Bitcoin Forum

Hi guys

I received my first bitcoin as a birthday present in October this year. But now I need to know how mining works and how I can earn more bitcoins so I can start trading? Anyone out there that can give me a quick training session to get started? I will greatly appreciate any assistance!

Thank you and have an awesome day  :)

Well this is asked a lot and the process is pretty simple;

Where you want to mine (in what). What does your electricity rate cost. What is your budget for purchasing miners. What is your outdoor temperature range over the course of a year?

Thank you for helping me with my first small step. I've found a few videos on You Tube that might help me to get a bit more clued up.

Thanks and happy trading!  :D

It's unlikely it would be viable for you to directly mine bitcoins any more. It's dominated by warehouses in far away countries filled with thousands of specialist machines running on free or super cheap electricity.

You might be able to mine a different coin and swap it for bitcoin but knowing which one is worthwhile is a tough call.

I trade my coins on ecoin.eu and you can also try this website or a website of your choice. Currently, the BTC price is high and so it's a good time to start and earn some profit. Mining is good for those bitcoiners who have access to free electricity only so I too haven't tried mining. You can choose to trade in gift cards as well and buy gift cards at 60%-70% and sell it for 80-90%.

I suggest start out by reading about bitcoin in general and blockchain.  That will be first things there is good info on the forums and videos on youtube even. 

You should do a good amount of research before you start investing.  If done wrong you will lose money.  Also never invest more then you can lose.  Stay away from scam investments.

As far as quick training there is not a magic way to train you quick.  It will take reading and learning on your own, with help of forum.  But you need to learn a lot on your own as someone teaching it all would be very time consuming for them.

this helped site helped me out a lot:

http://www.cryptocoinsrevolution.com/

a lot of useful information on it

I would suggest bitcoin documentaries The Rise and Rise of Bitcoin and others. You will know a lot more about bitcoin and have fun also :)

I can give you some advice to learning by doing is the great method for learning how to trade is haste.
For seeking some capital you can earn by faucet and re-collect again until you have enough value to buy prefered altcoin.
Then learn about graph history and you may predice what next value in the future. All you need is an experience before to be an expert Trader

 Watched it yesterday, really good documentarie got me hooked on bitcoins

Mining is a tough market right now, even with the rising cost of bitcoin. If you have expensive electricity then forget about it. Also forget about mining anything with your CPU or GPU.

Hey mate, welcome to the forum and to the Bitcoin world! Mining is pretty much dead for us ordinary people. The best thing to do is to forget about it completely.

You should learn, read and research Bitcoin and find yourself some spot in this ecosystem. There are many things to do, but you need to understand the technology first.

We are here to help you, with all of the questions that you might have!

Cheers!

With the BTC price as it is now, its even profitable to mine now at exorbitant electricity costs for people with S5's. So Calling it dead and recommending someone to just forget about all of it seem like a bit short on a proper recommendation.

Welcome and happy birthday!

Why do you want to start mining?

Why do you want to trade BTC?

Understanding your goals will help you decide what course to take - mining and trading may not get you to where you want to be.

True, if your trying to mine straight bitcoin.  However, you can setup a couple of relatively decent mid-range or better GPU's to mine an altcoin and then convert it to BTC.  For example, 2x 7970's hashing about 46MH/day of ethereum will currently earn between ~$1.80-$2.02/USD/day

right now there is not much to trade, it's a totally run-up, mini dump here and there are very hard to follow, unless you have  abot, and it's all about bots, since ages

it's better to just buy and hold, don't do anything else

Welcome on board! This forum is a great community and the best place to start with and learn about Bitcoin!

so you want to start trading without knowing what bitcoin is  ? also the subject '100% newbie' to much suspicous ?

Trading with altcoins is a easy way to lose money.  Sure some will show amazing gains... but you really have to research the crap out of it and have some luck.  So many are pump/dump you lose money holding long term.

Bitcoin in the easiest to sit on and hold.  You don't have to trade it if new and unsure you can just hold it long term.  It's much safer.

Trading bitcoin is similar to FOREX trading. IF you are not familiar with currency trading maybe you should learn more before you do it with bitcoin.
The one thing you should know is volatility of bitcoin market, price is extremely unstable and can change +- 25% over night.

A friend said I should sign up here? why?

make a new thread in this (meta) section and make the same post ,people will show one or the other way to stay or leave the forum.

I think the best way for a newbie to start would be on a good exchange. Mining is really time consuming and you will run up a huge electricity bill too. Better to go for a gift card or simply trade your coins.

I would think it has to do with it being the biggest and arguably possibly most important bitcoin forum to keep up on.  Just a lot of info shows up here that you might have to search otherwise for.

So if you enjoy bitcoins you should enjoy the form, for the most part.  If you don't like forums... then you might like news site format more like coindesk.

because this is the biggest forum to talk about bitcoin, and you can earn while talking, it's a win win situation

before you can do this, you need to work on your rank, and earn more awareness other than bitcoin

I really hate the waiting time for each post. They should validate  each account with a cellphone or facebook this way it is much harder for spammers and we can post, learn and even enjoy itt

It only takes a few weeks to rank up to a level where you don't have a time constraint on your posting. Since you've been registered since August you should be at that level. If you post a bit more you'd see your activity rise quickly and that time constraint would go away.

With that said, it seems like you don't post much anyway - so is the time between posts really an issue for you?

Do you have any knowledge about trading? It could be a risky venture if you not familiar with the concept. I would suggest you read this newbie guide for 1Broker and ask questions

before you dive into the deep end. ---> http://www.bitbiz.io/threads/newbie-guide-to-trading-on-1broker.810/

Start very small, and work your way up... The Bitcoin and Crypto currency markets can be brutal, if you not well prepared. Enjoy.  ;)

they can't do this is against their tos, and privacy i believe, you can buy an account if you want to avoid this, even a junior can do it already

It isn't hard for spammers to get them in bulk and it would sacrifice the anonymity of the users. Most forum do not require such things. You would see much more spammers if theymos decides to do that.

I don't see cellphone validation or account validation.  The system they have now works fine, it just takes you  when new to have a posting period.  Which will go away.

People seem to value their privacy just look at  the thread on making BTC anonymous.   A lot would not want to give info.  Myself I don't do anything wrong so I'm not worried.

But adding validation seems like a pain for staff that are already busy.   I would just wait it out like we all did. And biggest thing get use to copying posts before posting... that was my worst thing is if I wrote a post and was before time limit was gone.

I do agree with what you say. But posting limit is the best to counter spammers as the limit gradually lowers. It can be annoying at first but it would be hardly noticeable once you go to Jr member rank. It should just take the time that you need to construct a good post. Not more than anonymity. Most websites do not have great security, bitcointalk was once compromised by a SE attack which could potentially have leaked out more information than password and emails if this validation was added.

That's a pretty great birthday gift, however I wouldn't suggest mining apprantely people have been saying that the electricity costs more than what you earn.

You can start trading right now it's pretty simple buy low and sell high. Just don't invest too much in the beginning in case u do strike out

It depends on your electrical costs. If it's low, you have a higher chance of profiting.

Trading isn't that simple. If it is, why isn't everyone rich by now? The problem with this strategy is that you don't know where is the lowest it can go and the highest it can go and therefore very risky.

But you can't do arbitrage on mining thing, which is a best alternative that trading allows...
There are many people selling at cheaper rates and if you have some good deals with PayPal, I guess one can easily make 5% on their portfolio per day, so imagine making 5% of 1 BTC, I guess for newbies, it is enough to survive with minimal efforts...

Arbitrage on trading isn't the best strategy one can use. If not, everyone would be rich. The problem with this is that you have to get a few verified accounts on exchange. Withdrawals fees and delays are main factors which affect the profitability.

Cool. thanks. I'll check it out!

My common recommendation is to watch bitcoin documentaries on youtube for example rise and rise of bitcoin.
You will understand quickly that mining phase for single person is long over :)

I would highly recommend using it for knowledge.  There is a lot of it here depending on what you enjoy doing.  From mining to trading there is just a big volume of posts that are helpfull.

I would recommend staying away from signature campaigns till later down the road.  Use time now as learning which it should be as new person.  Pay goes up at full member so you can wait till then and not miss out on a ton of pay.

 Mining is only one of the ways to earn bitcoin. To earn bitcoins with mining you need a big investment capital. You can earn bitcoins in many other ways, there is a big market out there. On this forum and other sites you can earn many BTC.  This post will show you https://bitcointalk.org/index.php?topic=1006151.0 (https://bitcointalk.org/index.php?topic=1006151.0)

You can check what is the most profitable to mine in here:
http://www.coinwarz.com/

I would suggest if new staying with BTC.  It is easiest to mine arguably and is pretty user friendly depending on miner.  But some are very easy to use.

Also coinwarz is good for current BTC, but future it is not as no difficulty.   Use one such as: https://bitcoinwisdom.com/bitcoin/calculator to get difficulty and better for long term calculating on btc mining.

ethereum right now look very mineable akin to btc, so one can mine tha instead of bitcoin, the profit is around 0 $30 per month with a 970, if i've done my math correctly

I have to ask, if someone gave you a BTC for your birthday, they must know something about it in order to make the purchase and transfer it to you as a present.  You need to do some research on here and see what is working for others.