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Old Jan 4, 2018   #1
Hoka
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Trading bitcoin
Not sure if this is where it goes. But I was working at this rich guys house today and heard him talking about making a lot of money from bitcoin recently I’ve always been interested in trading bitcoin, or stocks, but not sure where to go to get all the information I need to actually start making steps towards doing it. Anyone have any knowledge on this topic they’d be willing to share ?? Or references to the sites/ books they used to gain the knowledge they do have? Thanks in advance and sorry in advance if this is in the wrong spot

Moved to OT ~E
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Last edited by Erth; Jan 4, 2018 at 01:10 PM..
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Old Jan 4, 2018   #2
WeooWeoo
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Heh, Bitcoin is basically putting money towards these virtual coins that are supposed to be worth a lot "here in the near future".

But they are used now, instead of having to deal with transaction fees through a bank, you can just send them over the internet and can basically use them wherever. Their worth is not ran by any higher ups - just the market itself.

Do I recommend this? Not really. This shit could crash any time.
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Old Jan 4, 2018   #3
жFluxorious
 
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I'm not an expert, neither did I do extensive research but one could say you can immediatly drop that thought...

The specialised Computers for mining Bitcoins have such a big electricity cost that it's almost impossible to profit from the industry. From what I've read, 1 of those computers (which are powered 24hours a day) have about half the electricity consumption of a normal vacuum cleaner. Not too bad, but considering typical BitCoin mines use thousands of those Computers there's really no way anyone can just start bitcoin mining. Electricity generates heat too, which is why bitcoin mines are in dedicated rooms or halls which constantly get cooled down to prevent everything from overheating

The CryptoCurrency mining company I took a look at pays 2.000.000€/month for all of their mines just for electricity...

Alot of mines are also located in Iceland because they have really cheap and completly renewable electricity, 6cent per kilowatt hour to be exact.

Not to mention as WeooWeoo already said, it can crash at anytime because the whole exchange rate is purely determined by the market itself

Last edited by Fluxorious; Jan 4, 2018 at 11:36 AM..
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Old Jan 4, 2018   #4
16bars
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WeooWeeoo pretty much summed up investing in Bitcoin. Don't trade/buy Bitcoins it's too risky but I do suggest buying stocks and shares. More simple and less complex than this Bitcoin.

Now I'll fill you with the KNOWLEDGE about bitcoin even though I still suggest not to invest in it. There are two main ways that I know of getting Bitcoin. The first one is the simple and straightforward one which is to buy one. The second way is to 'mine' them. It's very long to explain but I don't mind PMing you to explain what 'mining' is.

I believe Cryptocurrency will be the thing of the future but not the ones that are out right now like bitcoin as there are only 21 million available and so far around 17 million have been mined so far. Best thing you could do if you want to make money by just sitting on your buttocks is buying stocks and shares. All you have to do is buy stocks in a company, the better than company does the higher the stocks but the worse it does the less it'll cost. I plan on getting into this stock business I just want to build my PC first.

Do some research on Warren Buffet and other investers and see which company's they invest in and why.

Last thing I want to say. Do not spend what you can't risk losing.

Last edited by 16bars; Jan 4, 2018 at 11:52 AM..
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Old Jan 4, 2018   #5
Elite
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I've been investing in Bitcoin for a while, a single coin can take ages to mine/get but if you start with a smaller coin such as ethereum or litecoin you essentially stockpile it and wait for the price to go up.

The downside of it is, it takes time, a lot of it.
Other Downside is, the price fluctuates, it'll go up a thousand then all of a sudden drop by twice as much
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Old Jan 5, 2018   #6
Hoka
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Awesome replies told me pretty much exactly what I wanted to know, 16bars I've been watching ALOT of videos on trading stocks... day trading in particular. Would love to get into it and I have money im willing to lose aswell. just trying to understand graph trends and all that other stuff to make the smartest investment possible. If you trade stocks id love to hear some tips from you about it.

Thanks guys
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Old Jan 5, 2018   #7
…Solax
 
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Heya, I got into cryptocurrency investing/trading recently.
The best way to start would be to read up on some beginner resources regarding blockchain and the underlying technology.

Once you understand that then check out reddit.com/r/cryptocurrency for eg or some blogs or guides to get the gist of trading and what sort of exchanges are around.

Once you have an exchange (binance for eg) and a way to turn your $$$ into some sort of starting value (bitcoin or ether is most common from $$$) (coinbase for eg) then you'll want to go ahead and turn your dollars into crypto. Now if you're happy just holding bitcoins or ether or whatever then you're finished. I'd recommend getting an offline wallet to hold your dosh in since that's safer for long term holding than having it online. If you want to take this a step further though then we can now look at some smaller and newer coins to invest in.

Have a look around at what's on the market, read some whitepapers and see what you think has a legitimate case for use in the future and what solves a problem. If you're feeling something, then go ahead and buy some. Don't fret over looking at the charts and wishing you had bought a week earlier when it was 25% cheaper, just jump in now. If you've picked something that will grow in the future then you have nothing to worry about, growth will come and you'll look back at the entry point you picked and wish you'd bought more.

Now either move that offline and store it (or don't if you trust the exchange I guess) or you can try day trading and shit like that. If you're just making a start though I'd say grab a bit of TRX, VEN, and maybe XRP and just watch the prices go up.
And as always remember, don't invest more than you're happy losing. This is essentially gambling. You can try all the technical analysis you want but at the end of the day this is a fledgling industry fueled by a LOT of emotion, speculation, rumor, etc. Everyone here is pretty much just a money throwing darts. But I'm confident that what we're seeing here is/will be on the same level of a new internet/dotcom boom. Sure bitcoin has been around for years now but even if you're just investing now you're very much an early adopter still.
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Old Jan 5, 2018   #8
Elite
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Originally Posted by Solax View Post
Heya, I got into cryptocurrency investing/trading recently.
The best way to start would be to read up on some beginner resources regarding blockchain and the underlying technology.

Once you understand that then check out reddit.com/r/cryptocurrency for eg or some blogs or guides to get the gist of trading and what sort of exchanges are around.

Once you have an exchange (binance for eg) and a way to turn your $$$ into some sort of starting value (bitcoin or ether is most common from $$$) (coinbase for eg) then you'll want to go ahead and turn your dollars into crypto. Now if you're happy just holding bitcoins or ether or whatever then you're finished. I'd recommend getting an offline wallet to hold your dosh in since that's safer for long term holding than having it online. If you want to take this a step further though then we can now look at some smaller and newer coins to invest in.

Have a look around at what's on the market, read some whitepapers and see what you think has a legitimate case for use in the future and what solves a problem. If you're feeling something, then go ahead and buy some. Don't fret over looking at the charts and wishing you had bought a week earlier when it was 25% cheaper, just jump in now. If you've picked something that will grow in the future then you have nothing to worry about, growth will come and you'll look back at the entry point you picked and wish you'd bought more.

Now either move that offline and store it (or don't if you trust the exchange I guess) or you can try day trading and shit like that. If you're just making a start though I'd say grab a bit of TRX, VEN, and maybe XRP and just watch the prices go up.
And as always remember, don't invest more than you're happy losing. This is essentially gambling. You can try all the technical analysis you want but at the end of the day this is a fledgling industry fueled by a LOT of emotion, speculation, rumor, etc. Everyone here is pretty much just a money throwing darts. But I'm confident that what we're seeing here is/will be on the same level of a new internet/dotcom boom. Sure bitcoin has been around for years now but even if you're just investing now you're very much an early adopter still.

Didnt know you still hung around here solax.

Anyhow, as you said researching the topic is best place to start.

First place i started to be honest is reddit, was a really useful place.

Last edited by Elite; Jan 5, 2018 at 06:30 AM..
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Old Jan 6, 2018   #9
Hoka
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Originally Posted by Solax View Post
Heya, I got into cryptocurrency investing/trading recently.
The best way to start would be to read up on some beginner resources regarding blockchain and the underlying technology.

Once you understand that then check out reddit.com/r/cryptocurrency for eg or some blogs or guides to get the gist of trading and what sort of exchanges are around.

Once you have an exchange (binance for eg) and a way to turn your $$$ into some sort of starting value (bitcoin or ether is most common from $$$) (coinbase for eg) then you'll want to go ahead and turn your dollars into crypto. Now if you're happy just holding bitcoins or ether or whatever then you're finished. I'd recommend getting an offline wallet to hold your dosh in since that's safer for long term holding than having it online. If you want to take this a step further though then we can now look at some smaller and newer coins to invest in.

Have a look around at what's on the market, read some whitepapers and see what you think has a legitimate case for use in the future and what solves a problem. If you're feeling something, then go ahead and buy some. Don't fret over looking at the charts and wishing you had bought a week earlier when it was 25% cheaper, just jump in now. If you've picked something that will grow in the future then you have nothing to worry about, growth will come and you'll look back at the entry point you picked and wish you'd bought more.

Now either move that offline and store it (or don't if you trust the exchange I guess) or you can try day trading and shit like that. If you're just making a start though I'd say grab a bit of TRX, VEN, and maybe XRP and just watch the prices go up.
And as always remember, don't invest more than you're happy losing. This is essentially gambling. You can try all the technical analysis you want but at the end of the day this is a fledgling industry fueled by a LOT of emotion, speculation, rumor, etc. Everyone here is pretty much just a money throwing darts. But I'm confident that what we're seeing here is/will be on the same level of a new internet/dotcom boom. Sure bitcoin has been around for years now but even if you're just investing now you're very much an early adopter still.


First of all, thanks for the a+ reply. I did as you advised and for the last 4 or 5 hours I've deeply researched blockchain and feel as though I understand it pretty well. Currently on reddit and browsing around. What do you mean by "move it offline and store it"?? And what particular advantage does this give.. if any? Also, do graph trends have any kind of importance via cryptocurrency trading? Do you feel as though Ven is going to keep going up? and also what are you comparing to the internet/dotcom boom

Again, thank you everyone for the replys. I understand I could have just gone to google and searched it... but I figured if anyone here knew about it why not start a discussion and share the knowledge.
I love to drink Hoka-Cola while I do the Hoka-Poka
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Old Jan 6, 2018   #10
Elite
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Originally Posted by Hoka View Post
First of all, thanks for the a+ reply. I did as you advised and for the last 4 or 5 hours I've deeply researched blockchain and feel as though I understand it pretty well. Currently on reddit and browsing around. What do you mean by "move it offline and store it"?? And what particular advantage does this give.. if any? Also, do graph trends have any kind of importance via cryptocurrency trading? Do you feel as though Ven is going to keep going up? and also what are you comparing to the internet/dotcom boom

Again, thank you everyone for the replys. I understand I could have just gone to google and searched it... but I figured if anyone here knew about it why not start a discussion and share the knowledge.

There are some bitcoin wallets that can store coins offline.
one of those being Electrum

And the dotcom/internet boom was essentially when bitcoin and some other coins essentially went up a huge shit ton in USD from what i remember.
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