Bitcoin Forum

Hey guys:)

Im new in the cryptocurrencywolrd and have some questions.

I got my wallet and some BTC.

I want to mine and want to trade.

what do i have to know about mining and which Hardware do i have to get?

Where should i mine or which sofetware do i have to install?

which coin is the best to mine?

which trading platform is the best to trade BTC or other alt coins?

some inevitable websites ?

Thanks lot ;)

Hey and welcome!

I'm sure you will have loads of fun.

Be aware that mining bitcoin is not profitable at the moment.
You can make a little profit with some scrypt altcoins, if you don't pay for electricity.
Check http://www.coinwarz.com/cryptocurrency where you can simulate profitability.
You can mine one altcoin and then trade it for more profit, well, if you make a good trade :)
Check current marketcap at coinmarketcap.com (filter non-mineable).

For every altcoin you need its specific wallet. Most coins have their own forum thread and website.
Be aware also that most altcoins are pump and dump schemes. Be very careful trading them.

I suggest start with small amounts to get the hold of it. Don't try to get rich quick with trading, you will fail.
Kraken is a good exchange for BTC. In coinmarketcap.com you can also see where each coin can be traded if you click on its current price.

Also don't leave huge amounts of coins in exchanges. You never know what tomorrow will bring.
If you google Mt.Gox you can read a very sad story that made a lot of people lose money for example.

Preev.com is important
Bitcoincharts.com
[Suspicious link removed]/r/bitcoin and subreddits for specific coins
https://bitcoin.stackexchange.com/questions/2834/what-are-the-perceived-advantages-of-bitcoin-as-a-store-of-value
https://bitcoin.stackexchange.com/questions/118/how-much-bitcoin-will-i-mine-right-now-with-hardware-x

Read the wiki
https://en.bitcoin.it/wiki/Main_Page

Explore the subforums and google as much as possible. Read read read.
And try to understand what are scams and how to spot them before doing any deals.

And protect your wallet.

Welcome aboard,

kleineaap is correct, nevertheless I recommend you (for start) to use one of autoswitching pools.
Like wafflepool, coinshift, coinsolver or middlecoin. You don't need to have any altcoin wallet.
You will recieve BTC directly in your wallet. It's very simple, but you have to pay small fee.

Later on, when you see how it works, you can start doing some experiments.

About HW
1 - you can mine using GPU (ATI is best) but it' expesive due to high cosumption.
Check hash power for GPU here:
https://litecoin.info/Mining_hardware_comparison

2- BETTER solution is to get some ASIC miner, there are lot of them just look around mining section.
Just calculate consumption/hash power ratio and check some feedback from users.

About SW, it depends on used HW  ;)
For GPU use bfgminer or cgmines (find some older version, because newer does not support GPU mining, i thik I used Cgminer 3.7.2)

ExchangeI trade on localbitcoins, btc-e, also used bitstamp, but not any more.

good luck in mining and trading

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.

Then how he suppose to learn something? With your attitude the bitcoin comunity would be Satoshi N. along with few of his friends.
Definitely it's good to read a book about, or attend training but nothing equals to real experience.

Rather to say, don't invest much.

Trading can teach someone a lot about the economy. I'd suggest the OP to use a very small percentage of his coins to play with in the market, while being aware that profiting from this is unlikely for the first months.

Terrible attitude.

I suggest ignoring this. Coming early to the party doesn't make you a better guest.
Instead try to learn first by reading on the topics as much as possible, then by trying out with small amounts. You will make mistakes and learn from them.

I even suggest to mine bitcoin. Not for the profit, but to help on your understanding. It is also fun.

Cheers

+1

I think that my advice is just as good as yours. I didn't include a lot of explanation because I figure it would be ignored anyway. The few newbies that are interested in mining and trading in order to learn something should follow your advice. But most newbies want to mine and/or trade because they think they can make a lot of money, and those newbies should follow my advice.

now u can mine only alts, bitcoin too hard, thats one your question

Every trader has lost a lot on a trade at some point if they have been in it long enough.
Newbies should not go into trading unless they can stomach a tough loss.

If anything the only good tip that few will admit.

Do not get BFL mining most of their miners break and suck. ESP those preorder hype.

You can mine with different hardware (CPU, GPU, scrypt ASIC, sha256 ASIC, etc).
You can mine different types of coins (sha256, scrypt, scrypt-jane, quark, etc) and you may need different software to mine.

It is hard to break even with mining now, so don't expect to get profits at all.

The biggest btc exchanges are bitstamp and btc-e, and the biggest altcoin exchange is cryptsy.

Hey all,

Im just coming home and I'm surprise to get so great answers and tips from you how to trade and mine bitcoin.
Thanks to all!! I'm looking forwards to have a nice time with you all!!

I think bitcoin has a great potential to get a very big thing!!

I think other question I can save now and hope I get enough information and experience by doing myself. Learning by doing;)

Welcome to bitcoin and bitcointalk, aMattel :)



You can definitely learn a lot by trying different stuff yourself.
Whenever you got a question, feel free to ask us here, and I am sure you will get great answers again :)

 :) :) :)

Unless you have a good budget, mining bitcoin is not an option as the difficulty is pretty high, and for a profitable mining you would need a stat of the art asic miner that cost a lot of cash.

To acquire the necessary experience, and to understand the different aspect of cryptocurrency I suggest you to read the different guides and informations on the website and do some applications on altcoins

welcome my friend and have fun. good luck.

Welcome and good luck!

+1
The scrypt ASIC are more affordable though, and there's not much difference in Hash/$ wether you buy a 100$ or 2000$ ASIC.

u can creat a wallet on https://blockchain.info/

It seems to me OP has lost his/her interest in bitcoin real fast, and didn't come back after creating the account for a few days... :(

I think the best advise for newbies to the bitcoin arena is to get educated about bitcoin before you do anything with bitcoins. I know of a great course that will teach you everything about bitcoin and give you real trading strategies that experts use. PM me if you want more info on that.

But honestly if you are new to bitcoin get you some education about bitcoin from somewhere. Please beware of the bitcoin hype and the hypesters. Keep in mind that bitcoin shares some similarities with other crypto-currencies but it has a uniqueness all to it's own. Having the right education will identify key things about bitcoin that will lead to you developing strategies on investing in bitcoin, no matter if you use money or not.

One tip I will leave you with if you are trying to grow your bitcoin bank, sell items you don't won't or don't need for bitcoins instead of for money. I know someone who just sold their car for bitcoins. This is probably one of the fastest ways to get bitcoins. No fancy equipment, no money out of your pocket, more space in your house or garage.  ;)

If anyone comes across or know of some new ways to gather bitcoins please pm me to let me know.

Go to the alt-coin section.  But I think DOGE is profitable the most, I really dont know, I've stopped minning coins.

Ummm, DOGE is in its death throws in my opinion. I'd look into mining low difficulty coins that haven't been added to exchanges/pumped yet. DOGE is dangerous at this point....

All the information you seek are at your finger tips of clicking the "search" icon on the top right.

Go to advanced settings to type your keywords. As for your general questions, like what type of coin to mine would be under the category for "alt coins" and start from there.

The doge hype is over IMO. The price is now down to just 34 satoshi. :D