When I first got into Bitcoin I assumed that it would remain the same price + or – a few % because it just got done having a crash. Never did I think it would get to the point of where it’s at today, at least not as fast as it did.
Because of this I spent Bitcoin more than I held it, ordering my miners, occasional betting, and of course using it paying bills. Little did I think the 10 Bitcoin I was spending on my miners then for $95 per coin would reach $1000 + per coin within a few short months. Once I got my miners in I decided to hold, while occasionally selling.
A good investment strategy is to have X amount of funds you can care less about and invest in mining power. Which is one reason why I reinvest any donations / gambling winnings into buying GHS because it’s not like I had it to account for in the first place. I view it as disposable as it wasn’t earned, but won. Benefits of Trading GHS:
Yesterday I started showing everyone how I make small gains while trading GHS on Cex.io with a mere 0.02 BTC in my account, which was roughly 0.43 GHS. Through buying / selling at specific intervals and mining, I was able to turn my 0.43 GHS into an amazing 6.59 GHS!
This just goes to show you with dedication and patience, you can easily make profits. The hardest part is not reading the troll box when trading, they have a tendency of causing panic. I normally keep it closed but occasionally you get some good advice from them.
So lets take a look at the grinding progress: + 6.16 GHS in 1 day.
0.43 GHS would mine 0.00124010 BTC for the duration of this difficulty.
6.59 GHS will mine 0.01900527 BTC for the duration of this difficulty.
So basically I will mine the equivalent of my starting deposit for the current difficulty level. Not to mention with the more GHS I have, the more I will make during buying / selling, increasing my earning potential and profits. This is one benefit of watching the market and buying / selling at the right times. When you’re trading be sure to keep track of every purchase you make and at what price you purchased it for. A few reminders when buying / selling:
Always document your buy price. If I buy 1 GHS @ 0.045 or any specific current market price. I document it in case I am continuously buying and selling at different prices.
If you don’t plan on holding the GHS you’ve purchased, set a relatively close sell price. Since I know the price can easily be swayed + or – 0.001 BTC per GHS, I normally put my sell price around 0.001 BTC higher than what I bought it for.
Feel comfortable with your decision, if you’re not comfortable, don’t do it. Impulse buying or selling can lead to bad outcomes. Though it occasionally has its rewards. Tips for holding GHS:
If you plan on holding on to your GHS because you can mine a decent amount over the span of the difficulty, check to see how long til the next difficulty change. This can help you decide on a sell price, and the time frame you have to possibly reach that price. Keep in mind though nearing a day before a difficulty change there tends to be a panic sell, so always try to get your sell order in a day before a to be safe, that’s if you plan on selling and not holding your GHS.
This not only gives you time to reap your rewards from mining, but it also gives you the opportunity to make more from selling off at a profit. If you happen to sell before the change, tally up your total profit from both mining and the sale to see if you’re over the amount you would have made from mining the duration of the difficulty. Normally if I am below what I would have mined, I simply buy back in at a lower price and set a new sale price.