Digital currency; Getting started.

[bbabythai]

On 2/9/2021 at 12:00 PM, Barnabe said:

Another point: if you’re serious about investing (not gambling) then make sure you don’t buy any coin besides Bitcoin and Ethereum. 
 

Many of the current crop of coins will die a painful death. There will be some survivors but it’s a toss up at this point. Bitcoin and Ethereum will survive.

I absolutely agree with your comment. If OP has any sense he will take this advice

[bbabythai]

2 hours ago, Dazinoz said:

I played around for awhile then settled on 4 coins. When I settled down I had invested roughly $31,000 aud. Today as I type my balance (on paper) is $187,000aud. I have 1 BTC but most of the increase came from Cardano. I bought 100,000 at $0.15aud. Today $1.18aud and has been higher.

wow. thats significant risk to make on a <deleted> coin like ADA. I couldn't wait to sell mine quick enough. Not so long ago 70% of cardano was traded on 1 exchange in south korea. That is high risk. Might not be the case now but who knows. 

[Nout]

Having bought digital currency and made a profit how do convert it back to real/ fiat currency?

[Nout]

13 hours ago, rwill said:

Lol.  Not even close here.  But I do hope to make a million or 2 on crypto.  So far I have invested around 12K and it is currently worth 85K.  Mostly in altcoins, not bitcoin.

But how will you sell it for real  money?

[rimmae2]

4 hours ago, Dazinoz said:

I played around for awhile then settled on 4 coins. When I settled down I had invested roughly $31,000 aud. Today as I type my balance (on paper) is $187,000aud. I have 1 BTC but most of the increase came from Cardano. I bought 100,000 at $0.15aud. Today $1.18aud and has been higher.

I am curious why you and others post such detailed personal information on various threads. We all know that as I type your balance (on paper) could be say 170 to 200k or even outside this range and 5 minutes later back to 187k. Would you and others post if tomorrow 187k had reduced to 30k or would you be too stressed? Seems like a pointless quote and competition and newbies may not understand the risks.

[fdsa]

4 hours ago, Nout said:

But how will you sell it for real  money?

 

https://forum.thaivisa.com/topic/1205157-ether-seeks-to-escape-bitcoins-shadow-with-cme-futures-launch/?tab=comments#comment-16236197

 

[taninthai]

2 hours ago, rimmae2 said:

I am curious why you and others post such detailed personal information on various threads. We all know that as I type your balance (on paper) could be say 170 to 200k or even outside this range and 5 minutes later back to 187k. Would you and others post if tomorrow 187k had reduced to 30k or would you be too stressed? Seems like a pointless quote and competition and newbies may not understand the risks.

This is the thing we are at a peak so everyone talking/boasting,,,,I’ve seen bitcoin drop from 12,000 to 3,000 gbp could easily happen again ,they won’t be talking about there balances then.

[Dazinoz]

14 minutes ago, taninthai said:

This is the thing we are at a peak so everyone talking/boasting,,,,I’ve seen bitcoin drop from 12,000 to 3,000 gbp could easily happen again ,they won’t be talking about there balances then.

And that is why I said on paper. I have been scammed and happy to share so others don't get caught.

[Dazinoz]

3 hours ago, rimmae2 said:

I am curious why you and others post such detailed personal information on various threads. We all know that as I type your balance (on paper) could be say 170 to 200k or even outside this range and 5 minutes later back to 187k. Would you and others post if tomorrow 187k had reduced to 30k or would you be too stressed? Seems like a pointless quote and competition and newbies may not understand the risks.

And yet another poster who doesn't like what someone else posts so must be a pointless quote.

 

And I know why. The word starts with j.

 

 

Edited February 11, 2021 by Dazinoz

[rwill]

6 hours ago, Nout said:

But how will you sell it for real  money?

I use Caleb & Brown in Australia to buy and sell crypto.  They will wire funds to your bank account.  I haven't actually sold any yet.

[Neeranam]

On 2/9/2021 at 12:00 PM, Barnabe said:

Another point: if you’re serious about investing (not gambling) then make sure you don’t buy any coin besides Bitcoin and Ethereum. 
 

Many of the current crop of coins will die a painful death. There will be some survivors but it’s a toss up at this point. Bitcoin and Ethereum will survive.

So will DOT, BNB, ADA, UNI, LINK among others

 

 

Edited February 11, 2021 by Neeranam

[Neeranam]

10 hours ago, Nout said:

Having bought digital currency and made a profit how do convert it back to real/ fiat currency?

I send it to Bitkub.com, sell it and transfer cash to Thai bank.

[Neeranam]

On 2/9/2021 at 12:31 PM, 2530Ubon said:

Any thoughts on Dogecoin? I know it started as a meme, but it's shot up in value and may be worth mining - Elon Musk gave it a big boost 2 days ago and it's been reported that it could hit 1 coin = 1 USD by the end of this year.

No utility, a joke, DON'T buy it unless you are a trader.

[Neeranam]

On 2/10/2021 at 3:09 PM, Dazinoz said:

Mining started out easy, an average PC could do it. Mining requires high power graphic processing units (GPU) not CPUs. I have a friend who mined over 50 BTC in the early days. No idea how many he has now. Miners only get paid if their "rig" solves a blockchain transaction first. The faster the mining equipment the better the chance of being first and thus rewarded. Initially the reward was 50BTC. Around every 4 years that halves. Last year in May was the third halving so now the rewards is only 6.25BTC. Specialised mining rigs were needed and consume a considerable amount of power. Even then you needed a pool with a lot of mining capacity to solve the transaction and then share the reward between pool members. I looked into buying a mining rig last year more for interest as a guy had 2 for sale. I got the specs of the rig and entered the info in a website and it came back with it was going to cost me more in power than what I would get in rewards. That was when BTC was around $10,000. Could be more viable now but doubt it. The guy who was selling the rigs was upgrading to more powerful ones. Spoke to him recently and he is out of mining since last halving and he has a sizeable solar system to make it cheaper.

 

So in short forget mining.

 

As far as what coins to buy.....who knows? Everyone will give their recommendations. Just need to do your home work.

 

I only have 3 different coins. I bought 100,000 ADA/Cardano at $0.15 AUD last year. Today they hit $1.00+. So if I sold today and nice profit of $85,000 in just over a year. But I will hang on as they are improving their system and many many people predicting $3 to $5usd this bull run. But again its all crystal ball stuff with some analysis thrown in.

 

I use an exchange in Australia as that is where my bank accounts are kept. I don't particularly trust exchanges for the fear of hacking so my BTC is stored on a hardware wallet. My Cardano is on a more secure software wallet that earns interest in the coin itself. I have earned over 2000 ADA in just over 5 months so at a $1 each not bad interest. Yes and, before anyone says it, it can be hacked but is dedicated to ADA alone unlike exchanges so more is devoted to security.

 

So get into and have a bit of fun and never invest any more than you can afford to lose. I should listen to my own words and get out now, but.........

 

Good luck.

Good post.

 

I bought Cardano at 3/4c and sold it all for DOT(Polkadot)

 

These are the two ETh killers in my opinion. Both CEOs are former founders of Etheruem. 

 

Both are going to be huge.

 

The reason I sold my ADA was because I can get 12% p.a on Kraken exchange.

 

I've started taking profits. 5% of my coins. DOT at $24. Next 10% at $35, etc. If there is  40% drop in price, I'm selling all, but I can't see this happening for another 6 months. 

[KannikaP]

22 hours ago, Nout said:

Having bought digital currency and made a profit how do convert it back to real/ fiat currency?

Easy with Coins.co.th

 

[rimmae2]

17 hours ago, Dazinoz said:

And yet another poster who doesn't like what someone else posts so must be a pointless quote.

 

And I know why. The word starts with j.

 

 

Not at all j Khun. D; in fact happy for you. More a case of being who are relatively less knowledgeable than others may take the information simplistically and even if they did there is not so much information as to timing, purchasing BTC at one time or several times as price dropped, increased? I don't want to know, but a gullible, newbie going the crowd may think that all trades lead to gold so to speak.

 

I also trade in crypto as well as stocks and in fact made 600% on RIOT in about 3 months having sold half my holding today. 

 

Good trading with a bit of luck to you.

 

17 hours ago, Dazinoz said:

And yet another poster who doesn't like what someone else posts so must be a pointless quote.

 

And I know why. The word starts with j.

 

 

 

[Dazinoz]

8 minutes ago, rimmae2 said:

Not at all j Khun. D; in fact happy for you. More a case of being who are relatively less knowledgeable than others may take the information simplistically and even if they did there is not so much information as to timing, purchasing BTC at one time or several times as price dropped, increased? I don't want to know, but a gullible, newbie going the crowd may think that all trades lead to gold so to speak.

 

I also trade in crypto as well as stocks and in fact made 600% on RIOT in about 3 months having sold half my holding today. 

 

Good trading with a bit of luck to you.

 

 

Thanks for that and same to you.

 

Read my first post in this thread where I try to tell OP everyone will put in their opinion as fact. I did say crystal ball stuff.

 

But I can see your point of a complete newbie seeing my gains on ADA and getting into them. But that may not be such a bad thing as it is developing into real world stuff not like some other recommendation of total BS crypto.

[2530Ubon]

Thanks for all the replies, some very informative and interesting posts so far ????

Thank you.

Edited February 12, 2021 by 2530Ubon

[CH1961]

On 2/11/2021 at 7:03 AM, Dazinoz said:

How come my friend who had 2 specialised high capacity mining rigs with solar power on house to reduce running costs just got out of mining as it was no longer viable? I think I will believe him.

Your friend probably mining BTC with ASIC miners. Yes, it is no longer viable. 

[DeepSea]

On 2/9/2021 at 11:27 AM, 2530Ubon said:

So I've been looking at getting started in digital currencies as they seem to be taking off. I've done a lot of reading but I still wouldn't consider myself anywhere near enough informed to begin.

 

So my question is, how do you get started? I think Bitcoin is pretty much impossible to mine, but what other currency options are there? Do people still mine themselves, invest in a lot of equipment, hire cloud mining services, or do people purchase and sell?

 

Any suggested reading would be great too. Thanks or your replies!

 

There was a question in a related thread about how to cash out of Crypto. I posted a response to a comment which suggested the question was 'lame'. Not lame at all in my humble opinion. As you're just getting started, I thought it might be of interest to you, this is the link to the post.

 

I'm no expert, but have been playing around with Crypto since 2015, had my fingers burnt, learnt a lot of tips/tricks along the way, so happy to answer any questions you may have directly or in PM if you don't want to suffer the slings and arrows of armchair experts, cheers and good luck.