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Editor: This article is a very neat introduction to the cryptocurrency called Bitcoin. If Bitcoin is new(s) to you, it’s a recommended read.

What is Bitcoin?

Here are the main points that you need to understand before buying Bitcoin.

1) Bitcoin is a form of digital money, protected by cryptography, which makes bitcoin transactions secure. That is why it is called cryptocurrency.

2) Bitcoin exists only in a digital form so that it is never printed, which means that bitcoin is a form of digital information.

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3) Bitcoin is decentralized. Meaning there is no specific place where bitcoins are released and even no central server that runs the system. Bitcoin infrastructure is distributed among all users, meaning their devices run the system. Thus, you do not buy Bitcoins from any central bank.

4) The amount of bitcoins is limited. You can make an analogy with gold: the amount is also limited. In other words, compared to other currencies like the US dollar or Swiss Franc, the Bitcoin supply is limited, and cannot be increased. Therefore, Bitcoin generally does not have inflation. Inelastic supply is one of the reasons that Bitcoin prices have tended to rise over time (but there are many other factors which play a role in determining Bitcoin price). $100 in Bitcoins purchased 5 years ago would today be worth millions.

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Advantages and disadvantages of using Bitcoin

Read the complete article here.

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10 Responses

  1. This is becoming a headache. but after you set up simple mining…where do you go from there? do you have to sign up with dwarfpool, where do i get wallets from, etc. you need a video showing all the way to when you get your profits.

  2. I just dropped Mint after ~5 years. It seems that the Ubuntu based distros have a nasty habit of playing with video drivers. I’ve had to spend hours after (6?) upgrades over the past 5 years. They revert to open source and cause all sorts of problems. I run NVidea for my large monitor and Intel onboard for laptop monitor. Each of these six or more times, the config was swapped out even though I said no to changes.
    Regards

  3. Try FluenOS. It is an operating system and management platform dedicated for mining cryptocurrencies on GPU. It’s First Open Source ( GPL licence and source code awailable) and free (of charge also 🙂 ) – visit http://www.fluen.org.

  4. Hi Miners!
    We here at PiMP do our best to support small miners; we are By Miners, For Miners. We do have large farm customers, but our focus is on making mining easy for small and entry level miners by pre-installing all the drivers and tools.
    We offer a lot of free support both in our Discord and our forum, please feel free to check them out if you have any questions both before and after you decide to buy.
    Our team has been developing PiMP for over 6 years now! I am not certain what finid meant, but we do sometimes offer rewards for people who like to get involved with our beta and support programs.
    Thank you for your support,
    Lily

    1. You guys are running something akin to a scam when it comes to your job offers, because your “rewards for people who like to get involved with our beta and support programs” is advertised as a job, when it is not. That’s a scam!

  5. Whats defines a better linux distro for mining so? The available graphics drivers on it? You say PiMP is 4.5GB size; this is very large! I wonder a minimun size + security issues as the most important features

    1. Gave up on PiMP as I had too much issues with it and the dev is pulling a scam with his “job offers”. Best to install all the mining software and gpu drivers you need on your own distro on SSD.

    1. Unless you have a mining farm, not worth it. Just install the mining software you need on a regular desktop or server distro, that is it. Better with a stripped down desktop distro.

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