Bitcoin Mining Guide Part 1
What is Bitcoin and Should I Buy Or Mine Bitcoin?
What is BitCoin ?
Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.
A Bitcoin is the base currency of the Bitcoin market. It is like how we reference a Dollar or a Euro, and like the different currencies in the world, the Bitcoin trades at different values based primarily on speculation, supply and demand.
One of the most attractive features of Bitcoins is that they are not controlled by any government. They cannot be artificially inflated or deflated. A monetary authority cannot pump more of them into the market to boost the economy. Basically, there is a set amount going out over time and as time goes on the amount entering the market decreases.
The way that they are entered into the market is a process called “Mining”. Basically, computers solve mathematical algorithms to earn the Bitcoins. They are very complex and take a lot of computing power to solve. The more computers trying to solve the equations, the harder the equations become to solve, the less you get for mining.
Here is a video by Ben Swann on Bitcoin:
Should I Buy Or Mine Bitcoins ?
A big question that is asked by people new to Bitcoin. There are reasons to do both and the answer is dependent on your current setup. Bitcoins have a mining goal in mind and that is to only allow a block to be discovered every 10 minutes. The way that Bitcoin accomplishes this is by increasing the difficulty to find the blocks. With more and more publicity about Bitcoin, more people are mining and blocks are being discovered at a rate faster then every 10 minutes causing the difficulty to increase. So with that in mind, it is now harder then ever before to mine Bitcoins.
First, we’ll cover reasons to mine.
Mining helps secure the bitcoin network. The more people that are actively mining, the harder it is for someone to attack the network. Currently, it would a miracle to perform an attack on the network as there are so many advanced miners, so bitcoin is more secure than ever.
GPU mining is a thing of the past. With several companies releasing devices specifically engineered to mine bitcoins, the difficulty has increased so much that it is impossible to turn a profit with a regular computer setup. If you want to make any money in bitcoin mining, you need an ASIC.
Even with an ASIC, you may still find that the difficulty increases make your miner obsolete. Keep that in mind when and if you decide to invest in an ASIC bitcoin miner.
Bitcoin investment is a great opportunity. There is no minimum amount to buy and right now they are in their infancy. Because of the increasing demand for Bitcoins is increasing they have increased in value exponentially. There is also a possibility of them dropping. It’s speculation, but the base is getting bigger, and because bitcoin has no central authority to issue them any faster, supply cannot keep up with demand, causing them to rise in value.
Right now the best 2 places to buy Bitcoins are:
Bitstamp
Local Bitcoins
MtGox
MORE TO COME !!
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