First of all. English isn't my native language, so i may potentially mess up here and there. Don't shoot me. You won't get points or XP for it :)
So i learned about bitcoin through Logan actually a few good months back shen i started watching The Tek and he was talking about it in The Tek occasionally. So i started to get more informed about it. But being very cautious i never invested a penny in it. I found ways to get fractions of it, Bits as they are called by doing faucets and dodging ads etc on my second monitor while working. I put those bits in CEX.IO because again, i didn't want to invest any of my money into this experiment. By doing the faucets and other crazy stuff to get the bitcoin fractions and investing those in CEX i managed to build up 20GHS up and running on there website. I'm "making" 11 cents a day with this not taking in account there fees and costs.
My question to you now is, should i get serious about it and invest in CEX or do you know of better ways i could do this cloud mining? I would love to hear your opinions about this.
Don't put any more money into CEX. They charge a very significant withdrawal fee. The biggest issue with trying to get into mining now is that unless you have a few TH/s of mining power you aren't going to net a profit and it's only getting worse. The best way to get BTC now? Accept it as payment for goods and services. Let your CEX account continue to mine but only reinvest your altcoins into hashing power. Spending BTC or cash on hashing power this late in the game is a bad investment.
i have to agree with you on this Braysive. This is why i was wondering if there was any other/better way to do this. I'm not running at a loss no matter what as i never invested a penny of my own money in it.
There are no better ways of doing it, sadly. Generating your own bitcoins is useless now. Sell things online for BTC if you really want to get it. Buy/sell it like a low-level stock, even.
I think as a currency it has a place, but sadly I think the bitcoin mining days are dead. Except for the few who have the insane compute power it now needs.
Absolutely. I invested a lot of money into it when it first broke the $100 mark and I made back my investment very quickly, the price hitting the $1100 ceiling helped a lot. I got lucky not getting scammed by by companies like BFL or Black Arrow (although I did lose about $12k to a fake Czech company). Then when the price of BTC dropped below $400 I sold all my machines for about 20% of what I paid for them. The difficulty was so high that I was planning on selling soon anyways but that price drop was just too much for a little guy like me.
Sadly I think bitcoin will be replaced by another, better cryptocurrency. I think the world has ruined bitcoin and made it pretty worthless compared to other currencies at this point. I've never really TOTALLY understood cryptocurrency, I mean its just numbers right? Can someone explain to me why no one has said "Hey...who says Bitcoin is valuable anyway?"
It's valuable because people value it and people around the world are adopting it and using it. It's a sort of self fulfilling prophecy. The US dollar for example has no actual value, it used to be backed by gold but not anymore. So why does it still hold its value? because if you want to do business in the US you need to do it with USD because it is the currency everyone here knows and trusts. Back when money in the US was actually backed by gold you could print your own money, but if you couldn't produce the gold that that money represented you'd probably get shot or go to prison. Wherever you go in the world people almost exclusively use the local, government issued currency for transactions. BTC however is the first meaningful exception to this rule and businesses have taken notice and are hopping onboard, further legitimizing BTC and increasing its worldwide reach both geographically and socially. Making it accessible to people who before had never heard of it. You are right, it is just numbers. However these numbers are impossible to counterfeit. BTC cannot be duplicated and once BTC #21,000,000 has been mined it will be impossible for new ones to be created but not impossible for coins to be lost, unlike USD which is constantly printed in larger and larger quantities further inflating and devaluing it. With the exception of government intervention I see no reason why BTC won't become a mainstream global currency. That being said I don't believe that it will totally replace local currencies and I don't see why it should or even can be the only successful cryptocurrency.