Bitcoin Mining Made EasyBy Joey George

Contents

Bitcoins Intro1

2 Bitcoin Wallet

About Mining3

Become Miners4

5 Legal

Bitcoins Intro

Bitcoin is a form of virtual currency- ie. if you have bitcoins,you cannot purchase goods by handing notes or coin likeobjects to the seller. Bitcoins are mainly used for electronicpurchases and transfers.

You can use bitcoins to pay friends, merchants, etc. whoaccept this form of payment.

Every single bitcoin purchase is immediately loggeddigitally (on computers worldwide) on a transaction log(called blockchain) that tracks the time of purchase andwho owns how many bitcoins. This way many people ownthe log, but still it is safe with encryption.

BLOCKCHAIN

Bitcoins are growing in popularity. A few years back, theywere largely used by speculators for online trading; itpeaked its price to $1000+ and lead to a burst in a month,causing many people to lose money. The people who lostmoney with bitcoins were ones who were trading on it. Theylost money like they would, on any stock speculation.

This peak-burst phenomenon made it less popular. Butnow that the price has stabled, its popularity is againincreasing.

Many big companies like WordPress, Overstock.com, andReddit accept Bitcoin, and a growing numbers of brick andmortar stores are starting to accept them, internationally aswell. More than $1.5 billion worth of bitcoins are currently incirculation around the world, with millions of transactionsoccurring daily.

Bitcoin Wallet

You can obtain a free 'Bitcoin wallet' from any of the virtualproviders like blockchain.info, localbitcoins.com,coinbase.org. There is no limit to how many wallets youcan own, but its best to maintain one or two max.

Your Bitcoin wallet is essentially like, any other wallet,except its purely digital. You can download your wallet onyour computer; its a good habit to backup your walletfrequently. Your wallet can be stored on computer or anycloud drive as an encrypted file.

Never forget your wallet password, there is noway to retrieve it back.

It takes just a few minutes to get a wallet, and then, youcan start accumulating bitcoins.

To collect bitcoins, there are mainly 3 ways:1. Exchange trading2. Selling services through a website.3. Bitcoin Mining

Exchange Trading is the most lucrative and devastating formof earning / losing bitcoins. Many people have earnedmillions in the last bitcoin trading spike, and millions havelost money by being part of that bubble. The key to exchangetrading is to invest when low, and wait for a spike sufficientenough to sell off. But most people get in when the bubblehas already started expanding. Exchange trading will requireanother book to be explained. So lets stop here.

Second method is the poor man's method - sell good/servicesonline, but instead of just accepting credit cards, allowcustomers to transfer funds into your bitcoin wallet. Thismethod works only if your customers have a b-wallet of theirown, or at least ready to create and maintain one.

Last, we will discuss mining in the next section.

About Mining

Miners are people who maintain blockchains. Their job is toensure that the transaction is secure and processedproperly and safely. In return for their services, miners arepaid fees by the vendors/merchants of each transaction (asfees).

Mining operations are very resource intensive, and initially,the only way to be a miner was to buy expensive computinghardware, host it in your own place, and pay the expensivemaintenance and electricity fees.

Then people came up with the concept of pool mining,where low cost hardware could be used by individuals, andas a grouped pool, they could perform complex operations,get paid for transactions, which is then distributed amongthe group. Pooled mining is now the most popular option.

However, there is still one problem, an individual has tomaintain the hardware, and pay for electricity+cooling fees.So the next evolution was to move mining into the cloud.

So then came a hoard of cloud hosting providers thatallowed you to buy cloud based mining hardware, and earnbitcoins for their own b-wallet, in turn, charge a nominal feefor maintenance. This system has worked wonders, as moreand more cloud based providers are giving economicalsolutions to simple individuals like us.

You can also earn money by simply owning a cloud miner,its the safest no-brainer way.

Genisis Mining, is one such miner provider that hasestablished a wonderful reputation of having millions ofindividual miners under their hood. Cloud miners rangefrom $23 to thousands ofdollars depending on theirpower and ability to churn bitcoins.

Become Miners

Here is how you can also become a miner for as low as $23.Click on the link “GET A CLOUD MINER” above, and purchasea miner as per your choice. Use the code as couponand get a nice discount on the price. Wait for miner activationand watch money pouring in on a daily basis. A miner of0.25 TH power can churn you a few satoshis per day (1satoshi = 0.00000001 BTC, that is, a hundredth of a millionthBTC).

That sounds very less, but just imagine that your initialinvestment is only ~$23, and with time, price of bitcoinincreasing, you are investing in a huge profit for every bitearned. Now Add this up for multiple miners, you get it!

The price of bitcoin is stabilized now, and is only expectedto go up steady. Thanks to idiots who gave it a bad namesometime back, now people are careful not to trade on it toform another spike.

Get a Cloud Miner

The beauty of Bitcoin is that there is no central authority. Itis literally a network of users - who simply decide to buyand sell goods and services through a mode of virtualcurrency. It will be difficult for governments to 'shut down'Bitcoin. In fact, with internet e-commerce expanding likeever, virtual currencies are definitely the wave of thefuture. Better to invest on this now, than later.

Joey is an internet enthusiast, marketer, and entrepreneur. He holds a degree inComputer Sc. & Engineering, and has been an IT Analyst for 10+ years in reputedIT establishments.

He owns a web 2.0 company, maintains numerous niche websites, and is anavid stock market analyst. He is obsessed with internet and online businessopportunities. Alongside his digital life, he is a spiritual preacher and likes topaint his imaginations on canvas.

About Joey

Legal Stuff

THIS CONTENT IS PROVIDED "AS IS," WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOTLIMITED TO, THE WARRANTIES OF PERFORMANCE, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE,ACCURACY, OMISSIONS, COMPLETENESS, CURRENTNESS AND DELAYS. THE AUTHOR SHALL HAVE NO LIABILITYWHATSOEVER TO THE READER FOR ANY CLAIM(S) RELATING IN ANY WAY TO THIS AGREEMENT OR THEIR PERFORMANCEHEREUNDER, REGARDLESS OF THE FORM OF ACTION, WHETHER BASED IN CONTRACT OR NEGLIGENCE. IN NO EVENTSHALL THE AUTHOR BE LIABLE TO THE READER FOR ANY CLAIM(S) RELATING TO READER'S INABILITY OR FAILURE TOPERFORM RESEARCH OR RELATED WORK OR TO PERFORM SUCH RESEARCH OR OTHER WORK PROPERLY ORCOMPLETELY EVEN IF ASSISTED BY THE AUTHOR NOR SHALL THE AUTHOR BE LIABLE FOR ANY LOST PROFITS OR OTHERCONSEQUENTIAL, EXEMPLARY, INCIDENTAL, INDIRECT OR SPECIAL DAMAGES, EVEN IF ADVISED OF THE POSSIBILITYOF SUCH DAMAGES.

Disclaimer

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