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More and more people around the world are using bitcoins:
-As an investment
-As a hedge against inflation or failing currency
-As an income source from bitcoin mining



 

MoneyDecisions101 => What is Bitcoin?

Bitcoin is a digital crypto currency

bitcoin

What is Bitcoin?

Bicoin is a digital currency. It is secure. Bitcoin transactions are encrypted using public and private keys. The Bitcoin system runs on computers all around the world peer to peer and is free from government or banking control.

Some see Bitcoin as the global currency of the near future, since it can be a safe haven from currency collapse and hyperinflation. During the Cyprus Bank failure in March 2013, Bitcoin prices surged. When the next major economic collapse occurs, Bitcoin prices to surge again even higher. Why? It is the easiest and quickest means to get out of a modern fiat currency.

How can I get Bitcoins?

1) You can Buy Bitcoins on a Bitcoin exchange such as mtgox.com.

2) Someone can pay you in Bitcoins.

3) Someone can give you some Bitcoins.

4) You can mine Bitcoins, using a Bitcoin Miner.

The Bitcoin system is setup so that users can mine (crunch a digital file called the block chain) to archive transactions. While doing this, the reward is some newly created Bitcoins. To mine, you need a Bitcoin miner and software.


Most Bitcoin miners today are ASIC (Appilcation Specific Integrated Circuit) miners. They are designed to soley mine bitcoins. The benefit of ASIC miners are they have a high hash rate to power consumption ratio.


One of the most popular Bitcoin ASIC miners right now are the ASICMiner Block Erupter USB 330MH/s Sapphire Miner, which as of 9-23-2013, can be purchased for around $17 each. If you want to run multiple ASICMiners, you will need to purchase a compatible USB Hub.

Another miner is gaining in popularity. It runs at 10.7 GH/s and is known as the Blade Erupter.
Blade Erupter Eligius Setup can be found here.

Here's another new miner... It runs at 30-38 GH/s and is known as the BE Cube Block Erupter.
BE Cube Block Erupter Eligius Setup can be found here.



See Bitcoin miners below.

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