What is Bitcoin?

[ViruZ_HUN]

Hello!

 

i have seen many topics about bitcoins and i know its worth money and people are making 10000s of it?

 

I saw some youtube videos and it looks like a game that you press "start" mining then its doing something?

 

how to earn them and make money of them i dont understand it? do it cost money?? how do it work?

[Bluejay0]

http://www.weusecoins.com/en/

 

Watch it. All of it.

[defunkt]

Ever heard of google?

[Joshyy]

http://bit.ly/17yCyfW

[Bluejay0]

Ever heard of google?

 

Don't even think about it.

[ViruZ_HUN]

http://www.weusecoins.com/en/

 

Watch it. All of it.

Saw it still dont understnad?

 

okay i understand that you computer is mining after bitcoins when u start mining then what?

 

Does it take years to find bitcoins or what?

 

then how do i turn them into money??

[megadarkwood]

https://linustechtips.com/main/topic/64266-ultimate-bitcoin-guide/

[Bluejay0]

Saw it still dont understnad?

 

okay i understand that you computer is mining after bitcoins when u start mining then what?

 

Does it take years to find bitcoins or what?

 

then how do i turn them into money??

 

 

You can sell them. They are everywhere. You just got to mine them

[Butterfish]

Saw it still dont understnad?

 

okay i understand that you computer is mining after bitcoins when u start mining then what?

 

Does it take years to find bitcoins or what?

 

then how do i turn them into money??

Go on youtube and search "bitcoins explained"

[rashdanml]

Bitcoin is a virtual currency. Its value is determined by the people who sell/buy it. Or trade goods for it. Each time a transaction is made using Bitcoin (say, trade bitcoin for a graphics card), it needs to be validated. Enter coin mining. The mining process basically performs calculations to validate the transaction. Once successfully validated, a portion of the original transaction is given as a reward for performing the calculation/mining. 

 

As more and more mining operations/transactions are solved/validated, the difficulty of each calculation increases, to slow down production of Bitcoin (there's a slight net increase of bitcoin over time). This is done to prevent the market being flooded with bitcoin too quickly - driving the price down to next to nothing. 

 

You can also exchange money for Bitcoins directly, without mining at all. This method relies on timing. Buy when Bitcoin is cheaper, sell when it's higher, rinse and repeat. Basic rule of any stock market investing, and there are more complicated strategies too. 

 

I'm sure there's more detailed/accurate explanations for the above, but that's the essence of it. 

[Zyphera]

Bit-coin is a medium that through our trust has a value. Like money. This currency is not as accepted or integrated at the world market as other currencies though. To buy and sell other currencies with Bit-coin there is markets at which you can do so.

[ViruZ_HUN]

So i downloaded GUIMiner and wrote username and PW and i pressed start mining.

 

 

It says that i get 47.9 Mhash/s  is that good?

 

and i have 3 shares accepted?

 

So am i doing right?

 

whats next? when do i earn bitcoins what do i do to get them?