Whenever you ask how to make money, you tell me that literal
"making money" is somehow not approved of. But I found a method that
doesn't look to be against laws of nature, and it's something I can do with
computation cycles I have access to: Bitcoin.
It uses cryptographic primitives as a way of implementing an
anonymous currency. Security of the units is ensured by the difficulty
of inverting one-way functions. Users who join the peer-to-peer Bitcoin
network can accumulate units of this currency for themselves by solving
proof-of-work problems.
You pass on a money unit through a cryptographic protocol. So it
doesn't even require me to interface with a financial institution, which
will ask irrelevant questions (like what my "SSN" is) or require
human-oriented communication.
How come none of you suggested this to me before?
Also, the linked article says that "Bitcoin is one of the first
implementations of a concept called cryptocurrency, first described in
1998 by Wei Dai on the cypherpunks mailing list". Is that "Wei Dai" the
same as User:Wei_Dai?
Friday, January 17, 2014
Thursday, January 16, 2014
How to get started with your bitcoins
Step 1 - Get a wallet
There are many wallets to choose from and here is my recommendation:Web Wallets - Web wallets are the easiest & most convenient to use, but are potentially less secure than wallet software run on your own computer.
- Blockchain (Recommended)
- Coinbase
- Coinjar
- Coinpunk
- BitcoinQT - The original Satoshi wallet from bitcoin.org
- Armory - (Recommended) Armory is the most mature full featured wallet. It rocks!
- Multibit - This is the easiest to use because it doesn't require a full download of the blockchain.
- Blockchain (Recommended)
- CoinJar
- Coinpunk (Use as a web application on iphone & Android)
Step 2 - Get Bitcoins
Purchasing Bitcoins - Although it's not yet easy to buy bitcoins, it's getting simpler every day. Here are our recommendations:- LocalBitcoins.com - This fantastic service allows you to search for people in your community willing to sell bitcoins to you directly.
- How To Buy Bitcoins - An international directory of bitcoin exchanges.
- Cash Into Coins - Recommended for fast, simple service.
- Coinbase - Bitcoin exchange based in the United States. (Highly rated).
- BitStamp - A multi currency bitcoin exchange based in Slovenia. (Highly rated).
- MtGox - A multi currency bitcoin exchange based in Japan
- CoinJar - CoinJar allows direct bitcoin purchases on their site. They're based in Australia but serve an international clientele.
To make it easy, you may want to sign up for a bitcoin merchant account which allows you to send invoices and integrate bitcoin payments into your online order pages for most of the popular shopping cart systems.
- BitPay - (Highly Recommended) - Merchant account services
- CoinBase - Merchant account services
- Coinkite - Merchant Terminal / POS system
It's important to point out that bitcoin mining is highly competitive and risky for would be participants. Please see this bitcoin mining page for more detail.
The manufacturers who have successfully shipped bitcoin mining hardware in volume are:
- Butterfly Labs
- Avalon
- BitFurry
- KNC
- AsicMiner
Step 3 - What can I do with my bitcoins?
Bitcoins can be used to purchase just about anything you want. Dental services, a brand new car, travel and even luxury real estate.We recommend searching the merchant directories below to locate the merchants you're interested in. You can buy gift cards with bitcoin and spend them in most of the stores you already use.
Merchant directories
- coinmap - Find bitcoin friendly merchants near you
- bitpay merchant directory - Over 12,000 businesses and charities.
Bitcoin Store - Electronics & everything else for Bitcoin
Charity
- Bitcoin Foundation - The Bitcoin Foundation standardizes, protects and promotes the use of Bitcoin cryptographic money for the benefit of users worldwide.
- BitGive - BitGive is a non-profit foundation that is accepting donations from the Bitcoin community and providing charitable gifts to environmental and public health causes worldwide.
- Bitcoin Development Fund - A charity devoted to helping further the development of bitcoin, the open source community and causes of humanity.
Step 4 - Keeping up to date with bitcoin
Here are some good places to keep up with bitcoin news and discussion:- r/bitcoin - Bitcoin links and discussion by the Reddit community
- Coindesk - An excellent source of bitcoin news
- Bitcoin Magazine - Insightful articles with deep technical credentials
- BitcoinX - Bitcoin headlines, market rates & charting resources
- The Video - An excellent primer for anyone curious to understand the bitcoin phenomenon
Some Disadvantages to using Bitcoins
...and the follow up post; disadvantages to using bitcoin currency.
Like any currency, there are disadvantages associated with using Bitcoin:
Like any currency, there are disadvantages associated with using Bitcoin:
- Valuation Guarantee
Since there is no central authority
governing Bitcoins, no one can guarantee its minimum valuation. If a
large group of merchants decide to “dump” Bitcoins and leave the system,
its valuation will decrease greatly which will immensely hurt users who
have a large amount of wealth invested in Bitcoins. The decentralized
nature of bitcoin is both a curse and blessing.
- Wallets Can Be Lost
If a hard drive crashes, or a virus
corrupts data , and the wallet file is corrupted, Bitcoins have
essentially been “lost”. There is nothing that can done to recover it.
These coins will be forever orphaned in the system. This can bankrupt a
wealthy Bitcoin investor within seconds with no way form of recovery.
The coins the investor owned will also be permanently orphaned.
- Bitcoins Not Widely Accepted
Bitcoins are still only accepted by a very
small group of online merchants. This makes it unfeasible to completely
rely on Bitcoins as a currency. There is also a possibility that
governments might force merchants to not use Bitcoins to ensure that
users’ transactions can be tracked.
- Bitcoin Valuation Can Fluctuate
The value of Bitcoins is constantly
fluctuating according to demand. As of June 2nd 2011, one Bitcoins was
valued at $9.9 on a popular bitcoin exchange site. It was valued to be less than $1 just 6 months ago.
This constant fluctuation will cause Bitcoin accepting sites to
continually change prices. It will also cause a lot of confusion if a
refund for a product is being made. For example, if a t shirt was
initially bought for 1.5 BTC, and returned a week later, should 1.5 BTC
be returned, even though the valuation has gone up, or should the new
amount (calculated according to current valuation) be sent? Which
currency should BTC tied to when comparing valuation? These are still
important questions that the Bitcoin community still has no consensus
over.
- Risk of Unknown Technical Flaws
The Bitcoin system could contain
unexploited flaws. As this is a fairly new system, if Bitcoins were
adopted widely, and a flaw was found, it could give tremendous wealth to
the exploiter at the expense of destroying the Bitcoin economy.
- Has Built in Deflation
Since the total number of bitcoins is
capped at 21 million, it will cause deflation. Each bitcoin will be
worth more and more as the total number of Bitcoins maxes out. This
system is designed to reward early adopters. Since each bitcoin will be
valued higher with each passing day, the question of when to spend
becomes important. This might cause spending surges which will cause the
Bitcoin economy to fluctuate very rapidly, and unpredictably.
- Buyer Protection
When goods are bought using Bitcoins, and
the seller doesn’t send the promised goods, nothing can be done to
reverse the transaction. This problem can be solved using a third party
escrow service like ClearCoin,
but then, escrow services would assume the role of banks, which would
cause Bitcoins to be similar to a more traditional currency.
- Physical Form
Since Bitcoins do not have a physical
form, it cannot be used in physical stores. It would always have to be
converted to other currencies. Cards with Bitcoin wallet information
stored in them have been proposed, but there is no consensus on a
particular system. Since there would be multiple competing systems,
merchants would find it unfeasible to support all Bitcoin cards, and
therefore users would be forced to convert Bitcoins anyway, unless a
universal system is proposed and implemented.
Advantages to using bitcoins
I spent some time thinking about it and came up with some advantages and disadvantages to using bitcoins over other versions of currency. Please comment with your thoughts, below.
Some of the following are major advantages of using Bitcoin versus other currency systems in the world:
Some of the following are major advantages of using Bitcoin versus other currency systems in the world:
- Taxes
There is no way for a third party to
intercept transactions of Bitcoins, and therefore there is no viable way
to implement a Bitcoin taxation system. The only way to pay a tax would
be, if someone voluntarily sends a percentage of the amount being sent
as tax.
- Third-Party Seizure
Since there are multiple redundant copies
of the transactions database, no one can seize bitcoins. The most
someone can do is force the user, by other means, to send the the
bitcoins to someone else. This means that governments can’t freeze
someone’s wealth, and thus users of Bitcoins will have complete freedom
to do anything they want with their money.
- Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be
changed by the owner. No one can steal Bitcoins unless they have
physical access to a user’s computer, and they send the bitcoins to
their account. Unlike convential currency systems, where only a few
authentication details are required to gain access to finances, this
system requires physical access, which makes it much harder to steal.
- Transaction Costs
Sending and receiving Bitcoins requires
users to keep the Bitcoin client running and connected to other nodes.
Essentially, by using bitcoins users will be contributing to the
network, and thus sharing the burden of authorizing transactions.
Sharing this work greatly reduces transaction costs, and thus makes
transaction costs negligible.
- Tracking
Unless users publicize their wallet
addresses publicly, no one can trace transactions back to them. No one,
other than the wallet owners, will know how many Bitcoins they have.
Even if the wallet address was publicized, a new wallet address can be
easily generated. This greatly increases privacy when compared to
traditional currency systems, where third parties potentially have
access to personal financial data.
- Risk of “Charge-backs”
Once Bitcoins are sent, the transaction
cannot be reversed. Since the ownership address of Bitcoins will be
changed to the new owner, once it is changed, it is impossible to
revert. Since only the new owner has the associated private key, only
he/she can change ownership of the coins. This ensures that there is no
risk involved when receiving Bitcoins.
Tuesday, December 31, 2013
Bitcoin Mining vs Freebees
I've been GPU mining for a month with my 90 watt laptop and have generated approximately 0.16 USD worth of bit coins, that won't be paid out until I hit US$7.00 worth of bitcoins. Unfortunately, doing the math, it will be quite a number of months of GPU mining before I'll hit the pay-out threshold.
TIP: Click SKIP AD in the top right!
In four days of using only TWO sites, I've generated twice as many bitcoins as GPU mining. You'll need to go to COINBASE.COM first to generate a wallet address to use. Look in my previous post on how to do that.
http://bitcoinreserve.org/ - my new favorite! Watch videos and complete surveys for satoshis, and you can earn a lot in a short amount of time!
http://freebitco.in is probably the better of the two since it produces about twice as many bitcoins as this one. EVERY SUNDAY I GIFT BACK 10% OF MY WEEKLY EARNINGS TO MY REFERRALS! SIGN UP WITH THIS LINK!
http://bitvisitor.com pays out every time you exceed 60 micro bitcoins (which isn't a lot, you can hit the threshold in a few hours of clicks. You have to wait five minutes between clicks, but it gives you a clear count down timer.
http://btcclicks.com is a third site that is halfway decent but the threshold for payout is higher and I haven't yet been paid by these guys. Can't solidly recommend, but they seem legit and the ads are short at about 10s - 20s each.
In short, if you are GPU mining, stop making that your focus now (running in the background in a pool like Slush's won't hurt) and click the links above. You won't get rich, but you'll generate a lot more bitcoin in the same about of time. Good luck, and enjoy the novelty of owning digital currency without spending real money! Happy New Year and may 2014 see the bitcoin further adopted as THE global currency!
Friday, December 27, 2013
Free Bitcoin Sites
Hey, thanks for visiting. I'll try to keep this short and sweet; after all, we're here for the free bitcoins, aren't we?
First, my favorites: (SKIP AD IN TOP RIGHT CORNER)
freebitco.in - this website has a simple RNG that awards prizes based on what you roll (every 60 minutes). BEFORE WEEKLY PAY OUT I GIFT BACK 50% OF MY WEEKLY COMMISSION EARNINGS TO MY REFERRALS! SIGN UP WITH THIS LINK!
BitCoin Reserve - My new favorite! Tons of videos and free offers to complete to earn bit coins! Word of caution: many offers that simply ask for an email address DO NOT PAY without customer service resolution. Recommend you take screen shots or capture video of your completion.
BitVisitor - sign in with your wallet and enter captura. This will bring you to websites and pay you for each visited. Although you have to stay on the site for 5 minutes, you don't need to stay on the page. Just remember to click NEXT to get paid. No email address harvesting and these guys pay at 100 uBTC.
BTCClicks.com - Another site that lets you view 10-20 pages per day and accumulate BTCs. Doesn't pay as well as BitVisitor, but it does pay. It took me almost 3 weeks to hit the payout minimum and it was about 1/4 what BitVisitor paid.
The rest, as far as I'm concerned, are in the category of "your mileage may vary". Quoted amounts are in mBTC - so pretty small sums.
30 Minute Rewards to coinbox.me
Can Has Bitcoin
Free Bitcoins
FreeBTC4all
The Free Bitcoins
More Coinbox sites:
BTC4YOU
http://www.bitcats.net/
http://freebitcoinlottery.com/ (5 tries per hour max)
http://www.bitcoinspain.net/
http://www.bitcoins4.me/
http://www.elbitcoingratis.es
http://www.srbitcoin.com
http://www.nioctib.net
http://www.virtualfaucet.com
http://www.thebitcoin.me
http://www.faucetbtc.com
http://www.redcoins.co
http://btcmine.net
http://bitcoins4free.me
http://www.greencoins.org/
http://www.thefreebitcoins.com/
30 minute Microwallet.org sites: possibly the two best out there!
http://www.payfaucet.com/
http://www.coinreaper.com/
60 minute Microwallet.org sites:
http://www.bongbitcoin.com/bongfaucet/
http://www.bitcoinfreebees.me/
1 Hour Rewards:
Bitcoins4me
Coin Ad
Daily Bitcoins
BitHits
http://freebitcoinz.com - probably the best in the 24 hour catagory. Don't forget to click the EXTRA page!
Bitcoin Addict
BITCOINER.in <<APPEARS DEAD >>
BITCOINER.net
Bunny Run - Hah, fun!
I've been searching the internet for sites that meet my criteria for providing free bitcoins.
1) Minimal hassle to sign up. An email address and bitcoin wallet address are the most I'm likely willing to put into a site.
2) They actually pay.
Some things to keep in mind when visiting these sites:
- they're getting something from you for these bitcoins. Nothing, I mean nothing, on the internet is really free.
- You will probably not get rich doing this. You'll earn more than GPU mining in a pool, but we're still talking about pennies here. This is more for the novelty of owning digital currency.
Some of the sites hold payment until you hit a threshold. You can find them at the very bottom if you REALLY want to milk the free bitcoin tit as hard as you possibly can, but don't expect to get paid for a long time from these sites.
Some sites use third party storage for the bitcoins until you hit a threshold. I'll try to group those all together so you can selectively visit sites for either coinbox.me (You'll get paid as soon as you reach 0.00005500 BTC) or Microwallet.org (Paid at 0.00005800 BTC). The good news is that neither of those sites require you to register or create a password, they allow you to enter your wallet address to check your balance and forward payment to that address once the threshold is achieved.
The first thing you need is a wallet address. I use coinbase.com where it's as simple as a login, email address and password. Go to account settings and select bitcoin addresses at the top in order to create your first address to receive payments. Once created, you'll want to copy that address to clipboard to use on the following sites.
Friday, December 20, 2013
How Does Bitcoin Work
Forget most things you've heard. People discover Bitcoin in a variety
of ways, but usually pick up some sort of misconception like "Bitcoin
gives free money to people with computers" or "in order to use Bitcoin I
have to use a program that wastes electricity for nothing" along the
way. Here is a good summary to help you understand Bitcoin in general,
by focusing on what Bitcoin is and what problem it solves. These two
things are not typically well explained on most websites, and it is
difficult to appreciate just how effective a technology Bitcoin is until
they are understood.
What Bitcoin is: An agreement amongst a community of people to use 21 million secure mathematical tokens--"bitcoins"--as money, like traditional African and Asian societies used the money cowry. Unlike the money cowry:
Because bitcoins are given their value by the community, they don't need to be accepted by anyone else or backed by any authority to succeed. They are like a local currency except much, much more effective and local to the whole world. As an example of how effective the community is at "backing" the bitcoin: on April 4th 2011 30,000 bitcoins were abruptly sold on the largest Bitcoin exchange, consuming nearly all "buy" offers on the order book and dropping the price by nearly 1/3. But within a couple of days, the price on the exchange had fully rebounded and bitcoins were again trading at good volumes, with large "buy" offers slowly replacing the ones consumed by the trades. The ability of such a small economy (there were only 5 million out of the total 21 million bitcoins circulating then, or about 3.75 million USD worth at then-current exchange rates) to absorb such a large sell-off without crashing shows that bitcoins were already working beautifully.
What problem Bitcoin solves: Mathematically, the specific implementation of the bitcoin protocol solves the problem of "how to do all of the above without trusting anyone". If that sounds amazing, it should! Normally a local currency has to trust all kinds of people for it to be able to work. So does a national currency. And in both cases, that trust is often abused. But with Bitcoin, there's no one person who can abuse the system. Nobody can print more money, nobody can re-use the coins simply by making a copy, and nobody can use anyone else's coins without having direct access to their keys. People who break its mathematical "rules" simply end up creating a whole different system incompatible with the first. As long as these rules are followed by someone, the only way Bitcoin can fail is for everyone to stop using it.
This marvelous quality of not having to trust anyone is achieved in two ways. First, through the use of cutting-edge cryptography. Cryptography ensures that only the owner of the bitcoins has the authority to spend them. The cryptography used in Bitcoin is so strong that all the world's online banking would be compromised before Bitcoin would be, and it can even be upgraded if that were to start to happen. It's like if each banknote in your pocket had a 100-digit combination lock on it that couldn't be removed without destroying the bill itself. Bitcoin is that secure.
But the second way of securing the system, called the blockchain, is where the real magic happens. The blockchain is a single, authoritative record of confirmed transactions which is stored on the peer to peer Bitcoin network. Even with top-notch digital encryption, if there was no central registry to show that certain bitcoins had already been "paid" to someone else, you could sign over the same coins to multiple people in what's called a double-spend attack, like writing cheques for more money than you have in your account. Normally this is prevented by a central authority, the bank, who keeps track of all the cheques you write and makes sure they don't exceed the amount of money you have.
Even so, most people won't accept a cheque from you unless they really trust you, and the bank has to spend a lot of money physically protecting those central records, whether they are kept in a physical or digital form. Not to mention, sometimes a bank employee can abuse their position of trust. And, in traditional banking, the bank itself doesn't have to follow the rules you do--it can lend out more money than it actually has.
The blockchain fixes all these problems by creating a single master registry of the already-cryptographically-secured bitcoin transfers, verifying them and locking them down in a highly competitive market called mining. In return for this critical role, the Bitcoin community rewards miners with a set amount of bitcoins per block, taken from the original limited quantity on a pre-agreed schedule. As that original amount gradually runs out, this reward will be replaced by fees paid to prioritise one transaction over another--again in a highly competitive market to ensure the lowest possible cost. The transactions are verified and locked in by the computational work of mining in a very special way so that no one else can change the official record of transactions without doing more computational work than the cumulative work of all miners across the whole network.
In conclusion: All this mathematical technology may be a bit of a mouthful, but what it means in practice is that Bitcoin works just like cash. Bitcoin transactions are intentionally irreversible--unlike credit cards or PayPal where chargebacks can invalidate a payment that has already been made. And there are no middlemen. Transactions are completed directly between the sender and the receiver via the peer to peer network.
Because of Bitcoin's intricate design, the network remains secure no matter where or how you process Bitcoin transactions. Which is incredible--no one else has ever tried to create a system that worked this way! All previous monetary systems have relied on trusting somebody, whether it was the king, town hall, the federal reserve, or banks. Bitcoin doesn't. It's guaranteed instead by the laws of mathematics, and that's why it has everyone from technologists to economists very excited. I'm sure you have lots more questions, so scan the index below to see if they've been asked before, then dive in! The so-called "canonical" threads linked from this index are considered newbie-friendly zones; outside of them you're welcome to try your own luck.
- BitTalk.org
What Bitcoin is: An agreement amongst a community of people to use 21 million secure mathematical tokens--"bitcoins"--as money, like traditional African and Asian societies used the money cowry. Unlike the money cowry:
- there will never be more bitcoins
- they are impossible to counterfeit
- they can be divided into as small of pieces as you want
- and they can be transferred instantly across great distances via a digital connection such as the internet.
Because bitcoins are given their value by the community, they don't need to be accepted by anyone else or backed by any authority to succeed. They are like a local currency except much, much more effective and local to the whole world. As an example of how effective the community is at "backing" the bitcoin: on April 4th 2011 30,000 bitcoins were abruptly sold on the largest Bitcoin exchange, consuming nearly all "buy" offers on the order book and dropping the price by nearly 1/3. But within a couple of days, the price on the exchange had fully rebounded and bitcoins were again trading at good volumes, with large "buy" offers slowly replacing the ones consumed by the trades. The ability of such a small economy (there were only 5 million out of the total 21 million bitcoins circulating then, or about 3.75 million USD worth at then-current exchange rates) to absorb such a large sell-off without crashing shows that bitcoins were already working beautifully.
What problem Bitcoin solves: Mathematically, the specific implementation of the bitcoin protocol solves the problem of "how to do all of the above without trusting anyone". If that sounds amazing, it should! Normally a local currency has to trust all kinds of people for it to be able to work. So does a national currency. And in both cases, that trust is often abused. But with Bitcoin, there's no one person who can abuse the system. Nobody can print more money, nobody can re-use the coins simply by making a copy, and nobody can use anyone else's coins without having direct access to their keys. People who break its mathematical "rules" simply end up creating a whole different system incompatible with the first. As long as these rules are followed by someone, the only way Bitcoin can fail is for everyone to stop using it.
This marvelous quality of not having to trust anyone is achieved in two ways. First, through the use of cutting-edge cryptography. Cryptography ensures that only the owner of the bitcoins has the authority to spend them. The cryptography used in Bitcoin is so strong that all the world's online banking would be compromised before Bitcoin would be, and it can even be upgraded if that were to start to happen. It's like if each banknote in your pocket had a 100-digit combination lock on it that couldn't be removed without destroying the bill itself. Bitcoin is that secure.
But the second way of securing the system, called the blockchain, is where the real magic happens. The blockchain is a single, authoritative record of confirmed transactions which is stored on the peer to peer Bitcoin network. Even with top-notch digital encryption, if there was no central registry to show that certain bitcoins had already been "paid" to someone else, you could sign over the same coins to multiple people in what's called a double-spend attack, like writing cheques for more money than you have in your account. Normally this is prevented by a central authority, the bank, who keeps track of all the cheques you write and makes sure they don't exceed the amount of money you have.
Even so, most people won't accept a cheque from you unless they really trust you, and the bank has to spend a lot of money physically protecting those central records, whether they are kept in a physical or digital form. Not to mention, sometimes a bank employee can abuse their position of trust. And, in traditional banking, the bank itself doesn't have to follow the rules you do--it can lend out more money than it actually has.
The blockchain fixes all these problems by creating a single master registry of the already-cryptographically-secured bitcoin transfers, verifying them and locking them down in a highly competitive market called mining. In return for this critical role, the Bitcoin community rewards miners with a set amount of bitcoins per block, taken from the original limited quantity on a pre-agreed schedule. As that original amount gradually runs out, this reward will be replaced by fees paid to prioritise one transaction over another--again in a highly competitive market to ensure the lowest possible cost. The transactions are verified and locked in by the computational work of mining in a very special way so that no one else can change the official record of transactions without doing more computational work than the cumulative work of all miners across the whole network.
In conclusion: All this mathematical technology may be a bit of a mouthful, but what it means in practice is that Bitcoin works just like cash. Bitcoin transactions are intentionally irreversible--unlike credit cards or PayPal where chargebacks can invalidate a payment that has already been made. And there are no middlemen. Transactions are completed directly between the sender and the receiver via the peer to peer network.
Because of Bitcoin's intricate design, the network remains secure no matter where or how you process Bitcoin transactions. Which is incredible--no one else has ever tried to create a system that worked this way! All previous monetary systems have relied on trusting somebody, whether it was the king, town hall, the federal reserve, or banks. Bitcoin doesn't. It's guaranteed instead by the laws of mathematics, and that's why it has everyone from technologists to economists very excited. I'm sure you have lots more questions, so scan the index below to see if they've been asked before, then dive in! The so-called "canonical" threads linked from this index are considered newbie-friendly zones; outside of them you're welcome to try your own luck.
- BitTalk.org
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Can you (Clippy) or someone else give me an estimate of how much bitcoin can be generate per some standard unit of CPU time? Or a link to such?
I also assume that there is no convenient way to trade bitcoin for, well, actual mainstream money.... Can you confirm that? What resources can Clippy expect to be able to buy with bitcoins? Apart from Free Software Foundation donations that is.
Here is the real deal:
Okay guys.... here it is... the ultimate guide on how to make money with bitcoin.
I strongly believe the value of bitcoin will reach 10,000 USD. All bitcoin will be mined at some point.
That's how the experiment was set up, and it's going to hit it. Whether or not you believe me, fine.... this is how to make money with bitcoin without any risk of loss.
Are you ready for it?
First, stop trying to mine bitcoin. You are wasting your time. You will never make real money doing this. Your computer isn't powerful enough, and if it was, it would be draining electricity from your entire power grid.
Why is this? I don't want to get into the math of it... but basically, this was set up to be harder and harder to mine as more gets mined, just like gold. It's basically electronic gold.
Okay, so really, how do you make money?
Simple.
Accept payments for services through bitcoin.
Save the bitcoin in your wallet.
Sell all of it when it hits 10k USD.
This way, you're not losing money, just your time. You don't have to spend money, so it doesn't take any capital investment.
Someone pays you .5 bitcoins for a backlink blast. (about 100 bucks this morning).
Imagine if they paid you .1 bitcoins for the same service in 6 months? (pure speculation)
Imagine if they paid you 10 bitcoins 6 months ago.
Get it?
You can't chargeback a bitcoin.
If you tumble it correctly, no one will ever know where it went.
If I'm wrong, sell it when the price starts to go down. A savvy investor will ride out the waves.
If you have the bank roll to invest in bitcoin, go for it. But expect a very rocky road to 10,000 USD per bitcoin