What is Bitcoin?
Ans - Bitcoin, also called BTC is a P2P digital currency described by Santoshi Nakamoto in 2008 is now developing with a huge rate. Some time ago, it was an experimental but when its users increased with extremely high rate it became real and trusted over millions of users which includes merchants, buyers, etc. Recently Kim Dotcom's new data hosting website Mega beta which is actually a rebuild of Megaupload (It was the worlds largest leading online storage and file delivery service) now accepts Bitcoins. The logo was designed for merchants, traders etc to represent that they use Bitcoin is that:
If buyer(s) needs to buy some goods, products etc then he/she can get that things by exchanging his/her bitcoin. It means that bitcoin can also be defined as medium of exchange. Yes, it's true that Bitcoins(digital currencies) are medium of exchange.The Question is that - Are bitcoins are Legal? Yes, These are legal digital currency. but, since Bitcoins are still a bit experimental, these are not official nor illegal currency but, when its users will increase, it will become huge source of earning money and trading things.Earning Bitcoins are also called Bitcoin mining. Bitcoin softwares are available for PC and Mobile. To start using Bitcoins, you need to choose your wallet that will install in your PC or in your Mobile. Bitcoin-Qt is an application used to mine bitcoins in your PC(s) while Bitcoins wallet is used in Mobile(s) to mine Bitcoins. Since Bitcoin wallet is currently build only for Android users it is not accessible for iOS or other Operating System users.
BITCOIN NETWORK
As described above in the original Bitcoin captured image - To be a part of Bitcoin network and start bitcoin mining, you need to switch your computer as much time as you can. Your Computer must be connected to Internet. Once you installed Bitcoin original client, you first need to sync all the Bitcoin blocks. It is approx 6GB data to sync over internet. So, you need a very fast internet connection in order to sync all the data shortly. But, it uses much bandwidth of your Network. So, Understanding the Bitcoin users difficulties - I am providing Bitcoin all 4.7GB sync data in just 2.6GB in 7z highly compressed file which is of 1:2(4.7GB Bitcoin sync data in just 2.6GB highly compressed file). Click on Direct Download to download it.
But if you don't want to sync all the data, Electrum is an alternative for Bitcoin-Qt. In Electrum, you don't need to sync all the data because it uses remote servers.
BUILD SECURITY
You need to keep your Bitcoin client's installed files away from viruses, spywares and physical damages in order to protect your Bitcoins. I advice that you should install a good antivirus in your PC/Mobile. But, remember it should be licensed with your name and always keep it up-to-dated.The another way to secure your Bitcoins is to store bitcoins in online wallet. Later, you can use this online wallet to make your future transactions. Zipbit and MT.GOX are good examples of Bitcoin online wallets. Please note that if you are going to login in any online wallet website please make sure that you are connected to it with https connection. To determine whether your connection to online wallet websites is secure or not secure, you will see a green bar in your browser URL box. Always use trusted Internet browsers such as Google Chrome, Mozilla Firefox etc. Do not make use of third party browsers. Always use trusted websites for trade. Before any transaction with unknown websites you should google it on the web.
BITCOIN PRICE IN MARKET
You can also convert BTC(Bitcoin) into traditional currencies such as USD, EUR, SEK, GBP, AUD etc. Bitcoin price is currently highest among every traditional currrency. To determine the current Bitcoin price. You can check it out from this website - http://preev.com
HOW BITCOIN MINER WORKS?
How it works. Is it a scam or a phishing software?
Ans - No, Bitcoin miners are neither a scam nor phishing software. Bitcoin client give blocks to your computer for solving them. These blocks are automatically solved by your computer. When your computer solves one block then you get 1 bitcoin. Faster Computer can solve blocks much faster than a slower Computer. Yes, it means that time taken by your computer to solve a block is depended on your Computer's Speed. But, it is still hard to solve 1 block with short time. It may take much more time to solve a block individually. So, you can join pools to solve block as soon as possible. Pools can solve a block shortly and distribute bitcoins to its contributors.
POOLED MINING
I have joined 50BTC.com for mining. If you want to join my team in 50BTC.com, just send an email with any code to ultimatetrikz@hmamail.com and we will send you an invitation code through an anonymous mail which contains invite code and that code which you are going provide us. Please note that we use your code as verification and we do not share your email address with anyone. It will be safe.
POOLED MINING
What is a Bitcoin Pool? OR What is a Pooled mining?
Ans - When two or more persons contributes in bitcoin mining in which they find blocks together and get their bitcoins distributed in them. It is called Pooled mining.
I have joined 50BTC.com for mining. If you want to join my team in 50BTC.com, just send an email with any code to ultimatetrikz@hmamail.com and we will send you an invitation code through an anonymous mail which contains invite code and that code which you are going provide us. Please note that we use your code as verification and we do not share your email address with anyone. It will be safe.
You should also see the list of Bitcoin acceptors as currency from These Addresses - Address 1, Address 2
GET STARTED
Step 1: Download Electrum or Bitcoin-Qt in use of your wallet.
Step 2: Now install and configure it (Electrum or Bitcoin-Qt)
Step 3: Signup with 50BTC.com(You can also choose other pools). Please note that your email address is your Bitcoin address in 50BTC.
Step 4(Windows): Download 50 Miner for mining with GPU and Ufasoft CPU Miner for mining with CPU.
Step 5: Now unzip it.
Step 5: Now Open Command Prompt in Windows.
Step 6: For example, you have unzipped the miner into the "C:\miners\btcm\bitcoin-miner.exe". Now you need to enter these line to the console: (Click to enlarge below image.)
Step 7: Replace the address of bitcoin-miner.exe if you have unzipped to another location.
Step 8: Replace #YOUR_BITCOIN_ADDRESS# with your bitcoin address (your email address that you used in 50BTC for signup.)
Wow. Now You Can Start Mining Bitcoins...
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Revision of Some Important Links :-
(ii) Download Bitcoin-Qt.
(iii) Download Bitcoin Wallet.
(v) 50BTC.com
(vii) Zipbit.co Secure Website
(viii) MT.GOX Secure Website
Still Confused. - Ask in Comments.
Visit Bitcoins Official Website - http://bitcoin.org/
How can I use the money I get as Bitcoins?How much have you got till now?
ReplyDeleteSince, Bitcoins can exchangeable with other traditional currencies. So, you can buy anything with the Bitcoins. Also, there are lots of websites on the Internet which Accept Bitcoins without actually exchanging them. You can buy Bitcoin Miners from Butterfly-labs. These miners can mine at very fast hash rate. These miners can generate profits at very high rate. I am using Bitcoins from second last week and I earned 0.09 approx.
DeleteHello,
ReplyDeleteI have problem when starting 50Miner.exe It shows error"No network link to download OpenCL"
I have old PC With config: Pentium-IV processor,1GB RAM,160GB HDD.I dont have graphics card.
Can I still run these softwares and earn bitcoins
PLEASE HELP ME
Dear Jitesh, You can run bitcoin miner in your PC if you still have P-IV processor but the processor you are using is not sufficient to earn Bitcoin at large scale. Mining at that slower speed(Processor's Speed) will give approx. totally lose of electricity means losing your currency(money). If you really want to mine Bitcoins at larger extent and earn money, try buying a Bitcoin Miner Hardware or a High Speed GPU and use it. It will definitely give you profits. If your still want to earn BTCs with your processors then try downloading OpenCL software and then run 50miner again. If it don't works then use any CUI miner instead of any GUI miner. If you still need some help, ask me without hesitation.
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The use of this tool btctousd.net is reasonable to see for a direct and accurate rate of BTC. This site has the data of over 900 cryptocurrencies. And see it's conversion rate against any other FIAT and cryptocurrency.
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