Monday, June 23, 2014

BITCOIN and everything you can do to get in on this exciting new technology and monetary system!

My last post was back in January. I just have not had anything organized in my mind to talk about much less the focus power to put anything in words lately. Pre-occupation with material things is the reason and I will not get into them here. If you have been watching the news you have come across this Bitcoin thing. What the heck is it you may ask. I came across something about it way back now around March of 2013 I think it was. Maybe it was 2012, I just cannot remember now for sure. But, here is the thing. If I had bought some of these Bitcoins when I first got excited reading about it, the price was $113 to $115 each. Over the year the price has been volatile to say the least. It soared to over $1,100 or $1,200 at one time and I thought this was just incredible. I missed the boat as usual with things like this as I procrastinate too much. My problem is I try to get other people interested in stuff that I discover in order that they too might share in my journey of discovery but more often that not they do not take the plunge either. So, I end up being a teacher and never get involved myself. Now yesterday I read an article where the founder of the Xprize has converted some of his gold into Bitcoins. This man is a forward thinking person who has a lot of followers. He has had much success in his life and probably will continue to do so. It is people like this that excite me and motivate me to think that I too can do the same as them if not on a smaller scale maybe. I think we all have it in us but we just do not have the confidence first and the knowledge secondly to take us there. More perhaps on this man later. For now I am going to post that there is a page on called, support. There one can find the many links to just about everything there is to do or know to get involved in Bitcoin. One thing that I have been wanting to do is get into mining. Mining bitcoins with a computer can make you free money. How much and how fast depends on the power of your machine and more specifically, the GPU or video card in your rig. As I have delved deeper into this bitcoin thing this is what I have discovered is the secret to mining. Most say you can be more profitable by joing a pool. I have read some forum posts that say mining on your own does well too. I would like to try each soon to see for myself what does best. In order to do this I would like to set up two computers with each doing one or the other. Another option I have tossed around is to pay a hosting service to use there virtual servers to do the mining but the question is, will it pay the rent. I have not been able to come across any forum posts or discussions where anyone has offered their experience with this but I did discover one node was using a virtual host near me. I feel that time is of the essence now as the governments have been digging into this and trying to figure out how to regulate it and control it but it is a tough road ahead for them from what I have been reading. Many online retail companys are now beginning to accept Bitcoin for payment. This tells me that there is belief in this new currency system and they are serious about making it work. I had registered myself with a Bitcoin address to send and receive payments but have never tried it out. Here is my address if you want to send me some of your bitcoin to help further my cause here to enlighten the people of this planet: 1BKkQWFGAvseLQZ9e7oTvxLFrohA1zQCyk Okay, have I got you interested? I believe it is time to get on this bandwagon now before you are the last one and who knows what will happen by then. Will our current dollar currency be in down the tubes? Will there be a race to buy into bitcoin and transfer all monetary assests into it? Time will tell of course. For now I would not put all my eggs into one basket of course but we can start with a few at a time and see how it goes. I just saw an article today where Expedia is now accepting Bitcoin. It was not too long ago that I got a Tiger Direct email and they had started accepting Bitcoin. More and more businesses will get into this and you will begin to start seeing ATM machines that provide bitcoin transactions. My last word here today. All along the time I have been researching this bitcoin it has came to my attention that a bitcoin transaction can take some time to confirm. Upwards of twenty minutes was the last I had read about. Nodes in the system is what does the transaction verifications. The more nodes there are the faster the transactions can be verified is what I understand. One has to be award that the more people who are making transactions can slow the process down if there are not enough nodes joining the system to keep pace. My internal spirit of helping out is begging me to set up a node to help out. I could use one of the two computers that I plan to test the different types of mining that I mentioned previously as a node. I think this is going to be exciting if I can just get going on this. What about you? All comments appreciated!