Bitcoin Forum

hello, I am a total beginner. I have in my wallet 0.20247 bitcoins. My question is what should I do with them these days (excluding from saving it for years)?
Should I buy other digital currencies?
Should I invest in funds? if so which ones?
Should I donate?
Should I play with it in a stock market?
Any suggestion or comment would be appreciated.

thanks.

Were these coins just given to you?  You seem to have no pride of ownership.

Gamble it away ;)
PrimeDice is a great site

I bought some 10.4 bitcoins for 495USD a few days ago. I am saving(!) most of it for my family members. the 0.20247 are the "left over" in my wallet, and I want to do something with them - to learn and gain experience.

You can invest in casinos, in https://everydice.com/ 0.2BTC can take 0.19% share of the stake.

yes you should donate to needy kids.

U can invest in a mining contract.

Please explain and suggest links....

You buy mining power from a company running the rigs, and you get what they mine.
I would not recommend you doing so though, it can be very hard to break even.

You can always invest in me.  I guarantee a 200% nonreturn of your investment in 2 full moons.

If are not afraid losing some of the bitcoins try day trading.  I unfortunately am not sure what the best sites are.

Invest it on playt.in and receive dividends everyday.

Gambling

No gambling for me.

- invest in btc mining contract
- donate faucets
- make giveaway (reward for some easy task etc.)
- gamble it
- buy stuff

i should invest in btc mining contract

I am a newbie.... what is btc mining contract?

You can invest in btcjam, where can you fund others , you will get interest rate around 5%.

I suppose you know what mining is.
If not, check tube on: http://www.bitcoinmining.com/

Mining contract means that you rent mining (hash) power from third party and you recieve mined btc to your address.

my question is do 0.20247 btc enough for that?

you'll get about 38 Ghs for 5 years from Pbmining
check their stats https://pbmining.com/stats.html to see income

You will likely not make a mentionable profit, and maybe not even break even because of the difficulty rises. Not worth it IMO.

invet it in me and make a percentage on how much u get back, or another trusted op

i think that the days of easy and fast money from the btc are all over...
which trusted op? any links?

Hahaha if you dont mind losing it, you should try to invest them in few altcoin :D
Trading altcoin, is .. exciting :) The volatility, up and down, FUD, hype, that's really fun for me :D

If you're lucky or a skilled trader, you can make a decent profit from it.
GL :)

Today now, LTC seems undervalued at 0.023xx and you should be able to get a 25% return on that inside a couple of weeks. I'm also expecting dogecoin to about triple in value in the coming month, but that's higher risk. A lot of the leading altcoins are kinda low at the moment, but picking the right "horse" for short term gains is as difficult as picking the right horse at the race track :D

For mining by the gigahash, pbmining is by far the best game in town at the moment, see the link on the left of my sig.

AsicMiner partial shares may be a good buy at the moment, AM100 on Havelock, I expect as they sell a bunch of their new ASICs and get a lot of hashpower online they may hit over 2 BTC per full share in 2 or 3 months from about 0.44 per full share at the minute, they sell in hundredths on Havelock as AM100 so about 0.0044 at present.

So for a somewhat blended strategy, buy 0.05 worth of LTC, 0.05 worth of doge, 0.05 worth of pbmining and 0.05 worth of AM100 ....

Where and how I do that, i.e. buy altcoins? Can you explain step by step for dummies? which site(s)?

The leading exchange for the top altcoins is BTC-e.com but they do not yet have doge there, it being relatively new. For that I prefer vircurex (link at right of sig) but cryptsy is also popular.


Typically the routine for joining and trading an exchange goes something like this...

First, make sure the email you want to use is secure, use a long, long complex password and two factor authentication if it is available.

Then sign up for the exchange, using a UNIQUE complex password for each exchange and different from your email, if two factor is available set that up.

Next in the exchange, go into finances/account or similar and enable/request a deposit address for BTC, send the amount of BTC you would like to trade there to this address.

wait, typically 6 confirms on the BTC network, which is averagely an hour, but on "unlucky" days can be longer.

When confirmed you can trade on the exchange, there are two ways to do this, you can buy or sell pretty much instantaneously at the "going rate" which is the current lowest "sell" bid, or the current highest buy bid... known as the ask. If you think the market is going to go down a little bit when you're trying to buy, you can undercut the current ask and place an order to buy when the price drops that far. Which will stay there until filled or cancelled, so if you bid very low it could be days, weeks months or never before it fills. Similarly when selling, you can set the price higher than current ask.

Then when those coins are bought they go to your account onsite, which is typically not an externally visible wallet. If you want to transfer them out to a wallet of that coin type (you can't put LTC in a BTC wallet) then you request withdrawal and enter the address you have on that coins network and amount you want to withdraw.

Generally it is not recommended to keep large amounts of coin on an exchange due to the risk of exchange failure, hacking etc. I personally estimate this risk at about 10% given the number of "incidents" in the last couple of years.

look on coinmarketcap.com and start trading on cryptsy.com! there are currencies going up and down 100% a day.. but, its like a casino i guess..

I'd just hold them.

You can donate the money to Sean's Outpost to help homeless people.
https://bitcointalk.org/index.php?topic=295211.0 and http://seansoutpost.com/donate/

That really depends upon what you want to get out. If you want to use it as a currency, buy stuff with it.  there are many firms now accepting BTC.  If your aim is to use it as an investment, the best bet is probably to just hold BTC.  Mining is extremely unpredictable and unlikely to make ROI in anything like reasonable time frames.  Any investment in alt coins is a complete gamble as BTC has massive first mover advantage and a much bigger infrastructure, so it would take a super alt coin to displace BTC's lead.

Just hold the coins.

That's a good cause. If you do that you will feel good as well! :)

Do you need anything particular?

https://en.bitcoin.it/wiki/Trade (https://en.bitcoin.it/wiki/Trade)                 <-----------I'm not sure how often this get's updated.

http://www.reddit.com/r/darknetmarkets (http://www.reddit.com/r/darknetmarkets)   <-----------for all your nefarious needs :D

+1.
If you need to buy something, buy it with your bitcoin. If you have everything you need, donate it to the poor. ;D

I think I will donate some of the money to online/offline organizations (about 0.1 btc) once it reaches 600-1000 usd.... [I bought my FIRST EVER bitcoins at about 500USD].... right now I wait for the value to go up to cover my losses.

All these options are very risky, and you will probably loose all or most of your Bitcoins.

I will donate part of the 0.20247 btc once I get ever or gain some profit (thus once it reaches 600 to 1000 USD), but I was wondering how can one "work" with the coin to make some profit?
What are the current ways to earn bitcoins?!?

Despite on what others are saying to grow and gamble with it.

My advice is just to hold on to it. Nothing more, and just focus on making money at your job or whatever that may be, then buy it at a low price.

You can buy stocks with bitcoin on sites like Havelock Investments and Cryptostocks.
You can invest in banks of some gambling sites.
You can lend your bitcoin out (Be careful!).
You can do day-trading.
You can gamble.

Good that you know which site to promote for. :D

Invest it in trading bitcoins to cryptocurrencies, and just play with the market buying and selling coins.

It is very risky, and you should only do this with the money you can afford to lose.

Agree, IMO trading is very much like gambling. OP can double his bitcoin in a day, or lose all his bitcoin in a day.

I like the idea of investing some of it in a site or trading around with it can also be a lot of fun.

Good Luck!

In my way the quickest, and best way to learn about bitcoin was to play around with it (and lose it haha)  Try and gamble some through dice, casinos, Shares, lending https://bitcointalk.org/index.php?board=65.0, and sure, buy some new alt-coins and hold on to them and see what happens :)

Play around with them, have fun!

If I were you I'd consider putting the rest into an alt coin or two that you ave faith could be used widely but that is just a thought.

well to be honest id suggest you use that .2 for normal expenses. if you care about the long term growth of bitcoin your going to want to use it as a curency not an investment

Invest 2 or 3 IPO . I think it's best way for small player at start.

from the rsikiest to the safest option:

1)gamble (which is if you really don't care if you loose thoses coins) or invest in a ponzi scheme (game where you have no guarantee to get paid)

2)participate in any IPO (meaning you pay a premium to get your hands early on a coin you believe in, can end up in being a scam, not as valuable as you paid for it , or anything else)

3)invest in mining contracts (considering that the difficulty rises over and over with tc and that thoses contracts may not be worth anything after 3-5 months of renting)

4)lending them to someone (via escrow you are sure you will at least get your money back if you end up trading with some scamming kid)

5)use them to trade alt-coins, again there you might just loose it all on fear and dumps or even because some multipool decided to dump or buy this day.

safer options:

6)wait for bitcoin to be in another uptrend then sell whenever you are ready (bit of cash never killed anyone right)

7)invest into POS coins that already have a name in the game (PHS, HBN, TEK,.....)

8) safest option: you just buy something concrete that will rise in value for sure (guns are a good investment, government notes, stocks and options in btc)

cex.io or pbmining.com, check those sites out, they are pretty good for cloud mining, or gamble them, if you know how to play poker  gamble them at sealswithclubs.eu.

mining is not profitable at themoment but if OP has a very long string of patience then he can try to invest it on to pbmining or in cex but i suggest that explore first the whole forum read and think what is best for you

goodluck

Agree.
Don't forget to put electricity cost and difficulty uprising into consideration.

I sure this newbie have too much tips from here now best is lock this thread and keep these coins for some time  :D

4) If you only lend money alongside with collateral, it is pretty safe IMO.
6,7) Not quite really sure if buying PoS altcoins is safer than buying bitcoin.
8) Don't forget about inflation risk for gov bonds, and investing in stocks and options in btc are a lot riskier than investing bitcoin IMO.

Hold it!

Martingale them on PrimeDice over 20-30 rolls. Be sure to change the client seed manually each time, although the auto-roll should serve you well over such few rolls :)

I hate to admit it but there are lots of gambling sites you could use the extra con on also.  Take for example the linK in my Signature space below my posts..  Justa thought.  ;)

I'd take that much and invest into alt coins. Not all of it, try buying say at single coin you may think will rise in value and sell it when/if it does for a profit. Once you get some practice/experience gradually increase the amount you buy with it. Turn that 0.2BTC into 2.0BTC. Do some research first though, try to buy coins that haven't pumped up already though. Common mistake newbies make.

Just put that 0.2 btc in a paper wallet, and store it in a secure place for years and hopefully it will worth some big money then.

yeah i m not so sure about that, moreover paper wallet can be lost/ stolen easily to someone who knows the value of it

You can make backups to paper wallet (just print a few copies) and put them in different secure places.
Also, paper wallet can be password-protected with BIP0038 (https://github.com/bitcoin/bips/blob/master/bip-0038.mediawiki)

ok i didn't know you could protect them with passwords (mybad there)
well then it seems to be a pretty good conservative solution if you have no idea what to do with your bitcoins.
But only for 0.2?

If you want to go into this then buy a bit more of it, let's say enough to have a full btc might be a good idea (because even if it rises 100% on 0.2 you're not going to see a big difference and considering the time you woud have to wait: not a good investment)

True, and indeed I do suggest people to buy bitcoin and take it as a long-tern investment (at least hold it for years).
Of course, you should diversify your investment, and not to risk all your life saving into bitcoin.

Sell it on ebay in fractions of 0.01. You'll make enough money to buy at least 0.6 BTC. Buy the 0.6 BTC and repeat the process until you can buy a profitable small company. Buy the profitable small company and save the profits to buy a bigger one. Buy a bigger company when you can and enjoy the big profits. Buy yourself an island in the middle of the Pacific Ocean and enjoy the rest of your life away of any problems.
Good luck in your journey!  ;)

wait how does that even work XD?

options:

buy doges with them and spen in donations and giveaways

buy etherum or NXT or some alcoin, transfer to some offline wallet and dig it deep for years

use to finance something you wanna do. The 0.2 btc is enough to cover the costs of a website, for exemple.

buy things to resell


day trade it

Just hold that amount for now.

And buy more as you feel seem fit. Its a matter of gambling with it, but dont do it careless if you cant afford that loss.

Add few more coins to your balance and i will make a new coin for you !!!

Donate it to the poor.

How do you mean you will make a new coin for him/her? A new alt-coin or create a Bitcoin out of thin air (which is not possible anyway)?

Invest in me, but I warn you, only thing you'll get is joy for making me happy.
But sometime even a good feeling can be priceless. 

PM me if you want piece of joy, i'll sent you my address  ;)

invest and make it more :) and increase with time of worth than hold it wait for right time :)

You will very likely be scammed if you sell bitcoin on eBay.

I believe he was talking about creating a new altcoin for OP. FYR: https://bitcointalk.org/index.php?topic=585967.0

not only get scammed but ebay will banned him also as they are not accepting btc :)

First off, do some research and decide for yourself.  If you're not inclined to do that you are best off just holding the BTC.  If you are somewhat tolerant of risk and want to spend time and effort learning about other digital currencies I suggest you open an account on Mintpal or Cryptsy in order to speculate on different alt coins.

You can come to my hair salon for kids and make a birthday party for your kid :) We are accepting Bitcoins and opening at 10th of may www.veselbalon.com
BR,
Gondel

r1973 you can donate to someone who needs it

I will once the btc will reach about 1000USD to cover my losses

How did you get these?  It's not a totally small amount of money at today's prices.  What you do with it really depends on your interests.

You can find it in post #4. :)

you can invest in new cryptocoins with IPO 1/4, and buy some hash power, 1/2, and
buy some altcoins with 1/4 of yours stake

Buy Ripple XRP, soon we will see 1$/XRP.

You should invest in other crytocurrencies, they can even bring you some profit.

No, don't buy ripple. It will not become anything bigger than it is right now.
Stick with bitcoins, or trade other high risk cryptos if you know what you do!

Thanks, I guess I had missed that in my initial readthrough.  I understand now how you have this btc and why you want to do something with them.  I hope this thread has given you some good ideas.  Which ones are you going to pursue?

buy shares in NFD coin (till 10.05)

I would just hold on to it for couple months and wait for the price increase. Or you can cash it and buy something nice to your girlfriend.

Invest in

What if he half of it investedin alt-coins and half in cloud mining?

I think you should just hold on to it.

I would just gamble with it, and see if you can double that.

Since btc price are pretty cheap, thats what $80?

Buy Blackcoin

I thought ripple went down in flames last year with tradefortess (or maybe before).  Does it really still exist?

For better saving invest them in to cloud mining they are low price now .

The hashrate price will just be cheaper and cheaper, since the difficulty is continuously going up (mining profit continuously going down).

I don't think so, difficulty is going up so fast and you eventually will never make profit.

If you have a lot of free time you make begin trading it..but it definitely will take whole lot of time!! Frankly speaking, you may begin mining it..this could bring you extra BTC and then you may buy smth or do whatever you want!  ;)

Buy coffeecoin (CFC)

I would gamble It all for fun, If It's residual from my main balance :)

buy ghs here  pbmining (http://pbmining.com?ref=bigali) and profits will be paid to you in less than two months and then you'll earn after 2 months

I would safe them and maybe diversify into other coins. I personally like LiteCoin and Dogecoin as alt coins.

You should definitely just hold them! The current Bitcoin price is quite low.

Also, due to the fact that Bitcoin's deflationary, you'll likely make out in the long run.

Don't forget that difficulty increases and you mine less an less bitcoins with the same hash rate, so there is no way that you'll make everything back in 2 months?

whatever u see fit, noone can tell you what to do
do what you want :)

Clearly he's looking for suggestions not people giving him orders.

You should invest in other coins,and profit from trading on exchanges (if you're good with investing) or if you want an easier solution,save it and wait for the coins to appreciate in value (not right away but be paitent as BTC has a boom-bust cycle.I'm holding on to mine for that reason since the market is in a state of flux at the moment,not at the peak but not crashing either).

I think that if you're a gambler,try the stock market since you have a better chance of making some returns (vs gambling with no guarantee of winning it back).

If you're feeling charitable,find someone who can benefit from your donations and help them out a little. I hope my suggestions help you OP :)

When in doubt, hold. Historically, that has paid off very well. And while $120 doesn't seem like much, it could be worth quite a lot more in due time. Good luck. :)

You're acting like 0.20247 isn't a lot lol. Unless you have a specific need for it, just hold on to it. It will be worth more in the future. You don't "have" to spend it to gain more knowledge of bitcoin.

So if you are up to spending some coin you can buy a little XPM, which is oldschool coin still surviving in these hard days for the Alt coins. If you have any knowledge in marketing you can make big cash :)
Do not day trade or gamble, you will loose coins. Try XPM and HOLD!!!
BR
Gondel

i would suggest to buy more while price is low :)
then spend some on overstock maybe or when the time come in other big company that will adopt bitcoin

Don't do this for sure you will never reach ROI and don't even think about proffiting.

Buy some dogecoins, buy more bitcoins and wait until you make a nice profit in some months.

Yeah, I don't know about that. I don't doubt that a pump is possible, but DOGE really doesn't have much going for it these days. Be careful with alts, OP...

i think casinos are more profitable than mining, but after just-dice stopped their services i'm not sure which casino is going to be the most popular.

i personally like www.satoshicarnaval.com but i'm not sure if it will catch on.

Hold onto these puppies for dear life for the next 36 months.

If he doesn't know enough about alt coins to know whether he should invest or not without asking the forum first - he should not invest in doge.

Casinos willtake your money at an average rate of the house edge every bet.

Cloud mining will probably never ROI.

Casinos will probably make you lose your money quicker and cloud mining may be somewhat educational about how bitcoin and mining works. Both are bad investments.

IMO if you do not have any need to spend the bitcoin then you should hold it

It seems what zimmah suggested is not gambling in casinos, but investing in bankroll of casinos.

Thay maybe a good idea, but I think he should invest a little bigger amount in casino bankroll.

If I were you I'll just keep it as an investment.

you can do nothing much. One way is to buy some newly released coin and speculate on that coin value.

This is less risky, however is still not without risk as it would be possible for "larger" gamblers to have short term good "luck" and creating negative returns for the bankroll.

Just hold onto it, theres nothing better out there.

Yup, you're probably thinking of the nakowa incident:

http://www.reddit.com/r/Bitcoin/comments/1mwd98/a_whale_has_pushed_justdicecom_into_negative/ (http://www.reddit.com/r/Bitcoin/comments/1mwd98/a_whale_has_pushed_justdicecom_into_negative/)

It's pretty irrelevant now since Just-Dice recently closed. I'm still very much in the same boat as OP. I have about 0.25 BTC and was looking into investing maybe a tenth of that somewhere but it looks like JD is no longer an option (at least for now).

depends on how the site is setup, if the kelly is low enough the risk is minimal.

Most wesbites offer as low as 1/4 kelly, which means the risk to lose your investment is close to 0.

these are the options i know of:

There are at least 4 websites other than just dice where you can invest in.

Satoshicarnaval [link] (https://satoshicarnival.co?ref=a49904823fbb1f22c2f27b569280edc8) [thread] (https://bitcointalk.org/index.php?topic=619499.0) (Very new website, only 2 weeks old, looks very promising to me, low house edge of 0.48% so good for gamblers)
PRCdice / pocket rocket casino [link] (https://pocketrocketscasino.eu/?af=zimmah) [thread] (https://bitcointalk.org/index.php?topic=663326.0) (A dice site as well as a casino with poker and blackjack)
Dicenow [link] (https://dicenow.com) [thread] (https://bitcointalk.org/index.php?topic=314252.0)(Biggest of these websites by far) (some days a lot of traffic, other days 0 traffic)
Everydice [link] (https://everydice.com/) [thread] (https://bitcointalk.org/index.php?topic=476334.0) (Just listed this for completion)

why not gamble?

if you like gambling be my guest, preferably at one of the sites i have listed above.  ;D

What ever yo do, just don't gamble, you will end up having 0 BTC.

Hello! I think you should donate or buy some GHs and get some BTC .
Kindly,
        Muhammed Zakhir

One option: gamble at a bitcoin casino proposing a sign-up bonus.
Aonother option: bitcoin price is still extremely volatile, you can trade.

Just watch out for the scammers. I heard Mt. Gox went belly-up and a lot of people lost a lot of Bitcoin. But, if you feel pretty comfortable risking .20247 Bitcoin, you could earn more by trading on a fairly active exchange like Mintpal or Cryptsy. Then, when you've built up a good amount (Remember, buy low, sell high is a good cardinal rule), use it to buy something that you've been wanting but was out of your price range.

If I were you, I would simply store the bitcoin in a paper wallet, and keep it for a few years.
It may worth nothing, or it may worth a lot at that time. :D

Speculate to accumulate read some books / ebooks / audiobooks (youtube is good for this) on day trading and buy altcoins to trade on www.mintpal.com You can make good money trading.  Make small investments at first and watch what the markets are doing. Plan your trades in advanced based on the date you are seeing.


Trading 212: How to read Japanese candlestick charts?
http://youtu.be/OGFxp3Pixg8

How To Read 17 Japanese Candlestick Chart Signals Series 1
http://youtu.be/Z0n-jHqfLtQ

Trading strategy- Learn about the basics of candlestick charting
http://youtu.be/NEwixpz7Bow

The biggest sites (I have never heard of any of the above) are the safest ones as they will offer the lowest amount of variance (high gambling volume means there is a lower chance that one outsized gambler with good "luck" could distort the stats). Even with investing in the biggest sites or sites with the lowest variance there is no guarantee against loss.

If you purchased 10.4 bitcoins for $495USD please for the love of god hook me up with this person!!!  You can have my first born!

You should buy some potential alt-coins

Hmm... Either he bought 10.4 bitcoins for $495 in total or he bought 10.4 bitcoins for $495 each. The former seems unlikely because that price would be too cheap. But the latter also seems unlikely (although not the same extent) because it would mean that he spent over $5,000.

Buy a domain and hosting for a year  - namecheap.com accepts BTC, and they do domains + hosting, though for the latter there might be some other, cheaper hosts.

Build a website, a blog, a personal gallery, whatever. You probably won't make any money off of it, but hey, having a place online to call your own is neat. (Source: I have a place online I call my own :D )

If you want, you can do something for the community using that website, and ask for BTC tips. You never know!

I believe it is very likely the latter case.
That $5000 may probably be just a tiny fraction of his family's savings. After all, he considers 0.2 btc as "left over" :P