0-19

Bitcoins and Cryptocurrency

Shares

Hello, Welcome to the hiTechLab Today we are talk about bitcoins and how it’s work Bitcoin is a cryptographical currency you can say a virtual or digital currency used over the internet Bitcoin is a distributed computing competition designed by Satoshi Nakamoto in January 2009 and no one know who this person is I think because of security reason he hides himself You can either purchase the bitcoin or you can mine the bitcoin Mining a bitcoin is like your computer should solve some extremely difficult level task and you got paid for provide your service in bitcoin but for that you need extremely high speed or high capacity computer and you need high speed internet connection For making some money you need minimum 3Ghash/S speed of computer There are some people who make almost 1 million dollars per month just for doing mining Hash rate is the speed of the network and because of so many people or processor are running hashing algorithms and that’s why it’s difficult for the hacker to find out the solution because it’s a distributed algorithm The hashing algorithm is runs in the blocks and that block is a one part of the algorithm that is solve at a same time on all the processor are connected to that block Every new block is harder than the old block and that’s why for finding out the solution for the hard block you need more computing power In the begging time of the bitcoin around 2009-2010 people are doing mining on normal PC and still making 1 Bitcoin per day but now you need special PC for doing mining work just give you one example I have core I7 PC and when I start doing mining I just got around 10Mhash/S speed and on this speed I earn only 0

00000001 BTC per day which is not good Today you need faster ASICs Processor to do the mining work and they provide you around 5Thash/S speed and this Processor charge you like $500 and you can earn 01 bitcoin per day but still it’s all depends on block number the higher the block number you need processor that can provide you the higher hash speed For purchasing or for mining you need a bTC wallet It’s like your Bitcoin account where you can transfer bitcoin or receive bitcoin protected by cryptography Today January 11, 2017 and the bitcoin rate is over $850 and this price is keep increasing every single day and over 1 million venders are accepted bitcoin and that’s why bitcoin is the most popular among investors If I had a chance to go back in time and invest some money I can invest in bitcoin who cares about apple or Microsoft I am gonna be a bitcoin person But every bright side comes with the dark site and there are so many frauds are going on people are invest black money in bitcoin so no one can trace In conclusion, bitcoin provide you the freedom of physical money provide the freedom from governments and banks and I think this is the future money What do you think comment down in below? In the next video, I gonna explain how you can mine the bitcoin and how you can setup your computer to mining a bitcoin so make sure you subscribe this channel Thank you for watching this one see you in the next one

About the Author Dancake

Hey hey hey. It's Ville and welcome to my blog. I am a tech enthusiast and always looking for ways to generate new income streams. At the moment Bitcoin cloud mining is one of the most promising ones and that's why I created this website. Hope you like your stay. If you want a quick start guide about making passive income with cloud mining check out this guide.