Thread: Bitcoins/Altcoins

Originally Posted by Mantis

Did you forget the thread I made about this or the replies you made? I suppose I should merge them. I'm still mining. There's been a scare recently because of something called "Segwit" which is planned to be implemented any time now. From what I heard it can improve the efficiency and life of bitcoins as a whole, but people were worried it would "fork" the coins by splitting their data in two and some could get lost in the process. Then again I'm going by a vague memory so I might be completely wrong about that. What's true for sure though is that people overthought all of this and a lot of investors backed out. Subsequently the value of the bitcoin (and other currencies) has decreased a little lately. But I think that will change come August.

The thing about bitcoin is that even if I'm only earning $2 a day from it right now, people often think of that as only the dollar. However, as the value of the bitcoin increases your amount of dollars you've earned over the course of mining will of course increase too unless you've already cashed it out. For the foreseeable future I do not think cryptocurrencies will "fade off". Their growth can sometimes be exponential and it's a great thing to invest in, so long as you don't invest more than you can afford to lose. Investing in beefy hardware is a mistake because people will begin to worry about market crashes and panic sell their graphics cards, etc. If it's merely an interest, invest in a recreational manner. Buy the coins directly. Or if you want to play flashy video games, get a card like a 1070 (mine) so you can both game and mine. No real regrets since even if somehow mining became a thing of the past, you still got the card for your primary reason of playing some sweet video games. Remember, avoid paying over the RRP for a card and check charts online to see which cards are mining better.

Right now I have a modest ~$130 in my desktop wallet. That's split between bitcoin, dash, and ether, the latter two being two other currencies. It's nearly an equal split but I have a little more ether. (That's going by current values, mind, so this might change.) I'll keep adding to this and splitting my currencies. Multiple currencies is the safer/smarter way to do it. I recommend this Chrome tracker extension so you can actively monitor the value of coins. People see bitcoins and altcoins fall a little and usually from this write them off as a fad. But then they rise... and fall. It's how it works. If this scares you then I wouldn't recommend investing in many things anyway.

I would agree with @Mantis, these cryptocurrencies won't die. They might multiply but they won't die. I look at them like stocks in the stock market, do not invest if you are afraid and you do not know anything about them. It's the reason why I spend a lot of time scouring the internet looking for stuff that can help me understand this stuff more and where I can earn these currencies.

Bitcoins is the one thing I've always regretted about my life. Why the hell did I not purchase a bitcoin when it first came out. I would have been so rich now even if I just bought one bitcoin. To be fair, I think everyone is like me, wondering why the hell they never trusted the currency to buy some when it first came out. I have always looked at ways to get into bitcoins and other similar virtual currencies but it's just too much effort to get into it, to be honest. Plus all these initial costs just make it a bigger risk because you just don't know what will happen with these currencies. The value of bitcoin could tank tomorrow for all we know and all the investors would lose a lot of money.

Before I wasn't really interested in Cryptos but now I'm really interested I just signed up for wirex and I'm planning to setup my pc in a couple of weeks from now. I'll message you then to get some advice about what to do. Very nice topic!

I cashed out nearly $1000 at the end of last year if I recall correctly. It's certainly been worthwhile.

It's not nearly as profitable right now with everything that's been going on but that could change. I'm just mining as a hobby so I don't invest that much into it.

Glad you're finding Wirex useful, Kakashi. While I don't use them anymore they seem pretty secure.