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Topic: how does it bitcoin work? - page 2. (Read 4058 times)

member
Activity: 70
Merit: 10
September 17, 2014, 01:52:26 PM
#46
If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?


It totally depends on its processing power. The more Hashes it can perform per second, the more income it will generate you. Keep in mind that the more hashing power comes online, the smaller your piece of the cake gets. There are 3600 Bitcoins distributed every day (on average, it fluctuates due to variance), they're effectively distributed between everyone, who is mining, depending on their respective hashing power. The more hashing power gets online, the less your piece gets in comparison. - This is a very simplistic explanation but it should give you a rough idea!
It also depends on how much power the miner consumes... The more it consumes, the higher your electricity bill will get!

Can you actually mention the hardware that can be used for that?

You can use any sha256 ASIC to mine bitcoin.
Example 1, Antminer S3: https://bitmaintech.com/productDetail.htm?pid=000201409100729132701XzQIXcc06AB
Example 2, SP20: http://www.spondoolies-tech.com/products/sp20-jackson-october-batch-1
Example 3, ASICMiner Tube: https://bitcointalksearch.org/topic/block-erupter-tube-sales-information-thread-round4-price-at-1btc-per-ths-735728


Or maybe a cheap block erupter only for learning purposes because you will earn more coins with faucets...
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
September 17, 2014, 01:47:10 PM
#45
What can  bitcoin do? How do you make itbecome a money making machine?

Bitcoin can perform contracts of value by acting as a medium of exchange act as a low cost transfer system and perhaps change the way microfinance is handled you can make money by investing I guess and trying to create a new industry around it sort of a wild west still but its getting a bit more civil.
hero member
Activity: 612
Merit: 500
September 16, 2014, 11:21:14 PM
#44
If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?


It totally depends on its processing power. The more Hashes it can perform per second, the more income it will generate you. Keep in mind that the more hashing power comes online, the smaller your piece of the cake gets. There are 3600 Bitcoins distributed every day (on average, it fluctuates due to variance), they're effectively distributed between everyone, who is mining, depending on their respective hashing power. The more hashing power gets online, the less your piece gets in comparison. - This is a very simplistic explanation but it should give you a rough idea!
It also depends on how much power the miner consumes... The more it consumes, the higher your electricity bill will get!

Can you actually mention the hardware that can be used for that?

You can use any sha256 ASIC to mine bitcoin.
Example 1, Antminer S3: https://bitmaintech.com/productDetail.htm?pid=000201409100729132701XzQIXcc06AB
Example 2, SP20: http://www.spondoolies-tech.com/products/sp20-jackson-october-batch-1
Example 3, ASICMiner Tube: https://bitcointalksearch.org/topic/block-erupter-tube-sales-information-thread-round4-price-at-1btc-per-ths-735728
hero member
Activity: 612
Merit: 500
September 16, 2014, 11:15:42 PM
#43
How does Gold make you am oney making machine?

Gold is a very marketable product. It is before and it is today. Aside from that, Gold is well adopted by each and every people in the world.

True that gold is widely accepted by almost every people in the world. You can sell it for other form of money, but it is not a money making machine.
For the same reason, bitcoin is not a money making machine.
sr. member
Activity: 322
Merit: 250
September 16, 2014, 12:31:14 PM
#42
Bitcoin is a form of currency without notes and coins, it is a digital currency.

In this era of Internet and digitization, we’ve moved from phone to VoIP calls, face-to-face meeting to video conferencing, fax to email, cable television to IP TV, and the list goes on. Bitcoin is the equivalent for money.
newbie
Activity: 42
Merit: 0
September 15, 2014, 10:23:51 PM
#41
If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?


It totally depends on its processing power. The more Hashes it can perform per second, the more income it will generate you. Keep in mind that the more hashing power comes online, the smaller your piece of the cake gets. There are 3600 Bitcoins distributed every day (on average, it fluctuates due to variance), they're effectively distributed between everyone, who is mining, depending on their respective hashing power. The more hashing power gets online, the less your piece gets in comparison. - This is a very simplistic explanation but it should give you a rough idea!
It also depends on how much power the miner consumes... The more it consumes, the higher your electricity bill will get!

Can you actually mention the hardware that can be used for that?
hero member
Activity: 686
Merit: 500
A pumpkin mines 27 hours a night
September 12, 2014, 08:56:13 AM
#40
If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?


It totally depends on its processing power. The more Hashes it can perform per second, the more income it will generate you. Keep in mind that the more hashing power comes online, the smaller your piece of the cake gets. There are 3600 Bitcoins distributed every day (on average, it fluctuates due to variance), they're effectively distributed between everyone, who is mining, depending on their respective hashing power. The more hashing power gets online, the less your piece gets in comparison. - This is a very simplistic explanation but it should give you a rough idea!
It also depends on how much power the miner consumes... The more it consumes, the higher your electricity bill will get!
newbie
Activity: 3
Merit: 0
September 12, 2014, 08:17:54 AM
#39
How do you make itbecome a money making machine?
Bitcoin is money

I   agree  with  you! But  it  is   virtual money! And   if   you  want  to  know   how  earn  this  money  look  at  here. There  is  some   calculator  and  you  get   to  know   how  many  time  you  need  to  earn  1  bit-coin. http://mining-profit.com/ Every next   day  make   this   posses  much more  difficult! But   everyone   can try and  everyone   can  get   successes  of  this  proses if  you  would   work  hard! 
newbie
Activity: 42
Merit: 0
September 12, 2014, 07:18:39 AM
#38
How does Gold make you am oney making machine?

Gold is a very marketable product. It is before and it is today. Aside from that, Gold is well adopted by each and every people in the world.
newbie
Activity: 28
Merit: 0
September 11, 2014, 06:56:31 PM
#37
How does Gold make you am oney making machine?
hero member
Activity: 619
Merit: 500
September 11, 2014, 01:08:16 PM
#36
I dont know if third world countries knew about this btc thing

No. Some part of the third world countries doesnt have internet access and even electricity. Bitcoin revolution is a lost cause.

Some of them has nothing to eat. How can you educate them with bitcoin?

Then we dont foccus on the people who is not interested in btc. We cater those who are.

True but sadly those people are IMO the group of people that could be benefited the most from the cryptocurrency technology, as they are suffering from insane inflation and unstable government.
hero member
Activity: 619
Merit: 500
September 11, 2014, 01:04:38 PM
#35
If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?


It depends on the hashrate and efficiency of the miner.
A Block Erupter USB miner will cost you just a few bucks while a new powerful miner will cost you a few thousands USD.
member
Activity: 70
Merit: 10
BTC/Doge
September 11, 2014, 12:09:44 AM
#34
From the user perspective, Bitcoin is just a mobile app or software that delivers a private Bitcoin wallet and allows an individual to deliver and receive bitcoins using them. This is the way Bitcoin works well with most users.
member
Activity: 75
Merit: 10
September 10, 2014, 11:23:53 PM
#33
If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?
member
Activity: 94
Merit: 10
September 10, 2014, 11:15:40 PM
#32
I dont know if third world countries knew about this btc thing

No. Some part of the third world countries doesnt have internet access and even electricity. Bitcoin revolution is a lost cause.

Some of them has nothing to eat. How can you educate them with bitcoin?

Then we dont foccus on the people who is not interested in btc. We cater those who are.
member
Activity: 112
Merit: 10
☯YIN YANG KING☯
September 10, 2014, 02:35:26 AM
#31
I dont know if third world countries knew about this btc thing

No. Some part of the third world countries doesnt have internet access and even electricity. Bitcoin revolution is a lost cause.

Some of them has nothing to eat. How can you educate them with bitcoin?
full member
Activity: 126
Merit: 100
*Bitcoin Betting*
September 10, 2014, 02:34:33 AM
#30
How do you make itbecome a money making machine?
Bitcoin is money

Bitcoin is "somewhat" like money

It is arguable. Many bitcoiners consider it as a currency, while major governments consider it as an asset.
How do you make itbecome a money making machine?
Bitcoin is money

So its all positive then. One a new currency and the other as an asset.

Is it acceptable if I say, Bitcoin is internet money?

Yeah, can you use bitcoin without the net?

Nope, you need electricity and internet connection, to broadcast your transaction.

Could not see any of your post here
full member
Activity: 126
Merit: 100
September 10, 2014, 02:32:37 AM
#29
I dont know if third world countries knew about this btc thing

No. Some part of the third world countries doesnt have internet access and even electricity. Bitcoin revolution is a lost cause.
member
Activity: 93
Merit: 10
Imagine Me and You
September 07, 2014, 11:19:19 PM
#28
If op wants to became a milionaire simply by entering bitcoin world it is not the time. You could do this like 5 years ago tho... No bitcoin is more stable and we won't see any high peak anymore.

Correct.. me, I will not risk everything I have for btc.. The thing is bitcoin is not under the government and if government will go against btc then we are fffed up.

Isn't that exactly why we have faith in bitcoin, that governments can't control the decentralized bitcoin protocol, network and transaction?

Maybe what he was trying to say that if bitcoin is kinda lost or maybe you were scammed by someone, you dont know where to go or where to complain. There is no ruling body to do that.
hero member
Activity: 653
Merit: 500
September 05, 2014, 02:40:04 PM
#27
If op wants to became a milionaire simply by entering bitcoin world it is not the time. You could do this like 5 years ago tho... No bitcoin is more stable and we won't see any high peak anymore.

Correct.. me, I will not risk everything I have for btc.. The thing is bitcoin is not under the government and if government will go against btc then we are fffed up.

Isn't that exactly why we have faith in bitcoin, that governments can't control the decentralized bitcoin protocol, network and transaction?
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