I also like bitcoins, a respected computer cryptocurrency. Bitminter litecoin this tutorial, we will cover everything you need to know about bitcoins.
The tutorial starts off with the basics of installing the computer software to make bitcoins work, but moves into the more advanced parts very quickly. After reading this Instructable, you will have learned all the basics for starting your work with bitcoins. Whether you know what bitcoins are, or if you’re just here to start making free money by doing almost nothing, you’ve come to the right place. Read on to learn what bitcoins are, and how they can be used in a everyday computer-person life. After reading many, many different articles all over the internet, I still didn’t have a good idea of what bitcoins were, how they could be made, and if it was possible for the average person to use them. The first few things I read, they were made out to sound like you had to have a computer science degree to get them.
There is no government that regulates the currency, like almost every other single currency in the world. The bitcoins that you own are stored on your computer. You can sell these bitcoins for real US or Canadian dollars. While good for visual learners, some like to read to learn. The currency is stored locally between peers. When first learning about bitcoins, you learn that bitcoins are stored directly on your computer.
So, does that mean that by doing a bit of computer hacking you can give yourself thousands of dollars worth of bitcoins? The answer to this is NO! The system is worked out so well that hackers cannot do this. The reason is because for bitcoins to be transferred from computer to computer, the transaction has to be verified. This verification is done by “mining.
The next question that often comes up is: Why would anyone want to just give up their computer to help decode these encryption things? Well, the answer is that you get paid to do it. Well, you don’t get paid, but you get free bitcoins for letting your computer work for you. This is almost the same as being paid, as you will learn in later steps. This is the ONLY way that new bitcoins are created. They can’t just come from nowhere, making the system hacker-proof. Mining can be very simple, but it can also be very complicated.