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Talk to me about BitCoin


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#1 CraigP

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Posted 23 August 2017 - 15:27

Hi all, i've seen a couple of posts around this before and I wanted to get a bit more educated on it.

 

There's a few things I get and a few things I don't.

 

the main thing is, what is bitcoin mining and what is the point of it? does it have an end result?

 


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#2 Lewwy

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Posted 23 August 2017 - 15:50

Hello Craig, 

 

If you have an hour or so, try Banking on Bitcoin.

 

It should answer some of your questions.

 

Lewis.


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#3 brightonmike

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Posted 23 August 2017 - 16:03

Mining is just a process of verifying each transaction. Miners then get a small bitcoin reward in return.


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#4 DigitalSquid

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Posted 23 August 2017 - 17:17

Whatever you do, don't use CEX.IO (https://cex.io).

 

Their 2FA system is broken. It'll lock you out of your account, they'll blame you and hold your bitcoins/money for ransom,


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#5 Gibson

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Posted 24 August 2017 - 17:39

Upon consultation with a friend of mine, it is do-able, however, one needs some pretty pricey hardware to produce enough power to successfully mine. This will be an initial outlay. As time goes on, it becomes more difficult to mine, and so you need to make sure your hardware is up to scratch. Miscalculate and you could be operating at a loss.


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#6 Renaissance-Design

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Posted 25 August 2017 - 10:16

Another thing to note is power. Unless you're getting free power from somewhere (eg solar) it can easily eat into any profits you might make.


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#7 CraigP

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Posted 21 September 2017 - 12:20

Thanks Guys!

Another thing to note is power. Unless you're getting free power from somewhere (eg solar) it can easily eat into any profits you might make.

My landlord pays my Electricity, so that's a touch, 

 

It's not something I was going to get stuck into though, more, I just want to learn about it more, My clients are heavily invested into Crypto Currency and Blockchain, so I want get more understanding!

 

C


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#8 jimmypham3875

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Posted 22 September 2017 - 10:01

I know a little bit about bitcoin, if you want to know about it. Just put put here your question, I will tell you.


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#9 brightonmike

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Posted 06 October 2017 - 08:14

Thanks Guys!

 

 

My landlord pays my Electricity, so that's a touch, 

 

It's not something I was going to get stuck into though, more, I just want to learn about it more, My clients are heavily invested into Crypto Currency and Blockchain, so I want get more understanding!

 

C

 

 

Your landlord pays for regular, reasonable use of electricity. They're not gonna let you run mining rigs 24/7.

 

Mining Bitcoin is fallacy now. You're best off just trading it, or just sticking in a chunk of cash and then forgetting about it for 10 years. 


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#10 Gibson

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Posted 06 October 2017 - 19:48

 

Mining Bitcoin is fallacy now. You're best off just trading it, or just sticking in a chunk of cash and then forgetting about it for 10 years. 

 

Yeah that's what I go with. I know a guy who mines, I think he's actually losing money through leccy. And he has pretty good hardware.


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#11 CraigP

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Posted 10 October 2017 - 16:21

our landlord pays for regular, reasonable use of electricity. They're not gonna let you run mining rigs 24/7.

 

He should def of thought about that before having three flats on the same meter then ;)

Although I have no intention of mining it, more to the point of, what is mining it - I might trade it if I learn enough about it. 


Edited by CraigP, 10 October 2017 - 16:27.

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#12 brightonmike

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Posted 16 October 2017 - 16:28

Mining it is solving mathematical problems. These problems are used to verify the transactions. As a reward, for each transaction you verify, you get a tiny cut.

 

Trading Bitcoin is probably pretty identical to Forex trading. You stick a large lump sum in, say 10k, and when the valuations fluctuate you trade currency to gain a profit. Trading currency is probably just gambling really.

 

Because you need a large lump to do it properly, again I wouldn't bother. Your returns on trading small sums are not worth your time.

 

Best bet? Stick £200 a month (or whatever you can save) into Bitcoin. Once you have a few bob, buy a proper hardware wallet. Each month buy the currency and stick it on the wallet and keep the wallet safe.

 

In 10 years, you stand a good chance of having a nice lump of cash on your wallet worth much, much more than what you put in.


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#13 Gibson

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Posted 16 October 2017 - 17:35

I concur with brightonmike again. Probably the best way to make any money out of Bitcoin nowadays is just to buy some and wait for a while, like a regular investment.

 

I get the impression that unless you're extremely dedicated, trying to mine nowadays would turn out to be a bit of a fruitless exercise.

 

However, you know, if you fancy it, I guess you could try for a while, hope the leccy doesn't get found out, and sell your kit off secondhand if it isn't working out for you. But it does strike me as a real hassle, be warned. You do strike me as a go-getter though Craig, so who knows?


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#14 CraigP

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Posted 20 October 2017 - 15:36

You do strike me as a go-getter though Craig, so who knows?

To be honest, I just like discovering new things, losing loads of money then complaining about it until I find the next thing I want to waste money on. 

 

it's a viscous circle, will probably invest here though, I think it'll be worth while 


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#15 Gibson

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Posted 23 October 2017 - 23:36

To be honest, I just like discovering new things, losing loads of money then complaining about it until I find the next thing I want to waste money on. 

 

 

You're in the wrong trade, mate. You should be an investment banker. You can do all of that and still walk away with a seven figure bonus at the end of the year. Plus, you get to use other people's money.


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#16 Renaissance-Design

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Posted 30 October 2017 - 12:43

Interesting article here.


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#17 Oranger

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Posted 01 December 2017 - 08:26

Bitcoin is a complex topic, it's ok if you don't fully understand how it works.

If you're looking for doing Bitcoin transaction, you should have a Bitcoin wallet, creating it is pretty easy with Bitcoin Core, Bither, Armory, or mSIGNA. Then in order for transactions to be confirmed and transfer among users, some specific processes need to take place, that call mining, the processors will unblock code, made a transaction signed, packaged into a block, and subsequently integrated into the blockchain.

As a reward for this work, the processors will receive an amount of bitcoin.


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