Day 2: My Experiment Into BitCoin

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Day 2: Bitcoin Test Account Experiment

Hi guys as promised here is my update after buying £4 worth of bitcoin over 24 hours ago. Again i must stress although this isn’t the biggest investment i agree.

But what this experiment and blog is all about is my journey into crypto currency and a journey for not only myself but those who follow me or have an interest that may find some sort of value or help into just how volatile this industry can be.

I will be over the course of the month of February 2018 looking into bitcoin mining and the investment i put into this will be far greater then this social experiment of the initial £4 i first put into my coin base wallet

From starting at £4 last night you can see just how 24 hours can change the value.

Today my £4 test account now sits at £3.61 a 24 hour loss of £0.39p. Again when i started this experiment off i did so without checking the current market or looking at charts to enter at the best possible starting point.

This was mainly because i want to show those that follow my blog and those that follow me via my other social media account just how careful you have to be when investing in to crypto currency. Again i will not be putting any further money into buying via this account this is simply to be transparent and see the crypto rollercoaster my massive £4 takes on its daily journey on the world wide web.

While all this goes on i’am how ever going to be educating myself more in this sector of the online world, which i will be honest i had a lot of scepticism on the subject which we all posses at times. But lets be honest its how the human brain is wired to be and that is to be cautious in everything we do.

Sometimes we all need to step out of our comfort zone to progress that little further to our own goals or targets to enjoy life better. So this is part of the reason i’m doing this this.

Not just for me but for those that also want to share in the what bitcoin or crypto currency is about. So anyone interested in the world of digital coin which ever it maybe.

I decided to start a little meet up group which you can check out by clicking this link

( Bitcoin Mining )

Here you can join in any discussion or start of a topic with other members. I would love to hear from other people interested in this technology wether newbie or a member that has be into crypto for a number of years let me hear from you all.

So that is where i’m now at just 24 hours from opening the test account guys.

Hope you’ve enjoyed tonights blog and found some value from it or even thought you would like to be part of the group by hitting the link above.

Thank you again please share the love and hit the like button or share even subscribe to my blog.

What is Bitcoin Mining?

What is Bitcoin Mining?

One of the fundamental questions many people have about Bitcoin revolves around the tokens themselves. Questions about its value, security and history, all eventually lead to one place: Where do bitcoins come from?

While traditional money is created through (central) banks, bitcoins are “mined” by Bitcoin miners: network participants that perform extra tasks. Specifically, they chronologically order transactions by including them in the Bitcoin blocks they find. This prevents a user from spending the same bitcoin twice; it solves the “double spend” problem.

Skipping over the technical details, finding a block most closely resembles a type of network lottery. For each attempt to try and find a new block, which is basically a random guess for a lucky number, a miner has to spend a tiny amount of energy. Most of the attempts fail and a miner will have wasted that energy. Only once about every ten minutes will a miner somewhere succeed and thus add a new block to the blockchain.

This also means that any time a miner finds a valid block, it must have statistically burned much more energy for all the failed attempts. This “proof of work” is at the heart of Bitcoin’s success.

For one, proof of work prevents miners from creating bitcoins out of thin air: they must burn real energy to earn them. And two, proof of work ossifies Bitcoin’s history. If an attacker were to try and change a transaction that happened in the past, that attacker would have to redo all of the work that has been done since to catch up and establish the longest chain. This is practically impossible and is why miners are said to “secure” the Bitcoin network.

In exchange for securing the network, and as the “lottery price” that serves as an incentive for burning this energy, each new block includes a special transaction. It’s this transaction that awards the miner with new bitcoins, which is how bitcoins first come into circulation. At Bitcoin’s launch, each new block awarded the miner with 50 bitcoins, and this amount halves every four years: Currently each block includes 12.5 new bitcoins. Additionally, miners get to keep any mining fees that were attached to the transactions they included in their blocks.

Anyone can become a Bitcoin miner to try and earn these coins. However, Bitcoin mining has become increasingly specialized over the years and is nowadays mostly done by dedicated professionals with specialized hardware, cheap electricity and often big data centers.

To mine competitively today, you need to know what you’re doing, you must be willing to invest significant resources and time, and — last but not least — you need access to cheap electricity. If you have all of this, you too can give it a shot and become a Bitcoin miner.

 

Want to know more send me a message via here

Day 1 Of My Digital Currency

Hi every one today date is 29/01/2018 its a Monday evening as i write this short blog.

Over the last few days i have been educating myself on the world of crypto currency.

I decided to dip my toe in the expanding world of online digital currency that is Bitcoin, Ethereum and Litecoin.

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Above is my starting point, yes i know its not a lot to invest but i’m going into this in the right way.

I’m testing what this craze and what its all about.

That we all wished we joined when it started back in 2009 when it all began.

I will be posting the changes and logging my journey each day within the digital realm of crypto good and bad for you all to see.

I hope you all find this as interesting as me and hopefully i bring some kind of value to this little corner of world wide web on my blog.

If you want to follow me simply subscribe to my blog. Or you can simply follow me more through my other social media platforms.

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