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Earning Bitcoin

Discussion in 'CryptoCurrency' started by opticbit, Dec 26, 2011.

  1. opticbit

    opticbit Registered Member

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    I wrote this real quick, need to work on making it more presentable, but it has some possibilities.
    follow the example, and use your own twists to make more.


    Learn to make bitcoins (BTC)

    Visit hxxp://bitcoin.org and download the Client software (or goto hxxp://instawallet.org and SAVE the page) you can learn more about bitcoin from bitcoin.org or hxxp://www.weusecoins.com/


    you'll get an address that looks like this 1M2ykXxKaMwStGtn7N3zQTWixf3qLxYNGz
    you can share that address with everyone, and post it online with out having to worry about it. or you can post it in on place and make an aditial one, and lable it in your address book so you can keep track of where you get paid from.

    That address is where your (BTC) are stored, and can be used to buy things or exchange for any currency (explained later)

    You'll want to start getting some right away, some ways of getting btw are free, other will cost you.

    If you have a newer ATI GPU and the electric bill doesn't come out of your pocket, goto hxxps://github.com/downloads/Kiv/poclbm/guiminer-20110824.exe
    then join a mining pool
    hxxps://opticbit.triplemining.com/register
    and for redundancy hxxp://pool.betcoin.co/r/328
    once you have signed up plug your worker info into the guy miner, and tell it to start.

    If you have a lot of twitter followers goto hxxp://www.feedzebirds.com and retweet

    visit hxxp://dailybitcoins.org/?ref=1ARCHhdbU5vjDcbfPjAdtd6u1Z4BaSzprm to get a few free. theres other places to get some for free, but you'll have to explore on your own. notice the referral code at the end of the link, that is a bitcoin address and commissions go directly there very shortly after a sale is completed.

    Check the ebook at hxxp://bit.ly/btcbook join any (or ALL!) of the referral programs and advertise the links, you could even copy this method and the book, and replace them with your links. To get the book, you will have to Like or Tweet it, which is also part of getting more people to participate.

    Once you have some coins you can use them in other places to make more coins, spend them on various services, or play with them, or exchane them.

    once place to play with them is hxxp://bitcoinpyramid.com/r/707

    if you want to exchange them for cash i recommend hxxp://www.tradehill.com/?r=TH-R11635

    other places to spend your coins check hxxps://en.bitcoin.it/wiki/Trade
     
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  2. zebrahat

    zebrahat Elite Member

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    Nice job, surprised nobody else commented.
     
  3. sirgold

    sirgold Supreme Member

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    +Rep for the carefully researched resources and nice tut. If you have some decent horsepower you'll be able to do more than a lot of other methods.
     
    Last edited: Dec 27, 2011
  4. phr0zt

    phr0zt Regular Member

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    bitcoins were good a while back, but the price has dropped consistently and is now fluctuating at a pretty low value. I remember back when it was in the mid $20s per bitcoin. Also the difficulty for mining new coins goes up over time, and it now takes a ridiculous amount of power to generate even a small amount.

    but once you've acquired a few playing games with them is pretty fun lol. I just wish they were still in their prime.

    The most effective method to making money with them is illegal by all counts, and I'm not even going to put what it is here just to ensure not getting banned or a warning lol =/
     
  5. opticbit

    opticbit Registered Member

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    and I'm working on building an actual unique site. Back end is being custom built, so its going to take some time. A coder I recently met is working on it, I'm not that good with coding, no patients for it either.
     
  6. rizzy

    rizzy Registered Member

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    Bitcoin mining it a waste of time unless your stealing your power from somewhere and have all your graphics cards allready. Running a good rig will get you a few btc a day at best.... i hope it covers your electricity bill
     
  7. nikao

    nikao Power Member

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    thx for the tip on feedzebirds... didn't know that one yet.
    Do you know / have experience with them paying out?
     
  8. king_caesar

    king_caesar Newbie

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    Bitcoin become not profitable since <$4 price dropped..
     
  9. nikao

    nikao Power Member

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    this doesn't matter if you earn bitcoins by retweeting for instance.. only matters for mining
     
  10. opticbit

    opticbit Registered Member

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    yes I have used them, looks like their commission is ~50%, hopefully as they get more well known, they can lower that and still be profitable. I have spent a couple bitcoins on them, and got a some tweets out, a couple hundred users have tweeted my message out to a couple 100k

    I have also stopped a campaign and requested a refund, it showed up in a few mins (plus the normal time for confirms)

    I have also tweeted other peoples messages, and the payment comes in shortly. need more followers, only have ~500
     
  11. zebrahat

    zebrahat Elite Member

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    Millions of people live in situations where the electric bill is wrapped into the rent, with no increase in monthly cost regardless of usage, or else work in offices where background use of their desk computer is allowed. In these situations mining is profitable. Over time, the value of Bitcoins will go back up, for as the self-correcting software controls the inflation, the real price point will be stabilized, making it a superior currency in the long term.
     
  12. opticbit

    opticbit Registered Member

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    made a mistake, for got I only have 500 followers so, their take is like 1% -10% or something.
     
  13. plaidone

    plaidone Newbie

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    I know this is an old thread, but figured I'd put an update in for people who've newly discovered Bitcoin, like me. Bitcoins are currently worth about $47-48 per coin, which is considerably higher than the mid-$20s they were some time in 2011. I think as the USD continues to weaken, bitcoins will continue to go up in value, but will of course fluctuate, just like precious metals.

    It should be pointed out that Bitcoin is an electronic currency and only useful as long as there are people willing to assign value to it, just as tangible paper currency and coins are only useful as long as people agree to accept them as payment. There's no central bank, so the value cannot be manipulated, at least not for the long term as it can with centralized (read: all paper) currencies.

    It's also worthwhile to point out that people realize Bitcoin is not the same as gold or silver, in the sense that it was created by people (and as mentioned before, only electronic). However, there will never be more than 21,000,000 bitcoins, ever. And while people may say that gold and silver have intrinsic value, they really only have value because they're desirable, but not because they're useful. The industrial uses of gold and silver, while still valuable, is much less than the value we assign to them because of their beauty.

    Still, it is risky, because a superior currency could replace bitcoins, or the experiment might completely fail. However, as a hedge against paper currency in general, it looks to me to be a valuable investment. I wouldn't put my life savings into it by any means, but if you risk what you can afford to lose, you've not really lost anything if it does fail. Wordpress recently started accepting bitcoin, so at least it has some well-known commercial endorsement.

    These days the hardware requirements are even more insane for bitcoin mining, and if you do have to foot the electric bill, you're probably not even going to break even unless you buy one of the new ASICs, which are boards dedicated to bitcoin mining. Some are relatively cheap for the amount of hashes they perform per second, but as more people buy them, mining will become even more competitive.

    en.bitcoin.it still has the best information available on bitcoin.

    I haven't found a great way yet to earn a whole lot more than .000x at a time, but I'm looking into it.
     
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  14. zebrahat

    zebrahat Elite Member

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    To repeat what I said in another thread, according to some financial analysts this past week, we are still at the BOTTOM of Bitcoin's upside value---BTC is positioned to potentially top out at $10,000 PER Bitcoin in a few years. Only 21,000,000 total BTC will ever be created under the software program, and half of that amount has already been mined. As traditional currency collapses and gov/banks try to further eliminate privacy, the demand for this privacy based e-currency will continue to grow. So, is a future $10,000 payoff per BTC mined worth a hit to your electric bill today?
     
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    Last edited: Mar 14, 2013
  15. plaidone

    plaidone Newbie

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    That's certainly a smart and analytical way of looking at it. Upside vs. downside risk is nearly infinity:1. However, the same can be said of penny stocks as both are speculation. The difference is that bitcoin has rationale behind the upside risk, whereas penny stocks are just gambling for the chance of hitting a lotto payout. In addition, penny stocks aren't as liquid. I'm just saying that I'll invest what I can afford. Hats off to you if you want to invest your livelihood into it, as it will probably pay off big time. I'm just not willing to take that chance, even though the odds are damn good in your favor. Economists have been wrong before, but I think they're probably right about this one.

    Plus there's the ultimate solution: Go solar! Lease the cells or take out a loan for buying them such that the payment is lower than your electric bill, which is going up anyway. Win/win! :D Now to convince my wife...
     
  16. phr0zt

    phr0zt Regular Member

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    It's funny that this thread was bumped, I actually just got back into the bitcoin game about a week ago after looking into ASIC miners. Avalon beat BFL to the punch, but when BFL starts shipping thousands of units the difficulty is going to exponentially increase in no time. It's a shame because if only one of the most powerful ASIC miners (the 1,500 GH/S miner) was out, it could be pulling up to $8,000 worth of bitcoins per day--absolutely ridiculous. But because of the thousands of orders, people are projecting a difficulty around 50x higher than what it currently is in just a few months, making each machine earn way less. It's hard to imagine dropping $30,000 on a machine like that, because once the machine becomes unprofitable to run, you have a $30,000 doorstop lol. But damn if you could get one early it would pay for itself quickly.

    Anyways, I'm looking into some other solutions to make mining bitcoins more profitable, it's extremely interesting now that they are worth almost $50 each, and I'm kicking myself for not buying them when they were $4/piece... Oh well, hindsight is 20/20 lol.
     
  17. stuboutlet

    stuboutlet Newbie

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    Excellent breakdown.
     
  18. plaidone

    plaidone Newbie

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    There's a lot more to it than what I mentioned, but if you look into it, you'll see that security, anonymity, and ease of transfer are its greatest strengths. The "mining" aspect boils down to decentralized peer-to-peer accounting such that several peers can verify the integrity of a block of transactions when a hash is solved. If it can ever achieve critical mass, which will take more than just Wordpress, it could be a viable currency. Wordpress is a step in the right direction though.
     
  19. infoasian

    infoasian Supreme Member

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    Lawmakers are closing a deal to crack down on this e-currency. You should be aware of the high risk.
     
  20. plaidone

    plaidone Newbie

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    I saw this too...you can just Google/Startpage "bitcoin crackdown", but to be honest, with only investing a little money, I'm not really nervous about it. First of all, there's no authority for Bitcoin. Even if it is "outlawed" somewhere (which probably means that you won't be able to buy/sell it for other forms of currency), you can still use it for exchange. Who would stop you? As a medium of exchange, there's really nothing a government could do to stop you from using it. Not all the world's governments are going to outlaw it at the same time anyway. It just boils down to whether enough companies will accept it as money. This could be a problem if a government declares that companies may NOT accept bitcoins, in the same way U.S. companies are required to accept dollars.

    If Bitcoin comes out on top, the value will rise dramatically, so to me it's worth spending a few bucks for what might end up becoming a true currency, and possibly one of the only currencies with any value. Even if it's only used for the black market, I have a feeling that term will encompass MUCH much more than it does now in the near future. For example, it's still legal to buy a gun in the U.S., but for how much longer? At the rate things are going, I wouldn't be surprised if sugary sodas end up being accessible only on the black market.
     
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