Is buying a drone for bitcoins still profitable?

Buy Your First Drone
Buy Your First Drone

This question is asked by many people who have cryptocurrencies on their wallets, including Bitcoins. The daily fluctuation of the rate is very large, which means that converting the cost of the drone into dollars may be unfavorable for us. But with the recent drops in the bitcoin price, is the purchase of a drone further unfavorable?

How much is 1 bitcoin converted into US dollars?

The rate fluctuation is so large within one hour that it is impossible to say how much one bitcoin costs. It is best to look at the graphs that show the current rate. With regard to the current biotcoin exchange rate, decisions should be made whether the purchase will be profitable for us. At the time of writing, the rate is 70K for one bitcoin, which of course will be different at the time of reading dear user. Therefore, if you hit the “low” rate, the purchase will be successful in your favor, sellers do not change the price of the drone expressed in bitcoin as quickly as the rate changes, so when you are lucky, you will make a good purchase.

How long does it take to mine 1 bitcoin?

Many readers are now wondering whether it would be better to mine bitcoins than to buy them on a cryptocurrency exchange. It should be taken into account that in order to start mining cryptocurrencies, you should start with knowledge about it. Otherwise, the cost of bitcoin mining will exceed the real market cost on the exchange, which will make the whole process unprofitable. In order to increase knowledge about broadly understood cryptocurrencies, I refer you to other portals, for example I will not describe the details of bitcoin mining here. I will give you a small outline of what it involves. To mine 1 bitcoin you need to have very good equipment for this purpose. The amount of time you need to spend depends largely on:

  • The available computing power of your hardware,
  • Level of mining difficulty, which is constantly increasing.

In order for the whole process to take a relatively short time, you should have a lot of computing power. The investment in bitcoin mining equipment and its proper maintenance is several times higher than the purchase of a mid-range drone, which makes such an investment unprofitable. It should also be taken into account that the rapidly changing Bitcoin exchange rate means that mining costs are not always covered. People who decide to mine bitcoins on their own must ask themselves a legal question about the legality of such an enterprise.

Is Bitcoin Mining Legal

Each country has the right to create its own laws to regulate cryptocurrencies, including bitcoin. This means that in one place it will be legal in another. You should consider how a given country in which illegal bitcoin mining is going to look for people who deal with it. I will not go into such detailed information on this blog. You can find a lot of information on this topic on the Internet. In particular, people who have a lot of miners may be afraid, people who treat it more as an investment than digging bitcoins for small purchases such as buying a drone.

Is it possible to mine bitcoins on a mobile phone?

From a technical point of view, it is possible to use a phone to mine bitcoins. The processor that is used in phones is capable of this purpose. The only barrier not to do this is the computing power of such a processor, it is too small. Which makes the extraction time very long and often would be longer than the average human life. You can find many applications on the Internet that offer bitcoin mining, but given the above information, I advise you not to use such applications. They can damage the phone and in the worst case it may turn out to be a scam and we may be exposed to the loss of funds from our bank account. For more information on this topic, I refer you to this discussion.

How to buy bitcoin with your money?

Since bitcoin mining is not very profitable on a small scale, many people ask themselves “how and where can I buy bitcoins”. There are many guides on the web, so I will not describe step by step how to do it. Let me just mention that such a purchase is made on cryptocurrency exchanges offering the purchase and sale of bitcoins. Often such exchanges offer the sale of other cryptocurrencies. You should keep this in mind and keep this in mind to handle bitcoin transactions you must have a special wallet. At the moment, there is no bank (in accordance with the law and requirements of the country) that would handle such a payment. Bitcoin was written by programmers who made sure that people making transactions could remain anonymous, of course, after meeting a few points. Nevertheless, buying and selling cryptocurrencies is safe. People who are starting to move into the world of virtual money, make more and more purchases, pay with cryptocurrencies, start thinking about investing their money in them. When we decide to buy the first bitcoins, we should carefully follow the information on events that may affect the bitcoin course, one of such portals is bitcoin trivia.

How do beginners invest to Bitcoin?

When looking for information about cryptocurrencies, you can find many articles that encourage you to bitcoin trading. Most guides are for buying and selling cryptocurrencies for beginners. Such a company wants to find a potential person to set up an account on a cryptocurrency trading portal. After setting up an account, you should expect a phone call from an advisor who will persuade you to invest and earn high wages, which in most cases is not true. Such companies are aimed at obtaining a minimum payment by such a person, after which these funds will probably be lost. Of course, such a person who decides to invest will have small profits at the beginning, but when you add up the total profit and losses, it turns out that the losses are greater than the profit. Therefore, be careful when investing in bitcoin. This online currency is not controlled by any financial institution in the world, which means that its exchange rate fluctuations can be very large in a short time. Which translates into a quick profit but can also be a quick loss of your savings. In most cases, this is a quick loss. What should be especially borne in mind.