Bitcoins Explained

Just like Devcoin, Bitcoin is a peer-to-peer currency, this means the government does not back them up, and no one has to accept them, and because the government does not back them up they fluctuate a lot in their price. Lately they have stayed around the $120 to $180 dollar range of the united states. Since the government does not back them up and there is no central bank they rely on the users to be that central bank. Whenever a transaction is made the coins have to travel from the sender to the receiver but since there is no server to do this they use peoples computer that they volunteer to be used to ‘mine’, or do the transactions for them. These 'miners' are paid a small fee from the coins they process with their computers. Some simple ways to become a miner is to buy a Asic miner or a block erupter. You can access all these off of or and once they arrive you can easily look up videos to learn how to make them mine. It can be a great investment for someone looking for a easy way to earn a little money and bitcoin is more accepted than Devcoin so they are worth a little more. To start you will need to get a free wallet from and you should invest in some miners. I hope this was helpful to you all, good luck with Bitcoin!


Above photograph, an example of a Asic miner block erupter.

Cryptocurrency | Bitcoin

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