What do you have to do to get a bitcoin? Basically there are three ways to get one of these cryptocurrencies: mine bitcoins, buy bitcoins through a platform and sell something and get paid in bitcoins. Of the three formulas to get bitcoins, the first two are the most used unless you have an online store and, in addition, accept the payment with virtual currency.
Mining is the primitive way of achieving bitcoins. The work of mining involves using powerful computer equipment to solve mathematical problems, while acting as guardians of the security of the currency.
To understand it better, remember that bitcoin is an encrypted code associated with a bitcoin address that is stored in a bitcoin wallet that does belong to a natural person. These bitcoins can be sent to other people, used to pay, exchange for another cryptocurrency or charge. Any transaction will not be valid for any additional amount that the Bitcoin P2P network approves (United Bitcoin Electrum Claim), which is composed of other users and miners.
Each transaction is grouped in a block that must be sealed. This process requires complex mathematical calculations and, therefore, needs a lot of computing power to be carried out. That’s where the miners come in. As a reward for lending their equipment for this task, the Bitcoin network releases blocks with new bitcoin for which the miners compete. The Bitcoin as payment is completely safe, as for any transaction needs the approval of the majority of users.
The security of bitcoin is also based on the fact that in order to access your bitcoins, you will need to provide your private key. Without that key, nobody will be able to access your bitcoins. In the section of the purses we explain more in detail what this private key consists of and the difference with the public address, it is something like your bitcoins user and that will be useful so that they can send you and you can send coins.
How to mine bitcoins?
To mine bitcoins (United Bitcoin Electrum Claim) on your own you need a powerful team specialized in this task. The reason is that with the increase in competition, domestic equipment does not have enough power to make the task profitable.
Today the best equipment is specialized and incorporates ASIC circuits. Its price ranges from 1,300 euros to more than 2,000. Among the houses that make them include the Chinese Canaan, Bitmain, BitFury or Spondoolies Tech.
In this equipment will have to mount a specific hardware to mine bitcoins that often sell the same manufacturers. That is, the program that will effectively mine.
In the last few months an alternative formula of mining bitcoins has come together without the need for a personal computer. It is about mining in the cloud, with which a mining contract is rented with a certain power of mining (capacity to solve those algorithms of which we spoke). Instead of having the equipment at home or in a warehouse, you pay a specialized company, which is the one that does the work and then shares the profits with you. Of course, keep in mind that the majority will reserve the right to keep everything obtained if they understand that the price of bitcoin at that time does not cover their expenses or does not leave enough margin.