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