A post about Bitcoins
A very Non-Conquer related post. (other than that Serenity accepts Bitcoins, and has only ever received $8 worth lol)
With the crypto-currency “Bitcoins” up to $8266 USD per bitcoin as of writing this, it might be time to start paying attention to bitcoins if you haven’t already…
I mentioned Bitcoins and no one knew what I was talking about so I figured I’d share what I know.
A lot of people have gotten filthy rich off of bitcoins, (Virtual money) and unfortunately I was one of the ones who figured it wouldn’t last, so I never invested much time or money into it.
So, the bad news is we’re already late to the show.
Most of the huge piles of money to be made on bitcoins has probably already been made, but who knows I could be wrong on that.
It used to be possible to mine for bitcoins with a run of the mill PC, but that isn’t really the case anymore.
The amount of processing power needed to generate a bitcoin has gotten exponentially harder to where only high end machines are worth mining with.
I doubt many people reading this will want to dedicate the money to buy the hardware to mine bitcoins, but I’m putting this up here anyway.
I’m going to invest in some hardware and see what happens. ($400 GPU for now) Will post the results.
How do I mine for bitcoins?
Unfortunately if your PC’s graphic card was under $300 there’s probably very little use trying to mine on it. And CPU mining is nearly useless now.
Sites like this one allow you to put your PC to work mining for bitcoins:
(I’m not affiliated with nicehash and I don’t get anything for linking you to the site)
It for sure works. My friend left his gaming rig mining using NiceHash for 2 weeks, sat on the bitcoins awhile and forgot about them and when he checked awhile back he had made just over $250 and about $245 after bank deposit fees. (GTX 980 doing the work) That was awhile back and things were a bit easier than now so obviously results will vary. (and he got kinda lucky i think)
How do I get Cash for Bitcoins?
I found that it’s much simpler to get cash for bitcoins than I expected.
This site: CoinBase.com
Allows you to store bitcoins and exchange them directly into USD (maybe other currencies, not sure) for a 1.5% fee. (which is pretty good)
It takes 4-6 business days for the cash to be available in a bank account or added to a credit/debit card.
With the ability to turn bitcoins directly into cash nearly instantly with no hassle and a low exchange fee, Bitcoins are now almost as good as cash.
Bitcoins are usually dealt with in very small decimal numbers, so as of writing this .03 of a Bitcoin is roughly $260 dollars.
Mining Bitcoins is usually ridiculously slow, like 0.00037839 a day for the best Nvidia card on the market.
But hey, that card might pay for itself in ~5-6 months of mining 24/7.
With the cost to earn a single bitcoin ever increasing, I don’t see how the value of Bitcoins can go anywhere but up for the foreseeable future.
Full disclosure: The above link says “Once your friend buys or sells $100 of digital currency or more, you will both get $10 of free bitcoin. “
Where it seems to become noteworthy is with machines specifically designed to mine for bitcoins.
This thing might be worth while: AntMiner S9
On paper it turns $4 worth of electricity into $18 of Bitcoins.
It probably won’t make you rich, but it’s tempting to try it.
The main thing that attracts me is this:
1 Year Graph:
All time Graph:
You might not get much immediately… but what if you mine and sit on what you get for a year?
If this growth trend continues I wouldn’t be surprised if Bitcoins are worth $20,000 each next year and I’m kicking myself again for ignoring them.
Or they could start to die down… who knows.
Damn you real life and the inability to predict the future.
Spending Bitcoins in other places
Bitcoins are becoming increasingly accepted as a payment method online. Which to me means their value as a currency has reached a point where it is considered stable enough for big companies to accept it.
One of the most noteworthy sites is Newegg.com which now accepts bitcoins as a payment method. (online electronics store with other stuff too)
You can also turn Bitcoins into Gift Cards (such as Amazon.com) with EGifter, but I’m not sure why you’d want to when the fees are higher than the 1.5% fee to exchange for USD directly into a bank account.
Serenity CO also accepts bitcoins on the donate page. (And yes, you get rewards equal to the current market value of the bitcoins.)
Hopefully you found this post at least slightly useful, and if you ever hit the motherlode with bitcoins feel free to spread the love. 😉
To save you the trouble of looking for it on the donate page, here’s a second bitcoin button: