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Niffla



Registered: 06/09/08
Posts: 46,485
Loc: Texas
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Bitcoin Newb Here
#21953173 - 07/16/15 06:23 PM (8 years, 6 months ago) |
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Lol did I see correctly that the going rate for a single bitcoin is currently (roughly) $280 USD?
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HAIL OUR NEW OTD KING
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Adolin




Registered: 06/28/11
Posts: 8,292
Loc: USA
Last seen: 1 year, 2 months
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Re: Bitcoin Newb Here [Re: Niffla]
#21953188 - 07/16/15 06:26 PM (8 years, 6 months ago) |
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yup, you saw that correctly
it was hovering at 600$ for almost half a year, at one point
most transactions are are only fractions of a btc
Edited by Adolin (07/16/15 06:27 PM)
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Niffla



Registered: 06/09/08
Posts: 46,485
Loc: Texas
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Re: Bitcoin Newb Here [Re: Adolin]
#21953205 - 07/16/15 06:30 PM (8 years, 6 months ago) |
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Quote:
Gresh said: yup, you saw that correctly
it was hovering at 600$ for almost half a year, at one point
Daayyum!!
so what happens if what you want is only like half that -- lets say $140 USD, and the vendor only accepts bitcoins
(retarded ass newb question incoming) do you get like half a bitcoin back or do you have to spend the entire bitcoin...lol i'm so confused
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Adolin




Registered: 06/28/11
Posts: 8,292
Loc: USA
Last seen: 1 year, 2 months
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Re: Bitcoin Newb Here [Re: Niffla]
#21953213 - 07/16/15 06:32 PM (8 years, 6 months ago) |
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you can trade small amounts of btc, like .0001
you can see every transaction in the blockchain live at this website https://blockchain.info/
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Niffla



Registered: 06/09/08
Posts: 46,485
Loc: Texas
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Re: Bitcoin Newb Here [Re: Adolin]
#21953214 - 07/16/15 06:32 PM (8 years, 6 months ago) |
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Quote:
Gresh said: most transactions are are only fractions of a btc
ahh okay, so you can spend just a fraction of the bitcoin
but i'm guessing you have to buy a full bitcoin when purchasing bitcoins initially though, correct?
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HAIL OUR NEW OTD KING
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Adolin




Registered: 06/28/11
Posts: 8,292
Loc: USA
Last seen: 1 year, 2 months
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Re: Bitcoin Newb Here [Re: Niffla]
#21953242 - 07/16/15 06:36 PM (8 years, 6 months ago) |
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most bitcoin exchanges will let you buy small ammounts of bitcoin. you just put in how much money you want to exchange and they convert it for you and charge some intrest.
there are probably some websites that only deal in large ammounts though
Edited by Adolin (07/16/15 06:36 PM)
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Niffla



Registered: 06/09/08
Posts: 46,485
Loc: Texas
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Re: Bitcoin Newb Here [Re: Adolin]
#21953252 - 07/16/15 06:38 PM (8 years, 6 months ago) |
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Quote:
Gresh said: most bitcoin exchanges will let you buy small ammounts of bitcoin. you just put in how much money you want to exchange and they convert it for you and charge some intrest.
there are probably some websites that only deal in large ammounts though
okay gotcha, thanks a lot bud
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Gottaloveacid
Weedbass



Registered: 10/20/14
Posts: 3,421
Loc: Colorado, USA
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Re: Bitcoin Newb Here [Re: Niffla]
#21953253 - 07/16/15 06:38 PM (8 years, 6 months ago) |
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Quote:
Niffla said:
Quote:
Gresh said: most transactions are are only fractions of a btc
ahh okay, so you can spend just a fraction of the bitcoin
but i'm guessing you have to buy a full bitcoin when purchasing bitcoins initially though, correct?
No, and it really depends on where you get them from. Usually when I buy btc it is like 60-80$ and I spend it all in one go because BTC prics fluctuates like CRAZY.
Just 2 weeks ago when I last bought btc, it was $235 for one btc. A week later, it was $300. My .22 btc went from being worth 70$ or whatever to like 100$
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 The greatest story ever told is the story that never ends! wubba lubba dub dubstep
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Niffla



Registered: 06/09/08
Posts: 46,485
Loc: Texas
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Quote:
Gottaloveacid said: I spend it all in one go because BTC prics fluctuates like CRAZY.
Just 2 weeks ago when I last bought btc, it was $235 for one btc. A week later, it was $300. My .22 btc went from being worth 70$ or whatever to like 100$
Damn that's nuts
Yeah I heard that they fluctuate like crazy
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DieCommie

Registered: 12/11/03
Posts: 29,258
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Re: Bitcoin Newb Here [Re: Niffla]
#21953381 - 07/16/15 07:14 PM (8 years, 6 months ago) |
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I mined bitcoins for profit for years. I sold many hundreds for between $4 and $20 a piece. I sold quite a few in the $800 range too. I don't hold any now for speculation. I buy what I need and use them. Any fluctuation in the interim I deal with.
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Detached
You know where...


Registered: 02/27/15
Posts: 2,942
Last seen: 10 months, 15 days
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Re: Bitcoin Newb Here [Re: DieCommie]
#21953482 - 07/16/15 07:41 PM (8 years, 6 months ago) |
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What is the process of bitcoin mining?
Is it pretty labor intensive?
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Gottaloveacid
Weedbass



Registered: 10/20/14
Posts: 3,421
Loc: Colorado, USA
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Re: Bitcoin Newb Here [Re: Detached]
#21953496 - 07/16/15 07:43 PM (8 years, 6 months ago) |
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Quote:
Detached said: What is the process of bitcoin mining?
Is it pretty labor intensive?
It isn't worth it anymore. the block chains you need to solve have become extremely difficult and most are only found in massive collections of computers with 10s of thousands of desktops
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 The greatest story ever told is the story that never ends! wubba lubba dub dubstep
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Detached
You know where...


Registered: 02/27/15
Posts: 2,942
Last seen: 10 months, 15 days
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I wasn't interested in trying it. Figured after the time and popularity, it's all pretty well mined lol
Curious more whether or not it was a more technical process requiring some decent computing power or how exactly the process went.
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Gottaloveacid
Weedbass



Registered: 10/20/14
Posts: 3,421
Loc: Colorado, USA
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Re: Bitcoin Newb Here [Re: Detached]
#21953563 - 07/16/15 08:05 PM (8 years, 6 months ago) |
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It did require good computer power, mainly a good AMD GPU of some kind. I tried with nvidia but they (still) don't have the technology to mine btc.
There were several ways.
1. The best method was renting servers with insane amounts of power and using them to mine your BTC. At the peak of their value, you could rent a server that put out enough power to mine tons of bitcoins for like 200$ a month and you could make 500$ a month in BTC easy. If you kept saving and rented 1000$ a month worth of power, you could turn it into like 2500$ a month in btc.
2. You could do it at home solo. You download a program that works on finding solutions to a block, and the more power you have the more operations/potential solutions occur per second.
3. This was the most popular method people did, and still do to this day. You basically do everything in solution 2 except you join a massive group of people to work together with all the combined computer power to solve a block and then everyone in the group gets paid equally for the btcs gained.
An example of how many btc are in a block is like 250, that is a lot of money. If you solved one at home, you would be rich. The odds are one in a million though. If you solve one as a group, you may only make like $0.20 per block solved but they solve tons of blocks
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 The greatest story ever told is the story that never ends! wubba lubba dub dubstep
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Niffla



Registered: 06/09/08
Posts: 46,485
Loc: Texas
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So I ended up getting a bitcoin through a bitcoin ATM. One of only two in the city supposedly. Pretty cool. Easy, too. Just downloaded my bitcoin wallet to my cell, inserted cash into the machine (they're cash only), put my cell in front of the scanner on the ATM so it could scan my bitcoin wallet...and that's it.
You get a receipt and about 5 minutes later you have bitcoin.
Also, I was surprised by the amount of traffic that ATM was generating. I sat down and had a couple of beers, and during that span 4 bitcoin ATM transactions went down.
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HAIL OUR NEW OTD KING
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Astral Pain
Strange

Registered: 11/10/14
Posts: 2,923
Loc: Chicago
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Re: Bitcoin Newb Here [Re: Niffla]
#21975958 - 07/21/15 02:58 PM (8 years, 6 months ago) |
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.
-------------------- "I don't mean to sound bitter, cold, or cruel, but I am, so that's how it comes out" -Bill Hicks-
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Gottaloveacid
Weedbass



Registered: 10/20/14
Posts: 3,421
Loc: Colorado, USA
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Re: Bitcoin Newb Here [Re: Niffla]
#21976036 - 07/21/15 03:13 PM (8 years, 6 months ago) |
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Quote:
Niffla said: So I ended up getting a bitcoin through a bitcoin ATM. One of only two in the city supposedly. Pretty cool. Easy, too. Just downloaded my bitcoin wallet to my cell, inserted cash into the machine (they're cash only), put my cell in front of the scanner on the ATM so it could scan my bitcoin wallet...and that's it.
You get a receipt and about 5 minutes later you have bitcoin.
Also, I was surprised by the amount of traffic that ATM was generating. I sat down and had a couple of beers, and during that span 4 bitcoin ATM transactions went down.

Ok where do I buy one of these
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 The greatest story ever told is the story that never ends! wubba lubba dub dubstep
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danielx
whatup!


Registered: 10/13/08
Posts: 6,500
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www.coinatmradar.com
Unless you're talking about where to buy the actual machine, beats me.
-------------------- Long live kratom
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psi
TOAST N' JAM


Registered: 09/05/99
Posts: 31,456
Loc: 613
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Quote:
Gottaloveacid said: It did require good computer power, mainly a good AMD GPU of some kind. I tried with nvidia but they (still) don't have the technology to mine btc.
There were several ways.
1. The best method was renting servers with insane amounts of power and using them to mine your BTC. At the peak of their value, you could rent a server that put out enough power to mine tons of bitcoins for like 200$ a month and you could make 500$ a month in BTC easy. If you kept saving and rented 1000$ a month worth of power, you could turn it into like 2500$ a month in btc.
2. You could do it at home solo. You download a program that works on finding solutions to a block, and the more power you have the more operations/potential solutions occur per second.
3. This was the most popular method people did, and still do to this day. You basically do everything in solution 2 except you join a massive group of people to work together with all the combined computer power to solve a block and then everyone in the group gets paid equally for the btcs gained.
An example of how many btc are in a block is like 250, that is a lot of money. If you solved one at home, you would be rich. The odds are one in a million though. If you solve one as a group, you may only make like $0.20 per block solved but they solve tons of blocks
Do people still make decent money mining with GPUs? I did it for a while with a 5830 but lost interest. Should have hung on to what I mined back then, wasn't a whole lot but I would have ended up with a few grad instead of just recouping the cost of the card. Last I heard ASICs were the new thing. I don't think it was ever 250 BTC per block, it started at 50 and went down to 25. You'd have to have some serious hardware for solo mining to pay off these days I think.
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Gottaloveacid
Weedbass



Registered: 10/20/14
Posts: 3,421
Loc: Colorado, USA
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Re: Bitcoin Newb Here [Re: psi]
#21976405 - 07/21/15 04:41 PM (8 years, 6 months ago) |
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Here is a calculator, but you need to find out the values to put into it yourself as each pc is different in both power and power consumption
http://www.alcula.com/calculators/finance/bitcoin-mining/
It isn't even worth the electricity costs anymore sadly
Back in 2009/2010 when that 5830 was in AMD's lineup was a time where bitcoin mining was at it's peak. Tons of people were investing into hardware to mine bitcoin and made easy money, but as more and more people caught on, the blocks became expontentially more difficult to solve.
Fast forward nearly 6 years later to today and the blocks are becoming so exhausted that unless you rented a powerful server such as this one, you will not make any money
https://www.eobot.com/cloud
It is called cloud mining
I haven't really ran the numbers through a calculator since maybe august of 2014 so the profits are probably a bit lower today, but after doing the math I figured I could easily invest 800$ a month and still make about 950-1000$ in bitcoins at the exchange rate (though keep in mind when you subtract the 800$ a month, that is only $150-200 profit). I did it for a short while and discovered I could turn the 950-1000$ worth of bitcoin I was making every month and turn it into 1200-1400$ by using sites like purse.io or local bitcoins
If anyone wants to make some easy money with bitcoin (and it really is easy, and there is basically no risk) all you have to do is buy bitcoins from an exchange (They're ~$280/each right now) and go on local bitcoins and sell however much bitcoin you purchased for a rate of say $350-$400/btc by selling them in exchange for an amazon gift card, paypal deposits, or really anything else.
Avoid moneygram and the like if you want to turn small investments into anymore more than a waste of time. Most people who use moneygram to sell bitcoin only sell at 2% or so above exchange prices, which is MUCH less money than the 40-80% you can get with other methods. The people who sell btc on localbitcoin with moneygram or western union are always big time sellers. They use it because it is the safest, and it gives them cash, quickly. Sadly for your everyday seller like yourself, the prices that those big time btc sellers set for moneygram transactions will BARELY turn you a profit, and it can even cost you money if the prices dip even a little bit.
TLDR; If you want to make some money with bitcoin right NOW, buy bitcoins for the going exchange rate at any typical exchange. I would recommend you start with small 50$ lumps of coin and go from there as you please. After that, sell it on localbitcoins for either amazon gift card (not e-gift cards, make them send you a physical card, reduces chance of scamming) or for a little less profit you can sell your BTC to people for paypal deposits.
If you choose to use paypal though, you MUST research how others are doing it because when there is no physical item (like a gift card), the chances you might get scammed go way up. Trust me! If you go down the paypal route, I HIGHLY recommend you force people who are buying your coins to upload their ID and have them hold it up to their face in a mirror.
If you are going with the gift card route, like I said make sure you are asking them for PHYSICAL cards sent through the mail WITH TRACKING. It is a little easier to sell btc for gift cards on purse.io rather than localbitcoins. If you are using local bitcoins for gift cards, ask them to take a picture of the PHYSICAL gift card WITH the receipt (with their username written on it in a specific place/way so it cannot be photoshopped)
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 The greatest story ever told is the story that never ends! wubba lubba dub dubstep
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