How profitable is Bitcoin (or any other cryptocurrency)?

[dale0s]

Ok, so I am a complete noob at cryptocurrencies and mining. I have read about it in the news and on some forums, and heard about it everywhere.

 

My question - is bitcoin, or any other cryptocurrency. still profitable? And how "safe" it is?

 

I was looking into getting into mining, but I am a student in Europe, so I can't spend too much on it, because my studying leaves me little to no time to get a constant, stable source of income (i.e. job).

 

Is trading bitcoins profitable?

 

I know the questions sound a little stupid, but I am a noob.

 

Could someone maybe recommend me a tutorial or something? Thanks in advance!

[megadarkwood]

It's safe, but it depends on the price of electricity and your hardware.

[qwertywarrior]

and increasing difficulty

[dale0s]

It's safe, but it depends on the price of electricity and your hardware.

 

I could potentially get free electricty, but my hardware is absolutely horrible. I have an Acer V3-771g laptop with a Gtx 630M, but I was thinking of getting a new gaming PC, so I would maybe be going AMD instead of Nvidia, for the mining benifit. But I don't know how profitable would it be to have only 1 r9 290 or 290x? I guess I would just have to build a mining rig then?

[megadarkwood]

I could potentially get free electricty, but my hardware is absolutely horrible. I have an Acer V3-771g laptop with a Gtx 630M, but I was thinking of getting a new gaming PC, so I would maybe be going AMD instead of Nvidia, for the mining benifit. But I don't know how profitable would it be to have only 1 r9 290 or 290x? I guess I would just have to build a mining rig then?

How much money do you have to invest?

[dale0s]

If I don't sell my laptop, then around 600-800 euros. If I do sell my laptop then 350 to 400 euros more than that.

 

I would be buying in Austria/Germany..

[dale0s]

Can someone also explain how do you actually make money using cryptocurrency? Do you mine and then sell? 

 

Where do you sell the cryptocurrency? Can you open a bitcoin wallet for people to give bitcoin to you, without actually mining or anything?

[dale0s]

anyone?

[hawaiims]

If by safety you mean the security of investing in bitcoins, then it's not safe at all. It's super volatile, and IMO it's a huge bubble waiting to burst. Other cryptos (Mainly litecoin) are probably a better bet as an investment because they are not as well known. But even those are not "safe" investments at all because they vary in prices so wildly over time and because they are all tied to bitcoin. 

Personally I treat cryptos more as a fun, fascinating thing and not as a serious money making opportunity. Those who wanted to make money are already late to the boat. The ones who are making lots of money already mined or invested months ago, if not years ago, before the currency became "mainstream". 

[dale0s]

I thought I was late to the boat. Oh well, I guess I won't be getting rich just by pure luck.

[RankUpGamers]

I thought I was late to the boat. Oh well, I guess I won't be getting rich just by pure luck.

Check this: http://www.coinwarz.com/cryptocurrency/ But note that these numbers change A LOT! On another note: Get a decent rig with two r9 270's for <800ish http://pcpartpicker.com/p/2Jbw9 . Should Net about 900 Kh/s on Scrypt.