BITCOIN & MINING
Bitcoin is - simply put, a digital currency. The reason why we (and many others) think it is such a remarkable innovation is that this digital money is not controlled by any central authority. The Bitcoin network is completely decentralized, the currency itself is produced by a community, to which anyone can freely join. Bitcoin can be transferred almost freely and instantly in contrast to a bank transfer, where one must pay a significant amount of money and the completion might take days.
Bitcoin is not like the money we know, it is produced and held digitally. It is created by a network of computers that use a certain software protocol, solving mathematical problems. There will be only a finite number of Bitcoins that can ever be mined, so inflation is not a problem of this currency.
ALTCOINS (OTHER CRYPTO CURRENCIES)
Soon after the launch of Bitcoin other cryptocurrencies started appearing.
By now there are hundreds of new coins introduced to the market, which differ from Bitcoin in some or many characteristics. For example they can be mined with less effort than Bitcoin, and the number of coins that can be ever mined also varies in the case of each coin. The most important difference between altcoins and bitcoin is their proof of work algorithm. In the case of altcoins the algorithm does not contain the protocol of increasing difficulty, which means it's easier and more rewarding for the individual to mine them than mining Bitcoin.
The success of a certain coin mostly depends on the strength of the community it creates. The altcoin that has the biggest market share after Bitcoin is Litecoin.
Bitcoin is created by the act of mining.
The members of the network provide their computational power for calculations of mathematical problems, and for this effort they are rewarded with bitcoins. However, the more members are mining, the more competitive is gets.
Computers are really good at solving these mathematical problems, so the Bitcoin Network purposely makes the solution more and more difficult, otherwise all of the bitcoins would be mined in a very short period of time.
This is why there are already many highly specialized hardware solutions on the market, their only purpose being exclusively to mine Bitcoin.
As new models come out quite frequently, everyone must regularly optimize their mining gear, in order to stay competitive. Once a new mining rig is introduced to the market, the old ones quickly become outdated and therefore unprofitable. At the same time this gradual development of the technology increases the overall difficulty of mining again.
The result is a never ending circle of the constant need to optimize. This explains why it's a must to start with the best available hardware and to start immediately in order to mine profitably for as long as possible as well as not to lose a minute of precious mining time.
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HOW TO TRADE & BUY BITCOIN and DIGITAL CURRENCY
You can set up your own account and start buying and trading Bitcoin with the links provided on our Buying & Trading Digital Currency page.
You need to deal with reputable companies and learn how to properly set up and use Digital Wallets, Exchange Trading Accounts, keeping your Cold Storage Funds and much more.
A WORD OF WARNING - whilst you can set up to buy and trade by yourself, there are many traps and scams that can cause new entrants into the market to lose their money either by hacking or simply setting up and securing their accounts incorrectly.
We strongly advise you consider the service and back up we offer to get you started, so as not to make the costly mistakes many have made before you in trying to get into these markets without assistance and back up support.
Information contained on this site is for education and information purposes only - we do not provide financial advice nor should any content on this site be regarded as such.
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