To be honest, bitcoin is too late to get into. There are other crypto currencies around based on the principle, which use slightly different methods
to achieve long term stability etc, like litecoin, and one I was into for a while feathercoin.
They sort of consider it similar to bitcoin as gold, litecoin as silver and feathercoin as bronze, but that's only as valid as the communities behind
them pushing their value.
feathercoin has spiked a number of times, and uses an algorithm that at this point restricts the farming to gpu (nvidia) farming - but that is
changing as people build specific hardware.. you then meet the obsoletion problem.
bitcoin requires dedicated hardware these days. asic farming has killed crypto coin currencies that rely on the sha-256 algorithm, while you can still
mine enough USD in value in litecoin/feathercoin using a dedicated gpu setup to cover your power bill and then take the kids on holiday.
Some of the rigs I've seen set up in the feathercoin community make e cry as a gamer
15-20 58xx's or 79xx's in racks with house fans blowing them
all stuck on riser slots from cheap motherboards and 1200watt psu's..
But those guys make a killing. I'm a measly 1 gpu guy and I only ever managed to upgrade my PC once. New cpu, mobo, case, ram.. I still have about 900
ftc, but I'm holding them for the inevitable time it spikes !! haha.. or I'm dreaming.
You can look into that yourself, I'd avoid other coins than the ones I've mentioned. litecoins community is a little off putting, not very open from
what I could tell.. but the feathercoin community I was there from the start, and saw grow. I've not been involved in many months now, but keep
getting updates in email.
if youre going to put money into it, look around man, dont just go with what google tells you. Unless you're willing to invest it as a learning
experience and not care about any returns. It's a very fickle thing, still getting it's bases sorted.
Look at an exchange such as btc-e.com for an idea of how the different currencies fare over time, look at how some people manipulate the market, look
at the trends.. it's not just mine a bitcoin, $$$ !
If you make a million dollars, remember the old wino.. I had a website a while ago, homeless guy sitting there with a cardboard sign.. "Need New
Video card. Please give a Bitcoin."
They took my website away
edit on 1-10-2013 by winofiend because: (no reason given)
edit on 1-10-2013 by winofiend because: i cant type today nor think.
stupid first aid course...