Sup fellow reddit members! Today I'm here to give you guys a long introduction about bitcoins. Intro to bitcoins: Bitcoins are the first decentralized digital currency. Bitcoins are basically digital coins that you can send through the internet. Some advantages of bitcoins:
It can be transfered through other people without a bank having involved in the transaction.
The transaction fees are much lower.
You can use them in any and every country.
Your account (explained later) can never be frozen.
How it works: There are several online bitcoin currency exchange where you can exchange bitcoins for money and vice versa. Bitcoins are kept in a digital wallet on your computemobile device. coinbase.com is one of the most trustworthy online bitcoin wallet, IMO. Sending bitcoins is as simple as sending an email, and you can purchase ANYTHING with bitcoins as long as they accept the currency. The bitcoin software is completely open-sourced, so anyone can review the code. Bitcoins are easy + free to setup, and there are no chargebacks! How to obtain bitcoins: There are two ways to obtain bitcoins:
Mining them using applications. Miners solve math problems/bitcoin algorithms (which takes computing power) and are rewarded bitcoins for doing that. This is the one that I'm going to focus on, as it is pretty hard to grasp.
Mining bitcoins: Using special software application, you are able to mine bitcoins. Mining means to solve math problems/bitcoin algorithms using your computing power. Blocks are a chunk of 25 bitcoins, and if you solve one math problem you automatically get a block. The speed of mining bitcoins is measured in Hashes/Second (KH/s, MH/s, GH/s, TH/s etc.) The difficulty of the problems gradually increases as more bitcoins are found. Now, it is almost impossible to find bitcoin blocks by yourself, as more than 10 million bitcoins have been mined. Using special hardware (ASIC, Application-Specific Integrated Circuit chips) that specifically is aimed to mine bitcoins increases your mining speed by a lot. You can buy these hardware anywhere online/offline. amazon.com has many ASIC hardware on sale. But even ASIC mining can still take a long time to find a block by yourself. That's how the pooled mining began. Pooled mining basically combines the work of many miners toward a common goal. Pool of miners find the solution of the math problems faster than individuals, and they share the block equally based on each miner's hash rate. There are many pools right now that are pretty trustworthy, but that one that I use is triple mining: http://evilbeans124.triplemining.com Mining bitcoins on a Mac: This part is only dedicated on mining bitcoins for Mac users. If you're a PC user or a Linux/Ubuntu user, skip this.
Go to asteroidapp.com and download the latest version of Asteroid
Under the workers tab, add a new worker (on the right side)
Go back to GUI miner, enter in your worker username/password
If you have any hardware, then select them in the device tab. If not, skip this step
Mining bitcoins on a Ubuntu/Linux: This part is only dedicated on mining bitcoins for Linux/Ubuntu users. If you're a Mac or PC user, view above. Unfortunately, I have no experience in how to install any miner on Linux. The following website does however, so just follow it http://www.distrogeeks.com/install-cgminer-3-7-2-ubuntu/ The end I think I covered most of the points on bitcoins. However, if there is any mistakes/stuff that I should add, please put a comment below or PM me! It will be greatly valued! I spent sometime doing this, so some donation will be very appreciated. My bitcoin address is on my signature. Credits to bitcoin.com, bitcoinmining.com, triplemining.com/help, http://www.distrogeeks.com/install-cgminer-3-7-2-ubuntu/ Helpful? Considering mining in my pool: http://evilbeans124.triplemining.com (PM me if you STILL don't know how to mine bitcoins) Tip me at: http://evilbeans124.tip.me
Here is an idea for a Bitcoin Non-Profit organization. There are a few 1200Mh/s cards out there for around $30 on Amazon right now. If enough people got those and created a pool together, they could make a bit of profit. As the price of Bitcoin exponentially rises, the value of smaller mining projects becomes higher. If the price of BTC rises to such wild sizes as $10,000/BTC, suddenly, that .3 BTC we got this month is worth $3,000. Looking at the math, its not that difficult to get .3 BTC per month either. A small investment, $30/per person, spread across a vast number of people. Say 100 gets us, 120Gh/s. (each card rates at 1200Mh/s x 100 cards ) Now if one person were to purchase this many cards, it will cost well over $30,000. Instead, by spreading out the funding to a large number of investors, we lessen the risk of loss. So 120Gh/s could get us around 1.19 BTC/month using the TripleMining Pool. Or if we are super savvy we can look into creating our own pool. (not sure if this would help or hurt) So that 1.19BTC is worth, at today's exchange rate, $995. Multiply that by 12 months and we have 14.28 BTC to share with communities and those in need. If the price of BTC goes up to say, $2000/BTC, we now have $28,560. A lot of good can be done with this money. We can set up a joint account and figure out a way to make sure that no one person has control over all the money. Checks and balances and such. The interesting thing here is that when a large group of people pool their resources together in order to create this capital gain, there is only a massive benefit if that gain is not split back up amongst all those in the group. The group as a whole ends up gaining much more than just the individuals in terms of purchasing power. 14 BTC can do more than .14 BTC. Would anyone on here be interested in taking on an endeavor such as this? Our very own community of charitable miners! It's like the wild west or something!
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