Most understand by now that Bitcoin is a form of cryptocurrency and many have claimed to have made there fortune from mining for Bitcoin and or the buying and selling of Bitcoin . Like anything else the first thing one should know is it takes investment to begin whether this investment is time or hardware . In this article we will show you ways to sample the waters of Bitcoin and explain the how easy it is to get started . There are many ways to mine for crypto and although this may be a disputed statement there are people mining Bitcoin from there PC , Laptops and cell phones .
There are those whom seem to wish to control Bitcoin as any other stock investment as Bitcoin struggles to maintain there decentralized reputation . This is occurring through the different regions or countries imposing taxation or banning the use of within there areas . Many merchants have started excepting Bitcoin as a currency of payment and depending upon imposing legislation’s may decide to stop if they no longer see the profit margin . Decentralized means there is no middle man like a banker to make transactions and Bitcoin uses the block-chain . The use of this block-chain allows everyone to be accountable through a ledger system making it highly secure . Although that dose not mean you will never lose your mined Bitcoin but if you do it is usually the mistake of the user but never of the ledger .
What is Bitcoin Cryptocurrency
Bitcoin as I stated earlier is a form of cryptocurrency it is highly secure and decentralized . Some claim to have made high investments and have had a profitable return within a three month period . Bitcoin is also open source allowing those of a developing nature to take part in the enhancement of Bitcoin . Some think Bitcoin is quit mysterious but really it is not most just do not have the knowledge to understand Bitcoin and how it functions . Please sit back and enjoy the following video as we try and help remove the confusion and explain what Bitcoin is .
How dose Bitcoin Crypto mining Work
Some of what most find mysterious about Bitcoin is not understanding how it works and having a lack of knowledge of how it works . So hopefully we can help shed some light on the workings of this crypto in order so that you can see how it is not so complex and mysterious . So many wonder what are you mining for ? Some would grin and say a Bitcoin of course . You have a miner what dose the miner do and what is he or she ? The minor is your device or your peace of hardware chosen to mine two answer an equation . Some might be thinking at this point give the equation I will break my calculator out and I have a PHD in math . This equation has to do with a hexadecimal hash tag number it is not like 1+1=2 or a plain out algebra formula it is much simpler but at the same time just so much more complex . Please see the following video to get more of an understanding .
So exactly what gives Bitcoin its value ? Pretty much how any other currency gets there value but for more understanding on this please see the following link straight out of the archives of Bitcoin magazine I give you WHAT MAKES BITCOIN VALUABLE .
Getting started mining Bitcoin Crypto
Before we begin you should be aware that your system or device should be monitored for heat and stress factors as not to cause damage to your device or system . If you are running a Linux OS you can obtain software that will monitor your system threw the software center by typing OPEN HARDWARE MONITOR . Or if you are a Microsoft Windows user or a Linux user you can go to the following link strait out of the archives of open hardware .org I give you OPEN HARDWARE MONITOR . If you are thinking of mining Bitcoin but wish to see how your system or device reacts first we have just the solution . We have put together a sample code that connects to a account you are welcome to try it out .
In order to do this you will need to have Docker installed on your system or device . Also you will be able to experience how easy it is to mine and set up to mine Bitcoin . Please see the following video on how to mine Bitcoin the easy way .
Here is the sample code if you have docker installed and would like to give it a try .
After trying this out and seeing how your system or device responds and you think you would like to try Bitcoin mining on your own you will need a Bitcoin wallet to hold your Crypto . In order to see how to obtain a wallet and set it up please see the next video .
The next step would be to decide if you wish to mine solo or within a mining pool . Mining pools are very convenient as it increases the chance of a sooner payout and better probability of a payout . If you decide to mine utilizing a mining pool you must decide which one to go with . Each one handles fees differently that may occur if any at all as well as how taxation is dwelt with . For more on this please see the following video on how to join a mining pool .
What ever your decision is just remember one thing this is a business decision and one that should be thought through carefully with I fine tooth comb . The first thing would be to know and be aware of all applicable laws within your area for Bitcoin or any other crypto you may wish to deal with .
Once you know this you can then think of investments if any or do you stay with the equipment you have ? Keep in mind the more rigs and or devices or systems you use the higher the power consumption so this must be considered in your investment plan . Here is something else to keep in mind as checking right now one Bitcoin is worth nine thousand nine hundred and thirty dollars . I wish you all the best of luck with your Bitcoin mining endeavors . Thanks for riding the wave of CRYPTOCURRENCY BITCOIN WHAT IS IT AND WHERE TO START have a nice day I am out .