Bitcoin is the future for any transaction. Lets understand why and how the money came into picture. The civilisations wanted some means to value goods so they started with the barter system. Later came the age of coins which was valued by both buyer and seller so buyer gave coin in exchange of goods. Now in the modern era we have currency which are combination of coins and notes. Every country has its own currency which are valued by others as well. With this basic information of what’s a currency, lets understand what actually it is.
How To Mine Bitcoin?
Bitcoin is a Crypto Currency, meaning its a digital entity. It don’t have physical existence. They are generated by complex mathematical algorithms. Its not clear who actually created this technology, but this currency is not controlled by any one single country like other currencies. One can get bitcoin by a process called bitcoin mining. In simple words it is a process where a computer hardware performs some complex computation of solving some algorithms. In turn for solving we get some bitcoins in return.
The Bitcoin mining is similar to gold mining. In gold mining we put lot of effort and invest revenue to extract gold. In the exact same way the bitcoin miner invests lot of computing power to run the mining software, depending on the effort being put we get equivalent quantity of bitcoin in return. Generally miners use either dedicated bitcoin mining devices or they can also use a computer graphics card. The scale of mining is measured in Hash(Mega/Giga Hash).
Should I Start Mining Bitcoin ?
Even though its sounds like bitcoin is a great deal, it isn’t that great due to some of the following reasons.
- Bitcoin is used for Illegal Trade.
- Bitcoin is not stable currency like any other standard currency
- Bitcoin mining rate has been slowed down, due to over mining.
- Mining is very expensive as it uses lot of hardware, electricity etc.