TeknoDate: Mining
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Interesting Facts about Bitcoin 0

Interesting Facts about Bitcoin

What is bitcoin?

According to Wikipedia Bitcoin is electronic money created in 2009 by Satoshi Nakamoto. The name is also associated with open source software that he designed, and also uses peer-to-peer networks without centralized storage or a single administrator where the United States Treasury calls bitcoin a decentralized currency.

Bitcoin is now the most popular digital currency on the internet, almost all internet users in the world know what bitcoin is. Seeing the increasing potential of bitcoin prices

Bitcoin function

Like other currencies, Bitcoin itself can be used as a legitimate exchange of buying and selling. But not all traders accept bitcoin as payment, because there are still many who are unfamiliar with bitcoin.

Aside from being a means of payment, bitcoin is now widely used to invest as well as investing in foreign currencies, gold or property. Because now bitcoin has been listed as stock in many exchanges, so there are not a few stockbrokers who buy and sell bitcoin as their stock assets.

How to get Bitcoin?

There are several ways if you want to get bitcoin, including the following:

1. Buy and Sell Bitcoin

As I said before, bitcoin can be bought and sold. We can buy bitcoin on the stock market at a cheap price and sell it when the price is higher than the purchase price.

In my personal opinion, playing bitcoin shares is simpler and easier compared to another stock trading. We do not need to be required to be able to analyze shares like presidential traders. Can know when you can buy and when you can sell bitcoin profitably enough is enough for you to play bitcoin shares.

2. Mining Bitcoin

Maybe now it's quite late for us lay people who want to mine bitcoin.

Simply put, mining bitcoin can use our computer, especially using a CPU (Central Processing Unit) and GPU (Graphics Processing Unit). But because the bitcoin difficulty level is already very high, it will take a very long time to get 1 bitcoin coin.

People on the outside intentionally make and use GPUs that have special specifications, namely ASIC (Application-Specific Integrated Circuit) in which it is a bitcoin miner.

Most of the GPUs they use are high-specification, the higher the specifications, the higher the Hashrate (Hs) will be generated to mine bitcoin. Therefore people compete to make and modify their computer's GPU to mine bitcoin.

3. Selling online

And maybe the last choice is very easy, but it also takes a lot of effort to do it. Because this way actually anyone can do it. Yes, buying and selling goods online.

Lots of our friends who have online stores and don't accept bitcoin payments. Because, with bitcoin, we are made easier on payment problems, especially across countries. Because one of the advantages of bitcoin is that it can be used wherever the country is.

In addition, many friends who sell online assume that payment using bitcoin is an investment. Because if the prices of the items they sell are adjusted to the price of bitcoin at that time, and when the price of bitcoin rises they will be happy to sell it so that their income is more profitable.
Become a Cryptocurrency Miner 0

Become a Cryptocurrency Miner

One way to get Bitcoin or other cryptocurrencies is to 'mine' or mining. Cryptocurrency obtained through mining activities is the creation of new units. So it's like a Central Bank that prints new money to increase the amount of money circulating in the community. Whereas if you get a cryptocurrency by buying it or collecting it for free on the faucet site, then the cryptocurrency is a cryptocurrency that has been circulating.

Here are some things to know if you want to become a cryptocurrency miner:

  • Hardware is needed to do mining. The hardware can be a computer processor (CPU), graphics card, or ASIC miner.
  • The hardware used depends on the type of cryptocurrency that you want to mine. Make sure you do not choose the type of device purchased.
  • Not all cryptocurrencies can be mined. To find out whether a cryptocurrency can be mined (mineable) or not (not mineable), it can be checked on the coinmarketcap.com site. A cryptocurrency that cannot be mined is marked with an asterisk (*).
  • Now there is also a cloud mining service where you don't need to have your own mining device. The principle is that you hire mining equipment from service providers. Be careful when choosing cloud mining services because there are enough scam reports that appear.
  • After you have the device to mine, then you have to find a place to mine. The term used for mining cryptocurrency is a mining pool. Look for mining pools in accordance with the type of cryptocurrency you want to mine.
  • You can do mining alone (solo mining) or group mining (pool mining). The most chosen method is pool mining because the opportunity to get results is far greater than solo mining. In the mining pool, the results obtained will generally be shared according to the miner's contribution.
  • In general, the level of difficulty to mine a type of cryptocurrency is increasingly difficult. So with the same mining tools, the results obtained will get less and longer.