Bitcoin is the number one digital currency and this blockchain-powered decentralised platform is also a payment system that allows anonymous transactions that do not require a third party, which would normally be a bank or credit card company. The value of Bitcoin has rocketed and this has made many lucky people overnight millionaires, while cagey investors are unsure whether to buy in now; if you had bought 100 Bitcoin 5 years ago for about $900, they would be worth a cool $5m today!
What is Bitcoin Mining?
Bitcoin mining involves searching for complex algorithms, which does not really involve skill, rather you need a powerful set of graphics cards to keep up with the fast computations. The anonymous creator of Bitcoin, who goes by the name of Satoshi Nakamoto, engineered the system to contain a total of 21 million bitcoins; no more, no less. A Bitcoin is created when one of the complex algorithms is found and the miner gets a financial reward for their discovery and for the last 5 years, many entrepreneurs have been mining for Bitcoin.
Is it Too Late to Start Mining for Bitcoin?
Current estimates say that approximately 18.5 million Bitcoins have been mined, leaving a cool 1.5 million still hidden inside a digital matrix, waiting to be discovered. Is it too late to start? Much like gold mining, it’s more about luck than anything else, while you will need to right hardware, with a series of good graphics cards and a hard disk SSD (Solid State Drive) from JIB, you are almost good to go. Search online for Bitcoin mining tips, of which there are many and if you’re prepared to invest $1000+ in a mining rig, fortune favours the brave!
Higher Level of Difficulty
As the majority of Bitcoins have already been mined, this means it becomes more difficult to solve the complex algorithms required with Bitcoin mining; some considerable online research needs to be carried out if you are going to have a go at mining and the more you know, the better the chances of success. It can be difficult to get your head around cryptocurrency and the blockchain technology that drives it; the simplest way to describe Bitcoin is an open-ledger based secure application that is completely decentralised. The only way to change the ownership of a Bitcoin (or part of) is for another block of data to be added to the chain and this is done in such a way that it is said to be impossible to hack! Click here for new tech we can expect to see in 2021, which might surprise you.
The first thing to do is actually acquire some Bitcoin, which involves downloading and installing the Bitcoin Wallet software, then you can buy as much or as little as you wish and pay in any fiat currency, with fast online transactions.
In case you are looking at Bitcoin as an investment opportunity, do some research before making a decision and see what the experts are saying about the price of the most popular digital currency, Bitcoin.