How to get started with bitcoin

How to get started with bitcoin

Are you new to bitcoin and cryptocurrencies? Read on for some simple guides and resources designed to get you started.

New to Bitcoin?

Browse the Bitcoin beginners’ guides below, and start your journey into the world of cryptocurrency. No matter your current level of knowledge, these guides can get you up to speed on the subjects that matter to you.

Learn the basics

Get a simple introduction to Bitcoin and why it matters

Learn the basics

Get a simple introduction to Bitcoin and why it matters

How do I receive bitcoin?

To receive bitcoin, simply provide the sender with your address. You just need to make sure you’re providing the right one.

How do I receive bitcoin?

To receive bitcoin, simply provide the sender with your address. You just need to make sure you’re providing the right one.

How do I buy bitcoin?

Learn how to get your first bitcoin in minutes

How do I buy bitcoin?

Learn how to get your first bitcoin in minutes

Other popular articles

What is Bitcoin?

Bitcoin is based on the ideas laid out in a 2008 whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System

How do I sell bitcoin?

Learn how to sell bitcoin into local currency safely

How do I send bitcoin?

Sending bitcoin is as easy as choosing the amount to send and deciding where it goes

How do I keep my bitcoin safe?

Make sure your digital assets are safe with these simple tips

How do I create a Bitcoin wallet?

Creating a Bitcoin wallet is as easy as installing software on your mobile device or computer

How do crypto wallets work?

Do you need a custodial wallet or non-custodial? How can you protect your funds?

How do crypto exchanges operate?

How safe is it to store your crypto on centralized exchanges?

How is bitcoin taxed?

Learn the basics of bitcoin and other cryptocurrencies taxation

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Bitcoin Mining Guide — Getting started with Bitcoin mining

Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.

How Bitcoin Mining Works

Before you start mining Bitcoin, it’s useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.

The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.

Sometimes you may want to mine a more volatile altcoin like MWC which is superior for scalability, privacy, anonymity and fungibility by utilizing MimbleWimble in the base layer.

With mainnet launching in November 2019 it has risen from $0.22 to over $8.00 in its first two months.

Step 1 — Get The Best Bitcoin Mining Hardware

Purchasing Bitcoins — In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts.

How To Start Bitcoin Mining

To begin mining bitcoins, you’ll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that’s no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.

Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It’s essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.

Best Bitcoin Cloud Mining Services

Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical hardware.

Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.

Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest’s website. At the time of writing one Antminer S7’s hash rate can be rented for $1,200.

Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.

NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.

Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.

MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

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How to get started with bitcoin

Are you new to Bitcoin and cryptocurrencies in general? Scroll down for some simple guides and resources designed to get you started.

What is Bitcoin?

Bitcoin is a new type of digital money and, just like with all money, you can store it, exchange it, and make payments with it. The key to what makes Bitcoin different from national currencies like the US Dollar, the Euro or the Japanese Yen lies in its decentralized structure and opt-in model. What does that mean? With centralized ‘fiat money’ (literally money by decree), currency is issued by central banks, and citizens are forced to use the money of their nation. With the exception of cash (which is becoming increasingly rare), transactions are made through intermediaries like banks and payment gateways. Bitcoin, by contrast, is an opt-in currency that is controlled by the ‘consensus’ or the will of its users. It consists of a growing network of people who voluntarily agree to the rules of the Bitcoin protocol. They use decentralized infrastructure to make transactions on a peer-to-peer basis and to store value independently of any government, company, or financial institution. There’s no need to ask for permission to use Bitcoin, and there’s no risk of being cut off from the system. Importantly, the system itself is headless and distributed globally, making it both resistant to corruption and extremely durable.

What gives Bitcoin value?

Bitcoin has value for two key reasons:

1. Thanks to its features, some people find it useful as a way to store and exchange value.
2. Because a group of people agree it has value.

Historically, people have used everything from seashells to bottle caps as money, but arguably the most enduring form of money is gold. Why?

People settled on gold thanks to its rarity, its durability, and its divisibility. These features made gold useful as a method for storing and exchanging value.

Bitcoin is often compared to gold because it has similar characteristics. Namely:

1. It has a limited supply. There will only ever be 21 million bitcoins.
2. It’s easily divisible. You can divide one bitcoin into 100 million pieces.
3. It’s durable. A huge globally distributed network of independently operated computers tracks Bitcoin ownership. This ensures that no bitcoin is lost.

Beyond this, Bitcoin has a few other important features which allow it to bring gold’s monetary properties to the modern digital era. These are:

1. It’s easy to send bitcoin. Sending any amount of bitcoin to anyone in the world can be done in minutes and with a 100% guarantee of security. It’s almost like sending an encrypted email.
2. It’s easy to verify the authenticity of bitcoin. Actually, it’s effectively impossible to transact with fake bitcoin.

Thanks to the utility of gold, the gold ‘network’ — to use a modern term — grew over time until gold became almost universally accepted as having value. Although Bitcoin, which started in 2009, is much newer than gold, Bitcoin’s network efforts benefit from the scale and speed of the modern Internet. The number of people who place value in Bitcoin has grown at an exponential pace since inception to the point that Bitcoin’s value is now closing in on gold’s — and that may be just the beginning.

How do I create a Bitcoin wallet?

A Bitcoin wallet is a tool for interacting with the Bitcoin network. Use it to buy, sell, send, receive, and trade bitcoin. Making a Bitcoin wallet is as easy as downloading an app.

How to buy and sell bitcoin?

• Apps like the Bitcoin.com Wallet.
• Websites like Buy Bitcoin.
• Exchanges like the Bitcoin.com Exchange.
• Peer-to-peer services like Bitcoin.com Local (BCH only).

How to send bitcoin?

Sending bitcoin is as easy as choosing the amount and deciding where it goes.

How to receive bitcoin?

Receiving bitcoin is a simple matter of providing the sender with your Bitcoin address.

How does a bitcoin exchange work?

Bitcoin exchange is the process of trading bitcoin for local currencies, goods or services, or other cryptocurrencies. Your options range from peer-to-peer exchange to giant centralized exchange services that resemble a stock trading account.

Bitcoin debit cards

Bitcoin debit cards are a convenient way to spend your bitcoin.

What are the tax implications of using Bitcoin?

Whether you’re investing in Bitcoin, getting paid in bitcoin, or just using bitcoin to pay for goods and services, you need to be aware of the relevant tax laws in your country. In some regions, you may be exempt from taxation altogether. In others, onerous tax laws require you to track every transaction. Luckily there’s a growing variety of tools that help you comply with the tax laws in your country. We recommend TokenTax, which is a crypto tax software platform and crypto tax calculator that vastly simplifies the process. It helps you connect to exchanges, track your trades, and automatically generate crypto tax reports regardless of your country of residence. Read more:

What is Bitcoin mining?

Bitcoin mining, which is the process of ‘minting’ (creating) new bitcoins, is an essential component of the network’s system for arriving at consensus (agreeing to the ‘truth’) without relying on a centralized authority. Mining is also critical for ensuring the security of the network.

What’s a non-custodial Bitcoin wallet?

Bitcoin wallets can be divided into two categories:

• Custodial. This means the wallet provider has access to your bitcoin.
• Non-custodial. This means the wallet provider doesn’t have access to your bitcoin.

Whether the wallet provider has access to your bitcoin or not has a number of important implications. We recommend you always keep your digital assets in a non-custodial wallet like the Bitcoin.com Wallet.

Read more: Understand the pros and cons of custodial vs. non-custodial Bitcoin wallets.

How does Bitcoin governance work?

Bitcoin is not a static protocol; it can and does evolve over time as needed and in response to its environment. The process for making improvements to Bitcoin, which is known as ‘Bitcoin governance,’ includes both formalized procedures and a form of decision making, known as ‘rough consensus,’ that derives from open-source software development cultures. However, it’s important to keep in mind that Bitcoin is a headless organization. It is ‘owned’ — if we can use the term — by the sum total of all its users. What Bitcoin is and how it evolves, then, is an open question, the answer to which is ultimately determined by a wide array of voices, from miners and nodes, to exchanges, wallet providers, and — most importantly — the people who hold and use bitcoin.

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How to get started with bitcoin

Вы новичок в биткоине и криптовалюте? Прочтите несколько простых руководств и ресурсов для начинающих.

Впервые имеете дело с биткоином?

Просмотрите руководства для начинающих ниже и начните свое путешествие в мир криптовалюты. Эти руководства помогут вам быстрее освоить важные темы независимо от вашего текущего уровня знаний.

Изучите основы

Познакомьтесь с биткойном и узнайте, почему это важно

Изучите основы

Познакомьтесь с биткойном и узнайте, почему это важно

Как получить биткоины?

Чтобы получить биткоины, просто предоставьте отправителю свой адрес, но убедитесь, что вы предоставляете правильный адрес

Как получить биткоины?

Чтобы получить биткоины, просто предоставьте отправителю свой адрес, но убедитесь, что вы предоставляете правильный адрес

Как купить биткоины?

Узнайте, как получить свои первые биткоины за считанные минуты

Как купить биткоины?

Узнайте, как получить свои первые биткоины за считанные минуты

Больше популярных статей

Что такое биткоин?

Биткоин основан на идеях, изложенных в документе 2008 года, озаглавленном Bitcoin: A Peer-to-Peer Electronic Cash System («Биткоин: одноранговая система электронных денег»)

Как продать биткоины?

Узнайте, как безопасно продавать биткоины в своей местной валюте

Как отправить биткоины?

Отправить биткоин очень просто — укажите сумму для отправки и решите, куда она отправится

Как мне сохранить свои биткоины в безопасности?

Убедитесь, что ваши цифровые активы в безопасности, с помощью этих простых советов

Как создать биткоин-кошелек?

Создать биткоин-кошелек очень просто — нужно всего лишь установить программное обеспечение на мобильное устройство или компьютер

Как работают криптокошельки?

Вам нужен кастодиальный кошелек или нет? Как вы можете защитить свои средства?

Как работают криптобиржи?

Насколько безопасно хранить свою криптовалюту на централизованных биржах?

Как биткоин облагается налогом?

Изучите основы налогообложения биткоина и других криптовалют

Начните безопасно инвестировать с Bitcoin.com Wallet

Биткоин-кошелек с полным спектром возможностей, которому доверяют миллионы

Все, что нужно для безопасной покупки, продажи, обмена и инвестирования биткоинов и криптовалюты

Bitcoin.com в вашем почтовом ящике

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