Question on investing in bitcoin - purchase/mining

[kartnite]

Hello everyone,

While I've followed cryptocurrencies for a few years, I hadn't taken the dive until recently when I went with Ethereum. My question, though, is... Given the rates it has reached... Is it still worth purchasing bitcoin or investing in bitcoin mining?

I do recall, back in university, I'd dabbled with wallets and fooled around with websites that were offering mini/micro-bits for either clicks/surveys/or even 'betting'. Accumulated some, blissfully forgot about it and promptly lost access to the wallet. Only to be reminded when bitcoins started surging. Lesson learned.

So... This time around, I intend to be more responsible - and hence reaching out for advice pertaining to bitcoin purchase/mining.

Appreciate your suggestions. Have a lovely day.

[EXtremeAEX]

Bitcoin still has a lot of potential, hence it is still not late to buy Bitcoin, and the price can still go up (doesn't mean that it will not drop), so I advise you to buy and hold on to some Bitcoin, no matter how much. Even $10 is a good way to start, and you can buy more with your savings in the future too.

For Bitcoin mining, it would have to depend on your country's electricity bill. It may be hard to calculate, and if you are new to this, you might not want to buy the hardware straightaway and dive into mining. Check out the mining section first before mining.

[kartnite]

Thank you for the kind reply. I have made note.

Yes, I do realise that electricity will be a pricey affair. I travel frequently, but my base for the time being is India.

Another question on mining - if I opt to not go with hardware now, will it be worth investing in mining pools (rather, the contracts that they offer)? Such as those offered in GM (reading mixed reviews) or pool(dot)bitcoin(dot)com?

[machinek20]

Purchasing or investing bitcoin is still very profitable, earning bitcoin is still very valuable for the future, so it is not too late for you to start investing in bitcoin, but for mining it is a bit too late unless you planned to buy very expensive hardware to start

[kartnite]

Thank you very much! Yes, I have been reading on hardware - might go for it in due course, but will definitely buy a small fraction first up.

Thoughts on pools such as GM or Bitcoin(dot)com?

[EXtremeAEX]

Thank you for the kind reply. I have made note.

Yes, I do realise that electricity will be a pricey affair. I travel frequently, but my base for the time being is India.

Another question on mining - if I opt to not go with hardware now, will it be worth investing in mining pools (rather, the contracts that they offer)? Such as those offered in GM (reading mixed reviews) or pool(dot)bitcoin(dot)com?

I think you are talking about cloud mining, where you pay and 'rent' mining hardware and they do the mining for you right? This is most likely a ponzi, meaning a scam, where they pay users with other's investment and magically disappear after that.

Stay away from cloud mining sites, and if you are ever unsure, you can always ask around and check reviews first. Remember! Well known sites are Scrypt.cc and Cloudthink.io, and they are both gone now.

If you are still thinking about profitability of mining, I found a good website that you can check out. It says that unless you have a good and specialized hardware, it would not be that worth it. (Plus you are wasting a lot of electricity )

https://bitcoinworldwide.com/mining/profitability/
https://bitcoinworldwide.com/mining/calculator/

Cheers!

[kartnite]

Ah, yes, was indeed referring to cloud mining (didn't realise that that's what they are called) where I pay a rent or get into a contract.

You are correct - for instance, I read so many mixed reviews about GenesisMining (which were seemingly only positive at first before others shared their experience) that I didn't bother with it and instead purchased some ETH from CEX.io

Thank you so much for those links too. They'll come in mighty handy!

[darkenedsoul]

Purchasing or investing bitcoin is still very profitable, earning bitcoin is still very valuable for the future, so it is not too late for you to start investing in bitcoin, but for mining it is a bit too late unless you planned to buy very expensive hardware to start

I second this. Purchasing is the way to go with BTC at this point in time, unless you have a lot of initial capital.

[mklost]

I agree the long term in BTC is investing now instead mining directly because asic race in Asia is so big.

[nejibens]

Answering your question : yes , it is still worth purchasing Bitcoins nowadays, because it is still having a good potential for the few next years at least. Mining actually need good budget to start with it and very cheap electricity, so my suggestion is just you buy Bitcoins and hold it for the long run.

[Smarty14392]

Its not actually too late to purchase bitcoins, but i would suggest you to purchase some good mining hardwares for mining altcoins like LTC, ETH, etc. You can also mine Bitcoin but the difficulty in mining bitcoin has increased a lot nowadays. You can mine LTC with Antminer L3+ for some good profit. You can setup your own mining farm for more profits. Im too planning to setup a good mining farm with certain GPU and some Antminer L3+. I think antminer al3+ is the most efficient Litcoin miner untill now.

[McCorneEva]

You can now buy Ethereum and Litecoin much cheaper on the Waves platform. They just added those trading pairs recently and there isn't much liquidity yet - I was able to score ~ 6 BTC worth at 30% discount compared to mainstream exchanges. Look for ETH / Bitcoin and LTC / Bitcoin pairs. Just make sure you buy the right coin - must have a checkmark beside the three letter abbreviation -  There are many interesting opportunities like that lately with all the new exchanges and blockchains that don't have liquidity between each other and various pairs they trade.

[Trnsmssn]

 I don't think it's too late for purchasing equipment for crypto mining, even if minding for BTC will end you could use it for other crypto currency transactions and such..

[Trnsmssn]

You can now buy Ethereum and Litecoin much cheaper on the Waves platform. They just added those trading pairs recently and there isn't much liquidity yet - I was able to score ~ 6 BTC worth at 30% discount compared to mainstream exchanges. Look for ETH / Bitcoin and LTC / Bitcoin pairs. Just make sure you buy the right coin - must have a checkmark beside the three letter abbreviation -  There are many interesting opportunities like that lately with all the new exchanges and blockchains that don't have liquidity between each other and various pairs they trade.

 You mentioned Waves platform just want to see what's going on with those guys?
 Are these guys keep postponing and extending there deadlines?

[kartnite]

Was travelling, and hence the delayed reply. A sincere thank you to everyone who replied.

Yes, I will start with purchasing minibits (in fact traded some existing ETH into BTC the other day). Electricity isn't cheap where I am, and so that will have to wait.

Also slowly looking at LiteCoin too (and having an eye out at ICO announcements).

Enjoy your Sunday, folks.