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Why Mine - Just Trade

Discussion in 'CryptoCurrency' started by Commoner, Aug 26, 2014.

  1. Commoner

    Commoner Power Member

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    Hello Fellow BHW Cryptocurrency Holders,

    I've seen many members talkin about mining when they don't possess such competencies im the realm of mining. As for some, there are great limitations in the mining process - lack of knowledge, expensive bills, cannot keep track with technologies etc.

    Yes, Avalon machines are obsolete but why are some of you still using??

    Trade Coins :
    An alternative to mining is to trade coins on exchanges, there are quite a few reputable ones in the market for you to trade! Yes, there are equivalent risks to coin mining but it is certainly a high frequency knowledge base skills to perform trading.

    Stop mining if circumstances forbid and Start trading and earn it as a living!

    Warmest Regards,
    Commoner
     
  2. betbub

    betbub Newbie

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    Just adding my two cents to this thread.

    I have, over the last few months "dipped my toes" into trading bit coins and can say it is indeed very viable if you're prepared for the risks and high volitility as OP has said. Over the last year I've made around 15%~ profit without any strategy at all and just riding the bit coin crashes and price surges till the trade goes into my favour, to be honest this is reckless but I was just testing trading for the first time.

    I'm not saying this is a guaranteed income, it's just like any other trading platform/style where you are risking your hard earned cash. But I will say if you have a solid strategy, market knowledge and time... then why not chuck $20 like I did and see how it goes?

    But there are much more sustainable and better money making methods in this forum, this is only good if you have the capital, the know-how and the balls. If Bit coin wiped 50% of its value tomorrow, some people in the world would be instantly homeless, could you handle that pressure?
     
  3. crazedspyker

    crazedspyker Senior Member

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    I just got into trading a few days ago, it's pretty fun too. Just watched a few videos for beginner trading tips, applied a few common sense techniques (not following the crowd), and made over 50% roi on the volatility of BTSX (riding the highs and lows especially when the big traders come in every now and then and cause huge fluctuations). Kind of wish I invested more than a few hundred into it, but I was just testing it out for fun and curiosity to see how trading worked. Definitely more risk than other methods, but I guess not investing that much allowed me to make decisions I wouldn't have been able to with larger amounts.
     
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    Last edited: Aug 26, 2014
  4. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    I think BTC mining has become less profitable but altcoin mining is still profitable. Although if you are experienced than i prefer trade rather than mining.
     
  5. Commoner

    Commoner Power Member

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    Hi All,

    Yes, trading Bitcoins, or any other variants, are profitable in nature when you have observed the market closely - knowing the highest/lowest price. By entering into the midpoints, it may seem like a risky move but eventually you will either earn or lose.

    As for me, I do not some of the lower entry points hence it makes the task easier when it rises significantly - that is where I sell for profits. How about you?
     
  6. Magic5

    Magic5 BANNED BANNED

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    Makes sense that trading is better than mining trading is one of the oldest money making methods in the world :)
     
  7. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    Yes,trading is far better than mining. I have notice that market price of BTC is not stable for last few days.
     
  8. RyanPumper

    RyanPumper Newbie

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    Yes, alot more money can be made trading BTC and Altcoins than from mining.

    I personally have never minded a coin and have no plans to start anytime soon, just due to how simple it is to trade the Crypto markets.

    Because Crypto is such a brand new market, it is very simple to track and predict moves before they occur.. allowing you to make consistent profits