I am looking to start my Bitcoin journey from somewhere that would be of advantage to me as the economic situation in my country bears down hard and with having family to Carter for, it is rather exhausting.
Without much physical mentors with real life experiences except for YouTube and this forum where I feel I can ask good questions and be answered well, am asking, which is the more lucrative endeavour for a newbie hoping to benefit from cryptocurrency at first between Bitcoin mining and Bitcoin trading?
Are there other Bitcoin endeavours one could be interested and invested in, other than trading and mining?
Mining VS Trading
- Mining needs big capital since i think you want to see those mining rigs running, trading on the other hand you will need one computer a decent one to begin withl
- Electricity is a concern since you will need to contact electricity provider meaning you will need to process lots of papers and a lot of money as for permit
- It will be a big challenge for you to go to trading in the start but , if you can control your emotion and hodl when you have bought the dip you'll be fine
- Avoiding scams and compromise your network is also a concern, avoid making other transaction on the network
- Securing also your wallet in trading is a must same with mining
If you'll ask my opinion I would go for trading since bigger chance of profit just study the coin first or do more research, mining is not the same, unlike year 2009-2016 things have change, electricity cost are high, solar power needs huge capital to build.