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Everything for beginners
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Bitcoin is digital money. Physically this currency does not exist, there are only special electronic registries in which the records are kept, how many bitcoins someone has and where he/she is transferring them. These registers are called the blockchains. Also, the bitcoin is called a cryptocurrency or electronic payment system like Visa and MasterCard.
Satoshi is a part of Bitcoin as the cent is part of a dollar. For example, 1 dollar has 100 cents, and in 1 bitcoin there are 100 000 000 Satoshi. That's the number 0.00000001 BTC means 1 Satoshi.
The price of bitcoin consists
- of supply and demand on the bitcoin;
- strongly can affect the crypto news of the industry;
- from the difficulty of obtaining the one coin. To get one bitcoin now in addition to the cost of the specialized equipment it's necessary to spend a considerable amount of electricity.
Best graphics card for mining in 2018:
- NVIDIA GeForce GTX 1050 Ti.
- Geforce GTX 1060.
- Geforce GTX 1070.
- NVIDIA GeForce GTX 1080 Ti.
- AMD Radeon RX 580.
But the situation in the process of mining is changing continuously, we can say that every day, so you should monitor developments in technology.
The income that can be brought by mining of cryptocurrencies is not usually discussed. You can calculate it by yourself, but it's time-consuming because mining depends on the technical equipment and energy costs (excluding exchange difference and other factors). This information is a trade secret of miners, but some share their experience. Here is one example, as of January 2018 in the Russian conditions,
With the cryptocurrency of the farm of six Radeon RX 580, you can earn about 250 — 300 dollars a month. While spending on electricity by about 70-80 rubles. Not very serious money, I must say. Since bitcoins are mined enough, mining at home is becoming less profitable, so the whales of the sphere do recommend to work on the cryptocurrency services, not over mining.
How to get bitcoins or how do mining of virtual coins? The first question asked by newcomers to the cryptocurrency market. We offer you mining for dummies - you need to do next:
Create a wallet where you will put the mined cryptocurrency.
To buy or rent special equipment for production. This is one of the most expensive points, because every day the process of calculation requires more capacity.
To connect to a group of miners - the so-called pool.
Install on your computer, server, etc. special software to calculate the mathematical tasks.
To run the program and start getting rewarded for the calculations in the form of cryptocurrency.
Anyone who wants can start producing or mining the crypto currency. This is the main advantage of virtual coins. A few years ago, it was pretty easy to do it even on your own computer, and statistically, in such way, a large number of bitcoins were produced, that remained unclaimed on the wallets so far, but now it is virtually impossible to do it by yourself. Although you can try. To do this:
- Select the cryptocurrency you want to produce.
- Install on your computer the official wallet of the chosen cryptocurrency.
- Choose a way of mining cryptocurrency. There are several options:
- To buy expensive equipment and to become an independent producer;
- Purchase inexpensive equipment and connect to the existing group of producers. It's called to work through a mining pool.
- Buy some resources from owners of data centers. So-called cloud mining.
- Run a special application on your equipment.
- Get rewarded for the calculations in the form of cryptocurrency to your wallet.
Mining of bitcoins and other e-coins is called the production/output of cryptocurrency on special equipment by performing the automatic mathematical calculations.
The most simple scheme of mining:
1. purchase of equipment
2. installation of special software.
3. remuneration for the calculations in the form of bitcoins.
As the Bitcoin network is anonymous, it is impossible to say who is the biggest owner of bitcoins with 100% certainty. However, experts suggest that the main owner of the coins is bitfinex exchange - 190 000 coins, Binance exchange - 150 000 coins, Bittrex - 117 000 coins, Huobi exchange - 98 000 coins, and Bitstamp exchange - 97 000 coins.
There is also information that the brothers Cameron and Tyler Winklevoss own 1% of coins (more than 100,000 coins). The mysterious creator of the Bitcoin Satoshi Nakamoto owns more than 1 million coins. Overall, about 100 owners (wallets) keep 20% of the volume of the entire Bitcoin network. Interestingly, the FBI probably owns 144 000 confiscated bitcoins.
It's very simple:
1. Create a WMX wallet as described above.
2. Click on the account number and choose the option “deposit”
3. You will get a unique address for the depositing of the wallet that you need to use.
The answer to the question, how much can you earn with bitcoin, depends on how you plan to do it. You may also buy the coin at a low price and on the same day you sell it at a higher one. Or you will buy expensive equipment and start producing Bitcoin.
In the case of the exchange, it depends on your luck and ability to analyze markets, and in the case of mining - it depends on the amount you are ready to invest in cryptocurrencies.
Bitcoin wallet at the payment service system WebMoney is not different from a wallet denominated in any other currency, the dollar or the Euro, for example. The process will take you a couple seconds in case that you have already opened an account in WebMoney.
In order to create bitcoin wallet it is required in Webmoney Keeper interface click on create wallet, and in the appeared window to select the type of wallet called WMX. This will be your bitcoin wallet in the Webmoney system.
A similar approach could be considered for the website of the payment system by logging in to your account.
At the moment the price of one bitcoin is62606.3 USD. You can view the dynamics of the bitcoin exchange rate to the ruble on-line. Also interesting for traders and investors is the information about the value of bitcoin in dollars and euros.
Currently 1 Satoshi is0.000626 USD. We remind that one bitcoin consists of 100 million Satoshi. This is comparable to the usd and cents: 1 usd = 100 cents, 1 BTC = 100 000 000 Satoshi. To calculate the cost by yourself is very simple: the price of bitcoin should be divided by 100 million.
How to open a bitcoin wallet?
Bitcoin is an electronic alternative to money. Well, almost. Anyway, the main point is that bitcoin is impossible to take into hands, touch, despite the fact that on the pictures it is usually shown in the form of a large gold coin. This is done for the convenience of display. Therefore, to bitcoin being secured for you, you need to open a personal wallet is a special program which will display how many coins you have.
To open this wallet, there are several options:
- download the official wallet (software) on the website Bitcoin.org,
- use the online wallet on the site Blockchain.info,
- or to use alternative services that can store your bitcoin.
Who makes the biggest money on cryptocurrency?
Everyone wants to earn on cryptocurrency and bitcoin today. But not all succeeded. Let's take a look at the biggest crypto lucky ones who can make money on the virtual coins:
- First, who began to produce bitcoin, at that time the only cryptocurrency, is Satoshi Nakamoto. There is information that he owns almost one million (980 thousand) coins. It is not difficult to calculate that at the current rate it is0 USD.
- The largest investors, who own insider information about major transactions with cryptocurrency.
- Exchange of cryptocurrencies, that receive fees from each performed on the site the transaction and also receive income from fees for withdrawal from the system, and the reward from the introduction of new cryptocurrencies to the exchange.
- Investment funds earn on the fees of their depositors.
- Various services and equipment manufacturers offering services to work with cryptocurrencies. Among them:
- Manufacturers of equipment for the production and storage of cryptocurrencies who derive income from the sale of their products.
- Joint pools for mining of cryptocurrencies that derive income from fees for services.
- Data centers that rent equipment for mining out, the so-called cloud mining.
- Services that provide the storage of cryptocurrency, so-called online wallets earn fees for deposit and withdrawal of cryptocurrency.
- Various exchanges, providing exchange services of cryptocurrencies for other currencies or for cash make money on the fees for exchange.
- Information sites offering various information about cryptocurrencies, statistics, news, etc. have their earnings from the sale of advertising.
- Other services
- Hackers hacking cryptocurrency exchanges or scammers who, having covered such news, withdraw funds from the exchange to their wallets. The investigation of such incidents is almost useless because all transactions are conducted anonymously and to track the owner of the means is almost impossible.
- Cryptocurrency miners are those who are directly involved in the mining of coins. They are rewarded in the cryptocurrency for calculations on their own or rented equipment.
- Successful individual traders - those who had successfully bought bitcoin at a low price and sold at the high. As a rule, not more than 1% is successful.
- Freelancers - programmers in the field of crypto exchanges and services. Profitable, popular and very rare profession today, which is also well-paid.
If you know more options of those who earn on the cryptocurrencies, please write in comments. We will add your option. Also, if you find an error in the answer, please let us know by e-mail: [email protected]
Today anyone would like to make money on bitcoins who has any idea what it is and see the dynamics of the rate of the cryptocurrency. Of course, when during the day, bitcoin price may fall or rise by $ 500, for a beginner such investments become interesting. For a professional trader or investor - not always. They consider the risks and Money Management in such way they are trying to find assets with less pronounced price movement. Or just make a profit on bitcoins in another way.
How you can earn money on bitcoin:
- To buy or rent equipment and start to produce cryptocurrency. In people, this process is called “mining”. Its efficiency every day is less, because the final yield is influenced by the price of equipment, which is expensive and the electricity, which is needed more, and so on.
- To try your luck on the stock exchange, buy bitcoin at a low price and sell at higher. Trading on cryptocurrency is offered by many companies. It can be futures or leveraged speculation.
- To invest in the development of any service, application, device, and earn revenue from advertising or other activities. It's a good option if you assess the market and understand that this service is going to be really popular.
- To make your cryptocurrency with an interesting idea, and to try your luck in the ICO.
- To invest in mining projects, i.e. to buy share equipment and receive a percentage of the investment.
- To make bitcoin a profession. To learn programming and the technology of the blockchain and look for work in this direction. The benefit is that there are more and more interested companies.
To get bitcoin, there are several free and paid methods.
For a fee:
- You can use the services of the exchange conventional currency to bitcoin. To help you, the merchants of your city, online and offline exchanges.
- Take advantage of the numerous exchanges and exchange the available funds to bitcoin, or simply buy the cryptocurrency for money. In principle, a similar point to the first except for the venue of the transaction.
- You can start to accept bitcoin for your work, goods, and services.
- You can mine bitcoin, but it requires skills, professional equipment and the cost of electricity. Also, do not forget about taxes.
- To use of so-called “cranes”, i.e. services paying for daily entry a few Satoshi. You hardly will ever get one Bitcoin.
- Do some simple job like to watch ads, write reviews for pay per post. Basically, it's a job, but it does not require much effort, so we can consider this point as free.