100% Noob here needs help!

[Shattered4k]

So i was wondering what BitCoin mining was? Is it worth real money, if someone could please explain to me in great detail about what it is and what kind of system you would need for it.

[qwertywarrior]

[SSOB]

Worth real money , you can bascally '''''generate''''' bitcoins using your pc hardware to learn more go to a bitcoin mining site.

[helping]

It's useful for more illicit online uses due to being mostly untraceable.

[Luc401]

not really worth it any more tho..

[Shattered4k]

So the better system you use for it the more coins you get?

[Shattered4k]

not really worth it any more tho..

Why isn't it worth it anymore?

[mgsstar]

Why isn't it worth it anymore?

It takes quite a while to mine one and if you join a group you won't get much because its divided evenly i think to everyone. Correct me if I am wrong about this.

[helping]

Why isn't it worth it anymore?

The prices fluctuate heavily and have decreased recently IIRC. You also need some pretty good high end hardware. BTC mining is also exclusive to AMD cards.

The power used to BTC produced also cuts into if it's even worth it or not.

[RuecanOnRails]

Why isn't it worth it anymore?

 

Most people are very narrow minded, and uninformed when it comes to what bitcoin is, and it's practical use in the real world global economy.

When people say it isn't worth it anymore. What they are pertaining to is the profitability of mining versus electricity costs it on your own personal computer. Where unless you already have access to adequate hardware it will likely be cheaper to straight up purchase the coins from an exchange than it would be to mine them.

 

While myself and others could go on for hours on end trying to explain what bitcoin and cryptocurrencies are, it is much easier for you to do research on your own then ask specific questions. I'll post some resources you can look into at the end of this post. Bitcoin and cryptocurrencies are still very new and much of the innovation that is occurring is entirely new and has very little written about it.

 

Please ignore when people try to point out a connection between bitcoin and illicit drugs and other "illegal" acts. Bitcoin is a transferable currency similar to cash and in the same sense can be used to pay for things society and law enforcement do not allow. It's the same as pointing to cash and saying it's only good for buying drugs because drug dealers don't accept debit, checks, or credit cards.

 

Bitcoin is not anonymous. That is a common misconception, it is pseudonyms. Bitcoin exists in the digital world with a full ledger of every transaction ever made which is openly available to anyone and everyone at anytime. You are able to track and follow bitcoins from one wallet to another with ease. A user can however create infinite wallets and hold bitcoin in any of them. While every transaction is recorded there is no connection between personal identity and the owner of a wallet.

 

Bitcoin is not run, nor controlled controlled or regulated by any government or single entity. Allowing bitcoin to exist as a global currency to be sent around the globe instantly with very little fees where it holds the same value everywhere.

 

Bitcoin cannot fall victim to inflation or national economic crisis. There is a set number of coins which get released to the network with a total cap of 21 million coins. Adding only 25 coins to the network every 10 minutes and halving that amount every 4 years until the cap is reached. If the hash power (mining) is increased, the network adjusts how difficult it is to mine the coins to maintain the scheduled flow of coins.

 

That's just some basic information regarding bitcoin. You will need to do your own research in order to define it yourself.

In my opinion. Cryptocurrencies are a big part of the future of money and how the global economy will work. I view bitcoins and cryptocurrencies to be in the same place as the internet was back in the 90's. Very new, exciting, and at the same time feared the for changes it could make in the world.

 

Some reading material and links to information regarding bitcoin and it's many uses.

https://bitcointalk.org/index.php  *THE forum for bitcoin

http://bitcoinmagazine.com/cyprus-depositor-bail-in-set-at-47-5/ *An interesting article about the cyprus bank bail in and how bitcoin could be used as a hedge fund against a national currency in times of economic crisis.

http://bitcoinmagazine.com/

http://bitcoinexaminer.org/

http://thedailybitcoin.com/

http://letstalkbitcoin.com/   *Great informative discussion based podcasts

https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto  *Large amount of small lectures with what bitcoin is and how to use it.

https://localbitcoins.com/ *A site whos purpose to help you buy/sell and meet up with local bitcoin enthusiasts in your community.

https://www.bitmit.net/en/bestseller *An Ebay like site which uses bitcoin

https://www.bitcoinstore.com/ *An online store where you can purchase thousands of products using bitcoins.

 

 

Feel free to ask more detailed questions that can be answered and the community here will try to answer the best we can.

As for your original question of "Is it worth real money" Yes, yes it is worth real money and can be exchanged through person to person or exchange sites. You are able to buy bitcoins with fiat currencies or sell bitcoins for fiat currencies. Trading back and forth with market swings can be profitable as with any day trading in the stock market.

 

 

 

[TTesla]

I agree with linus on bitcoins. No offence.

[RuecanOnRails]

I agree with linus on bitcoins. No offence.

I don't think linus has the time to look into bitcoin and its full potential. Therfore his views and the reasoning behind them don't hold up. It's a lack of knowledge in this subject. (no offence ;) )

He is also funded by sponsors which have some say on methods of income and advertising. It's surprising how many companies won't work with you if you try to use a currency they don't understand.

While I'd love to see linus tech tips embrace and use cryptocurrencies. I don't see that happening. I've even offered to help set up and maintain all bitcoin related issues, transactions, and any other enquiries. All without response.