How does ......... Work?

Bitcoin Mining?
I have been reading a couple articles on the web about Bitcoin the new digital currency
this has led me to believe how bizarre it may seem but there are "mines" sold on ebay which mines bitcoins.





does anybody know how this whole bitcoin industry works?

 

Bitcoin is a peer-to-peer network cash that allow online payments to be sent directly from one party to another without going through a financial institution. First step: get a "wallet". What is a wallet? Its free, open-source software. Just download and install it. Second step: Get bitcoins [there are alot of ways to do that]. Last step: How to spend bitcoins? there are many bitcoin related services, physical stores and online stores that allows you to buy things with your bitcoins.

 

result have answered all my Q/A hope this picture helps others!

 

Both good replies.

I have had friends who have 'mined' Bitcoin. It costs a lot in hardware, you will most likely not make back what you initially invested.

I got involved in BTC when the prices were between $10 - $20 and sold when they hit $190. Few grand profit. I wouldn't both though unless they drop below $40 again.

 

WOW that's around 1100% gain pretty impressive I guess you LIKED? that.

From the posts I have read, the general consensus was that the party is over! in terms of mining as a opportunity.

 

'Mining' BitCoins may be a bit misleading. The very simplified version: Mining verifies BitCoin transactions and adds them to the global ledger all transactions are stored in (also called the block chain).

I wouldn't recommend getting into mining BitCoins right now, though. The difficulty is increasing dramatically and after the devices from ButterflyLabs and other companies hit the market (probably in a few months), the difficulty will go through the roof. Even with more than 25 Ghs you won't be able to get your money back. You will need some serious rigs to even turn a profit. Someone did the math on this. I could dig it up if someone wants it.

You are better off trading them. But the bottom line is: the gold rush is over.

 

I'm undecided about the whole thing.

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I don't think the general public will ever accept a "brand" without a real name and picture attached.​

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I'm sure I wont be the only person that pictures "facebook" with a picture of Mark zuckerberg​

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You will find a load of market "experts" saying bitcoin is doomed to fail.
I personally don't think so, if it was as doomed as much as there saying it would of failed already!

NO TAX! NO VISA! NO BANK!

without sounding to far fetched if "bitcoins" take off it will spell a digital warfare.

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• I can see why Satoshi Nakamoto want's to keep his profile secret After all he has just made the the biggest decentralized P2P cryptocurrency, I can picture acquiring banks such as Visa, amex mastercard etc shivering in there sleep!

One thing is for certain its a topic we are LIKELY to hear much more of over the coming year

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I tried mining bitcoins once, and I'm a dude with a ton of computers.

(two BEAST pcs, and 2 laptops).

It just wasn't worth it in the end.

I think there are a lot of "blackhat" methods of mining bitcoins, but I really won't get into that here lol.

 

How long ago did you try your "blackhat" methods

reason I ask this was the article I came across
http://www.wired.com/wiredenterprise/2013/05/butterfly_live/

 

I am 100% whitehat, I merely stated that there are indeed blackhat methods to accumulate bitcoins.

I don't advice it, don't commend it, don't do it, and won't really go into much more detail.

(You can search Google and find more information though).

 

No problem, I never intended to have a computer farm in my house