earning then please do tell me.
 
Thank you tenej, you really did put in a lot of work to answer many of questions that are very useful, I think you did a very good job

I'm very much grateful

Now I'm beginning to know the basics of cryptocurrency,

Now that bitcoin is so much expensive what other crypto in your opinion you think will do well at least name 3 for me

And tnd those that have minimum demand you can exchange for bitcon

If I open a wallet today and I want to leave my coins in it for a long time, what wallet you will advice me to use that don't easily have the potential to close up tomorrow

Thanks again tenej
 
Thank you tenej, you really did put in a lot of work to answer many of questions that are very useful, I think you did a very good job

I'm very much grateful

Now I'm beginning to know the basics of cryptocurrency,

Now that bitcoin is so much expensive what other crypto in your opinion you think will do well at least name 3 for me

And tnd those that have minimum demand you can exchange for bitcon

If I open a wallet today and I want to leave my coins in it for a long time, what wallet you will advice me to use that don't easily have the potential to close up tomorrow

Thanks again tenej
Many cryptocurrencies have it's official wallet. I think it wont to be closed as far as that currency is active and don't disappear. If you are not sure what wallet you will use google it with keyword "name of that cryptocurrency wallet"...for example "zcash wallet" and read what peoples usually use for that currency. Again, no one can prediction future. If you want to collect and save currencies in long term, even if wallet is online, no one can guarantee that currency will got much higher price is future. Anyway if you want that I recommend that you collect just few popular currencies (you have sites with altcoin prices and poularity) with low prices (like doge is). Because if you collect many currencies you will split your journey in many ways and you will be confused what you are collecting. Better is to collect few currencies with more work in collecting them
 
Ok tenej, I'm so much grateful.

I will start monitoring comments to see hoe the trend of these currency are moving

Especially those crypto that are not too expensive as bitcoin

I will also take time out to google search just as you advice. Thanks again
 
Ok tenej, I'm so much grateful.

I will start monitoring comments to see hoe the trend of these currency are moving

Especially those crypto that are not too expensive as bitcoin

I will also take time out to google search just as you advice. Thanks again

Only bitcoin is too much expensive, next most expensive coin have 10x lower price
And don't worry, you may be confused on start, but in just few weeks and building your experience, everything will be much more clear for you

To don't spam this topic more, and make it as a conversation between you and me...if you have more questions feel free to ask me through message system
 
I think mining was profitable upto 2016. But now a days the mining cost has increased a lot. And you would not be earning 1 bitcoin that easily. It may take a lot of CPU power for the decoding of hashes. And this process may take years or months in due process as well. I have learned that mining should be avoided instead you can buy the bitcoin and hold it for some time. that should be more than enough too.
Yes,I am of the same opinion.Long time ago it was more easier to get some Bitcoins,than it is nowadays.I think everything has to do with the price of Bitcoin.Since the price of this cryptocurrency has rise so high,it is much harder to get them.Either way:buying them with currency(dollar etc) costs a lot,mining them the same way.All the involved costs are too high.So,if somebody wants to hold some Bitcoins must find some ways how to get them.
 

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