One of the most exciting things about getting started with bitcoins is being able to mine your own coins. If you are like me, then you have probably heard that the sky is the limit when it comes to earning money. That statement holds true. If you are willing to put in the work and learn how to get started, then you can literally earn thousands of dollars just by getting started with this highly profitable hobby.
Many people ask me about my thoughts on what they should use for their wallet on top of anything else. My advice is always the same: privacy. There are so many companies out there claiming to offer the best android wallets, but I have yet to find one that offers truly private and safe transactions. What they offer are cheap interfaces that are easy to use, but they are not private and safe from the hackers in the world today. As a result, users often give up and move onto something else.
Thankfully, I discovered the right way to get started with bitcoins. The first thing I recommend is using a good, secure wallet service. Some of the top services I use are Bitstreem, Wirex, Xoom, Moneybookers, and Metcafe. These are all top notch businesses that will not only secure your money but allow you to keep it organized and away from the hackers and malware that attack the internet everyday.
Once you have your wallet picked out, it is time to begin getting started with your new hobby. One of the main reasons you want to use a wallet service is so that you can start mining at the earliest convenience possible. These services will store all of your past and current transactions in a secure database that is password protected. This ensures that if anyone wants to get into your wallet, they can’t get it. While there are other services out there that claim to do this, I have never seen one that worked as well as one that uses a password manager.
One of the most important things to do when getting started with this form of currency is make sure you are mining safely. You want to be certain you are following all of the guidelines set forth by the network that supports the currency. As for the mining process itself, this starts by compiling the previous blocks of the currency. It then goes through each block one by one, adding up all the fees, and finally converting them to bitcoins.
It’s important to know how much you are spending per day on electricity and gas to mine at your current castrate. It is also important to take into consideration what your expenses are in terms of work. What is your reading time like? What is your work area like? If you have children, are you able to protect them? All of these things should be taken into consideration when figuring out the amount of electricity and gas to be used to maintain your current castrate.
You’ll also need to figure in a wallet to hold your coins. This is important, especially when getting started with this form of currency trading. One of the best ways to go about this is to get a paper wallet, print out the private key, keep it somewhere safe and then copy your wallet details over onto a new one. This ensures that no one else has the private key and can spend your funds before you do. You’ll also want to make sure you have a good mining hardware. The minimum requirements will be listed on the guide you downloaded but at the bare minimum you should have a computer, an internet connection, and some space to move around.
Your next step is to start shopping around for good deals on these minerals. As with anything else, you should only buy from a reputable retailer. At this point in time, you may be asking yourself how long it will take to receive your first batch of hashrate and/or minerals. Although, the average consumer will not see any difference in the time it takes, some companies will ship within a few days of your order. There are also many websites online that offer discounted prices and free shipping that will help to make the dining experience a more pleasant one.