Bitcoin
Hi everybody,
anybody understand something about bitcoin mining and how to do it? |
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Solo? Not really viable, you'll put more money into it than you'll get back.
Try this: https://vertcoin.org/ (Different currency, same idea) |
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You can still buy and sell, not just bitcoin there's all sorts of currencies now some more volatile than others. VBeware though its very easy to lose your money by fair means or foul. |
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I keep thinking about whether to just go out and buy 1 Bitcoin if it is financially viable to do it like that seeming the cost is shooting up, but i need to learn alot more before i take that risk.
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Bitcoin itself is now strictly in the province of dedicated ASIC miners.
Etherium is what's been driving the demand for 4GB high end graphics cards - and for that or any other altcoins, the next dilemma is to hold them or transfer to bitcoin - there are about 10 or so that some mining solutions can do, sometimes with autoselection |
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To OP, as others have said, forget mining Bitcoin now. When Bitcoin was in it's infancy, mining bitcoin on your home pc was an option but not now as mining gets harder as more time goes on and more bitcoins are mined. Think of bitcoin mining as your computer doing extensive maths problems which could lead to a fraction of a bitcoin being discovered. As more bitcoins get discovered over the world, the complexity of the maths gets harder. We are now at the point where the maths are so hard that it is mostly hardware created specifically for doing the maths involved are doing most of the mining. Look up 'ASIC mining'. You could get in to an alternative newer crypto-currency which will be easier to mine but there is a good chance a majority of them will never be worth anything, so you either have to spread your mining across a few currencies or be very lucky with choosing the right one to concentrate on. I expect the BTC bubble will burst but go down to still acceptable levels. Personally I will be spreading some of my greatly inflated BTC across to some other crypto-currencies in the hope some of them do well too :) Started when 1 bitcoin was £190, now 1 bitcoin is worth £5500. <3 bitcoin :D |
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Why cant you buy a single bitcoin?
If i was to buy part of a coin, where is it stored and how safe is it from theft? |
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I think the point was you dont have to buy them in whole numbers, you can buy fractions as well. |
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That is it simplified anyway. I think the actual reality is all the bitcoin are on the blockchain, which is like a database distributed across loads of servers and computers on the net, which know how much is in each wallet. Only the person with the correct cryptographic keys for a wallet may send bitcoin to another wallet, which is the owner of the wallet who knows the passphrase which unlocks the keys locally. You could actually not have a wallet online and just print out the keys on a piece of paper (will be just a printout of gibberish) and put that in a safe. Everything you need to get at your bitcoins is on that piece of paper. If you use an online wallet, you have to worry about someone getting your username and password and being able to transfer you coins. You can turn on 2 factor authentication and other features for more protection. |
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1. Is it free to open a wallet online? 2. Where do you recommend to open a wallet? 3. Does a wallet have a monthly or annual maintenance charge? 4. When buying or selling a bitcoin i assume there is some kind of charge involved? 5. When the button is pressed to buy/sell a coin how quickly does it appear or leave the wallet? 6. Do we have to declare profits from bitcoins towards capital gains tax? Thanks for your help if you have the time to answer these, normally i would google but i feel safer asking someone who has dabbled is this already. |
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1) Yes 2) https://www.coinbase.com/ (as mentioned before, turn on some 2 factor auth option) 3) No 4) Sending bitcoin there is something called a miners fee, like an amount to make sure other computers on the bitcoin network process the payment. Offline wallets like electrum can work out the charge for you and coinbase should do the same. As for buying from an exchange such as Coinbase, I assume it's a bit like changing foreign currency where there may be a percentage charge. Never actually purchased bitcoin myself, mine have all come to me by other means. 5) It can leave the wallet immediately but usually for the rest of the bitcoin network to accept it's gone, it needs confirmation by a couple of different servers. This happens quicker the higher the miners fee is. Also if the fee is too low, it might not actually get processed. 6) No idea. My bitcoin are completely anonymous though and not pulled any out to a real bank account yet. Used it to buy services and put invest a little in some other crypto-currencies too, so all in limbo for me :) |
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---------- Post added at 12:12 ---------- Previous post was at 11:54 ---------- Quote:
Atleast you don't have to buy a full Bitcoin as 1 Bitcoin can be divided into 100 million parts making it cost effective to take the risk. |
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