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Bitcoin

Joined
Jan 21, 2016
Likes
2
Location
Nairobi, Kenya
#2
Bitcoin does work. Currently, 1 bitcoin is equivalent to over 400 dollars. I use 2 bitcoin earning sites which are 'ePay' and 'moneymachine2ed'. They are very easy to use and there are many videos on YouTube showing ways to earn bitcoin faster. All you need is a bitcoin wallet (which you can get at 'blockchain') and you're set to start. I must warn you that the earning is quite slow and requires a lot of patience and frequent activity.
 
Joined
Jul 11, 2015
Likes
41
Location
Philippines
#3
I still cannot comprehend how this Bitcoin work. I understand that it is a digital currency but all I read are ways to earn bitcoin. Just like in any earning site where you do something to get paid, instead of paying you in dollars, you can be paid in bitcoins. But my question is who dictates the value of the Bitcoin? Is there a central bank for this? Think of the dollar bill, it is only made of paper and what gives it value is the gold reserves. Does Bitcoin have that?
 
Joined
Jan 21, 2016
Likes
2
Location
Nairobi, Kenya
#5
I also don't fully understand how it works or who dictates the value, all I can say is I have used it before to successfully purchase online. I decided to start earning bitcoin several months ago when I discovered you could do it for free so I had nothing to lose. It is true that the idea of using bitcoin seems sketchy seeing that the value of the bitcoin fluctuates by significant margins very frequently but I was also motivated by some YouTube videos of people who have made large fortunes through bitcoin mining.
 
Joined
Dec 23, 2015
Likes
8
Location
Nigeria
#6
I also don't fully understand how it works or who dictates the value, all I can say is I have used it before to successfully purchase online. I decided to start earning bitcoin several months ago when I discovered you could do it for free so I had nothing to lose. It is true that the idea of using bitcoin seems sketchy seeing that the value of the bitcoin fluctuates by significant margins very frequently but I was also motivated by some YouTube videos of people who have made large fortunes through bitcoin mining.
What do you mean by engineering and how long does t take to get 1 Bitcoin?
 
Joined
Jan 21, 2016
Likes
2
Location
Nairobi, Kenya
#7
What do you mean by engineering and how long does t take to get 1 Bitcoin?
Using a normal home computer it can take really long depending on how many hours of boring, capcha-filling work you can endure per day, I don't recommend it. Bitcoin mining however involves purchasing external equipment to maximize your bandwidth. From my understanding, it works by solving algorithms on the web for a reward in bitcoin. These algorithms are only available for a short period of time so its first come, first serve and that is where the powerful bandwidth comes in handy. You can actually use your own computer for bitcoin mining but you would be terribly disadvantaged as there are miners who use software that is over 200 times more powerful than regular computers, so it would take a while to earn a bitcoin. There are companies that have invested heavily in this and can make up to 100 bitcoin per day. As an individual, if you want to successfully mine bitcoin you must purchase external equipment to better your chances. It is quite complex and risky so I wouldn't recommend it unless you really learn about it first.
 
Joined
Dec 23, 2015
Likes
8
Location
Nigeria
#8
Using a normal home computer it can take really long depending on how many hours of boring, capcha-filling work you can endure per day, I don't recommend it. Bitcoin mining however involves purchasing external equipment to maximize your bandwidth. From my understanding, it works by solving algorithms on the web for a reward in bitcoin. These algorithms are only available for a short period of time so its first come, first serve and that is where the powerful bandwidth comes in handy. You can actually use your own computer for bitcoin mining but you would be terribly disadvantaged as there are miners who use software that is over 200 times more powerful than regular computers, so it would take a while to earn a bitcoin. There are companies that have invested heavily in this and can make up to 100 bitcoin per day. As an individual, if you want to successfully mine bitcoin you must purchase external equipment to better your chances. It is quite complex and risky so I wouldn't recommend it unless you really learn about it first.
Thank you for taking your time to explain this too me, I have gotten a slightly better understanding on what bitcoin is all about, I'm going to look into this equipment.
 

Binu

Member
Joined
Feb 4, 2016
Likes
2
Location
Nepal
#9
Bit coin is virtual currency. Just like debit/credit card, bitcoin is powered by real money. You can earn bit coin on cointasker.
 
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