Bitcoin Forum

Hi Guys,

I am not a fresh newbie (lol) but yes I have never made any investment in Bitcoins. Though I have bought several Bitcoin related domains.

Let's jump to the topic, I want to know about cloud mining.. How can I earn bitcoins with any cloud mining account? and What kind of Investment can I make, I mean on what scale? ($50 to $100 initially?? fine or not?)

Well I can't solve those maths problems (you can laugh on this).. I want some pool or cloud mining mechanism to solve it for me (sharing basis).

Inshort, I want to invest small amount of money (initially) and I want bitcoins from that investment. I am a beginner ..

Thanks

In my opinion currently cloud mining will be a loss because of the estimated difficulty increases.

For $50 you can buy more than 0.1BTC currently.  The best cloud mining site is projected to earn you no more than 0.08BTC unless difficulty stops going up (that's about as likely as you getting only green lights for the rest of your life.

Move the money to an exchange and buy the coins if you truly want to invest.

If you like staring at nice charts while losing money then pick whatever site you like the look of the best.

Forgot to mention, if you're thinking about giving money to a cloud mining site please make sure it is a company and some dude running a ponzi.  Read this:
https://bitcointalk.org/index.php?topic=739510.0 (https://bitcointalk.org/index.php?topic=739510.0)

Better invest your money to buy bitcoin rather then cloud mining .

Cloud mining is ok if do it properly :)

my friend. I suggest just invest money in the coins itself. Simple fact:

why cloud mining should sell service for less they can mine?

If they supplying gear and power etc and let say than can mine 1 btc a day youn think they will charge 0.90 a day?


just buy coins and hold.

It's good to have some coins aside, buy a few while the price is still relatively low.
I recently purchased bitcoin mining hardware myself, but I am still considering the option to use cloud mining services for some extra cash as the difficulty increases quickly.

Thanks all.. I appreciate all of your responses ..  ;)

So I conclude from all replies, that

Instead of cloud mining I should go with direct trading.. because of high profitability..


So should I go with only bitcoins or also consider other currencies like dogecoin, STR etc (because they are cheap currently)

and other thing I want to ask that, is there any bank for bitcoins? so I can earn interest on that instead of keeping those coin in wallet? if no bank, any other genuine option?  :D

Most people only lose money on cloud mining. It's more or less a small gamble. Sure, you could make a few BTC, but the best way is just to buy some BTC, and wait for their value to appreciate. That already is risky enough. There are people who claim that cloud mining services are merely holding the BTC and paying back 90% to the investors - which in fact would be a soft-Ponzi (has nothing to do with Bitcoin itself!!!).

Most people lose out on cloud mining, only some people has ROIed their cloud mining from pbmining..

So should I go with only bitcoins or also consider other currencies like dogecoin, STR etc (because they are cheap currently)

and other thing I want to ask that, is there any bank for Bitcoins? so I can earn interest on that instead of keeping those coin in wallet? if no bank, any other genuine option?

Well, what makes you think that these altcoins are 'cheap' right now? Is there any reason for them not to go down any further. History has shown that investing in altcoins is a big gamble. I personally don't think that you can profit more from investing in altcoins. There have been 'banks' or places where you can earn interest on Bitcoin, but some ran away with the money, got robbed, etc. With Bitcoin, the safest thing you can to is to keep them in a secure wallet! That's the reason Bitcoin exists, you control your coins, not the bank! Also, don't keep them on exchanges! People who had their coins in Mt. Gox now have virtually nothing!

By saying Altcoin I consider that it means Alternative coins and not ALTCOIN..

I am looking for investing in Dogecoins and they are really cheap right now - Current Price: $ 0.24149 / 1K Dogecoin

Anyway, So you want to say that, buying & holding bitcoins is the only safest way to make profit?

& thanks for warning about exchanges.. I was thinking to try that..!!

Ahhh, cloud mining. Most cloud mining services don't really give you much ROI, to be honest! If you want to go into mining, you could also just buy a decent bitcoin miner and give it a try! The ASICMiner Tubes are really good, yeah I'm advertising them, but they're honestly good!