Okay, so you’re curious about bitcoins mining software or else you wouldn’t be here. But let’s start at the basics. What are bitcoins? Bitcoins are a digital form of currency. They’re no different than dollars or euros, except there’s no government controlling them. They’re a completely open currency that anyone can use and it cannot be easily tracked.
Why would you want to use bitcoins? Well, for people who are paranoid about being tracked, they’re great for making purchases. They’re also good for people in countries whose governments suppress them. People are able to use those coins to make purchases their government wouldn’t approve of.
Well, that sounds like an amazing currency then, right? Well, it is pretty neat, but there are a lot of downsides to bitcoins right now. Very few places accept bitcoins for payment. Right now they’re mostly used for purchasing illegal goods online, though there are a few legitimate businesses who have started to accept them. There’s also nothing that stabilizes the currency. A regular currency is controlled by a government. This means the currency is relatively stable and unless the government collapses, there aren’t going to be huge changes in the value.
With bitcoins, one bitcoin can be worth a dollar one day and can be worth twenty the next. When they value goes up, that’s always good for you. But if you buy it when it’s worth twenty dollars and then it drops to five dollars, you’re going to be quite upset. That’s one of the main reasons most legitimate businesses won’t accept the currency.
Now that you know the basics of bitcoins, will move on to how you acquire them. Besides being given bitcoins as a gift or as payment, the most common method of obtaining them is through bitcoins mining software. Bitcoins can’t be printed since they’re digital. Instead of being able to flood the market with digital currency, a little bit is released at a time until a cap is hit.
Bitcoins are released by having computers solve complex equations. Bitcoins mining software uses your computer’s graphics card to solve these complex equations. The bitcoins “released” from this are given to you. So the longer you mine, the more bitcoins you get.
Many people consider this to be free money, but it’s really not. You’re paying for these bitcoins in two ways. The first is by putting wear onto your computer and graphics card. Mining pushes your graphics card to its limits. If you mine too long without proper cooling, you can easily fry your card or your entire computer. It’s like running a brand new game at max settings non-stop.
When you computer is running at its limits like that, it’s also using a lot of electricity. A lot of times, the bitcoins you’ll make from mining are worth less than the money you’re paying for your higher electricity bill.
Bitcoins have their positive sides and negative sides. It’s an interesting phenomenon to check out, but it’s not something you should jump into without doing a lot of research beforehand. If you rush into bitcoins without knowing what you’re getting into, you could easily end up shooting yourself in the foot!