As of today 12-12-17, Bitcoin’s value is $17,432.80. If you have that amount of money you could purchase one full coin! Like most of us, we can't afford one whole Bitcoin at the moment. The best way to get started for a newbie is to just purchase whatever value you want of coin(s) at the moment. You can do that buy download the Coinbase app or signing up on their website. If you use this link https://www.coinbase.com/join/54f2833a6deee02a900000c5 and purchase over $100 in Bitcoin or any other on there, they will give you $10 extra for using the link to sign up plus your $100. But you can start with any amount if you just want to buy the coin and hold on to it. As Bitcoin goes up, so you will what you have in your Coinbase wallet.
Coinbase is your "wallet." They are a real exchange (bank) in the San Francisco, CA
Keep in mind this is if you just want to buy coins and hold and to them and see how much you can profit.
If you just want to hold coins it's a good way to start with Coinbase. As you can see above, you have your transactions, wallets for each currency, and their unique wallet address which generates a new one each transaction but links back to your account.
Cloud Mining
Traditionally you would buy a set of graphics cards, motherboards, and a rig to hold them all.
If you were to build this kind of set up, it can cost you anywhere from $3,000 and up because of the sudden rise in cryptocurrency (Bitcoin, Ethereum, Litecoin).
So what I decided to do is cloud mining. You pay for a slot and hashing power. The hashing power is what is used to help solve an equation and create a fraction of a Bitcoin. SHA-256 is the algorithm used.
What does this all mean? So instead of investing $$$ into your own setup and home and paying for all the hardware and cost of electricity, it won't make you a quick enough profit. Depending on where you live your electricity cost might be more than what you are making daily by mining from your own set up. I decided to go with Hashflare. They are overseas and their fees are cheaper. My initial investment was $140 during the Black Friday sale. I bought 1 TH/s of hashing power. The hashing power is what you purchase to mine Bitcoin. So as of today 12-12-17 here are my predicted figures.
I did take out $50 dollars of what I made and put back into the hashing power to make more.
You have to purchase a year contract of any amount. But keep in mind that the more hashing power you have the better your profit is. Becasue Bitcoin is getting harder to mine (create) they have a difficulty. That is why these companies have massive systems that can allow you to help mine Bitcoin or other currencies.
Here is my initial purchase video. I will keep making progress videos so you can follow and keep up with me and see that it is a legitimate way of investing.
To get started you need to first off buy some Bitcoin from Coinbase.
If you want to do cloud mining like I do in the video it is a good profitable way to start with something small like I did and just let it accumulate Bitcoin, you can sign up here https://hashflare.io/r/1E979155
Once you sign up on Hashflare you can use your Coinbase to purchase your hashing power and go from there.
I hope this gives you an understanding of how it works out. I'm no expert in this field, but I wanted to share what I know and have done so far to make a little extra $. You can withdraw your daily earnings and reinvest or just let it grow and withdraw it all at the end of your contract.
Week 2 progress update of my cloud mining
I will follow up tomorrow on a week 3 video.
