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Author Topic: Experiment ( just for fun)  (Read 759 times)
akaslimshady33
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November 02, 2015, 11:02:47 PM
 #1

Hi everyone!

Im new hear and I have read some threads about bitcoin but I don´t really know nothing about economy and neither have the amount of money necessary in order to get into this bussiness, although it catches my attention.

My aim is to experiment and see how easy/difficult is to earn bitcoins/money having 0 idea of economy, market, etc...I´M NOT HEAR TO EARN MONEY, just to have a little fun and help someone  ( if I can).

I´m planning to buy bitcoins with just 25 euros ( yes, thats right, 25 euros, not 25k) and use bitstamp and the normal proceedure: buy low, sell high. My goal is to be able to convert 25 euros into 1 bitcoin.

I don´t have any deadline set so I will do it jsut for fun, to try something and of course, if it works, all the money ( BTC) earned will be donated to charity ( still thinking about what kind of charity yet).


I do have a few questions:


1) Is it possible?
2) Bitstamp taxes are high and I´m not going to succeed or is it worthy?
3) What advices/ recommendations do you guys give me? Try maybe another trusty coin? Dodges? I have 23 of them ( from a wallet long ago forgotten)


Thanks for everything and good luck with your transactions!
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ilovealtcoins
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November 03, 2015, 12:39:59 AM
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It's going to be hard, trust me. BTC (and all other cryptos for that matter) are incredibly volatile in terms of market price. Although, I'm not clear on what you are trying to do. Are you trading Bitcoin for other coins and then trying to sell them back at a higher price? Or are you waiting for the price to go up, sell, and then buy again when the price goes down? Either way, as long as you don't risk too much money, as in, invest more than you can afford to lose, then you should be fine.

I doubt you'll be able to get to a full Bitcoin however, though I was you luck. 

I love dem altcoins
maokoto
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November 03, 2015, 12:42:56 AM
 #3

I think it can be done. I am using Coinbase exchange for 3 days now, buying and selling small amounts (no more than 10 eur.) and earned almost another 1,5 eur already. And I have done really bad (buying too fast, selling without taking advantage of full raise etc.)

Amph
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November 03, 2015, 08:07:18 AM
 #4

bitstamp require id, i would not do it for a small 25 euro trying, you can go with coinimal, they require no identity, and you can sell bitcoin for paypal there

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pawel7777
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November 03, 2015, 11:56:37 AM
 #5

OP. What you intend to do is essentially gambling. Even if you're successful converting EUR 25 into 1 BTC is going to take a looong time.

There are better and quicker ways to make it happen. You can check out coinut:
https://bitcointalk.org/index.php?topic=821889.0

They allow you to trade options. Instead of actually buying/selling (paying fees, submitting docs etc) you could just bet on price to rise or fall, on low or high volatility etc. A bit more risky, but much more profitable.

Edit: Or you could use an exchange that offers margin trading (i.e. Poloniex, Kraken) Bitstamp doesn't.
GannickusX
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November 03, 2015, 01:16:01 PM
 #6

If you want to do it in a short amount of time you should try to trade with altcoins, most of them are far more volatile than bitcoins and can make you win a lot of money really fast even with 25 euros but as someone else said it's basically a gamble, nonetheless i think you would have more chances with altcoins than bitcoins especially now that the price is this high.
pawel7777
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November 03, 2015, 01:40:24 PM
 #7

If you want to do it in a short amount of time you should try to trade with altcoins, most of them are far more volatile than bitcoins and can make you win a lot of money really fast even with 25 euros but as someone else said it's basically a gamble, nonetheless i think you would have more chances with altcoins than bitcoins especially now that the price is this high.

Yes, but that's assuming OP has at least basic knowledge of altcoins, otherwise he could end up placing all his funds in some complete crapcoin created just for pump and dump.

...
3) What advices/ recommendations do you guys give me? Try maybe another trusty coin? Dodges? I have 23 of them ( from a wallet long ago forgotten)


If you mean 23 DOGE coins - you won't go far with that (that's like 0.3 cent).
bitcoinbettingtips
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November 03, 2015, 03:16:11 PM
 #8

OP. What you intend to do is essentially gambling. Even if you're successful converting EUR 25 into 1 BTC is going to take a looong time.

There are better and quicker ways to make it happen. You can check out coinut:
https://bitcointalk.org/index.php?topic=821889.0

They allow you to trade options. Instead of actually buying/selling (paying fees, submitting docs etc) you could just bet on price to rise or fall, on low or high volatility etc. A bit more risky, but much more profitable.

Edit: Or you could use an exchange that offers margin trading (i.e. Poloniex, Kraken) Bitstamp doesn't.

The op is new to bitcoin trading. He can only risk 25 euro to learn and earn some bitcoin. it is better not to enter option and margin trading so early. It is too risky for him.
pawel7777
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November 03, 2015, 03:25:01 PM
 #9

OP. What you intend to do is essentially gambling. Even if you're successful converting EUR 25 into 1 BTC is going to take a looong time.

There are better and quicker ways to make it happen. You can check out coinut:
https://bitcointalk.org/index.php?topic=821889.0

They allow you to trade options. Instead of actually buying/selling (paying fees, submitting docs etc) you could just bet on price to rise or fall, on low or high volatility etc. A bit more risky, but much more profitable.

Edit: Or you could use an exchange that offers margin trading (i.e. Poloniex, Kraken) Bitstamp doesn't.

The op is new to bitcoin trading. He can only risk 25 euro to learn and earn some bitcoin. it is better not to enter option and margin trading so early. It is too risky for him.

True. But being new doesn't mean you cannot do your homework before diving into trading. And he could as well try margin trading with 1 EUR as a start, just to see how it works.

If his goal is to convert EUR 25 into 1 BTC as a fun experiment, then he's more likely to succeed with margin trading.
Mickeyb
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November 03, 2015, 04:53:58 PM
 #10

It is possible but it will probably take a very long time. For example, if you have bought before this rise, you could have gotten 0.1 BTCs for 25 euros. Now you would be able to sell it for 36 euros. So that's a nice profit right away.

So yes, it's possible but you would have to have a lot of patience and discipline. Also you need to wait for bigger gaps, buy as cheap as possible and sell as high as possible in order for your profits to not get eaten away by fees.
pawel7777
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November 03, 2015, 05:06:06 PM
 #11

It is possible but it will probably take a very long time. For example, if you have bought before this rise, you could have gotten 0.1 BTCs for 25 euros. Now you would be able to sell it for 36 euros. So that's a nice profit right away.

But his goal is to convert 25EUR into 1BTC. That's the tricky part. If he was to buy BTC0.1 @250, the current rally doesn't work in his favour (assuming he limits himself only to Bitstamp trading), as he would still hold only BTC0.1. Although he probably wouldn't cry if the experiment 'fails' resulting only in decent fiat gain.
bitcoinbettingtips
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November 04, 2015, 04:28:57 PM
 #12

In the continuous rising environment, it is difficult to earn 1 bitcoin from 0.1 bitcoin. You can make more money during a range trading.
pawel7777
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November 04, 2015, 10:44:13 PM
 #13

In the continuous rising environment, it is difficult to earn 1 bitcoin from 0.1 bitcoin. You can make more money during a range trading.

As long as the price goes up and down with decent swings, there's a chance for OP to making a profit (or lose badly and learn his lesson). Currently it took a dip to below 400 (bitstamp). It's impossible for any stock/currency to only go up.

GannickusX
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November 04, 2015, 11:20:37 PM
 #14

In the continuous rising environment, it is difficult to earn 1 bitcoin from 0.1 bitcoin. You can make more money during a range trading.

As long as the price goes up and down with decent swings, there's a chance for OP to making a profit (or lose badly and learn his lesson). Currently it took a dip to below 400 (bitstamp). It's impossible for any stock/currency to only go up.



If op bought 0.1 bitcoins when the price was 200 a week ago he would have made only around 45 dollars which is pretty crappy taking in count the huge price swing so yea, unless he uses a lot of price swings he will have a really hard time earning 1 btc
Slark
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November 04, 2015, 11:42:25 PM
 #15

Any news from the Op? He posted this and since then he is lost. I guess earning bitcoin through arbitrage trading is not so easy.
If you could earn 1 BTC from 25 Euro you will be trading genius. I seen similar attempts before and suffice to say, they pretty much failed.

pawel7777
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November 05, 2015, 12:12:55 AM
 #16

Any news from the Op? He posted this and since then he is lost. I guess earning bitcoin through arbitrage trading is not so easy.
If you could earn 1 BTC from 25 Euro you will be trading genius. I seen similar attempts before and suffice to say, they pretty much failed.

If he was serious about doing  this, right now he's probably stuck on bitstamp's verification process. Don't expect to hear from him anytime soon Wink
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