Usually, the world of money and complex accounts do not attract the attention of large segments of followers, but this rule was shattered towards the end of 2017 as the name “Bitcoin” became the talk of people around the world.
The digital currency, which first appeared in 2009 through a person or group of people under the name “Satoshi Nakamoto”, has reached its value in recent weeks of more than 16 thousand dollars, compared to only 12 dollars four years ago.
Despite the fluctuation in the price of the currency that allows its users to buy goods and goods without the need for financial intermediaries such as banks, the demand for them, and for similar digital currencies such as Litecoin and Ethereum, has doubled recently.
However, if you can’t buy Bitcoin while its price is currently soaring, how can you get it?
Bitcoin can be obtained through a digital process called “mining”.
When the algorithm for obtaining Bitcoins was devised by “Satoshi Nakamoto”, the number of coins that could be obtained was limited to 21 million bitcoins only.
According to the US network, “CNBC”, 12 million of them are in circulation now and nine million bitcoins remain un “mineralized” yet.
What is Bitcoin mining?
Mining is an attempt to authenticate a digital package of transactions, verify that it is not fake, and then the authenticator gets a number of Bitcoins as a reward for helping him secure the Bitcoin network.
According to the “Blockchain” website specialized, the number of attempts a computer needs to document these transactions is about 1.7 billion, which gives value to the digital currency due to the difficulty of the documentation process.
What do you need to “mine”?
Bitcoin mining needs the following: a computer, an app, and a digital wallet.
When bitcoin mining began in 2009, ordinary computers were able to mine the digital currency at a reasonable speed, but with the increase in the number of extracted currencies, according to the system by which Bitcoin was created, the mining process became more difficult.
And recently, hardware for the purpose of mining, known as ASIC , has become the most feasible way to mine Bitcoin, as the process is consuming more energy, and therefore requires stronger processors.
And if you are not able to get one of these expensive devices, you can participate in what is known as “cloud mining”, which is the participation of a number of computers over the Internet in the mining process.
There are cheaper mining hardware devices that can be connected to regular computers, with a price of about $ 20, but they are less efficient.
The software used for mining is free and open source and can be downloaded via the Internet.
And every “metal” needs a digital wallet in which he can save and exchange his currencies, and there are many websites that provide this service.