thinking of getting into crypto

[barcyglobe]

I'm thinking of getting into crypto. Is trading coins really worth it? How do I create a wallet and keep it safe? I've heard of coinbase and crypto.com

[rsot]

agent is right here - research it out barcyglobe and be careful of DM scams. Coinbase and crypto are reputable sites.

[rsot]

Originally Posted by agent006140

whatever happens to mining?
Folks used to do it in their garage,or even move to towns where electricity is cheaper?
https://www.forbes.com/advisor/inves...rypto-wallets/

Mining still happens - it just isn't discussed as much as before - different jurisdictions, different policies

[WeeWiz]

Originally Posted by barcyglobe

I'm thinking of getting into crypto. Is trading coins really worth it? How do I create a wallet and keep it safe? I've heard of coinbase and crypto.com

Yes, it is worth it, but you always need to be careful and have patience.
And forget about futures trading forever.

[rsot]

Originally Posted by agent006140

There is a big article on Bhutan,it is getting rich accepting crypto coins and building up its Bitcoin holdings,able to give govt employees a 67% raise

make a new thread - post the source don't derail

[rsot]

Originally Posted by agent006140

Always start with the big picture,minnows like us can be easily crushed by big fish when they decide to buy or sell.
I mention Bhutan because I just learn they are a big player in cryptos,of course there is Ecuador,and the Arab sheiks,even Iran managed to sidestep sanction with its crypto exchange.
If you want to trade Bitcoin or any cryptos,keep an eye on what the big boys are up to.

Are you finally getting your feet wet with crypto, agent?

[rsot]

@agent, ah ok.

@barcyglobe, trading coins and dealing with fees is fairly dangerous - listen to WeeWiz.

The learning curve can be steep and costly based on numerous experiences on Web.

[Pandoras_box]

The way I see it, trading’s a bit of a zero sum game, so that’s a no for me.

Mining is pretty much dead for most people. You can’t really mine Bitcoin unless you use those specialist ASIC machines. Even then, it only makes sense if your electricity’s dirt cheap.

To give you an idea, you’d need about 10 of those units just to mine 1 Bitcoin in a year. And that alone would set you back around £90,000 just for the hardware.

Then there’s the electricity. You’re looking at around 535,000 kWh per Bitcoin. Multiply that by whatever your rate of xx.xxp/kWh and you’re easily talking roughly £100k just on power.

You’d be spending close to £200,000 in your first year to mine 1 Bitcoin that’s currently worth about £80,000. Just doesn’t add up.

You're better off setting up your mining operation in Iran where it'd cost you 1/100 in electricity or buying BTC with that 200k and forgetting it for the next 10 to 20 years.

[rsot]

barcyglobe, start with receiving payments in crypto to your wallet as part of your business

[Automasters]

Yes, it's a set game, mining is out for most ppl. They are using us to test different Blockchains and will merge them into one final product eventually. I agree, best bet is to accept coins at checkout if you can

[agent006140]

The way I see it, trading’s a bit of a zero sum game, so that’s a no for me.
---------------
thats a lot of trading going on these days,stocks,bonds,foreign exchange,cryptos,commodities

[rsot]

Originally Posted by agent006140

---------------
thats a lot of trading going on these days,stocks,bonds,foreign exchange,cryptos,commodities

Of course - always going on

[agent006140]

No,we have a new breed of traders,from Reddit and Robinhood.

[rsot]

lot of your posts have gone missing agent - something going on; better keep focused.

[SaiJin]

Originally Posted by Pandoras_box

The way I see it, trading’s a bit of a zero sum game, so that’s a no for me.

Mining is pretty much dead for most people. You can’t really mine Bitcoin unless you use those specialist ASIC machines. Even then, it only makes sense if your electricity’s dirt cheap.

To give you an idea, you’d need about 10 of those units just to mine 1 Bitcoin in a year. And that alone would set you back around £90,000 just for the hardware.

Then there’s the electricity. You’re looking at around 535,000 kWh per Bitcoin. Multiply that by whatever your rate of xx.xxp/kWh and you’re easily talking roughly £100k just on power.

You’d be spending close to £200,000 in your first year to mine 1 Bitcoin that’s currently worth about £80,000. Just doesn’t add up.

You're better off setting up your mining operation in Iran where it'd cost you 1/100 in electricity or buying BTC with that 200k and forgetting it for the next 10 to 20 years.

I didn't know it cost that much to mine BTC.

That's insanity.

also most of BTC is already mined too.

[agent006140]

It is easier to trade than to mine,cheaper too !

[rsot]

Originally Posted by SaiJin

also most of BTC is already mined too.

Right on - something like 2 million or so out of total left to be mined (I remember reading)

[annkoxe]

trading is very risky, if you can control your greed, then you can choose trading as a profession otherwise you will loose money, no matter how experienced you are.
i lost $5k+ in future tradings, i stop doing the trading for now. as the things were not under my control.

[mon73]

I view trading as a game.