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Title: Questions from a newbie Post by: theecoinomist on October 27, 2013, 06:11:16 PM Hey, I just recently picked up on bitcoins seriously (heard about it in '11, but spiked my interest again lately)
1. Other than buying significant amounts of bitcoins, are there any decent way to get your hands on coins? (faucets & gambling excluded, obviuosly) Heard about mining alt currencies to trade for bitcoins on online exchanges, since bitcoin mining supposedly is too hard/unprofitable now.. I have acces to free electricity and have a macbook pro 15 quad core 2gz, can i get any significant amount from this, and if so, what would be the best way to execute it? (I prefer not to invest in any mining equiptment, since most of it will probably go to buy bitcoins) 2. I have approx 2-3k USD at disposal which I will probably throw into an exchange, maybe try and play the markets with 10% and just hold the remaining 90%.. are online wallets like inputs and blockchain secure enough, and at what amount would you advance to brainwallet/paperwallet? 3. I got the impression alot of bitcoins is stored deep down and won't be in the circulation for a long time, due to the amazing rise in value in recent years.. I fear this would somehow halt its economy and push the price further up, even tho it's economy won't be thriving.. Am i completely wrong in these assumptions? Thanks in advance edit: typos Title: Re: Questions from a newbie Post by: duravello on October 27, 2013, 06:19:45 PM Heard about mining alt currencies to trade for bitcoins on online exchanges, since bitcoin mining supposedly is too hard/unprofitable now.. I have acces to free electricity and have a macbook pro 15 quad core 2gz, can i get any significant amount from this, and if so, what would be the best way to execute it? (I prefer not to invest in any mining equiptment, since most of it will probably go to buy bitcoins) You might try mining Primecoin and exchange to BTC. But hard to say if it is worth even with free electricity because notebooks overheats a lot if under constant high load - thus reduced lifetime Title: Re: Questions from a newbie Post by: DannyHamilton on October 27, 2013, 06:24:16 PM Other than buying significant amounts of bitcoins, are there any decent way to get your hands on coins? Bitcoin is a currency. Like any other currency, the ways to acquire it are:
The first two options are generally accepted by society as valid reasonable ways to increase the quantity of currency you hold. The last option requires a good cause and a philanthropist. The remaining option is only useful if you consider yourself to be a degenerate criminal. are online wallets like inputs and blockchain secure enough Only you can decide how much risk you are willing to tolerate, and how much loss you can cope with. and at what amount would you advance to brainwallet/paperwallet? That depends on your risk tolerance, your need for convenience, and what you would consider devastating to lose. Really, any amount that you don't need convenient access to (regardless of whether that amount is 0.01 BTC or 1000 BTC) should probably be stored in a paperwallet. There isn't a good reason not to. 3. I got the impression alot of bitcoins is stored deep down and won't be in the circulation for a long time, due to the amazing rise in value in recent years.. I fear this would somehow halt its economy and push the price further up, even tho it's economy won't be thriving.. Am i completely wrong in these assumptions? I don't understand what you mean by "stored deep down". I fail to see how a rise in value will halt the economy (which seems to be humming along just fine in spite of this "amazing rise"). Perhaps you can better explain your concerns? Title: Re: Questions from a newbie Post by: mogrith on October 27, 2013, 06:42:36 PM Hey, I just recently picked up on bitcoins seriously (heard about it in '11, but spiked my interest again lately) 1. Other than buying significant amounts of bitcoins, are there any decent way to get your hands on coins? (faucets & gambling excluded, obviuosly) Not really Buy, Trade or Mine trade could be altcoins or products on bitmit, frelance jobs, etc Heard about mining alt currencies to trade for bitcoins on online exchanges, since bitcoin mining supposedly is too hard/unprofitable now.. I have acces to free electricity and have a macbook pro 15 quad core 2gz, can i get any significant amount from this, and if so, what would be the best way to execute it? (I prefer not to invest in any mining equiptment, since most of it will probably go to buy bitcoins) Not in BTC difficulty is so high now GPU/CPU on a single PC is only good for learning not getting significant quanties of BTC altcoins are possible on your mac pro which one varies you can join a pool the changes cois automatically for you. then trade coins for BTC 2. I have approx 2-3k USD at disposal which I will probably throw into an exchange, maybe try and play the markets with 10% and just hold the remaining 90%.. are online wallets like inputs and blockchain secure enough, and at what amount would you advance to brainwallet/paperwallet? blockchain gives you access to private key save a copy. if blockchain disappears you could enter key in a bitcoin-qt or other wallet get get your coins out 3. I got the impression alot of bitcoins is stored deep down and won't be in the circulation for a long time, due to the amazing rise in value in recent years.. I fear this would somehow halt its economy and push the price further up, even tho it's economy won't be thriving.. Am i completely wrong in these assumptions? FBI has a millions of USD worth of BTC But they will be tied up for years. You can search the forum there is entry on 25 largest blocks. they could cause some short term dips buy my opinion is that's it sort term. Thanks in advance edit: typos Title: Re: Questions from a newbie Post by: MargaretsDream on October 27, 2013, 06:50:57 PM 3. I got the impression alot of bitcoins is stored deep down and won't be in the circulation for a long time, due to the amazing rise in value in recent years.. I fear this would somehow halt its economy and push the price further up, even tho it's economy won't be thriving.. Am i completely wrong in these assumptions? I don't understand what you mean by "stored deep down". I fail to see how a rise in value will halt the economy (which seems to be humming along just fine in spite of this "amazing rise"). Perhaps you can better explain your concerns? I believe he mean why spend BTC today when its value will be higher next year. 1st no one can guarantee it 2nd people often buy now, not waiting for future (even if they could, most want it now), If you wait 1 year you will have much better computer than today for the same amount of USD as well Title: Re: Questions from a newbie Post by: theecoinomist on October 27, 2013, 07:35:49 PM Quote You might try mining Primecoin and exchange to BTC. But hard to say if it is worth even with free electricity because notebooks overheats a lot if under constant high load - thus reduced lifetime damn, didn't realise that.. I might stick to trading only, thanks Quote Really, any amount that you don't need convenient access to (regardless of whether that amount is 0.01 BTC or 1000 BTC) should probably be stored in a paperwallet. There isn't a good reason not to. thx, I think that was what I was looking for Quote I don't understand what you mean by "stored deep down". I fail to see how a rise in value will halt the economy (which seems to be humming along just fine in spite of this "amazing rise"). Perhaps you can better explain your concerns? I meant people might wanna hold on to their bitcoins, which in the end would limit transactions, thus hurt the economy (just an assumption, so feel free to voice your opinion) Quote FBI has a millions of USD worth of BTC But they will be tied up for years. You can search the forum there is entry on 25 largest blocks. they could cause some short term dips buy my opinion is that's it sort term. Yea, I heard they seized DPRs wallet, and they are probably gonna be tied up for some years as you said, however even if a dip comes- should they dump all the coins, I don't think the crash would be anywhere near as bad as prior, since mtgox aren't the only big exchange anymore Quote 2nd people often buy now I am hesitant when to throw all my disposable fiat into bitcoins (kinda hoping for a crash so I can get on the boat :P), again any advice, useful info etc are greatly appreciated Thanks for your help! |