How much money make bitcoin mining
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Everything comes at a cost, with some sort of string or strings attached to it. The same is true of my free Bitcoin offer. You have to buy Bitcoin to get free offspring coins. Essentially developers agree to fork their ledger two exact copies at a set time. A true set time, a snapshot in the blockchain. For example, the recent Bitcoin Gold hard fork occurred a t Bitcoin block , At fork time, the platforms are branched into two separate chains.
Hard forks lead to the creation of a new virtual currency, or coin. Forks can happen for a bunch of reasons. Usually, a fork happens when two future development roadmaps are envisioned. Developers fight over which path to choose, then they choose sides, and agree to a fork. After the fork, the old coin operates as usual and the new coin adds in the features its developers feel are best for the future.
If history is any judge, hard forks of Bitcoin are profitable for investors. News of upcoming forks has pushed the price of Bitcoin up in the past. Investors buy more Bitcoin prior to a scheduled fork so they can get an equal amount of the new coin. When a fork of Bitcoin occurs, coin owners receive an equal amount of coins as their Bitcoin balance. These forks are Bitcoin Cash and Bitcoin Gold. Both forks are very recent. The Bitcoin Gold hard fork happened earlier this week and the cash fork occurred on August 1st.
This year on August 1st, the Bitcoin Cash hard fork happened. The new Bitcoin Cash coin was very volatile the first few days. At the same time, Bitcoin the original one also saw gains. But, whether you own 1 or 1 million coins, if you owned Bitcoin you got these coins for free. Talk about some nice profit. Earlier this week on October 23rd, Bitcoin Gold was the latest hard fork of Bitcoin.
Three days later the coin is down significantly. Bitcoin is behaving similarly to last time. Bitcoin did see a nice price spike about 5 days prior to the hard fork. What will the next few days look like? I assume there will be a lot of volatility for both coins. The takeaway I want all of you to leave with is that when a hard fork occurs, a new coin is born. View my disclaimer page to read all the fun legal print. On November 16th, the next Segwit2x Bitcoin hard fork is scheduled.
This new coin is called Bitcoin2x, with the ticker BX2. Hopefully, Bitcoin slides in price over the next three weeks to an attractive buy price. The value of those coins is unknown. But past hard forks of Bitcoin has shown that there will be value in these new coins. The rest of the money will go back into my savings account. I want to warn you that setting up new trading accounts in this space can take several days to a few weeks.
Coinbase process applications quickly, but funding could take a while due of potential delays. You don;t need to spend the cash, but having it ready to spend is critical in this space. I use several brokers but I feel most comfortable with Coinbase. If you want open a Coinbase account and you found value in this blog post, please use this link.
You can buy partial Bitcoins. Better yet, a fraction of two coins, Bitcoin and BitcoinX2! Rules are being written and re-written constantly. Regulations force change, developers fight over direction, and traditional businesses spread rumors and lies about this market.
As an investor in this space, you need to pay attention and be diligent. The new coin, B2X has a name and ticker, but both are subject the change, Also subject to change is which exchanges will support this new currency. If major exchanges cannot agree on the coin ticker, there could be more than one for the same currency. Not all exchanges honor forks. By this I mean, just because you own Bitcoin, you are not guaranteed to get its offspring coins.
Also please note that exchanges change their mind. Coinbase has back peddled a few times this week on BX2. What matters is planning ahead and buying Bitcoin prior to the November 16th fork date. The actual hard fork will happen at block height November 16th is the current best guess date of this block sequence. I cannot wait to read the comments. Whenever I write about investing in Altcoins I get a bunch of interesting comments.
Please be respectful to me and others. Are you investing in this space or avoiding it? Do you think Bitcoin will win or is there a start-up coin waiting to take it down? I ended up with around 80 Euro in profit within two months. I just bought more coins last week. Ripple and its offspring are getting more press lately. This is huge for Stellar and great for the Ripple platform. I expect to see higher coin pricing because of it.
That is exactly what I am hoping for. One can only hope…. I have a little bitcoin there but not enough to worry about moving it to score some free coins. Yes, this is true. Coinbase is also flip flopping on whether they will honor segwith2x. Things change fast in this space.
I was thinking of buying some Bitcoin after the Segwit fork — perhaps the price will decline afterwards. I plan to continue adding to my alts and perhaps get some Ripple and Monero. So much research to do! What are your favourites? I just started mining Monero. It will be a break-even proposition, but I thought it would be a fun experiment.
Thank you for your detailed information on this subject matter! But like you said, things are constantly being written and changed in the space. Just my two cents. As for Coinbase, they are not the only broker who steals from their customers.
They can do it due to lack of regulation. Having jumped aboard the crypto train myself I personally do not like any of these hard forks. I think it takes away from the bitcoin core and only adds confusion.
The Segwit2x can be a real mess up as both sides of the fork are pretty dug in and no one knows which coin will reign supreme after the split nor which will get the moniker Bitcoin.
How does that help anyone? I like what it can do. I like the ease of storing and passive value to another but these hard forks, especially a serious one like Segwit2x, can really deflate all that has been gained over the years in terms of credibility. I totally agree with you DivHut. These forks are bad for Bitcoin and for the credibility of the entire crypto landscape. For you and others willing to take the risk, I hope you are rewarded with great returns on your investment.
Yes, it is wild and risky. This is something that an investor in this space needs to understand and accept. If not, it won;t end well for that investor. I totally understand and respect your desire to stay away. I just wanted investors to know that If they are considering it, why not do it when you can get free coins.
Well, I for one wish I had extra money on the side to invest.