What is it and why should I care?
I’m sure many of you have heard about this new form of money that is sweeping the internet by storm. It’s called Bitcoin and it is absolutely genius. Shout out to Satoshi Nakamoto for creating this beautiful masterpiece. Even though no one really knows who this Satoshi Nakamoto is… whoever invented Bitcoin… you deserve a Nobel Prize!
If you haven’t figured out yet, I am a fan of Bitcoin and all cryptocurrencies. Mostly, I am a fan of blockchain technology. Blockchain tech. is the technology that allows each cryptocurrency to operate without the help of a governing authority.
So, to sum it up… Bitcoin is the worlds first decentralized digital currency. Bitcoin is also open source code. This means that no one person or group of people own Bitcoin ( as in the name brand Bitcoin) The only owners of Bitcoin are the people who hold the actual coins!
Whereas a bank needs a physical location with a building, Bitcoin doesn’t! A bank needs people to count money and give loans… Bitcoin doesn’t! There are only two people involved in a Bitcoin transaction… they are the sender and the receiver! That’s it! (Well there are also the miners which we will get to in a minute)
If you have ever felt upset with a bank for any reason at all, you might like Bitcoin. If you have ever been upset with your government for not being fair… you will love Bitcoin!
One of the special features of Bitcoin is the security! If you have ever felt cheated from a bank or even a person when dealing with cash, listen to this…
When sending and receiving money with Bitcoin, it is absolutley impossible to lie about any aspect of the transaction details! So if someone wanted to lie about how much money they paid you… they can’t do it! If they wanted to lie about where the money went… THEY CAN’T!!
With Bitcoin, corruption is a thing of the past! The reason for this is Blockchain Technology. I won’t go into all that right now. You can find that on another page. Register for a free account to learn all about blockchain technology!
Check out this paper where the first Bitcoin was released! It is pretty cool.
What is Bitcoin Mining?
Mining is a term we use to describe a process in which Bitcoin transactions are confirmed, and new Bitcoins are created. Why is mining Bitcoin so important? Because you get paid to confirm transactions!
Here is how it works… (the summarized version)
So if a person wants to make money from mining Bitcoin, they will use the Bitcoin software. This piece of software has a Bitcoin wallet, where you store your money. The software runs the blockchain network which is all the Bitcoin transactions that have ever taken place, all combined into one chain.
To help keep security forefront, Bitcoin encrypts all this information so that no one can actually read it. The miner’s just run a program on their computer that will say accepted share everytime they confirm some of the data. Their program really does all the work. So all a miner has to do is run the program… then sit back and collect the Bitcoin!
The way the rewards work is like this…. the first miner to find each block is rewarded with 12.5 Bitcoin! When Bitcoin was first invented the reward was 50 BTC (or Bitcoin) and then it split in half, and split again, which it will continue to do until the last Bitcoin is mined. Yes there is a limit on how many Bitcoin there will ever be!
Total circulation will be 21,000,000 coins. It’ll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years. first 4 years: 10,500,000 coins next 4 years: 5,250,000 coins next 4 years: 2,625,000 coins next 4 years: 1,312,500 coins etc… – Satoshi Nakamoto
Over the years, companies have poured millions of dollars into high tech mining equipment. So these big companies dominate the mining industry. However, mining pools were invented to help the regular guy or gal have a chance at receiving the block reward. In a mining pool, everyone’s computer power is combined to work as one super computer. This way there is once again a good chance of receiving the mining reward.
In a mining pool, each member is paid according to the amount of computer power they pitch in. So largest part of the mining reward goes to those who put in the most computer power. This keeps everything fair.
How Can I Make Money with Bitcoin Mining?
Well, as far as straight up mining for Bitcoin… you don’t have a chance unless you buy thousands of dollars worth of equipment. But… like always… there is another way!!! Yes!! There is a way you can make money mining Bitcoin in the year 2018! Even if you just own a regular household computer!
Of course, it helps if your computer is a nice one, and it really helps if you have a high-end graphics card. If you have both of these, you could possibly make a decent amount of money! The secret to this mining trick is we are not going to mine Bitcoin at all! We are going to mine several other cryptocurrencies and then trade them for Bitcoin on the market! Of course, if you want to do it the hard way… you can but, I can show you the absolute easiest way to do all of this!
All you have to do is download a program and after you install it… you click start! That’s pretty much it! (Besides entering your information) If you are interested in the crypto program that will let you make money mining Bitcoin online… Check out my page called How to Mine Bitcoin… The Easy Way
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