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Old 02-11-2017, 17:13   #1
Bongito-bungaty
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Bitcoin

Hi everybody,
anybody understand something about bitcoin mining and how to do it?
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Old 02-11-2017, 17:28   #2
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Re: bitcoin

Solo? Not really viable, you'll put more money into it than you'll get back.

Try this: https://vertcoin.org/ (Different currency, same idea)
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Old 02-11-2017, 19:32   #3
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Re: Bitcoin

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Originally Posted by Bongito-bungaty View Post
Hi everybody,
anybody understand something about bitcoin mining and how to do it?
Yes, and dont waste your time (and money).
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Old 02-11-2017, 19:50   #4
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Re: bitcoin

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Originally Posted by Bongito-bungaty View Post
Hi everybody,
anybody understand something about bitcoin mining and how to do it?
The electricity useage these days apparently costs more than any potential gains even with a tailor made machine. The only people who did well with mining were the early adopters.

You can still buy and sell, not just bitcoin there's all sorts of currencies now some more volatile than others.

VBeware though its very easy to lose your money by fair means or foul.
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Old 02-11-2017, 21:20   #5
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Re: Bitcoin

I keep thinking about whether to just go out and buy 1 Bitcoin if it is financially viable to do it like that seeming the cost is shooting up, but i need to learn alot more before i take that risk.
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Old 03-11-2017, 00:07   #6
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Re: Bitcoin

Bitcoin itself is now strictly in the province of dedicated ASIC miners.

Etherium is what's been driving the demand for 4GB high end graphics cards - and for that or any other altcoins, the next dilemma is to hold them or transfer to bitcoin - there are about 10 or so that some mining solutions can do, sometimes with autoselection
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Old 07-11-2017, 12:56   #7
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Re: Bitcoin

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Originally Posted by SnoopZ View Post
I keep thinking about whether to just go out and buy 1 Bitcoin if it is financially viable to do it like that seeming the cost is shooting up, but i need to learn alot more before i take that risk.
You can buy a fraction of a bitcoin, such as 0.1 or 0.5 BTC.

To OP, as others have said, forget mining Bitcoin now. When Bitcoin was in it's infancy, mining bitcoin on your home pc was an option but not now as mining gets harder as more time goes on and more bitcoins are mined. Think of bitcoin mining as your computer doing extensive maths problems which could lead to a fraction of a bitcoin being discovered. As more bitcoins get discovered over the world, the complexity of the maths gets harder. We are now at the point where the maths are so hard that it is mostly hardware created specifically for doing the maths involved are doing most of the mining. Look up 'ASIC mining'.

You could get in to an alternative newer crypto-currency which will be easier to mine but there is a good chance a majority of them will never be worth anything, so you either have to spread your mining across a few currencies or be very lucky with choosing the right one to concentrate on.

I expect the BTC bubble will burst but go down to still acceptable levels. Personally I will be spreading some of my greatly inflated BTC across to some other crypto-currencies in the hope some of them do well too

Started when 1 bitcoin was 190, now 1 bitcoin is worth 5500. <3 bitcoin
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Old 07-11-2017, 14:17   #8
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Re: Bitcoin

Why cant you buy a single bitcoin?

If i was to buy part of a coin, where is it stored and how safe is it from theft?
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Old 07-11-2017, 14:21   #9
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Re: Bitcoin

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Originally Posted by SnoopZ View Post
Why cant you buy a single bitcoin?
You can.

I think the point was you dont have to buy them in whole numbers, you can buy fractions as well.
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Old 07-11-2017, 14:35   #10
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Re: Bitcoin

Quote:
Originally Posted by SnoopZ View Post
Why cant you buy a single bitcoin?

If i was to buy part of a coin, where is it stored and how safe is it from theft?
You can get an e-wallet to keep it in, but some are safer than others and they can be stolen.
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Old 07-11-2017, 17:01   #11
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Re: Bitcoin

Quote:
Originally Posted by SnoopZ View Post
Why cant you buy a single bitcoin?

If i was to buy part of a coin, where is it stored and how safe is it from theft?
You have a wallet online or on your pc via software which has an unique address (a long string of letters and numbers) and anyone can send bitcoin to that address and the owner can send from that wallet.

That is it simplified anyway. I think the actual reality is all the bitcoin are on the blockchain, which is like a database distributed across loads of servers and computers on the net, which know how much is in each wallet. Only the person with the correct cryptographic keys for a wallet may send bitcoin to another wallet, which is the owner of the wallet who knows the passphrase which unlocks the keys locally.

You could actually not have a wallet online and just print out the keys on a piece of paper (will be just a printout of gibberish) and put that in a safe. Everything you need to get at your bitcoins is on that piece of paper.

If you use an online wallet, you have to worry about someone getting your username and password and being able to transfer you coins. You can turn on 2 factor authentication and other features for more protection.
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Old 09-11-2017, 11:26   #12
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Re: Bitcoin

Quote:
Originally Posted by Qtx View Post
You have a wallet online or on your pc via software which has an unique address (a long string of letters and numbers) and anyone can send bitcoin to that address and the owner can send from that wallet.

That is it simplified anyway. I think the actual reality is all the bitcoin are on the blockchain, which is like a database distributed across loads of servers and computers on the net, which know how much is in each wallet. Only the person with the correct cryptographic keys for a wallet may send bitcoin to another wallet, which is the owner of the wallet who knows the passphrase which unlocks the keys locally.

You could actually not have a wallet online and just print out the keys on a piece of paper (will be just a printout of gibberish) and put that in a safe. Everything you need to get at your bitcoins is on that piece of paper.

If you use an online wallet, you have to worry about someone getting your username and password and being able to transfer you coins. You can turn on 2 factor authentication and other features for more protection.
You seem to know your stuff, so maybe you can help with a few questions as i am seriously considering buying upto 1 bitcoin?

1. Is it free to open a wallet online?
2. Where do you recommend to open a wallet?
3. Does a wallet have a monthly or annual maintenance charge?
4. When buying or selling a bitcoin i assume there is some kind of charge involved?
5. When the button is pressed to buy/sell a coin how quickly does it appear or leave the wallet?
6. Do we have to declare profits from bitcoins towards capital gains tax?

Thanks for your help if you have the time to answer these, normally i would google but i feel safer asking someone who has dabbled is this already.
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Old 10-11-2017, 13:15   #13
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Re: Bitcoin

Quote:
Originally Posted by SnoopZ View Post
You seem to know your stuff, so maybe you can help with a few questions as i am seriously considering buying upto 1 bitcoin?

1. Is it free to open a wallet online?
2. Where do you recommend to open a wallet?
3. Does a wallet have a monthly or annual maintenance charge?
4. When buying or selling a bitcoin i assume there is some kind of charge involved?
5. When the button is pressed to buy/sell a coin how quickly does it appear or leave the wallet?
6. Do we have to declare profits from bitcoins towards capital gains tax?

Thanks for your help if you have the time to answer these, normally i would google but i feel safer asking someone who has dabbled is this already.
I'm a noob when it comes to bitcoins, know just enough to get by.

1) Yes
2) https://www.coinbase.com/ (as mentioned before, turn on some 2 factor auth option)
3) No
4) Sending bitcoin there is something called a miners fee, like an amount to make sure other computers on the bitcoin network process the payment. Offline wallets like electrum can work out the charge for you and coinbase should do the same.

As for buying from an exchange such as Coinbase, I assume it's a bit like changing foreign currency where there may be a percentage charge. Never actually purchased bitcoin myself, mine have all come to me by other means.
5) It can leave the wallet immediately but usually for the rest of the bitcoin network to accept it's gone, it needs confirmation by a couple of different servers. This happens quicker the higher the miners fee is. Also if the fee is too low, it might not actually get processed.
6) No idea. My bitcoin are completely anonymous though and not pulled any out to a real bank account yet. Used it to buy services and put invest a little in some other crypto-currencies too, so all in limbo for me
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Old 10-11-2017, 14:48   #14
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Re: Bitcoin

Quote:
Originally Posted by SnoopZ View Post
Why cant you buy a single bitcoin?

If i was to buy part of a coin, where is it stored and how safe is it from theft?
You can for 5,200 :O
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Old 11-11-2017, 13:12   #15
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Re: Bitcoin

Quote:
Originally Posted by Qtx View Post
I'm a noob when it comes to bitcoins, know just enough to get by.

1) Yes
2) https://www.coinbase.com/ (as mentioned before, turn on some 2 factor auth option)
3) No
4) Sending bitcoin there is something called a miners fee, like an amount to make sure other computers on the bitcoin network process the payment. Offline wallets like electrum can work out the charge for you and coinbase should do the same.

As for buying from an exchange such as Coinbase, I assume it's a bit like changing foreign currency where there may be a percentage charge. Never actually purchased bitcoin myself, mine have all come to me by other means.
5) It can leave the wallet immediately but usually for the rest of the bitcoin network to accept it's gone, it needs confirmation by a couple of different servers. This happens quicker the higher the miners fee is. Also if the fee is too low, it might not actually get processed.
6) No idea. My bitcoin are completely anonymous though and not pulled any out to a real bank account yet. Used it to buy services and put invest a little in some other crypto-currencies too, so all in limbo for me
Thanks for the reply much appreciated.

---------- Post added at 12:12 ---------- Previous post was at 11:54 ----------

Quote:
Originally Posted by Hom3r View Post
You can for 5,200 :O
The price has started to drop a little now, but 1 month ago the price of a bitcoin was only around 3800 and 6 months ago it was just 1500 so this is the reason i am a little interested in having a dabble, i just need to be brave enough to buy something.

Atleast you don't have to buy a full Bitcoin as 1 Bitcoin can be divided into 100 million parts making it cost effective to take the risk.
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Last edited by SnoopZ; 11-11-2017 at 13:22.
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