This post is not a simple tutorial, this is a real and very interesting proposal for those who want and intend to earn some money.
Bitcoins, this has been a very talked about topic in recent times. And many people still do not have a concrete idea of what it really is.
THE MAIN QUESTIONS ARE:
1 - How does a Bitcoin wallet or wallet work?
The Bitcoin client automatically generates a portfolio that contains pairs of public addresses and their corresponding private keys. Public addresses are what you see - you can make known to receive payments. Private keys, on the other hand, are only in your wallet (in the wallet.dat file).
Imagine that your public addresses are inviolable mailboxes that everyone can see, and where everyone can deposit bitcoins, but only you can open with your private keys. Each public address is "opened" with a specific private key and impossible to reproduce. If you receive 1 bitcoin that was sent to one of your public addresses, the only way to eventually transfer ownership of that bitcoin (from "sending it" to another person) is by using the private key that corresponds to that public address.
While you keep the portfolio, you keep the private keys that allow you to have the bitcoins that that portfolio controls. That is why it is advisable to keep backups of the wallet.dat file.
2 - Why will there never be more than 21 million bitcoins?
The limit of 21,000,000 imposed by the protocol is arbitrary; what matters is that, according to the rules implicitly accepted by all those who use the system, this limit can not be exceeded, nor can the rhythm in which the money supply increase be altered. In this sense, Bitcoin is absolutely predictable - something fundamental for a monetary system.
3 - When will the bitcoins stop producing?
The bitcoins are generated as a reward for the work of the miners, and this reward decreases by half every 4 years. By 2030 almost all the bitcoins that will come into existence will have been generated, although the truth is that they will continue to generate (increasingly less) bitcoins. In the long run, only small fractions of a bitcoin (each time smaller) will enter the economy over the course of several years, but the curve representing the increase in the money supply will continue to approach asymptotically 21,000,000.
4 - Will there be enough, in the future, 21 million bitcoins?
The shortage of bitcoins will never be a problem, because every bitcoin can be divided up to the eighth decimal place - and potentially even more. That is to say that today you can pay someone the amount of 0.00000001 bitcoin. We speak of a total monetary mass composed of - at least - quadrillions of units, so a single bitcoin in circulation would suffice to supply enough monetary units to the entire planet. In the future, if necessary, the units in use could be called microbitcoins, nanobitcoins, etc.
5 - Is Bitcoin a pyramid scheme?
A pyramid scheme is based on unfulfilled promises. Bitcoin is NOT a company; it does not promise or can promise: it is a protocol, a computer tool whose code can be freely examined by anyone, at any time.
6 - What's so special about Bitcoin?
It is the only system that allows you to transfer any amount of wealth instantly, to any person, from and to any place and at any time, without having to pay abusive fees, without having to worry about fraud or the debasement of the currency, without having to ask for permission from anyone and without being forced to identify yourself.
7 - What is the backup of Bitcoin?
The backing of Bitcoin are its monetary qualities, neither more nor less. What is, perhaps, the backing of gold? ... its monetary qualities! Those who use Bitcoin do not have to rely on the promises of a government, but on the immutable laws of mathematics.
8 – ¿Tiene Bitcoin valor intrínseco?
Nada posee valor intrínseco; el valor es asignado a las cosas por los seres humanos. Puede decirse que las cualidades del oro son intrínsecas al oro, o que las cualidades de Bitcoin son intrínsecas a esta criptomoneda, pero el valor no se encuentra en el oro ni en Bitcoin: son los seres humanos los que valoran dichas cualidades.
9 - But bitcoins are intangible: is not that a disadvantage?
It is an advantage. Thanks to that quality (which precious metals do not have), bitcoins can cross borders instantly, and you can access them from anywhere. At the same time, Bitcoin makes it possible to avoid arbitrary restrictions on the transfer of value (unlike digital money that moves through the channels of the traditional financial system).
10 - But Bitcoin is deflationary: is not that a disadvantage?
Unlike what happens with forced money, it is likely that the value of your bitcoins tend to increase in relation to the products that you could buy with them. This is excellent news for the productive population, and a terrible news for those who today control (or benefit from the control of) the monetary system. By preventing the discretionary devaluation of the currency, Bitcoin encourages long-term savings and investment, while discouraging irrational consumption and unsustainable indebtedness.
11 - Is Bitcoin safe?
According to the experts, a transfer between Bitcoin addresses is several times more secure than a transfer between bank accounts (without counting the risk involved by the forced intrusion of third parties into the banking system). The Bitcoin code is open to all interested parties, and its cryptographic architecture allows for future updates to deal with potential attack vectors (if necessary decades in advance).
12 - Is it true that Bitcoin has been hacked?
No. The hacking into the databases of a bitcoin exchange site is NOT a bit of a hack to Bitcoin. To say otherwise is to say that a hack to a bank's database is a hack to the dollar.
13 - How can trust generate a monetary system used by anonymous subjects?
Anonymity is NOT something that Bitcoin imposes; It is a choice that Bitcoin admits. On the other hand, mutual trust is not always a requirement between the parties involved in a transaction. To prevent fraud, Bitcoin users have various reputation systems and escrow services (similar to those offered by eBay).
14 - Is Bitcoin the preferred currency of criminals?
Bitcoin can be used for illicit purposes, as well as the dollar, the ruble, the weight, etc. It can be argued that Bitcoin is more efficient than the dollar, the ruble, the weight, etc., and this is absolutely true, but we have not renounced the airplane - vehicle more efficient than the bicycle - nor the telephone - means of communication more efficient than smoke signals - because they can be used for illicit purposes.
15 - Can Bitcoin be banned?
A government might try to ban the use of Bitcoin, but controlling Bitcoin users is extremely difficult and extremely expensive. To eliminate Bitcoin you have to start nothing less than to eliminate Internet - although in the future Bitcoin could work even on the Internet.
The prohibitions did not end with BitTorrent, with Wikileaks, with illegal drugs, with tax evasion, with illegal immigration, with work "in black", etc. etc ... and will not end with Bitcoin either.
16 - With the increasing difficulty of obtaining bitcoins through mining, will mining "at home" continue to be profitable?
Mining was almost never very profitable for those who immediately liquidated the bitcoins mined: at the beginning, for example, one could get hundreds of bitcoins in a day of mining, but there was no way to sell them for more than USD 0.0001 ( or even that). Mining is only profitable for those who understand the basics of Bitcoin, and therefore believe in the bright future of this technology. So everything depends on the time horizon of the miner. If you have mined in early 2010 and you have not yet sold the bitcoins obtained, you have made a formidable business.
17 - Does the difficulty to obtain Bitcoins through mining increase continuously?
No. The probability of acquiring bitcoins through mining depends on many factors, the main one of which is the computational power contributed by the total of the miners. The difficulty is adjusted automatically every ten days so that the increase in the monetary mass occurs according to the programmed rhythm. So the difficulty can decrease, and has done so repeatedly (in general when the price falls, which discourages mining in the margin).
18 - If the use of Bitcoin were to grow exponentially, would miners have more and more work in exchange for fewer and fewer bitcoins?
The system is designed so that block generation occurs more or less every ten minutes, regardless of the number of transactions that each block includes. More transactions, however, does not necessarily mean more work for the miner (in fact, it could even mean more bitcoins in fees). And although in the future less bitcoins will be generated, we must bear in mind that the same restriction of the increase in the money supply could condition an increase in the price of bitcoin.
19 - Will mining end up in the hands of a monopoly?
The big difference between bitcoin mining and forced money issuance by a central bank is that mining remains open to anyone who wants to get involved, meaning that it is not possible to monopolize it. Nobody can - and will never be able to - take over bitcoin mining. It is true that it is an increasingly competitive market, but that is good news - it means that the network will be safe.
On the other hand, the incentive to mine is directly proportional to the price of bitcoin, which means that an inefficient miner can benefit even if he does not get many bitcoins. And there will always be someone who can acquire a competitive advantage simply by accessing cheaper energy.
20 - Will mining be the privilege of a few billionaires?
Those who invest in state-of-the-art mining farms have no guarantees (remember, it is not possible to monopolize bitcoin mining), and they will not lack or lack competition. The precious metals model can help understand this phenomenon: anyone can get involved in gold mining, for example, if they have certain knowledge and resources. Some miners will be more efficient than others; some will make better decisions than others; some will have better luck than others, etc. Companies that make precious metals mining there are thousands; Individuals or groups of isolated individuals there are many more. And this is true even though the precious metals mining business is distorted by state intervention. In the case of Bitcoin, the doors are wide open (and can not be closed): if you want to get involved in mining nobody will ask you for a license.
21 - Is the technological career between the bitcoin miners sustainable?
In fact, the "technological career" among bitcoin miners is the key to the sustainability of the entire system. Thanks to the fact that bitcoin mining improves with every innovation in hardware and software, the network is secure.
22 - Who will protect the network when the system stops rewarding miners with new bitcoins?
Transaction fees will become more important the lower the prize per block. In the future, the miners will be motivated to maintain the generating nodes by the sum of payments in concept of tariffs that they can accumulate, more than by the bitcoins that they are capable of generating.
23 - After the last bitcoin is generated, will the bitcoin mining end?
No, since what the miners are looking for is not, strictly, bitcoins, they are a hash of the next block of transactions. Whoever finds it gets the prize in bitcoins (as long as there is a prize) plus the amount corresponding to the fees.
24 - Will Bitcoin be destroyed by currency speculation?
In a free market, all that speculators do is buy when few are buying and selling when few are selling. Whether they want it or not, they moderate price fluctuations and bring liquidity to where it is most needed. On the other hand, given that the number of bitcoins is limited, anyone who intends to buy hundreds of thousands of bitcoins will generate such an increase in price (largely due to speculation on the part of those who see the price rise and postpone bitcoin sales) that probably Finish without cash before you get to buy 10,000. Dumping, on the other hand, will depress the price temporarily, thus helping to expand the market among more participants.
25 - The tangible coins of Bitcoin, will circulate along with other currencies?
The Bitcoin tangible notes and coins are designed as collectibles, or to introduce Bitcoin to people who lack minimal technical knowledge - not to base the operation of the Bitcoin economy on them. In addition, the manufacturer of these products could keep the private keys corresponding to the units sold, with the intention of using them in the future (even if it ensures otherwise). Do you know him?; Do you trust him? Do you trust your environment? ... The great advantage of Bitcoin is, precisely, that it does not depend on the ability or good will of the "issuer" of the currency, but on the unbreakable laws of mathematics.
26 - Will Bitcoin free us from banks?
Not necessarily. But the problem of the current monetary system does not lie in the banks, but in the forced money imposed by the states - which makes possible, among other misfortunes, the fractional reserve system with the central bank as a guarantor of last resort. This system benefits the banks at the expense of the productive population, but it can only work at gunpoint - and the gun does not have the banks, but the State.
The banks function as allies of the State (the current regulatory framework leaves them no other option), but they are not primarily responsible for the disaster that is looming.
27 - Will Bitcoin improve the economic situation of the less favored?
Currency does not produce wealth. Good currency is necessary for resources to be properly exploited, but wealth is produced by individuals interacting freely and voluntarily. That said, it is true that, in a world of free currencies, solutions to different social problems would not be so often hampered by the arbitrariness and inefficiencies of the system we have inherited.
28 - Will Bitcoin help to spread wealth more fairly?
If the recession continues to deepen, the assets of those privileged by the current monetary and financial system can lose their value very quickly. Unfortunately for them, the Bitcoin design prevents the granting of privileges.
29 - Will Bitcoin help prevent wars?
Wars can not be financed without violence and fraud. How many people would support a declaration of war to a distant country if they had to pay their share of the adventure directly out of pocket? The reality is that governments force us to finance their wars basically through debt and inflation, and this is only possible thanks to the control of the monetary and financial system. Therefore, pacifists should be the first to embrace Bitcoin.
30 - Do we need more bitcoins in circulation to activate the economy?
The currency is a social institution that arose spontaneously as a mechanism to facilitate exchanges, preserve economic value and provide a unit of account (a measure of common value). The free currency (not monopolized by the states) can help to allocate resources according to their productivity, and thus FACILITATE the creation of wealth, but one of the most important qualities of the good currency is its relative scarcity. More money in circulation - no matter how it is distributed - will not solve the problem of economic stagnation and poverty. In fact, the use of force to distribute wealth through the control of the monetary and financial system is the main cause of the recession and the consequent economic hardships.
NOW WE TALK ABOUT MINING:
The mining company basically consists of looking for a group of new algorithms called Bloques.
Currently, finding a block of bitcoins is paid with 25 Bitcoins.
At the time I write this post the bitcoin is worth 600 Us.
generate
BUT WHAT IS THE PROBLEM ?
To find a new block, alone, it will take a long but long time to find it.
The solution for that consists of the POOL URL
HOW DOES IT WORK:
It consists of a page where a large number of miners work together to find a block of bitcoins, and the profit is divided in equal parts according to the amount of SHARES that one contributed to find that block.
A share is a minimum fraction of a block of bitcoins.
WHAT I NEED TO MINING BITCOINS:
To be honest, my reason for creating this post is that I want to share new ways to mine bitcoins.
Well, before, when the level of difficulty to create a bitcoin was lower, people could use their own computer and so could earn a few cents.
But using your own computer you will not win ANYTHING, even if the computer is quite powerful.
So to be profitable the miners created super computers using several graphic cards connected to a single computer.
For a long time that was profitable, until the level of difficulty increased a lot.
What happens is that, the measure used to measure the process of your computer, at the time you are looking for bitcoins, is measured in M / HASHS or Mhs.
Most likely, your personal computer has a processing power of between 5 to 20 Mhs, which means NOTHING!
With this power of process you will get 0.02 US per month, working 24 Hr / Day. Which means you're going to waste time.
The Super computers that mention them, get to have up to 200 GHs, which means that with them on 24 Hs, in a month, you will earn around 300 Us per month in bitcoins.
AND WHAT IS THE PROBLEM:
Basically it is the size of those equipment, the cost of investment / benefit and keep them 24Hs predi, with good connection to the internet and a good electrical connection.
AND WHAT IS THE SOLUTION:
Let's get to the point, currently the machines based on graphics chips are not enough for the investment to be profitable, building one would cost about $ 4,000, and would yield 300 dollars a month.
Those machines, were not made to find bitcoins, so in recent times, some engineers have created a new structure to generate the bitcoins, making everything much more practical, saving space, energy costs and increasing the calculation power to 2THS! !
Those machines are armed, when you have what you need in a good source of energy, an internet connection with WIFI and a computer.
By doing the basic calculations it can be seen that a process power of 2 THASH would generate between 7,000 and 8,000 dollars in bitcoins.
The best brand in my opinion is COINTERRA.
Obviously, bitcoins are an unstable currency, and all these calculations are based on the current price and difficulty to generate bitcoins.
I suggest you be cautious about the subject but the sooner you start the BETTER.
Thank you for your attention !
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