Bitcoin Forum

Hi everyone! I'm just learning about bitcoins and I was wondering how to best invest in bitcoins on small but long term basis I live in the Philippines and cannot afford to buy hardware for mining. I've recently tried doing some faucets to better grasp how the wallet works and faucets seem like it will take forever to earn a single bitcoin. Any suggestions as to how to go about investing? The budget I can afford for this would be approximately $20-30 a month thanks in advance to anyone who would reply.

Hi welcome to forum,

try cloudmining, but first make some search about.
check CLOUDMINING.GURU - YOUR #1 CLOUD MINING REVIEW SITE (https://bitcointalk.org/index.php?topic=560786.msg6116623#msg6116623)

e.g. pbmining is paying for long time.

or try newer [ANN] .0029 BTC per GH/s - 5 year contract  (https://www.bitcoincloudservices.com) or Cloudhashers - custom mining contracts starting from 0.01 BTC (https://bitcointalk.org/index.php?topic=623394.msg6910995#msg6910995) (no guarantee)

Buy GPU hardware and mine :)

@Wusolini - I was thinking of doing cloud mining but would investing in increments of $20 a month really gain a profit in cloud mining?

@Cryptocreek - Unfortunately I would not be able to afford purchasing a GPU and mining since my funds are very limited

Thank you

with gpu he will never make ROI, unless he starts to mine some altcoin in the beggining and it becomes succesful.

cant tell you sure, Iam on same boat, I have few investments but nothing serious.

cloudhashers gives you 3% daily so thats very good profit. Too good, so be careful!

Pbmining, few of my friend joined from begining, now have invest back and still profiting, but mostly due to referrals

also can try cex.io, but rahter stay away from them.

 

Seriously, buy bitcoins, wait.  Mining is just buying bitcoins in a different way.  This is not to say never mine, but unless you know what you are doing or educate yourself you accomplish the same result.  Mining can be fun though!

Good Luck!

I would definitely not suggest "investing" in cloud mining. The gh/s on these site are 5x overpriced.
Before considering buying that, please make calculations on vnbitcoin.org/bitcoincalculator.php (http://vnbitcoin.org/bitcoincalculator.php) to see what a gh/s should really be worth.
Plus, these cloud mining sites mine on large pools which contributes to the centralization of Bitcoin mining.

I'd suggest instead to simply buy Bitcoins and hold them in a secure wallet.

I highly recommend against investing in mining or cloud mining contracts, unless you think you have a knack for altcoin speculation. I would set aside what spare money you have and just buy when you can. Are there sellers in your area on localbitcoins.com?

What i think is don invest in mining , invest on alt coin and you might get rich real quick :)

But don't take advices from the "Alternate Currencies" section of this forum ;)
Investing in altcoins requires a lot of research on a coin's technology and community.

Simply invest directly in BTC and hold.

Mining used to be profitable, but now is like giving someone a load of money and have them return them to you bit by bit in diminishing amounts. The best way to get bitcoin is to buy them with fiat, sell stuff in bitcoin, or offer services in bitcoin.

I'm in the same situation as you.

Buying bitcoin is safe with slow profit and buying altcoin feels like gambling with fast profit or loss.
I guess the choice depends on character…me not sure what to do either   :)

buy hashes, alt coins or bitcoins and hold

I suggest you to NOT invest on mining related.

Just buy your Bitcoin and hold it for months and year :)
But if you want a riskier, more exciting, and higher profits, then try to "invest" on altcoins

Even if you buy just a tiny amount of Bitcoin every month, eventually you will get one Bitcoin. But if you want to do it faster than $20-30 a month will allow, I suggest earning some in your spare time by picking up jobs right here in the forum whenever you have some free time.

i would invest in a gambling site :))))

all btc and they will grow and grow because you o most everytime lose!

Invest in bitcoin and altcoins trough ANXPRO (http://bit.ly/1mHdAjh) exchange, and by now you can receive 15,000 dogecoin for first trade.

try signature selling stuff(wait until you are member, or get a member account)
buy bitcoins and HODL or trade(not sure how easy is for you to buy them)
go to the service sections and see if you can find or create good stuff

Me, myself was thinking about in mining farms, what would you think ?

Try cloud mining. In cex.io you can trade, buy and sell your GHS.
Buy when the price of GHS is LOW
Sell when the price of GHS is HIGH

Okay so far most people agree that cloud mining is pretty much a bust. I will try to get my status up to member to be able to earn bitcoins. What would be a trusted site where I could buy a small fraction of bitcoins using a credit card or paypal?

there is alot of cloud mining out there, but which one  is the trusted and best value ?, my friends all talk about pbmining because of the best value, but as far as i know they do not show their mining rig

If your in the Philippines exchanging money to BTC is super easy and fast.
You can see your BTC to your WALLET within 10-20min after you send money to them.
Best thing is EXCHANGING with coins.ph is FREE OF CHARGE.
You will only be charged when you deposit less than 1000pesos in bank. The bank will charge you 50 pesos.

Just go to coins.ph create an account then follow the instruction on how to convert BTC.
You can send them payment using LBC, CEBUANA and other third party payment processor.
But the most convenient is to send the money using bank. Coins.ph supports MAJOR BANKS in the Philippines like SECURITY BANK, BDO, UCPB etc.

@davellolzz - Thanks for the info I will definitely look into coins.ph

Welcome btw I also tried GAMBLING with BITCOIN I convert my BTC into a DOGECOIN.
I play in a DICE GAMBLING. I start with 35000 DOGECOIN
At first Im very lucky because my 35000dogecoin become 120,000 dogecoin. :o
But there's something weird happen. The site shows an error wherein they will conduct a maintenance so I stop playing.
After 5minutes I reload to see if the site is ok and I saw that is start working again.

After the maintenance, I started to lose the game and eventually dropping my dogecoins to 20,000  :'(
I stop and play it again today but my luck is over and I completely lost my 35000 dogecoins investment. :'(

Mining is the main way to invest your bitcoins, check out mining hardware in the hardware section I have seen some great deals, but like you said you can't mine so I guess cloud mining is the best alternative !

Just buy bitcoin and holds them for years.
Bitcoin mining won't give you profit now, and it is very risky in day-trading.

Thew best way for you to earn bitcoins will be just to buy a small amount every month or when you can and hopefully they will turn into a decent investment over time by themself. Oh, and definitely don't waste your time on faucets. You will never earn a full bitcoin this way. You'll be lucky to earn a few dollars a month from this to be honest.

Mining are still profit but it take longer time , holding bitcoin is a good idea you can invest your bitcoin on other casino as well .

TBH, I don't find any sha256 ASIC that can bring me profit after electricity costs.
It is true that you can invest in casino's bankroll, but I can't find any casino as trustworthy as JD... :(

Just buy and hold, best investment ever.
Others are mostly scams

The only way for mining to be potentially profitable over the long run is if the difficulty would increase at a pace slower then the pace that bitcoin increases. As far as I can see this is not the case.

How long does it usually take to become a member lol.  :P

https://bitcointalk.org/index.php?topic=178608.0
Member:   Activity: 60

so generally, 14 activity points every 2 weeks. when you first join, you are capped at 14 activity, and so on. so you can probably do the math from there. :)

 
I will invest in mining bitcoins.

Where do I go buy the best price for mining contracts?

For reference about cloud mining, you can get it on
https://cloudmining.guru/wp/
http://www.cloudminingreviews.com/
http://cloudminingreport.com/

Those site gives full review and scores for our comparison about cloud mining.

There are a lot of procedure to invest in BTC. But i think the most profitable way is trading. If you have good knowledge and experience about BTC trading than you can start trading.

This is most simple way, if you plan to spend more time you can do other things, but as i said, if you are wiling to learn and spend time for it, you can day trade alts, mine, alts, ...  But you can also use this forum to earn bit coins if you offer some of your knowledge.

But for start best is to buy, you wil see latter what else you can do.

The next 2-week period starts on Jul 8, so you could become a member on Aug 19 at the earliest.

It is important to do your research and run the numbers yourself to make sure that you can potentially make ROI on a cloud mining contract before investing (hint: you probably can't)

Yes, I highly recommend doing thorough research and running the numbers against difficulty trend, since my impression is that cloud mining is by and large unprofitable. Unless you think difficulty is going to plummet or something....

I suggest you for cloud mining. I am mining. You can start mining from 0.094usd per kh/s per year. Here is the official thread, you may get more information https://bitcointalk.org/index.php?topic=602022.0

With the drop in LTC price, and the coming delivery of new-gen scrypt ASIC, I am not sure if it is really a good time to enter scrypt mining now.

Cloud mining -- I suggest not. I really encourage people to run the numbers against difficulty trend to determine mining profitability. Cloud mining has been shown to be by and large unprofitable. Better to buy crypto directly.

Cloud mining is almost certain to never ROI, another issue is that buying shares in Cloud Mining contracts makes mining more centralized as you cannot easily change pools that your hashpower is pointing to.

The best investment is to hodl your bitcoin. Just don't get sacred with the daily ups and downs. :)

I'd say buy some now to hold but also keep some money ready to buy if ever the price drops.
On the side, you could try day trading altcoins and then convert your profits to BTC.
Day trading is risky though, so always use spare funds you can afford to lose.

When starting day-trading, it is almost impossible not to lose money. But it gets easier with experience.
The key is to not consider your emotions in your trading decisions.

ummm if you have 7 bitcoin to invest i suggest you to go to buy some miners not bitcoin miners alt coin miners. . because mining of bitcoin difficulty is going up very fastly.. so i suggest you to mine altcoin and buy some miners.. or go with cloud mining.. :)

Cheaper to buy than to mine. Most ASIC mining companies are borderline scammers.

What about the mining contracts on cryptsy? ??? ???

I agree, I just bought my 1st bitcoin on localbitcoins.com. Most of the asic mining companies suck right now, pre-order bs or some other reason.

True but it is only if the coin is already on exchanger.
If you saw a potential coin, and you mine it before it goes to exchanger, you can get a huge profits when it gets on exchangers, especially major ones like Bittrex or Mintpal.

wait wtf? theres mining contracts on cryptsy?

where do you see this?

https://www.cryptsy.com/markets/view/196 MN2/BTC
https://www.cryptsy.com/markets/view/187 MN1/BTC

Poloniex has it too
https://www.poloniex.com/exchange/btc_mns1

Thanks! I only thought cryptsy was for alt coins, guess not lol.

I just hope that the mining contracts aren't going to take me a stupid long time to make my money back. I would try to day trade with the altcoins but don't have enough extra btc or extra time to devote to watching the market every ten minutes. I think I will probably just stick with the MN1 so I at least know I can get daily BTC deposited in my account. Cant go wrong with that aye?

It looks like the Cryptsy MN1 and MN2 contracts have a ROI of ~200 days (without considering the returns getting lower over time). Although it's still better than buying right when they are announced.

Why would someone not consider that the returns will get lower over time? It's actually the most important fact to consider about these contracts.
The profit made from these will almost certainly drop by 50% every two months, which makes a positive ROI impossible.

OP says he can afford $20-$30 investment per month ..

My advice ..

Just buy whatever amount of BTC you can each month and Hold ..
Anything else is just a gamble with an unknown outcome ..

Triff ..

Because making this ROI calculation is much more complicated when you have to factor in the loss in returns. I could find the average change in difficulty and find out the real ROI if someone pays me to.

There are easy to use calculators for that :)

Like this one: http://www.vnbitcoin.org/bitcoincalculator.php (http://www.vnbitcoin.org/bitcoincalculator.php)

Not exactly the calculator needed. Since these are built for the old GPU-mining days where you pay for hardware in USD: "Miner cost in USD"

This one offers the possibility of typing the price of your miner in BTC:
https://bitcoinwisdom.com/bitcoin/calculator (https://bitcoinwisdom.com/bitcoin/calculator)

Really, there's no excuse not to consider the profit lost from difficulty increases.

Thanks for the link. With 15% difficulty increase or more there is no break-even at all with either Cryptsy mining contracts or pbmining.com

Neither with any of the current mining hardware, unless bitcoin's price increase considerably. And these are still several times more profitable than the mining contracts, especially Cryptsy's.

Unless you're a big mining farm which can buy them at half the price and who has access to cheap electricity, or you're a long term holder who's quite bullish, there's no way to profit from mining. It's a shame, really.

Soooooooo did I just waste btc buying two MN1 Contracts ??? ??? ??? ??? ???

Luckily, you can always sell them right now for barely any loss :)

It makes you wonder who drove the price up to 0.09 or whatever it is now. It would be a solid investment if you buy them at 1/10th of that.

^ I have been wondering a similar question about cex.io for a long time.
Seriously, 0.0068 per GH/s and $0.26 maintenance fee per month per GH/s ? Why would people buy hashrate at that price?

Well any site can make whatever price they want. The difference is that on Cryptsy's MN1 and MN2 the community actually bought to drive the price up to 0.09

Try something like dice site, gambling site, maybe even poker site. If you have enough you can create your own site for gambling and manage it. My suggestion is to keep away from Ponzi or HYIP (hope i wrote it well).

Don't spend your money on scams.

It's actually a really good thing you can't afford any mining hardware.  Despite what anyone tells you the odd's of your getting your money back investing in bitcoin mining hardware directly or indirectly via cloud mining will only result in disappointment.  Not aware of any Phillipine based exchanges but there is a localbitcoins section for your country located here:
https://localbitcoins.com/country/PH

Hope this helps.  If you find the rates too high there I would suggest be-friending somebody here in the states.  We have it pretty easy purchasing bitcoin at near bitstamp rates via coinbase service.