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Bitcoin Tutorial & Overview of Bitcoin Mining - Pros

Bitcoin Tutorial & Overview of Bitcoin Mining 


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Launched in January 2009, Bitcoin (BTC) is a peer to peer (P2P) digital currency system that is an innovation in itself. A new way of doing instant transactions online, without any third party being involved. The unique feature of this currency is that nobody owns or controls it. Your transactions do not operate via any central authority or banks rather it is an open-source system with a whole network of its own. Moreover, it’s an anonymous digital currency and the details of parties transacting are never disclosed. It enables P2P digital transactions through the various online exchanges that support Bitcoins.

The brains behind Bitcoin

Bitcoin was created  in 2009 by a pseudonym Satoshi Nakamoto and has rapidly evolved into a widely accepted digital currency. Based on open source philosophy, Bitcoin is digital, free and public. Anyone can use it and perform transactions without any third party. The removal of intermediary in financial transactions and providing a computer code anyone can use were the main goals behind its launch. The code is available to use and make applications that make use of Bitcoin. The use of Bitcoin increasing and gradually it can become a worldwide conventional payment and transaction system.

How does Bitcoin work?

Bitcoin enables peer to peer transactions based on the core principles of cryptography. A cryptocurrency so secure that each user and transaction is encrypted. The fundamentals include validating and governing production of Bitcoins, recording every transaction and providing a decentralized public ledger for the same via the Bitcoin peer-to-peer payment network via cryptographic protocols.

How to start using Bitcoins?

Tempted to try out? Yes you can. All you need is to download its software, which is absolutely free. Installing the software and an internet connection is all you need. Before you start using Bitcoins, you will have to obtain them. To obtain Bitcoins and start transacting with your new digital wallet you can either exchange the money you already have and obtain one or sell goods or services of value and accept Bitcoin from the buyer. Thus either you have to give up your own money or have some special goods or services that can be sold for obtaining Bitcoin from various exchanges throughout the world. Bitcoin exchanges allow you to transfer fiat currencies, such as the USD, into bitcoin or vice versa. Some platforms also allow Bitcoin to be exchanged with other digital currencies.

How to Obtains Bitcoin by mining :

Mining is a process where you solve a complex math problem with the help of your computer’s processing power. This is a geekier way to obtain new Bitcoins as it depends on your computer’s processing power alone. The good news is that there is no restriction on the supply of Bitcoins. Over 5 years since its inception, Bitcoin is growing rapidly and right now more than 13 million in use.

1) Get Bitcoin Mining Hardware :                                                                                                                                                                             Start mining bitcoin by bitcoin mining hardware. In the early days of Bitcoin, it was possible to use your computer or a high speed video processor card to mine Bitcoins. Nowadays devices based on custom ASIC chips who’s performance offers up to 100x the capability of older systems have come to dominate the industry. Mining with anything less will consume more in electricity than you’re likely to earn. Several companies such as Butterfly Labs or Avalon offer excellent systems built specifically for bitcoin mining.

2) Download Free Bitcoin Mining Software :
After you have obtained bitcoin mining hardware, you’ll need to download a special program used for mining. There are many programs out there that can be used for Bitcoin mining, but the two most popular are CGminer and BFGminer which are command line programs. If you prefer the ease of use that comes with a GUI, you might want to try EasyMiner which is a click and go windows/Linux/Android program.

3) Join a Mining Pool:
Another important step is to join a Bitcoin mining pool like eclipsemc or eligius. Bitcoin Mining pools are groups of miners working together to solve a block and share in it’s rewards. Without a mining pool, you might mine for over a year and never earn any bitcoins. It’s far more convenient to share the work and split the reward with a much larger group of miners. Be careful with the risks associated with a mining pool.

4) Get a Bitcoin Wallet:
The last step to mining is to set up a Bitcoin wallet or use your existing Bitcoin wallet to receive the Bitcoins you mine. A Bitcoin wallet is like a traditional wallet and can be desktop software, mobile or web-based. Bitcoin hardware wallets are also available. Bitcoins are sent to your wallet by using a unique address that only belongs to you. The most important step in setting up your wallet is securing it from potential threats by enabling two-factor authentication or keeping it on an offline computer that doesn’t have access to the Internet. Wallets can be obtained by downloading a software client to your computer.

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