Jump to content
RESET Forums (homeservershow.com)
Ikon-TNG

Will you keep mining??

Recommended Posts

Ikon-TNG

Speaking of which, apparently I got my first payout from NiceHash, at 08:21 this morning; just over .001 BitCoins. :)

Share this post


Link to post
Share on other sites
Dave

They usually transfer in the morning.  Keep that in your wallet for a bit and build up some.  I'm not sure what your long plan is but I transfer mine to Coinbase and from there I disburse it to various exchanges in order to buy alt coins.  If you want to send it to Coinbase you can sign up here.  https://www.coinbase.com/join/59fcd98ad224bf014b6a3f6e  If you make $100 in purchases we both get a $10 bonus.  I signed upwith @jcollison referral and saw the bonus.  Hopefully Jim did too!

It's free to send from NH to CB.  It's also free to send it to Cryptopia and Binance.  I haven't tried others.  I'm not sure if you have to send it to GDAX first but that is what I have been doing.  NH ->CoinBase ->GDAX ->Cryptopia.  All "Fee Free" all the way to Cryptopia.  Then order up an Alt coin.  Then you are in the club.  You own an Alt Coin that will go to the moon and allow you to retire.  You also will have created your first trade which is a taxable event.  Even though your mining may also be a taxable event.  It is in the US.

Share this post


Link to post
Share on other sites
Ikon-TNG

I'm not at all sure Canadian personal tsx codes have caught up with digital currentcy. I shall see when I fill out the 2017 tax form.

Share this post


Link to post
Share on other sites
Ikon-TNG

@Dave Can I ask why you do this: NH ->CoinBase ->GDAX ->Cryptopia? Obviously, you must have a good reason, but it seems, uh, 'lengthy'. And what do you mean "in the club" if I order up an Alt coin? I mean, I did look up Altcoin. It's certainly cheaper than BitCoin, but what's its big advantage? Geez, I sound like a pest... sorry 'bout that.

 

 

#ikon-tng #bitcoin

Edited by Ikon-TNG

Share this post


Link to post
Share on other sites
Dave

I'm not sure if the Coinbase to GDAX step is needed any longer but prior you had to do this in order to not have fees from Coinbase.  GDAX is a company of Coinbase so you don't need a new account, you login with your CB account.  Seems crazy, I know, but that's how it was. 

Then transfer from GDAX to any other exchange.  I meant, not in a literal sense, "Welcome to the Club," as in, you have done it your first time.  

Look around at the other coins.  You can get an app for your phone to look at others or use a site like https://cointracking.info  We have talked about alt coins in other threads too.

Share this post


Link to post
Share on other sites
Ikon-TNG

I guess I need a more basic understanding. In other words, why transfer at all? Can I not just cash out from NiceHash? Obviously I'm missing something. Time to search for a Cryptocurrency for Dummies :)

Share this post


Link to post
Share on other sites
Trig0r

I'm sure someone will do some sort of thread or podcast type thing on the subject chap ;)

Share this post


Link to post
Share on other sites
Ikon-TNG

That would be nice.

Share this post


Link to post
Share on other sites
Dave

I would hold on to it if you are unsure of what to do. Tons of info out there. Start reading and don't come up for a breath!

Share this post


Link to post
Share on other sites
Ikon-TNG

Found a site http://cryptocurrencyfordummies.org. It's nice because it's an easy to understand intro. It seems the biggest concern about CoinBase is that you don't have control over your private keys, and that's why many people move their coins out to wallets they can control. On the other hand, CoinBase is insured, so if a hacker rips off your coins you would get refunded, which is nice. It also seems CoinBase only handles the Proof-of-Work types of coins, like BitCoin and Ethereum. All very interesting.

     I also learned that a lot of big mining farms actually rent out their mining power to everyday people, rather than mining for themselves. There's more, but that's enough for me for now. I realise you guys know all this stuff, but maybe someone new will see it and find it useful: who knows...

 

#ikon-tng #cryptocurrency #dummies #coinbase #farm #bitcoin

Share this post


Link to post
Share on other sites



×
×
  • Create New...