Bitcoins, Litecoins, and Other Crypto-Currencies

November 16, 2013

Do you have a computer?

Then you’re able to Mine for Bitcoins.

Apparently it’s as easy as downloading a program onto a computer and having it run in the background, you can even sit around while it starts printing money.

— This is partially true, but ignores the fact that your computer will probably not make it and your electrical bill will also be a disaster.

To successfully Mine for Bitcoins, Litecoins, or Namecoins (will explain the difference in a seperate post) – you need a computer that is capable of a lot of processing speed and workload.

This means the average computer and or/laptop will not be an efficient system for long-term mining. (I’m typing to you on a MacBook Air as I write this.)

There’s special tools out there that you can purchase or assemble which will systematically generate coin for you.

These are the next steps to mining for Bitcoins:

1. Find or create a system

2. Download Mining software

3. Join a Mining pool

4. Leave system on, and plugged in

While this happens, I need a place to put all the Bitcoins once I’ve ‘earned’ them.

In a seperate post, I will talk to you about Bitcoin wallets and currency exchanges.

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