Bitcoins/Litecoins and mining

I wouldn't bother with either it's a good way to kill your GPU it puts a lot of stress on your card not worth the risk in my opinion.

 

Oh in that case go for it! I assumed you didn't have a warranty.

 

Apparenty with bitcoins it's a bit too late now. Litecoins might work better, personally I don't do either but good luck to you.

 

I haven't done either. I was too late for Bitcoins. Honestly, I didn't understand it much and I would rather use my time for other things. Bitcoins have become too mainstream and I believe that it's not worth it anymore anyway. I've never hear of litecoins.

 

I wouldn't bother with Bitcoins now after so many people have hoped on the mining bandwagon. The competition is so high that you'd probably not get anything at all and ended up wasting on your utility bill.

 

It shouldn't go up to much unless you live in an expensive area, but I would say try it while your card is under warranty and if you don't like it then you can stop.

 

You're a little later to the party. The guys that make hundreds or even thousands of dollars have $100,000 computers that run 24/7. Anything that we commonly possess isn't going to earn you shit. Don't waste your time. It's going to get even harder to mine them as time goes on. Good luck.

 

The problem with the other ones is, you are very likely doing it for nothing. Bitcoin is THE cryptocurrency now, mainly due to all the media exposure it's getting. It's going to be hard for another one to compete with it.

I do think you are doing the right thing in mining multiple other ones. This way you have more chances of actually owning the currency that could become the big thing.

 

I wouldn't even bother trying to mine for Bitcoin you won't get anywhere, but at least Litecoins you have a chance to make some money, but personally I don't think Litecoining will become like Bitcoin like most people are hoping for to make a ton of money quickly.

 

I almost got into mining, but then realized that I have no idea what I am doing. My GPU could probably take on the strain, or at least it could a few months back, but even if I did get a bitcoin I'm not terribly interested in bartering with someone to turn it into actual money.

I feel like it is for those who have a personal or ideological stake in the venture. I'm just a normal guy.

 

Bitcoins are the new gold. When everyone rushes in to get some of it because it goes up in value, there becomes less of it to go around and it becomes harder to obtain.

Litecoin is more like silver. It's valuable, but less than gold and there's more of it to go around.

In time the new currencies will have selling value too, but once crypto-currencies are actually accepted in stores there will only be one accepted standard. Maybe two for a while. Right now bitcoins are accepted at a couple of different online shopping sites, but their main value is being able to sell them for USD.

 

Mining at this point in time is worthless, but I do flip bitcoins, and bring in some decent profit.

 

I've been hearing a lot about Bitcoin and Litecoin, and at first I thought it was just some payment portal like PayPal, but apparently I am wrong. So is this a passive income where you do nothing and just let the money generate or do you actually have to engage into some activities like oDesk or those paid-to-click websites? Forgive my ignorance as I really never got around to this kind of stuff, or more like never caught my interest lol.

 

It is both active and passive. You must dedicate your GPU or mining hardware to solving equations to solve the hash which uses a ton of processing power and electricity. This is something you can set up and leave running without monitoring it, but it also costs money and leaves little processing power for anything else to run on your computer. Paypal is just a means to exchange money, while bitcoin literally IS a form of money. Very different.

So solving each hash gets you a certain portion of a bitcoin, and there can only be so many bitcoins generated total in the world, which is why it is does not depreciate or become inflated. It has no central server to hack into and when you lose bitcoins in your virtual wallet on your harddrive they are not backed up anywhere on the internet. Losing a harddrive full of bitcoins makes you lose them for good until you find the drive again.

 

I see. Thanks for answering my question. For a passive income, it does look like an interesting way of earning money, but still not my cup of tea given the potential risk of toasting a GPU. Could work for those with liquid cooling I guess.

 

I think the golden time of mining has passed, who mined before the boom of BitCoins made it and its too late to join the party now