Thinking About Getting Bitcoin...Advice Please?

a reply to: IAMTAT

With that large of an investment you may want to look into an actual mining setup. From what I understand it costs around $2,000-2,500 to mine a single coin, though I have no idea the cost of the equipment needed, but I would assume $20k will go a long way.

originally posted by: IAMTAT
a reply to: trollz

Thank you.


Bit is 10K...would you recommend dividing another 10 between Ether & Lite?
Bitcoin
$10,063.84

Ethereum
$475.60

Litecoin
$97.99

It's completely up to you, but IMO ether is the safest long-term investment of the three. Ethereum has massive support worldwide from some of the largest organizations like Microsoft and Intel. It's not a currency necessarily, but rather a part of a technology that's being implemented worldwide as we speak... Kindof like if you went back in time and had a chance to invest in the internet itself. That's how important ethereum is.

DAMN. Bitcoin went up $100 since I opened this thread tonight.

a reply to: angeldoll
You don’t need to buy a whole “coin”. I have a Coinbase account, I’m sure there are other services but that’s what I use. You can invest as little or as much as you want. You will just have that percentage in it. I started with just $100.

originally posted by: angeldoll
I'm been thinking about it too. But wait, one coin is $10,000? Sounds like it's over my head. I couldn't afford to lose that, so should I just forget it?

You can buy any amount of bitcoin you want... You can buy $1 worth or $1 million worth. Bitcoin is divisible into tiny amounts that are a fraction of a cent. If you wanna just get a small amount to play around with it, go for it!

originally posted by: IAMTAT
I just set up an online account on coinbase.

We just did too as we speak lol. Gonna start low though, about 100 bucks. BTC has already climbed like 5 bucks in the last 20 min or so.

originally posted by: trollz

originally posted by: angeldoll
I'm been thinking about it too. But wait, one coin is $10,000? Sounds like it's over my head. I couldn't afford to lose that, so should I just forget it?

You can buy any amount of bitcoin you want... You can buy $1 worth or $1 million worth. Bitcoin is divisible into tiny amounts that are a fraction of a cent. If you wanna just get a small amount to play around with it, go for it!

OHHH! Thank you! I thought nobody had responded because they didn't want to be the one to tell me "best forget it, if you can't afford to lose $10,000". lol. I thought dang! Thanks for the clarification.

will retrace back 30 + percent within a few months. The volatility of the rapid rise stinks of a new craze bubble. Could be wrong my 2 cents is all. Also be aware many central banks from various countries do not like the fact they cannot control it so be wary.

originally posted by: bringmecoffee
a reply to: angeldoll
You don’t need to buy a whole “coin”. I have a Coinbase account, I’m sure there are other services but that’s what I use. You can invest as little or as much as you want. You will just have that percentage in it. I started with just $100.

Sounds good. That's something I can handle. Thanks.

originally posted by: trollz

originally posted by: angeldoll
I'm been thinking about it too. But wait, one coin is $10,000? Sounds like it's over my head. I couldn't afford to lose that, so should I just forget it?

You can buy any amount of bitcoin you want... You can buy $1 worth or $1 million worth. Bitcoin is divisible into tiny amounts that are a fraction of a cent. If you wanna just get a small amount to play around with it, go for it!

Don't forget there's a brokers fee involved when selling it. You find this out on this when you buy into the divisible amounts.

a reply to: angeldoll

You can buy a fraction of a bitcoin, like 0.0009 BTC if you want, you don't need to buy a "whole" coin

originally posted by: musicismagic

originally posted by: trollz

originally posted by: angeldoll
I'm been thinking about it too. But wait, one coin is $10,000? Sounds like it's over my head. I couldn't afford to lose that, so should I just forget it?

You can buy any amount of bitcoin you want... You can buy $1 worth or $1 million worth. Bitcoin is divisible into tiny amounts that are a fraction of a cent. If you wanna just get a small amount to play around with it, go for it!

Don't forget there's a brokers fee involved when selling it. You find this out on this when you buy into the divisible amounts.

I was noticing that. Looks like it can get pretty hefty too.

originally posted by: Vector99
a reply to: IAMTAT

With that large of an investment you may want to look into an actual mining setup. From what I understand it costs around $2,000-2,500 to mine a single coin, though I have no idea the cost of the equipment needed, but I would assume $20k will go a long way.

Each "mathematical problem" the mining software tries to complete gets harder and harder to "solve", which means each BTC becomes harder and harder to mine - it's not a linear relationship as you seem to be suggesting

Bitcoin Mathematical Problem

I don't want this thread to end! Nooooo. You guys need to keep it going. please

Be back tomorrow! Hope everybody makes some moolah tonight!

Been thinking about doing the same thing. Problem is I really don't trust it.

I'm thinking about making a safe investment, then if that works out putting half of the growth into more traditional places.

a reply to: IAMTAT

Its complicated. But yes, after 1 year you only have to pay 15% capital gains tax. And thats just taxes, there is no penalty from Coinbase or brokerage fees or anything like that. Also, i think the loophole is you can buy and sell (daytrade) if you wish at anytime. So long as you dont actually withdraw your fiat from an exchange to a bank account for at least a year, nobody will be the wiser.

I think something like 98% of Coinbase users didnt report jack # to the IRS last year. Just be warned Coinbase can close your account from making any additional deposits/purchases for good, NOT WITHDRAWALS but without any reason given and it has happened to some folks.


ETA - there are 'exchange fees' for every trade. But they are typically 0.15-0.20% max. Less depending on your personal trade volume. As low as 0.01-0.03%.

Nothing like the brokerage fees on # like Etrade for example.

Hiya Iamtat!

I cannot advise you what to do as I don't know your personal goal in this. But maybe you can learn from my experience.

1. I use Coinbase and actually buy them there or on GDAX. GDAX is owned by Coinbase and you can set limits, stops on your trades. Nice for buying the dips. Has a really nice analytics package too and it's free with your coinbase credentials.

2. Mostly though, I use coinbase for straight purchases. Now, here's the important part. Coinbase has a bitcoin vault. It's exactly what they say, a vault. It takes 48 hours to withdraw your bitcoin from your vault into your wallet. Why is this important? 2 main reasons. When bitcoin dips (and it will) it prevents you from doing a panic sell. The other reason is that it would be very difficult for someone to steal your coins (oh yeah, set up the google authenticator on your account as well). I have a Trezer wallet I used earlier in the year, but I use the vault now. Here's a nice write up about the vault. www.tyracpa.com...

3. I owned Ether and sold it to buy more bitcoin. If you look at the eth/btc chart on GDAX, you'll see that ether is not rising proportionally to Bitcoin. I am all in Bitcoin. Why? My goals are to amass as much wealth in 18 months and hopefully retire. YMMV.

4. When you buy bitcoin, do not ever, ever disclose to anyone how much you have.

Good luck! It's a rollercoaster

originally posted by: Vector99
a reply to: IAMTAT

With that large of an investment you may want to look into an actual mining setup. From what I understand it costs around $2,000-2,500 to mine a single coin, though I have no idea the cost of the equipment needed, but I would assume $20k will go a long way.

Mining bitcoin is no longer profitable for your average person. You will spend way more on electricity and the equipment is hard to require, plus will cost well over 20k for a proper setup. The mining is all done by huge and i mean massive industrial scale mining farms, save for the few who got started early and have been doing it for years, have the equipment and know how already, etc.

The only exception is if you have free power access somehow.

originally posted by: trollz

It's completely up to you, but IMO ether is the safest long-term investment of the three. Ethereum has massive support worldwide from some of the largest organizations like Microsoft and Intel. It's not a currency necessarily, but rather a part of a technology that's being implemented worldwide as we speak... Kindof like if you went back in time and had a chance to invest in the internet itself. That's how important ethereum is.

I'll second that and add that Ethereum is gradually switching to a more eco friendly mining method called Casper. As of right now, the amount of electricity it takes to mine Etherium is equal to that of Uruguay, whereas Bitcoin is equal to that of Ireland... but with no Casper in the works that I'm aware of.

a reply to: lightedhype

I read a story about one of these bitcoin farms leasing a jet to get the update computer hardware to the farm faster, normal shipping was way too slow.
It is indeed a big guys game.


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