Author Topic: need help bitcoin  (Read 430 times)

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Offline sony mavica

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need help bitcoin
« on: November 30, 2017, 05:36:03 am »
using this site  coinpot.co to mine bitcoin but im confused about how to make a bitcoin wallet

also is there a way to convert bitcoin to paypal money?
« Last Edit: November 30, 2017, 05:38:39 am by sony mavica »
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Offline Ampera

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Re: need help bitcoin
« Reply #1 on: November 30, 2017, 02:40:29 pm »
Welcome to Bitcoin.

This website you have found is called a Bitcoin faucet. https://en.wikipedia.org/wiki/Bitcoin_faucet

You are not actually mining bitcoin, you are just being given incredibly tiny amounts of free bitcoin. I am not sure of the exact details of the site, but that's what it appears to be.

To make a wallet, all you need to do is download a wallet program, something like Bitcoin Core, and then download all the transaction history to your computer. This will take a long time, so just be patient and leave it there.

To actually mine Bitcoin, you need computing power. General purpose power like graphics cards and CPUs are almost completely useless for mining Bitcoin now as WAY faster application specific machines have taken root. In order to mine Bitcoin you just need to have a mining machine, normally with a special ASIC inside, and then hook it up to either a mining pool, where resources are pooled in order to mine bitcoins faster, or take your chances solo mining.

The reason currencies like Etherium are so popular is because they are supposedly ASIC resistant, meaning all currently developed ASICs for mining Bitcoin or Litecoin are useless, meaning people can have a chance just using general purpose hardware. This is why there has been an actual shortage in mid to high range graphics hardware, just because of all the nutjobs trying to make a quick buck.

Like all currencies, Bitcoin is worthless unless you find somebody to pay you a more useful currency for it. These exchanges are all over the place, and will likely charge different fees/prices for USD, AUD, or NZD.

This is just a rough explanation. Truly understanding how it all works is something left to a five minute google search. Happy mining!
C/C++/Java Programmer, Legacy hardware enthusiast, madman.
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