Have you tried building your own mining rig?

[Martinsx]

1 hour ago, Kakashi2020 said:

Bitcoin prices are going down this past week after going up to the 8k level, I think it's natural bargain hunters are now selling their shares for a quick profit unless I'm wrong this would continue until June and would surge up in july-august.  This is my own opinion because that's how stock prices move in my country.  I don't think of Bitcoin as a currency, I think of it as a stock.

Cryptocurrency with Bitcoin at the helm of it was never designed as paper currency, they are not the same thing, they don't operate in the same way or work with transactions in the same manner. It's practically different. I also saw the slight fall from 8k in Bitcoin down to 7k something. It's not a big fall. 

[Henrywrites]

6 hours ago, Kakashi2020 said:

You're quite right about investing in mined coins already out in the market, it's easier and in reality it's cheaper than mining with a rig.  

But there's another problem and that's where to buy these coins what exchange is legit etc. 

There are a lot of exchanges as can be seen in the news lots of them closing down, getting investigated while some are newly launched, the problem is there's no regulations for a worldwide currency.

 

Making use of coinbase as an exchange platform has given me lots of success in the past. Also, there is need for us to ensure that we trade  with trusted people that are recommended by some top coins traders.

[Henrywrites]

17 hours ago, Martinsx said:

It's not even the money that it would cost you to build your own mining rig. After building, you have to consider accommodation and electricity because there is no way you can be successful with cryptocurrency or Bitcoin mining without these two things. 

Yeah, electricity issues in my country is one thing that I normally consider when I think of going into the business of mini rig in Nigeria. So, it is not a good idea considering that I am going to spend much more trying to have it.

[Steve5]

On 5/27/2018 at 10:13 PM, Martinsx said:

I think it's about 21 million Bitcoin that was projected to be mined and put into circulation, and as of now, about 12 million Bitcoin has already been mined. So therefore, looking at the statistics, there is still enough Bitcoin ready to be mined. 

I think so too. But some people don't want to take the time to mine it. Sometimes our efforts pay out and sometimes they don't. It's a bit of a waiting game for bitcoins.😅

[Martinsx]

On 5/27/2018 at 4:34 PM, Henrywrites said:

Yeah, electricity issues in my country is one thing that I normally consider when I think of going into the business of mini rig in Nigeria. So, it is not a good idea considering that I am going to spend much more trying to have it.

I know and have heard about it the electricity issues in Nigeria and it's practically nothing good to write home about. There are sometimes when there wouldn't be electricity power for 2 months without any justification and the government and ministry concerned wouldn't lift a finger to ratifying the issue. So how can one fathom going into building a mining rig with such a messy electricity power supply? 

[Martinsx]

1 hour ago, Steve5 said:

I think so too. But some people don't want to take the time to mine it. Sometimes our efforts pay out and sometimes they don't. It's a bit of a waiting game for bitcoins.😅

I believe it's as a result of the time it consumes to be able to mine Bitcoin or any other cryptocurrency and reach its withdrawal or payout threshold that discourages most people from going into mining these cryptocurrency blocks. 

[Steve5]

20 hours ago, Martinsx said:

I believe it's as a result of the time it consumes to be able to mine Bitcoin or any other cryptocurrency and reach its withdrawal or payout threshold that discourages most people from going into mining these cryptocurrency blocks. 

True. Not many people have the patience for it. I think they'll spend their time better if they focus on stuff they enjoy. Bitcoin mining really isn't for everyone. You don't have to follow the trend if you're not into it.

[Martinsx]

49 minutes ago, Steve5 said:

True. Not many people have the patience for it. I think they'll spend their time better if they focus on stuff they enjoy. Bitcoin mining really isn't for everyone. You don't have to follow the trend if you're not into it.

Exactly, Cryptocurrency and Bitcoin mining isn't for everyone. In fact, investing in such digital currency isn't for everyone as well because of the cost of dealing in buying and trading cryptocurrency and the risk that comes with it. 

It's better to deal on what interests someone because such person would likely have more zeal to concentrate on that and succeed in it. 

[Steve5]

On 5/30/2018 at 6:05 PM, Martinsx said:

Exactly, Cryptocurrency and Bitcoin mining isn't for everyone. In fact, investing in such digital currency isn't for everyone as well because of the cost of dealing in buying and trading cryptocurrency and the risk that comes with it. 

It's better to deal on what interests someone because such person would likely have more zeal to concentrate on that and succeed in it. 

This also reminds me of investing in banks. I think not many people are really interested in bitcoin mining. What they're interested in is making money off it. But as people have  begun to realize, you need to be aware of the costs and efforts needed in order to reap rewards in bitcoin mining.

[Steve5]

On 5/27/2018 at 11:31 PM, Henrywrites said:

Making use of coinbase as an exchange platform has given me lots of success in the past. Also, there is need for us to ensure that we trade  with trusted people that are recommended by some top coins traders.

I'm glad to know that coin base has worked well for you. A lot of new users are thinking about using it. Some are a bit skeptic due to other sites closing down. There's just too many scam sites circulating these days.

[Martinsx]

12 minutes ago, Steve5 said:

This also reminds me of investing in banks. I think not many people are really interested in bitcoin mining. What they're interested in is making money off it. But as people have  begun to realize, you need to be aware of the costs and efforts needed in order to reap rewards in bitcoin mining.

I understand well what you meant by investing in banks. Is it something like opening a fixed deposit account with a bank for a specific interest rate within a period of time? I have lots of people who are into such investments with banks and it's actually a safe investment in my opinion but it's interest rate isn't that encouraging. 

[Martinsx]

13 minutes ago, Steve5 said:

I'm glad to know that coin base has worked well for you. A lot of new users are thinking about using it. Some are a bit skeptic due to other sites closing down. There's just too many scam sites circulating these days.

There is absolutely nothing to fear about using coinbase cryptocurrency exchange site because it's the best for new users or those who would like to invest in cryptocurrency. The site is very easy to use and understand unless you have no former knowledge of how to use online site before and also comparing it to other cryptocurrency exchange sites like Binance. Coinbase is a lot easier to use and understand. 

[Henrywrites]

21 hours ago, Steve5 said:

I'm glad to know that coin base has worked well for you. A lot of new users are thinking about using it. Some are a bit skeptic due to other sites closing down. There's just too many scam sites circulating these days.

The only thing that I think about when I am planning on entering into any venture is how much gain am I going to benefit. Also, since some users are saying, like me, are saying that it is good, I don't see the reason for others to doubt how good that it is as long as I am concerned.

[Steve5]

23 hours ago, Martinsx said:

I understand well what you meant by investing in banks. Is it something like opening a fixed deposit account with a bank for a specific interest rate within a period of time? I have lots of people who are into such investments with banks and it's actually a safe investment in my opinion but it's interest rate isn't that encouraging. 

I know, right? People nowadays assume that next biggest thing is totally worth it. While it does payout, you can't expect to have your wishes granted almost immediately. Most people who earn through bitcoin have painstakingly invested not only their money but also their time and effort. Just to make sure everything goes smoothly.

[Steve5]

23 hours ago, Martinsx said:

There is absolutely nothing to fear about using coinbase cryptocurrency exchange site because it's the best for new users or those who would like to invest in cryptocurrency. The site is very easy to use and understand unless you have no former knowledge of how to use online site before and also comparing it to other cryptocurrency exchange sites like Binance. Coinbase is a lot easier to use and understand. 

I'm sure others will find it helpful. Now that you mentioned it, they might try to see how it works for them. New users will appreciate this site for its legitimacy and convenience.

[Steve5]

2 hours ago, Henrywrites said:

The only thing that I think about when I am planning on entering into any venture is how much gain am I going to benefit. Also, since some users are saying, like me, are saying that it is good, I don't see the reason for others to doubt how good that it is as long as I am concerned.

Yes, it's very reassuring. Those who've had successful transactions are well aware of its advantages. I'm confident many will profit from it with enough time and experience. And sometimes a little bit of luck.

[Martinsx]

44 minutes ago, Steve5 said:

I'm sure others will find it helpful. Now that you mentioned it, they might try to see how it works for them. New users will appreciate this site for its legitimacy and convenience.

Exactly my point @Steve5, the easy way to use Coinbase is the main reason why it's being recommended to new users or new investors to cryptocurrency, as it would be very simple for them to buy and trade in the exchange site without having much trouble.

There was a time a read online that Coinbase is better to use than Binance especially when one is still new to cryptocurrency and it's trading. 

[Martinsx]

3 hours ago, Henrywrites said:

The only thing that I think about when I am planning on entering into any venture is how much gain am I going to benefit. Also, since some users are saying, like me, are saying that it is good, I don't see the reason for others to doubt how good that it is as long as I am concerned.

You don't head into any business investments without being sure of making a reasonable profit from it. Some careless investors makes this mistake of not researching well in whatever business project they feel like investing in and they all end up losing their money in such business investments. 

[Martinsx]

51 minutes ago, Steve5 said:

I know, right? People nowadays assume that next biggest thing is totally worth it. While it does payout, you can't expect to have your wishes granted almost immediately. Most people who earn through bitcoin have painstakingly invested not only their money but also their time and effort. Just to make sure everything goes smoothly.

Well, even when some business project seems to pay, that doesn't rule out a time of recession for such business. Take for instance what happens with stock market, it is filled with fluctuations every now and then, the samething is the same story with cryptocurrency, it's worth is never fixed or meant to be stable, for in fact, it's in its instability that investors actually make more money as profit from it. 

[Steve5]

23 hours ago, Martinsx said:

Well, even when some business project seems to pay, that doesn't rule out a time of recession for such business. Take for instance what happens with stock market, it is filled with fluctuations every now and then, the samething is the same story with cryptocurrency, it's worth is never fixed or meant to be stable, for in fact, it's in its instability that investors actually make more money as profit from it. 

I like how put it. Yes, the stock market is the closest thing we have to our dealings with cryptocurrency. That's why those experienced in the stock market are confident in how they play their cards. I'm sure more of us will connect the dots as we continue using bitcoins.

[Kakashi2020]

I was really interested in building a mining rig last year but sadly a lot of news came out saying that mining rig operations isn't cost effective because Bitcoin is a bit hard to mine nowadays unlike several years back when there's a lot more bitcoins available to mine and when it's price was still low. But nowadays it's getting pretty hard to mine because there's only a limited number of bitcoins left to be mined.