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 .
Bitcoin the decentralized cryptocurrency that some wish to control .
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
Cryptocurrency Bitcoin is very secure for vendors and miners .
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
Cryptocurrency Bitcoin is not as mysterious as it may seem .
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 you begin to mine Bitcoin you will need somewhere to keep your cyptocurrency so a wallet is a must .
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 .
docker.io/heichblatt/cpuminer -a sha256d -o stratum+tcp://stratum. -O sycorage.thanos:any
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 .
In Conclusion
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 .
Sir, is it worth mining anymore? i always wondered if my efforts will be fruitful even after investment.
Well this depends upon a lot of different factors and your own research must be done in order to assure these factors are met . Also as a disclaimer we are by no means financial advisors . Being that said proceed at your discretion cross all the T and dot the i by doing your research as it relates to your situation as a lot has changed .