My Questions about Bitcoin investment and Mining.

Asiska02

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?
Please accept my apologies if the question appears unclear; I am very confused, which is why I ask. Thank you very much.

You just proffered your answer, which is that you can just buy bitcoin if you don't want to mine it. Even while mining deals with the complexities of solving a puzzle in order to mine the next bitcoin faster than others, the costs associated with buying a mining machine make it difficult for many people to become miners.
When you buy a bitcoin from someone who already has one in his wallet, he can simply send it to you, making you a new owner of the bitcoin. Majority of people than own bitcoin today are not miners because of the difficulty and expenses involved in running a node of your own with much electrical energy consumption.

Doan9269

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

I'm curious as to what sets Bitcoin apart from these other coins. Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

Once it comes to bitcoin you don't have to fear for any unnecessary demands because bitcoin is the first and most preferred digital asset you can trust and invest on it because it has not shift groud from what it has used to be or serve, other cryptocurrencies have a little high risk and many have been found in the category of scam and failed unrealistic projects and as long as your bitcoin remains with you and not the centralized exchanges you're safe, FTX experience has the collapse of the exchange and it digital currency which is more reasons bto stay off centralized zones.

Stalker22

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?

It is important to understand that investing in bitcoin is not the same thing as mining bitcoin. Investing in bitcoin is simply buying some of the coins as they hit the market, while mining is the work of providing the hardware and energy to support the blockchain (the decentralized ledger that keeps track of all bitcoin transactions). Put another way, you could say that investing in bitcoin is more of a speculation, you are putting money into an asset that you hope will appreciate over time. Mining, on the other hand, is all about providing support for transactions happening on the blockchain right now.

Queentoshi

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?

Buying bitcoins and choosing to mine bitcoins are both ways to own bitcoins to get the benefits. If you look at it this way, if you choose to invest in bitcoins, you do so directly to get bitcoins, but if you choose to mine bitcoin as a way to get your bitcoins, you are investing in buying equipment as a way to get bitcoins too, so they both are investing to me, but have different methods to them. Mining bitcoins is not for everyone, but everyone can easily still invest in bitcoins by just exchanging money for bitcoins directly.

lovesmayfamilis

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

Hello everyone Being in this forum and reading through the various conversations there made me very happy.

Yeah, OP, you were so happy you didn't read the forum rules. I think it will be a big surprise to you to know that plagiarism is heavily frowned upon on the forum, just like spam.
Therefore, if the moderators take pity on you as a newbie, first run to read the rules, because newcomers have only one chance to stay on the forum. Although copying, you were very resourceful Grin

. Don't try to be what you are not.

Darker45

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You seem to have asked very basic questions, answers of which could have easily been found anywhere. I guess you immediately went into the other side of Bitcoin, or perhaps the dollar price of Bitcoin, after you heard about it. This is just my guess because you immediately made mention of words like "investing," "bear," "crashes," "market." With these keywords, I guess you might have started getting to know Bitcoin from a wrong point.

Strictly speaking, Bitcoin isn't a/the market, and vice versa. To a greater extent, Bitcoin isn't investment, either. Its fundamentals are impervious to what's happening in the market. Its price doesn't represent what it actually offers. So I guess I should lead you to start from "what is Bitcoin?" Start from there and you'll probably find your answers.

jackg

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https://bit.ly/387FXHi lightning theory

The difference between bitcoin and luna/ftx is that one is innovative and backed by its pow algorithm/and its community and the others sold gimmicks to get their communities supports.

It looks more and more like ftx intended to scam or as if its inner circle were completely out of their depths. Luna was well thought out and well backed until it wasn't, it faces a logical issue a lot of people didn't notice (it used centralised sources for algorithmic collateral and was also based off the assumption there wouldn't be a sustained crash).

sheenshane

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

Hello everyone Being in this forum and reading through the various conversations there made me very happy. I can see a lot of discussions about investing in bitcoin and the current bear market. A lot of people are making comments about the bear market, which was brought on by the crashes of some coins like FTX and Luna. I'm curious as to what sets Bitcoin apart from these other coins. Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

You mixed up the name of the failure exchange and the shitcoin, it might there's an FTX token but not a coin.
You're right about what you've heard, the Bitcoin price won't impact what happens to those shitcoins. You should stick to Bitcoin, not altcoins or shitcoins which is a perfect example is LUNA, many people trust this project but now they're failures.

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The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?
Please accept my apologies if the question appears unclear; I am very confused, which is why I ask. Thank you very much.

You can mine Bitcoin but think first about the cost and the expenses before you will own a Bitcoin, it's must own a big initial capital before you can operate mining. While on the other hand Bitcoin investing, all you need to do is to keep your wallet safe and hold it for a long period of time.

qwertyup23

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

Bitcoin is the first ever cryptocurrency created in the market. It operates within the blockchain technology where it is posted in a public ledger. Every transaction made is unalterable given the number of checks it passes through and a number of confirmations done. One of the key difference also is its price on the market which is significantly higher compared to other alternate coins (or altcoins).

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The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?
Please accept my apologies if the question appears unclear; I am very confused, which is why I ask. Thank you very much.

Mining is the process of earning BTC. A miner is the one responsible for confirming a BTC transaction in a blockchain and every transaction, they get rewarded with BTC. Bitcoin investment, on the other hand, is the process of purchasing BTC and holding it for a short/long period of time for investment. It is the same as your normal investment in the market.

Mining is a very expensive and technical way of earning BTC. Also, you need a specific set of equipments in order to get started. Given the competition of it, I will most likely never mine my own BTC as I prefer to just purchase and HODL my BTC for long-term gain.

Mate2237

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

... A lot of people are making comments about the bear market, which was brought on by the crashes of some coins like FTX and Luna.

OP you made a mistake by telling us that FTX was a coin. I will only agree with you on Luna but as for the FTX it was not a coin but it was one of the major centralized exchange platform in USA. Therefore you can click the link and correct that mistake.

Then the bear market is part of the crypto ecosystem. That is why as a company they have to prepare themselves in any funds downturnment to sustain the system.

sunsilk

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Mining bitcoin requires you to have the dedicated hardware equipment that's really for it. You just can't mine it with a laptop or a high end type of desktop or so.

And with the difficulty that it has got right now, you'll never know how much it is going to be if you are planning to own only one of it to mine bitcoin.

It's always the better choice these days just to buy and hold it as an investment without being problematic about the cost of operations to mine.

Coyster

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

A lot of people are making comments about the bear market, which was brought on by the crashes of some coins like FTX and Luna. I'm curious as to what sets Bitcoin apart from these other coins. Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

The situation with FTX and LUNA made the bear period worse, but that wasn't what caused it, there would be a bear market even without those events, but it might not have fallen this low (speculative talk). Nonetheless Bitcoin would definitely be impacted by the bear market, but only temporarily, but Bitcoin isn't going to disappear or go into oblivion as many coins/tokens do during and immediately after the crypto bear market. The key difference between Bitcoin and other coins is that Bitcoin has an actual utility, it isn't a pump and dump coin and because of its utility there will always be demand, thus the price will always appreciate and continue to grow.

Quote from: Ummarr on December 06, 2022, 01:23:03 PM

The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?

They are not really interchangeable, investing in Bitcoin is when you use your funds to buy Bitcoin and hodl it for for the long term to make ROI. Bitcoin mining has to do with purchasing equipments required for mining and joining the Bitcoin community of miners in competing to add the next block in the blockchain. Mining your own Bitcoin is more expensive than purchasing it, so you may want to just purchase it rather than setting up a mining rig and paying for electricity necessary to mine, though you can join a mining pool and earn based on what you are contributing to the pool.

decodx

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

Yes. Bitcoin isn't the only type of cryptocurrency out there. There are hundreds of other types of coins, some with features that may make them more desirable to certain users.

But, when compared to these the difference between Bitcoin and other coins are clear. Bitcoin is the flagship cryptocurrency. It is the first, most valuable and most well-known digital currency in the world. Many tried to become number one and failed.

examplens

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

I'm curious as to what sets Bitcoin apart from these other coins. Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

you always have bitcoin on one side and all other altcoins on the other. only bitcoin is completely decentralized while the others (like FTX and Luna) are centralized and controlled by certain companies or people. bad management can lead to a complete collapse, which was seen in obvious examples.

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The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable?

For mining, you need an initial investment in hardware, for mining you need an initial investment in hardware, which will later bring profit (in Bitcoin) when working. investing by buying bitcoin is really just a fiat-to-digital asset conversion and in that way, you will save value with the possibility of growth as the best scenario.

from your question, it seems to me that you are confused that you are getting offers to invest in online mining platforms. I hope you haven't already invested some money in it because these are always and exclusively always fraud schemes. bitcoin mining is done exclusively with hardware and all platforms that offer you such a service online with a high percentage of earnings are scams.

Upgrade00

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Quote from: Ummarr on December 06, 2022, 01:23:03 PM

A lot of people are making comments about the bear market, which was brought on by the crashes of some coins like FTX and Luna.

The bear market is a normal event in the cyclical sequence of the Bitcoin market. It was not brought about by crashes in this currency or that exchange, but has started even before those events.

Quote from: Ummarr on December 06, 2022, 01:23:03 PM

I'm curious as to what sets Bitcoin apart from these other coins. Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

Bitcoin is;
• Completely Decentralized, (shitcoins are fully centralized or partially so)
• Immutable, (most altcoins changes change their supply or protocol often)
• Consensus based, (most altcoins are controlled by a single individual who makes all decisions)
• Transparent,

These sets it apart from other coins and tokens

Quote from: Ummarr on December 06, 2022, 01:23:03 PM

The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?

Mining is the process of confirming Bitcoin blocks (transactions) by solving some cryptographic puzzle. The better equipments you have, the higher your chances of being the first to solve it.
Blocks are confirmed averagely every 10 minutes and miners who get to solve it first would win a coinbase reward of 6.25BTC currently. This reward changes every four years or 210,000 blocks.

Factors affecting mining include; mining difficulty, mining equipment, electricity, available space etc. And it has the pros that the bitcoins paid to the miners hcve never been spent before. This is how new bitcoins are added to circulation.

This is different from investing when you simply buy Bitcoins from the exchange market and have that sent from the seller to your wallet address.

Ummarr

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Hello everyone Being in this forum and reading through the various conversations there made me very happy. I can see a lot of discussions about investing in bitcoin and the current bear market. A lot of people are making comments about the bear market, which was brought on by the crashes of some coins like FTX and Luna. I'm curious as to what sets Bitcoin apart from these other coins. Considering that it's been said that Bitcoin won't be impacted and will continue to grow, what are the key difference between the two Bitcoin and other coins?

The second is about Bitcoin mining; what is the difference between investing in bitcoin and mining bitcoin, or are they interchangeable? If you do not wish to purchase, will you mine your own Bitcoin?
Please accept my apologies if the question appears unclear; I am very confused, which is why I ask. Thank you very much.

Topic: My Questions about Bitcoin investment and Mining. (Read 146 times)