Personal Finance

Considering putting a few $$$$ in bitcoin, what exchange and how?

  • Last Updated:
  • Nov 14th, 2017 11:55 am
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Jr. Member
Apr 15, 2014
194 posts
62 upvotes
Guelph, ON
RyanS219 wrote:
Jan 8th, 2016 9:35 am
I'm completely lost with this whole bitcoin mining thing. So you essentially setup a system to mine bitcoins, eventually you get mine a block (?) which gives you BTC. At that point you can sell the BTC for market value or hold until you wish to sell?
Yes, however as there are HUGE mining farms with millions of times the processing power of any normal computer, the odds of you ever finding a block are extremely small.

What you can do, is join a mining pool, which is very easy to do. A pool is essentially a group of miners who combine their processing power to process blocks. Everytime a block is mined, the BTC is distributed to all the miners proportionally to how much processing power they contributed. You wont get alot doing this unless you have a high end graphics card, and even then you may not even make a profit unless you get free hydro.

At this point, its much more cost effective to just buy BTC with your money rather than invest in a mining rig.
Deal Addict
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Oct 29, 2002
1426 posts
117 upvotes
Toronto
ghilborn wrote:
Jan 8th, 2016 9:05 am
Not exactly, the difficulty of mining only ensures that the time per block processed stays at a consistent time interval. As more people mine, thus more hashing power the difficulty increases.

Each block gives the same BTC amount, 50 i believe? unless its halved since.
It's at 25 now and will halve again around July, 2016 to 12.5.

People think the price will go up soon due to the upcoming halving.
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Oct 29, 2002
1426 posts
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Toronto
ghilborn wrote:
Jan 8th, 2016 10:00 am
At this point, its much more cost effective to just buy BTC with your money rather than invest in a mining rig.
This. Don't bother mining yourself.
Jr. Member
Jan 30, 2010
163 posts
8 upvotes
Toronto
ghilborn wrote:
Jan 8th, 2016 9:05 am
Each block gives the same BTC amount, 50 i believe? unless its halved since.
At this moment, it's 25 BTC. But thanks for clarifying; I was under the impression that halving will cause scarcity, which in turns will cause increase in the price.
Jr. Member
Jan 30, 2010
163 posts
8 upvotes
Toronto
ghilborn wrote:
Jan 8th, 2016 10:00 am
Yes, however as there are HUGE mining farms with millions of times the processing power of any normal computer, the odds of you ever finding a block are extremely small.

What you can do, is join a mining pool, which is very easy to do. A pool is essentially a group of miners who combine their processing power to process blocks. Everytime a block is mined, the BTC is distributed to all the miners proportionally to how much processing power they contributed. You wont get alot doing this unless you have a high end graphics card, and even then you may not even make a profit unless you get free hydro.

At this point, its much more cost effective to just buy BTC with your money rather than invest in a mining rig.

If you mine yourself with your regular computer, it will take you approximatively 140,000 years to get 0 block...ahahah,

But @ghillborn, do you know any reputable mining pool? I heard that CEI, which is (or used) to be considered the biggest stopped its operation very badly...
Jr. Member
Apr 15, 2014
194 posts
62 upvotes
Guelph, ON
roca1777 wrote:
Jan 8th, 2016 11:29 am
If you mine yourself with your regular computer, it will take you approximatively 140,000 years to get 0 block...ahahah,

But @ghillborn, do you know any reputable mining pool? I heard that CEI, which is (or used) to be considered the biggest stopped its operation very badly...
Havent dont any mining in last year or two, but just try to find one with the lowest fees, or none if possible. Make sure that you have your BTC sent to your personal wallet frequently (this can be done automatically when your waller hits specific amounts) to avoid any issues with payment.
Deal Addict
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Jul 13, 2014
1723 posts
264 upvotes
Toronto
ekcivichb wrote:
Jan 6th, 2016 8:31 pm
LOL @ buying bitcoins
LOL look who's laughing now!
This message have been approved by the Office of the Mayor of Toronto.
Deal Addict
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Dec 13, 2016
1021 posts
775 upvotes
MayorOfToronto wrote:
Nov 10th, 2017 1:33 am
LOL look who's laughing now!
Why do I need to trade my dollars for this unique decentralized currency that is so much against fiat money? Why don't they take sardines or bottlecaps?

Doesn't this pig get devalued every time you stick a fork in it?
Member
Mar 16, 2011
205 posts
63 upvotes
Has anyone used a TFSA to buy bitcoin? That's what I'm considering doing if possible. With the high upside of Bitcoin value, not being taxed on the gains would be super nice.
Newbie
Sep 8, 2017
38 posts
22 upvotes
hvwozq wrote:
Nov 10th, 2017 4:11 pm
Definitely not the guy who bought a pizza for 10000 bitcoin in 2010.
Although I get what you're saying, you have to understand a couple things. He was one of the earliest adopters/believers of bitcoin. He was also the one who figured out that mining bitcoin using your GPU was much more effective than using your CPU. At the time he bought the pizza, he had around 70K bitcoins and over the years accumulated much more than that.

The 10K pizza transaction served as a proof-of-concept. It was a milestone of sorts. It proved that one could use this digital currency and actually purchase a tangible good with it, thereby validating the concept. With all the media attraction it recieved, it helped increase the awareness and subsequently the adoption of bitcoin.

Jus' sayin.
Ever since I discovered RFD, I've spent so much money in the interest of saving money...
Newbie
Oct 9, 2017
4 posts
Hi

Any other crypto currency? like LTV - LeoNovus?
I am new and looking for some information on this topic.
Any help is appreciated
Deal Addict
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Sep 4, 2005
2619 posts
449 upvotes
Toronto
Are the sites above recommended for selling BTC as well? What about bitcoin cash and bitcoin gold?

I remember there being a BTC ATM somewhere on spadina in Toronto, is that still there?

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