If you want to purchase Bitcoin as an investment and you want to join the BitClub Network Company, so that BitClub can mine Bitcoin and other Crypto Currency on your behalf to grow a stable and increasing investment for you, please Join BitClub Here For Free. Once you join, you will be set up with a free lead account and receive follow up emails detailing how you can create a Bitcoin investment account with The BitClub Network. For any answers to questions Contact Clyde Thorburn Here.
Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
You can look here for a list of all available wallets today compared to one another. So who exactly creates all of these Bitcoins? Do they just appear out of thin air?? You can call it that, but the process is actually a bit more complicated. Can you feel it? Another explanation is coming up….but as always I’ve got you covered with a video tutorial as well. Bitcoins aren’t printed out like traditional money; they are mined out of the system. A miner is just a person with a computer that runs a mining program on it. The reason it’s called mining is because .. 1. Just like any other natural resource, there is a finite amount of Bitcoins. So the maximum amount of Bitcoins that can be generated is 21 million. Today, over 14 million Bitcoins were mined. https://blockchain.info/charts/total-bitcoins. 2. Just like real world mining, you need to invest energy in order to extract these Bitcoins. The miner’s computer needs to solve complex mathematical problems, and once it solves them - new Bitcoins are generated and awarded to him. But miners don’t just generate new Bitcoins. They also use their computers to verify transactions and prevent fraud. So having more miners means faster transaction verifications and less fraud. That’s why we want to compensate miners for their hard work. When verifying a transaction, the miner gets a small fee out of that transaction for his work. So miners get paid twice – once for verifying the transactions and again when they successfully generate new Bitcoins. Sounds profitable?
Well….not so fast. Satoshi, the guy who invented Bitcoin, wanted the number of Bitcoins that were mined each time to remain constant, no matter how many miners come on board. That’s why the difficulty of mining increases as more miners join the network. So if in 2009 you could mine 200 Bitcoins with your personal computer at home. In 2015 it will take you about 98 years to mine just one. That’s why ASIC (Application Specific Integrated Circuit) miners were invented. These are super powerful computers designed just for mining Bitcoins. But since so many miners have joined in the past few years it’s still almost impossible to mine alone. To solve this problem mining pools were invented. Groups of miners formed together to deal with the growing difficulty of Bitcoin mining. Each miner gets paid for his relative share of the work. So that’s how Bitcoins are born, through miners. By the way, if you think what I’m about to teach you in this book relates to making money from mining - you’re dead wrong. Today, there’s almost no money to be made through traditional home mining. http://99bitcoins.com/bitcoin-mining-profitable-beginners-explanation/ OK I get the Bitcoin basics, I think…now what? Now we can move on to what we came to do - talk business. But before we do so I have some homework for you…You didn’t think you’d get away with finishing your first chapter so easily did you?
This chapter’s homework will deal mainly with filling up the gaps in your Bitcoin education. So here goes. 1. Watch this video on Bitcoin confirmations. 2. Watch this video on the path of a single Bitcoin. 3. Open a Bitcoin wallet and make your first transaction. If you haven’t done so yet you can follow a complete tutorial here. This homework is crucial for you to be able and understand what we’re going to talk about in the next chapter so I urge you to stop reading right this instant and get to it. I’ll see you in the next chapter. P.S. 99Bitcoins’ frequently asked questions section - Most of the basic questions people have I’ve already covered in various video tutorials. Feel free to look around if you don’t understand anything. Chapter 2: Business Opportunities Hidden Inside the Bitcoin Landscape. Let’s take a look at the Bitcoin industry as a whole. It’s important to familiarize yourself with the industry analysis since one of the main questions you should ask yourself when deciding on your Bitcoin business is, “Where is the industry headed?” You shouldn’t try to figure out what’s hot right now, but rather predict what will be the next hot thing and target it before everyone else. In Part II - Creating your Bitcoin business, I’ll show you specific tools and techniques to figure this out. But for now let’s focus on what data we can find on the Bitcoin industry today. As we near the middle of 2015 there are currently. Over 8.5 million Bitcoin wallets. Over 88,000 merchants that accept Bitcoin. 374 Bitcoin ATM machines.
Read more about Bitcoin and The BitClub Network.
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly