How do I achieve my goal of owning 10BTC in 2014

[Gulinborsti]

I currently follow the same goal - earning 10 BTC - but I got some money to play with on the exchanges.
I made my first BTC within the last 4 weeks from daytrading but it is risky and time consuming.

[Chancellor]

I would love to accept Bitcoin at my dental office, but I know that 99.9% of my patients will have no clue what it is, and I can just as easily take their USD and convert it to BTC on Coinbase.

You can still accept both . 99.9% of your patients can still pay in USD.

Any other newbies taking on this challenge too?

Well, I've started with only 0.35 BTC, so 10 BTC may be a bit unrealistic. I've also assumed some learning costs, so initial losses are unavoidable. And in fact I have 0.32 now... Anyway I've learned a lot. Now I'm writing my own trading bot, as it seems to be necessary for proper risk management.

[curefrankosflue]

Although risking to repeat answers of others:

It's definitely a gamble what you're planning. I hope you don't put any "real hard cash money" in this that you have been saving for something important.


There's a French saying:
Those who want to become rich within the coming year, will be hung in 8 months.

So take your time with those 10 BTC

[CCHarris]

I am in the same boat, have about 1.5 with 8.5 to go!  I would be interested in some knowing some of the marketplaces besides ebay, that people buy merchandise with BTC?

Regards,

CH

[Chancellor]

It's definitely a gamble what you're planning. I hope you don't put any "real hard cash money" in this that you have been saving for something important.

I'm aware. I see it this way: many people buy a game console + some games, then have fun getting some virtual achievements. A decent console + a few games is much more than my 0.35 BTC. Let's say I prefer to gamble on an exchange and try to get some BTC denominated achievements . Even if I loose it all, well, I'm just another $300 fool, but had some fun for these money.

In the meantime my bot is now able to trace the market and place limit orders on my exchange of choice. I've implemented some simple, rather bearish, trading algorithm. I'll see how it works in the next days...

[byt411]

As I always say, never invest more than what you can afford to lose. Just be careful.

[WalutowyKrol]

I think that it is great idea and goal. We do not know what will bring us 2014, no one even dreamed at the beginning about Bitcoin being so high. Who knows... Maybe good aim is to have $8.500 in BTC at the end of 2014.

[vonstauff]

"my goal is to capitalize on the ups and downs of the market, sell high and buy low"

Don't mean to be a dick, but you do realize that is what all stock market speculators say right before they lose it all, right?
If you speculate for a living, be it on wall street, real estate, or BTC, eventually you will get your head handed to you unless it's a rigged game and you've got a seat at the top of the pile (think wall st. investment banks).

Be careful and have the humility to realize that market timing (which is what you want to do) is impossible to do consistently. If I were you I'd start a business that accepts BTC. That's a better way to achieve your goal IMO.

[Sutters Mill]

I'm thinking of extending my hosting company, or creating a new arm that accepts bitcoin only. That might bring in some, but will be a while before 10 is achieved for me.

[bitpop]

Prostitution

[Cryptopher]

Hello. I have a goal of owning 10BTC by the end of 2014, hopefully sooner. I currently have 1.70 Bitcoin which I paid USD for, but my goal is to capitalize on the ups and downs of the market, sell high and buy low. My hope is that slowly over time, I will amass more and more. If it ever crashes, I will inject more USD into my investment, but for now I just want to try and parlay the BTC I have.

I have had great experience with Coinbase, and have accounts at Cryptsy, BTC-E and Mt-Gox. I've also checked out a bot site called Butter Bot, but this seems a bit complicated.

The problem I'm having is that transactions take too long. As far as I can tell, there is no "ETrade for a bitcoin" where I can move money into and out of the market in a matter of seconds. Coinbase is pretty awsome, but I am still at a .10 BTC /week instant buy limit, and in a few days should hopefully have 1BTC/week instant. This just isn't quick enough!

Can someone guide me with some recommendations? Should I make multiple Coinbase accounts and let them all mature for 30 days? Should I shuttle BTCs from one service to another? Is there another site I am missing?

Thanks!

Go to PrimeDice, and gamble it to 10 BTC lol. It's so easy to do, but easier to lose it all.

Take it steady and trade on shorts, keep ear to the ground for news etc.

[munchmunch]

I would also suggest alt coins. There is enough movement in daily prices to make 10-500% per day. I play conservatively and manage 10-20% per week tough I don't have time to trade daily. I maybe spent and hour every other day and 5 minutes on other. If you manage make and maintain 10% per week and start with 1 bitcoin you will have 142 bitcoin at the end of the year. Probably not realisticly possible as it will become harder as your volumes increase as your buys and sell will impact the market.

[Sutters Mill]

I would also suggest alt coins. There is enough movement in daily prices to make 10-500% per day. I play conservatively and manage 10-20% per week tough I don't have time to trade daily. I maybe spent and hour every other day and 5 minutes on other. If you manage make and maintain 10% per week and start with 1 bitcoin you will have 142 bitcoin at the end of the year. Probably not realisticly possible as it will become harder as your volumes increase as your buys and sell will impact the market.

I'd like to get better with this. Any tips?

[munchmunch]

I'd like to get better with this. Any tips?

I am still new to this too and only just learning how to trade. I guess, practise on smaller amounts and work your way up. I am still trading high volume and I don't think my strategy will work as well on higher volumes. But as I increase my volumes I figure out new strategies and hope to adapt.

[byt411]

try the mining of alt coin.
I think it is a better option to reach your 10 BTC.

Good luck

Or you could try mining at a multicoin pool.

[soarlyzed]

I would suggest buying some NXT.  It is the most innovative crypto-currency on the market.  Some argue that it is actually more innovative than bit coin

[hilariousandco]

I would suggest buying some NXT.  It is the most innovative crypto-currency on the market.  Some argue that it is actually more innovative than bit coin

Some will argue that it's not as well  .

[cp1]

You don't need instant buy on coinbase.  You can buy 50 BTC per day (week?) non-instantly.  It locks in your price, just takes a few days to get you the coins.  Since you have 11.5 months left in 2014 I'm sure you can wait a few days.

[Uponnothing]

Mine alternative currencies and trade for BTC. That is what most people do.

[Kiki112]

just wait with that 1 account, it's not so urgent that you can't wait for it to mature
I guess