BitCoin is by far the most unfamiliar topic for me. Before I got into this topic I though that Bitcoins made Bitcoin coins. It has taken a ton of work to understand and get involved in the system. With this being said, it is also the most exciting and new system that I had taken apart of. I was able to accomplish other tasks while my computer was mining BitCoins, so it was not as tedious it first seemed. In the end I racked up a whole .05 BitCoins with around 5 hours of mining which results in $6.50 profit. This is an interesting way to earn money because it does not require your attention, just your computers processing power.
Sidenote:
I ran the program on a laptop so your results may vary depending on the capabilities the computer that is used. Also depending on the pool that is joined, results may vary.
Overview:
Bitcoins. What exactly are they? Bitcoins are a cryptocurrency that was developed by an anonymous developer. Each Bitcoin is accounted for in transaction logs and cannot be counterfeited. Each coin can be broken down into .00000001 parts of a whole coin and be traded up to that small amount. Every so often there is an update which releases encrypted Bitcoins. Mining is using the computing power of many people to each solve smaller parts of a code in order to earn a chunk of Bitcoins, normally 25 or 50. There will be a total of 21 million Bitcoins in circulation when the updates stops producing them in 2140. Today Bitcoins are accepted by thousands of vendors on the internet and have reached a value of $130. Earlier this year, the market spiked to over $200 as the Bitcoin bubble came to a peak.
My experience:I began mining Bitcoins and I learned a ton during the process. First of all, it is impossible to do without joining a pool. A pool is a group of people who share computing power in order to mine Bitcoins. There are a ton of different types pools and clients that allow you to get involved but I'm not here to review the specific types of pools. Before mining bit coins, make a smart decision about which pool to join based on your computer and likely payouts. Also it is important to download a "wallet" to store your coins, they're are a ton of guides on the internet for it and a list of good wallets is available at bitcoin.org. Back to the mining, so I downloaded a mining program and scanned it only to find a virus. Awesome start, no need to worry though this website has since be shutdown. I was recommended another program on a forum and it had no virus so I got to mining. There's really not much else to it. Get a wallet, download a miner, mine. Once we had solved a block, I was given my share of Bitcoins based on how many hours I had logged in the miner.
Strategies for Success:
It cannot be stressed how important it is to pick a good pool based on your computing power and dedication. Some pools cater themselves better to casual miners while others would give a casual miner close to nothing.
It is important to realize the potential success of Bitcoins. They cannot be copied, there is a set number, and they are a desirable commodity. Since the bubble has already popped, I would advise you not to sell your Bitcoins once you mine them. Personally I'm going to hang on to my .05 Bitcoins until the bitter end.
Be wary of people attempting to steal your bitcoins. If people are willing to do this for some Bitcoins, you can bet they are scamming to rip yours off as well. Always scan for viruses in content downloaded online and if it sounds too good to be true, it most likely is.
Computer speeds matter to a certain extent. While most forums advise people to upgrade their hardware in order to earn more Bitcoins, I don't think that's advisable with the current state of Bitcoins.
Closing
While this was undoubtedly not the most profitable venture for me, it was an interesting one to say the least. It is important to be wary of how your earning Bitcoins and what payout strategies your pool is using. Personally I think this is a nice way to make money because you are free to do other things while the mining program is running. With that said I most likely won't be running the mining program unless I'm away from my computer simply because it is a ton of processing power. In the end, Bitcoins are an average opportunity at best for the average user.
While this was undoubtedly not the most profitable venture for me, it was an interesting one to say the least. It is important to be wary of how your earning Bitcoins and what payout strategies your pool is using. Personally I think this is a nice way to make money because you are free to do other things while the mining program is running. With that said I most likely won't be running the mining program unless I'm away from my computer simply because it is a ton of processing power. In the end, Bitcoins are an average opportunity at best for the average user.
Interesting, I've been planning to learn more about bitcoins, your post was just what I needed.
Thank you for sharing this.
Thank you for the helpful information. I also think that Forexminute.com is a good website, it has very helpful information for trade bitcoins, bitcoin news, breaking forex news, forex trading, commodities news, etc.
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