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How much money does it cost to start doing bitcoin?

by salslytherin - 16-06-2020, 11:05 PM
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#1
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Posted: 16-06-2020, 11:05 PM
Title says it all, Like do you need a lot of money to start doing bitcoin?
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#2
Posted: 17-06-2020, 05:47 AM
doing bitcoin ? you mean by mining or what ? or you want to purchase bitcoin what exactly u saying ?
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#3
Posted: 17-06-2020, 02:14 PM
Well there are 3 options:
a. Purchase hardware and start mining Crypto
b. Buy Crypto, hold it and hope that the price will go up someday
c. Trade Crypto like Forex -> buy cheap sell expensive

Now:
a. Don't recommend it. There are already waaaay too many people doing this. There are companies with huge mining centers and they are barely making any profit. If you purchase some GPUs and try to make some profit, it will take too many years.
b. That's a bit more worth it. You don't need thousands of dollars, but if you invest more money at once, the profit can be bigger. Wait for BTC or any other important Crypto to go down a bit or to crash, buy when it's cheap and hope that it will go up someday so that you can make a profit. It can take weeks, months, years or it can never recover.
c. You'll have too have knowledge in the trading field, because you can loose a lot of money very very fast. Trading, in theory, it's easy: Buy Crypto now, sell it in 5 minutes, 20 minutes, 1 hour, etc. for a profit.
salslytherin
17-06-2020, 02:57 PM
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#4
Posted: 17-06-2020, 03:09 PM
If you start with Bitcoin specifically, you will need such a large amount that it isn't even worth looking into.

Mining isn't even close to profitable anymore because of this, and I would recommend staying away from it unless you're banking on a particular alternate coin substantially increasing in value.

You can put a smaller amount into a different crypto and trade between coins and make a decent amount of money that way, but you need to keep a close eye on the markets. It's essentially the same as day trading with the stock market but far more volatile and therefore has a significantly higher risk/reward involved.
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17-06-2020, 05:21 PM
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#5
Posted: 22-06-2020, 12:17 AM
If you have say .001 BTC around 100$. You can use bybit or other leverage exchanges.

You can 10 - 100X leverage your trades. But this also comes with very high risk.

Say if you use .001 (100$) BTC with 10X leverage.

You will be trading with 0.1 (1000$). But if the price of BTC says goes down 10% you get liquidated losing all your money. Yo dont owe any money to exhange nor are you borrowing. Your simply using a leverage.
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#6
Posted: 02-07-2020, 02:40 PM
What exactly do you mean "doing bitcoin" trading, mining or hodling
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