BTC - Buy it OR mine it...

[Grayfox01]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

[1714550962]

1714550962

[1714550962]

1714550962

[1714550962]

1714550962

[aleksej996]

Very likely the best scenario is the most boring and simple one. Just buy Bitcoin and hold it for as long as you can. Your money could be worth tens or hundreds of times it's current value one day.

[plr]

Very likely the best scenario is the most boring and simple one. Just buy Bitcoin and hold it for as long as you can. Your money could be worth tens or hundreds of times it's current value one day.

I agree don't complicate yourself by mining Bitcoin or even bother investing in cloud mining which just all turned to scam, just buy Bitcoin hold it and sell when you are in profit, but with to many people holding bitcoin, the price now is way to high than it is a month ago.

[hndrk10]

If you don't make a big investment it's no longer profitable to mine it. I'd say you should rather invest those money directly into the coins.

[HabBear]

How would we best accommodate Jack and Jill in the above scenario?

Buy and trade or buy and hodl.

Mining bitcoin, successfully (read: to earn a profit), requires more than a $5,000 investment.

Once Jack & Jill are comfortable with Bitcoin, they should consider a few other major cryptocurrencies. Ethereum, Litecoin, and Ripple come to mind. Each as a distinct and successful business model. Most cryptocurrencies do not.

[avikz]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

Creative thread! I like it! Now to answer your question, I would recommend you to buy bitcoin and hold for long term. Mining has become a very costly affair considering the difficulty level. You need expensive rigs and huge electricity to keep the mining up. If the electricity cost is on the higher side, your mining venture may not be profitable at all. However, if you have access to free alternate energy, then you may try to invest a huge amount initially to set up mining because there will be no recurring cost.

Otherwise, try to buy and Hold. Since you have a day job, use a portion of your salary to invest in bitcoin every month. Stack up the bitcoins in a safe and secret wallet and wait for few years. This method can fetch you very good return in longer term. A lot more than mining.

[Amanda Krause]

I think you can get a great profit by trading. So buy Bitcoin and trade 

[pixie85]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

Jack and Jill should realize that mining BTC requires a lot of money to start with. It's not worth it to start with 10k USD as having loud, hot, expensive miners in the house would just become a nuisance. If you want to start mining read about CPU and GPU mining and then turn mined altcoins into Bitcoins if that's your ultimate goal.
If Jill knows how her way around trading she can earn a lot of money and the more you can afford to spend in the beginning the better are her chances. The more you invest the more you'll gain (or lose) with every trade.

[rony01941]

I think bitcoin investment is better than mine,If you invest money in a mining business, you can not get the money back after your demand. If you invest Bitcoin then coins can get good dividend after the year is waiting because of Bitcoin prices The rate at which it is increasing, the fear of loss is very low. I have kept some bitcoins in the hope of the future for frofit.

[Shamie1002]

How would we best accommodate Jack and Jill in the above scenario?

Buy and trade or buy and hodl.

Mining bitcoin, successfully (read: to earn a profit), requires more than a $5,000 investment.

Once Jack & Jill are comfortable with Bitcoin, they should consider a few other major cryptocurrencies. Ethereum, Litecoin, and Ripple come to mind. Each as a distinct and successful business model. Most cryptocurrencies do not.

Could not agree more.
Mining>> expensive ( tools, investments), complicated, time consuming. No assurance of profits.
Buying BTC >>  you just need to learn how to read charts. As easy as buy during dumps and sell when prices are high (trading & hodl). Time is worth it. Clear profits.

[Gintama214]

To accommodate their situation I would highly suggest that they both should just invest and buy bitcoin than mining that's because mining is really not profitable nowadays than before when the price of bitcoin was low but if Jack really wants to mine he just try it and learn from it. There are some people who even though they are told that it's not recommendable but they still do it because they want to or they want to experience it with themselves. Totally, depends on the person like me I know that mining is not profitable anymore but I do still mine for experience and knowledge on how it works. There is nothing bad on trial in error but in this situation and the current date. I would recommend investing and not mining.

[UltraMegaSick]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

Minning nowadays is really expensive so I suggest you to buy directly btc from exchangers.

[seasonw]

Mining will be slow but it is profitable at the current price. You will start gaining profits after at least 6 months, but bitcoin price might change and more miners might come into the game.

[WhichIsGood]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

Tell Jack that venturing into Mining at this point in time is very impractical and proved to be difficult without appropriate requirements. Jill's idea of trading is probably be a lot more feasible. Since Jill works from home, she has all the time in the world to do the trading. She just needs to learn the know-hows of trading to maximize profit. For starters, their bathtub content of 5000 usd is quite a good capital. I would suggest to invest half of the bucket to BTC and HODL while half on trading. And whatever profit they earn at trading will be dumped to their HODL pool.

[Svelto]

To consider mining BTC, Jack and Jill have to consider the mining equipment and electricity costs. You can use a profitability calculator for this. If it is not profitable, buying BTC and holding will be the better and easy way out.

[shamzblueworld]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

As Jack has a passive income already, I think it would be best to just buy bitcoin with their savings, keep buying on continuous basis, maybe in small chunks from their savings and keep them secure, locked and hold.
In time they will realize that they can retire early and do all what they have wished for in life, travel the world, buy stuff and enjoy with their savings in bitcoin.
I would not recommend the hassle of setting up and running a mining rig to them.

[JacLuck]

if both the character have the capacity to do both mining and investment then why? but i like the easiest way and the most recommended way, to buy Bitcoin and hold it as a long term investment. and i think they will like it too.

[Dozer988]

Jack and Jill have a bathtub full of 20 Dollar bills that some old Baby Boomers left them when they kicked the bucket.  The contents of that bathtub total 5,000 USD.  Jack has a good Job with plenty of flexibility while Jill works from home.  They have no children with no plans to have any.

Jack comes home after reading all the news about BTC's soaring prices.  He says to Jill he would like to get involved and see what BTC is all about first hand.  Jill turns around and says i heard about it as well... I want to trade the volatility during the day.  Jack says he would like to run a Mine. This would allow him to generate passive income. 

How would we best accommodate Jack and Jill in the above scenario?

Buying it is the simplest way to get it, but tapping it is the way to make it passive and lasting. This is my own opinion and the choice depends on you.

[Wittycoin]

It depends if you are miner you will go with bitcoin mining and if you are trader you will go with buying bitcoin.  But it is better if you buy bitcoin and sell it for you to earn in big in short period of time.  Unlike mining, it will take a long time to earn big.  

[Nilda]

Buy, for now. And when you gained enough capital and knowledge while trading, get into mining. This is what I like most about cryptocurrency, you can have the bear of both worlds.