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Author Topic: Im a beginner.  (Read 1650 times)
aMattel
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May 02, 2014, 03:13:07 PM
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Hey guys:)

Im new in the cryptocurrencywolrd and have some questions.

I got my wallet and some BTC.

I want to mine and want to trade.

what do i have to know about mining and which Hardware do i have to get?

Where should i mine or which sofetware do i have to install?

which coin is the best to mine?

which trading platform is the best to trade BTC or other alt coins?

some inevitable websites ?

Thanks lot Wink
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kleineaap
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May 02, 2014, 03:59:09 PM
 #2

Hey and welcome!

I'm sure you will have loads of fun.

Be aware that mining bitcoin is not profitable at the moment.
You can make a little profit with some scrypt altcoins, if you don't pay for electricity.
Check http://www.coinwarz.com/cryptocurrency where you can simulate profitability.
You can mine one altcoin and then trade it for more profit, well, if you make a good trade Smiley
Check current marketcap at coinmarketcap.com (filter non-mineable).

For every altcoin you need its specific wallet. Most coins have their own forum thread and website.
Be aware also that most altcoins are pump and dump schemes. Be very careful trading them.

I suggest start with small amounts to get the hold of it. Don't try to get rich quick with trading, you will fail.
Kraken is a good exchange for BTC. In coinmarketcap.com you can also see where each coin can be traded if you click on its current price.

Also don't leave huge amounts of coins in exchanges. You never know what tomorrow will bring.
If you google Mt.Gox you can read a very sad story that made a lot of people lose money for example.

Preev.com is important
Bitcoincharts.com
[Suspicious link removed]/r/bitcoin and subreddits for specific coins
https://bitcoin.stackexchange.com/questions/2834/what-are-the-perceived-advantages-of-bitcoin-as-a-store-of-value
https://bitcoin.stackexchange.com/questions/118/how-much-bitcoin-will-i-mine-right-now-with-hardware-x

Read the wiki
https://en.bitcoin.it/wiki/Main_Page

Explore the subforums and google as much as possible. Read read read.
And try to understand what are scams and how to spot them before doing any deals.

And protect your wallet.

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Wusolini
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May 02, 2014, 04:55:31 PM
 #3

Welcome aboard,

kleineaap is correct, nevertheless I recommend you (for start) to use one of autoswitching pools.
Like wafflepool, coinshift, coinsolver or middlecoin. You don't need to have any altcoin wallet.
You will recieve BTC directly in your wallet. It's very simple, but you have to pay small fee.

Later on, when you see how it works, you can start doing some experiments.

About HW
1 - you can mine using GPU (ATI is best) but it' expesive due to high cosumption.
Check hash power for GPU here:
https://litecoin.info/Mining_hardware_comparison

2- BETTER solution is to get some ASIC miner, there are lot of them just look around mining section.
Just calculate consumption/hash power ratio and check some feedback from users.

About SW, it depends on used HW  Wink
For GPU use bfgminer or cgmines (find some older version, because newer does not support GPU mining, i thik I used Cgminer 3.7.2)

ExchangeI trade on localbitcoins, btc-e, also used bitstamp, but not any more.

good luck in mining and trading


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odolvlobo
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May 02, 2014, 06:47:05 PM
 #4

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
Wusolini
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May 02, 2014, 07:06:20 PM
 #5

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.


Then how he suppose to learn something? With your attitude the bitcoin comunity would be Satoshi N. along with few of his friends.
Definitely it's good to read a book about, or attend training but nothing equals to real experience.

Rather to say, don't invest much.

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lynn_402
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May 02, 2014, 07:12:25 PM
 #6

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.

Trading can teach someone a lot about the economy. I'd suggest the OP to use a very small percentage of his coins to play with in the market, while being aware that profiting from this is unlikely for the first months.

kleineaap
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May 02, 2014, 07:20:58 PM
 #7

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.


Terrible attitude.

I suggest ignoring this. Coming early to the party doesn't make you a better guest.
Instead try to learn first by reading on the topics as much as possible, then by trying out with small amounts. You will make mistakes and learn from them.

I even suggest to mine bitcoin. Not for the profit, but to help on your understanding. It is also fun.

Cheers

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Cryptogirl82
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May 02, 2014, 07:40:15 PM
 #8

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.


+1

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odolvlobo
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May 02, 2014, 09:40:50 PM
 #9

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.

Instead try to learn first by reading on the topics as much as possible, then by trying out with small amounts. You will make mistakes and learn from them.
I even suggest to mine bitcoin. Not for the profit, but to help on your understanding. It is also fun.

I think that my advice is just as good as yours. I didn't include a lot of explanation because I figure it would be ignored anyway. The few newbies that are interested in mining and trading in order to learn something should follow your advice. But most newbies want to mine and/or trade because they think they can make a lot of money, and those newbies should follow my advice.

Buy bitcoins with cash from somebody near you: LocalBitcoins
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Velkro
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May 03, 2014, 01:09:47 AM
 #10

now u can mine only alts, bitcoin too hard, thats one your question

tins
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May 03, 2014, 01:12:57 AM
 #11

If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.

Instead try to learn first by reading on the topics as much as possible, then by trying out with small amounts. You will make mistakes and learn from them.
I even suggest to mine bitcoin. Not for the profit, but to help on your understanding. It is also fun.

I think that my advice is just as good as yours. I didn't include a lot of explanation because I figure it would be ignored anyway. The few newbies that are interested in mining and trading in order to learn something should follow your advice. But most newbies want to mine and/or trade because they think they can make a lot of money, and those newbies should follow my advice.

Every trader has lost a lot on a trade at some point if they have been in it long enough.
Newbies should not go into trading unless they can stomach a tough loss.

dogec
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May 03, 2014, 01:24:05 AM
 #12

If anything the only good tip that few will admit.

Do not get BFL mining most of their miners break and suck. ESP those preorder hype.
BunsenBurner
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May 03, 2014, 03:26:00 AM
 #13

Hey guys:)

Im new in the cryptocurrencywolrd and have some questions.

I got my wallet and some BTC.

I want to mine and want to trade.

what do i have to know about mining and which Hardware do i have to get?

Where should i mine or which sofetware do i have to install?

which coin is the best to mine?

which trading platform is the best to trade BTC or other alt coins?

some inevitable websites ?

Thanks lot Wink

You can mine with different hardware (CPU, GPU, scrypt ASIC, sha256 ASIC, etc).
You can mine different types of coins (sha256, scrypt, scrypt-jane, quark, etc) and you may need different software to mine.

It is hard to break even with mining now, so don't expect to get profits at all.

The biggest btc exchanges are bitstamp and btc-e, and the biggest altcoin exchange is cryptsy.

aMattel
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May 03, 2014, 05:03:17 PM
 #14

Hey all,

Im just coming home and I'm surprise to get so great answers and tips from you how to trade and mine bitcoin.
Thanks to all!! I'm looking forwards to have a nice time with you all!!

I think bitcoin has a great potential to get a very big thing!!
aMattel
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May 03, 2014, 05:09:46 PM
 #15

I think other question I can save now and hope I get enough information and experience by doing myself. Learning by doing;)
Pony789
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May 03, 2014, 07:26:28 PM
 #16

Welcome to bitcoin and bitcointalk, aMattel Smiley


Hey all,

Im just coming home and I'm surprise to get so great answers and tips from you how to trade and mine bitcoin.
Thanks to all!! I'm looking forwards to have a nice time with you all!!

I think bitcoin has a great potential to get a very big thing!!
I think other question I can save now and hope I get enough information and experience by doing myself. Learning by doing;)

You can definitely learn a lot by trying different stuff yourself.
Whenever you got a question, feel free to ask us here, and I am sure you will get great answers again Smiley

aMattel
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May 04, 2014, 08:55:23 PM
 #17

 Smiley Smiley Smiley
whitelife
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May 04, 2014, 09:10:48 PM
 #18

Unless you have a good budget, mining bitcoin is not an option as the difficulty is pretty high, and for a profitable mining you would need a stat of the art asic miner that cost a lot of cash.

To acquire the necessary experience, and to understand the different aspect of cryptocurrency I suggest you to read the different guides and informations on the website and do some applications on altcoins
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May 05, 2014, 12:25:43 AM
 #19

welcome my friend and have fun. good luck.

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May 14, 2014, 10:15:28 PM
 #20

Welcome and good luck!

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