Thread: Bitcoin
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Old 07-11-2017, 12:56   #7
Qtx
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Re: Bitcoin

Quote:
Originally Posted by SnoopZ View Post
I keep thinking about whether to just go out and buy 1 Bitcoin if it is financially viable to do it like that seeming the cost is shooting up, but i need to learn alot more before i take that risk.
You can buy a fraction of a bitcoin, such as 0.1 or 0.5 BTC.

To OP, as others have said, forget mining Bitcoin now. When Bitcoin was in it's infancy, mining bitcoin on your home pc was an option but not now as mining gets harder as more time goes on and more bitcoins are mined. Think of bitcoin mining as your computer doing extensive maths problems which could lead to a fraction of a bitcoin being discovered. As more bitcoins get discovered over the world, the complexity of the maths gets harder. We are now at the point where the maths are so hard that it is mostly hardware created specifically for doing the maths involved are doing most of the mining. Look up 'ASIC mining'.

You could get in to an alternative newer crypto-currency which will be easier to mine but there is a good chance a majority of them will never be worth anything, so you either have to spread your mining across a few currencies or be very lucky with choosing the right one to concentrate on.

I expect the BTC bubble will burst but go down to still acceptable levels. Personally I will be spreading some of my greatly inflated BTC across to some other crypto-currencies in the hope some of them do well too

Started when 1 bitcoin was £190, now 1 bitcoin is worth £5500. <3 bitcoin
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