What kind of coin should a newbie like me start off with?

[ChemicalFire]

So yeah I'm extremely new to all of this stuff and after reading around about it I want to start using it and maybe even mine.
But seeing as how bitcoin is already quite a bit into its life cycle I was wondering if it is even worth it to start mining that or go with something else.
I have considered maybe litecoin but I want to know your opinions on this if one is better then the other.
I would also like to know if they can be easily traded or exchanged for one another like bitcoin to litecoin and vice versa.


Either way thanks in advance for the help.

[Jude Austin]

Depends on what you want to do really and your experience level.

If you want to mine, start with an SHA-256 coin, it is easier to setup for hardware.

If you want to mine LTC it is kind of a pain in the butt and requires a lot tweaking.

Anywhere really is a good start tho.

I would suggest starting with Bitcoin to learn since there is a lot more information relating to it.

Then once you get a grasp on Bitcoin move to the other coins.

[pb321go]

I'm an absolute beginner at this, so I need to learn the ropes, but does anyone think that Litecoins, being lower-priced, have more 'upside' than Bitcoins, and that Ripples, when they become properly available, will have yet more upside? As another question, if mining is getting ever more difficult and expensive to do, who is actually doing it, and is it really worth their while?

[eikes]

I would go for bitcoins, they are the only semi-established crypto-currency at the moment. semi-established meaning, you can actually go buy a burger for it.

[ChemicalFire]

Okay guys then thanks, I only ask because from the tests I did earlier today don't really show much of a pay off for bitcoin mining but I guess theres only so much I can do for a start.

Also can the currencies be exchanged between each other or is that more difficult to do then just focusing on one type of coin.

[FanDjangoBTC]

Regardless of payout:

Start with the classic normal BitCoin (=BTC). With this you will find the most mining pools to choose from. Most of these will actually work. With some of the less popular coins, errors in your mining setup might be difficult to recognize, as it might also be a pool's problem (this is getting better as time progresses, of course, as these lesser known coins get more popular).

LTC, which uses the sCrypt algorithm can be more difficult to setup initially.

If you are using a GPU (or even more than one), "check it out" on BTC and then consider moving to LTC, to counter the increasing difficulty on BTC due to the newly arriving ASIC miners.

Just my 0.001BTC on this question.

Converting? Have a look at VirCurex. One of many possbilities.

[Aidonia]

Well my vote is for Litecoin definitely. It's more profitable mining than bitcoin (just exchange them for BTC as you mine if you don't have longer term ambitions with LTC).

With any luck you won't need much tweaking of settings to hit your stride. I'm new to this too but it didn't take long to get 650kH/s off each of my 2 x 7950 cards. Using GUIminer definitely helps with some of the initially overwhelming tech settings.

[ChemicalFire]

Wow I am extremely surprised at how quick you people respond, thank you all very much for helping already.

Final thing, what mining pools are best around here for newbies in your opinion?

I'm currently looking at some now but I would like others inputs on this as well with anything to know when deciding which pool to join.


Thank you all very much for your support and helping me take my first steps at this.

[FanDjangoBTC]

Use this:

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

[afroman1131]

So yeah I'm extremely new to all of this stuff and after reading around about it I want to start using it and maybe even mine.
But seeing as how bitcoin is already quite a bit into its life cycle I was wondering if it is even worth it to start mining that or go with something else.
I have considered maybe litecoin but I want to know your opinions on this if one is better then the other.
I would also like to know if they can be easily traded or exchanged for one another like bitcoin to litecoin and vice versa.


Either way thanks in advance for the help.

Personally i think its best just to read over Bitcoin/Litecoin and how to mine them (solo/pool). This way if you want to mine a coin like BBQcoin (im currently doing this solo) its easier to setup since there arent many guides on it.

[boingy45]

FeatherCoin Or Bbqcoin For now