How many of you have used bitcoin?
By yashumgm
@yashumgm (183)
India
October 11, 2011 10:48am CST
Well the other day I came across this virtual currency called bitcoin. I hear that you generate it and then convert it to hard cash.Does anybody here know how this works?
5 responses
@naseemkum (1803)
• India
12 Oct 11
Its type of gaming site. Whether we have to play virtual game and have to win to earn real cash money. How can everybody can win there. I wont become member to any of the site by paying to them.
@viner16 (242)
• Canada
11 Oct 11
This only works when
-You can also buy the 'bitcoins' for cash
-REALLY hard to earn
-Most ways you earn 'bitcoins' are for members only (cost money to be a member)
Best site that uses this is SecondLife, a virtual life game. You can trade SL bucks for real cash, and someone made 1 million with it trading real estates (members only.)
This would only work if you are lucky or well known though.
@earningmember (914)
• Canada
4 May 12
Actuall I am currently testing this.
we earn bitcoins via our PC cpu and graphic card power and yes, exchangers can convert bitcoin for cash!
In other earn this, you need a wallet either by installing client or by using trusted online wallet service
Using client:
it store wallet on your PC but if you reformat your hard drive you loose your wallet.
However, there ways to save important date on pen drive be sure to made research as to how and what!
Online wallet service:
Few of them provides secure link per wallet, some require to register with user/password.
It best saving links and related wallet address in your documents on pen drive but keep that away from prying eyes or hands
Earning bitcoins:
Some of service offer bitcoins when your enter your wallet address, signing up for offers or survey!
We can earn bitcoin by mining using your PC CPU or and graphic card! (make researches on this)
Warning:
While mining isn't meant for laptop! I repeat, not on laptop!
mining using PC can be done solo or by joining mining pool.
While mining solo, it can take months to earn 50 bitcoins but in mining pool it divides 50 bitcoins among their members.
Another thing you need to consider is power use for mining via PC.
As I already said, I testing this and I did join a mining pool.
I will update this with how much bitcoins I'm earning!
@earningmember (914)
• Canada
4 May 12
Oh yest, I forgot to mention in order to mining bitcoins via PC, you need running special software either with gui or as software running as command line (dos)
There are several softwares to mention.
Again make researchs as to how.
I'll be more glad if I can!
Until next update!
@spndr7 (67)
• India
28 Mar 12
Bitcoin is very secure virtual currency.It is decentralized,all the process of introducing new currency, verification of transactions are managed by peers of the network.The history of all transaction ever made is kept in a blockchain at every peer-node.
The generating new money peers compete to solve a CPU intensive work,the peer node solving the work first is given the money.The speed of generating new money will decline gradually till a point when no new money will be generated.
Please go to my blogpost If you want to more about bitcoin and creating money with it
http://sure24x7money.blogspot.in/2011/11/new-paradigm-of-currency-trading.html
@naseemkum (1803)
• India
11 Oct 11
Oh how can a virtual currency turned into real cash. Whats the procedure to change those virtual currencies. We had another site named virtapay we can get thousands of virtual dollars but we can use it as real cash.
@Yasya08 (213)
• Israel
29 Jul 13
@naseemkum,
you just need to find an exchanger doing that. I use
eForex Gold Is The Best E Currency Exchange Provider That Provides Online Currency Exchange, Electronic Currency Exchange, E Gold Exchange, Currency Exchange Rates, Buy And Sell Currency And More.