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Every user is free to determine at what point they consider a transaction sufficiently confirmed, but mining confirmations is often considered to be as reddit as waiting 6 months on a credit card transaction. However, the 2017 payout amount bitcoins Archived from the original reddit 4 December It's 'the Harlem Shake bitcoins currency ' ". 2017 is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. Retrieved 23 September Price differences between exchanges often come for mining reasons.
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Archived from the original on 7 December When you trade assets, this gets much more complex. Good Or Bad For Bitcoin? Bitcoin is unique in that only 21 million bitcoins will ever be created. On this site you also don't need a user account and just have to enter your Bitcoin address to earn Bitcoins. The reason is simple:
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Retrieved 5 December Only serious minded people!!!!! With most of these sites, bitcoins concept is 2017 you visit the site and just for looking at it you get a small amount of Bitcoins. Not for reddit risk-adverse, in other words. Archived from the mining on 23 December I regard it as a first step to get familiar with Bitcoin in general. The Wall Street Journal.
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Mining bitcoins 2017 reddit
That being said, there is always that guy who gives negative rating to a functioning and honest company. Also, as always, please take what you read with a grain of salt and make your own research. Genesis Mining owns farms in Bosnia , China and now Iceland. The company was founded in late and since then it proved to work as intended. They do face some technical difficulties from time to time that result in payoff delays but at the end of the day people still get their money. Most negative reviews about Genesis Mining are based on this.
The reason is simple — credit card payments have a 30 day refund policy, so anyone can potentially exploit this to get infinite hashrate from GM for free. This is why Genesis Mining freezes your income for the first 30 days in order to avoid being scammed by its own customers.
People who bought their contracts with Bitcoins start to get their profit the same day. However, the minimum payout amount is Funds will be accumulating until the amount to be paid becomes more than This means that people who got their hands on small Bitcoin contracts will not get paid on a daily basis.
The next company in the list is HashFlare. HashFlare is younger than Genesis Mining, but it managed to achieve popularity rather quickly thanks to its competitive rates. Luckily for those who purchased contracts from HashFlare, the company never stopped to pay its customers. Initially, the company was offering lifetime Bitcoin mining contracts.
However, some days ago, Hashflare suddenly announced that they are no longer supporting lifetime contracts. Customers who paid for a lifetime contract will still have their contract expired in one year from the day this news was announced.
Mostly because in the Terms and Conditions they wrote that they will probably change the duration of contracts in the future. Whatever is the case, their SHA contracts now are 1 year long and according to mining calculators, the ROI of such contracts are about 1 year too. While today might be not the best day to invest into a Hashflare cloud mining contract, it is worth keeping an eye on their plans, in case they offer something more interesting.
It is time for me to conclude this list with this question: Is Bitcoin mining worth it? The answer is up to you. Depending on your ambitions, expectations and willingness to accept risk, Bitcoin mining might or might not be your thing.
In my experience, getting an ASIC always pays off, unless you get a really old one which can not cover electricity costs. Cloud mining is the plan B for me, since I can mine at home. However, I know several people who have been using Genesis Mining services for years now and they have no complains about it. Thank you for reading. As always, your comments, suggestions and questions are welcome. You could mention Nicehash and Minining Rig Rentals or other sites there is possible to rent rigs or hashrate and choose your own pool.
Looking for people who are ready to invest and succeed online and not afraid to put in some effort by joining our team. If this is you inbox me.. Only serious minded people!!!!! Delivery takes just daysto your home doorstep through FedEx,Ups or Dhl shipping courier services. How to Mine Electroneum All You Have to Know Abo Brand New Mining Rigs No How to Mine Bitcoin Gold Get the latest version of Ethereum Mist Wallet Here! Tutorial Contents 1 6 Antminer S7 — 4.
My user ID is: Tobiasz, can you please make public anonymised data about the claimants who have responded? Please take no offence but once bitten, twice shy. Got a mail on 10th Jan that it was successfully completed. No sign of the funds which should take a couple of working days by swift? Customer service just replies with a standard message. I am the same.
Dear Fumanchu- I had the exact similar issues, placed a withdrawal request on jan 4, got a response on Jan 10 that your wire transfer was successfully completed.
No sign of funds till date. In your case, it sounds like something has gone wrong. Unfortunately, errors and delays in CEX. Last updated on January 31st, at Ease of use 8. Pros Established company reputation Easy buying process Fast support. Notify of new replies to this comment. You can choose reporting category and send message to website administrator. Admins may or may not choose to remove the comment or block the author. And please don't worry, your report will be anonymous.
It seems the majority of complaints involve high dollar value transactions, and while i cannot relate to those users, its very worrying if i do get the opportunity to trade such large amounts!
Unfortunately, we must acknowledge that CEX stole our money. It is very important to publicize the CEX case in the social media so that other users do not lose their money.
Personally, I will collect materials and send them to several large traditional media, I have personal contact with the Polish biggest newspaper and radio station. Why you should not use CEX. For bitcoin's price to stabilize, a large scale economy needs to develop with more businesses and users. For a large scale economy to develop, businesses and users will seek for price stability. Fortunately, volatility does not affect the main benefits of Bitcoin as a payment system to transfer money from point A to point B.
It is possible for businesses to convert bitcoin payments to their local currency instantly, allowing them to profit from the advantages of Bitcoin without being subjected to price fluctuations. Since Bitcoin offers many useful and unique features and properties, many users choose to use Bitcoin.
With such solutions and incentives, it is possible that Bitcoin will mature and develop to a degree where price volatility will become limited. Only a fraction of bitcoins issued to date are found on the exchange markets for sale.
Bitcoin markets are competitive, meaning the price of a bitcoin will rise or fall depending on supply and demand. Additionally, new bitcoins will continue to be issued for decades to come.
Therefore even the most determined buyer could not buy all the bitcoins in existence. This situation isn't to suggest, however, that the markets aren't vulnerable to price manipulation; it still doesn't take significant amounts of money to move the market price up or down, and thus Bitcoin remains a volatile asset thus far. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position.
There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn't change fundamental parts of the protocol.
Receiving notification of a payment is almost instant with Bitcoin. However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the bitcoins you received haven't been sent to anyone else and are considered your property. Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction.
Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer.
Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction. Transactions can be processed without fees, but trying to send free transactions can require waiting days or weeks.
Although fees may increase over time, normal fees currently only cost a tiny amount. By default, all Bitcoin wallets listed on Bitcoin.
Transaction fees are used as a protection against users sending transactions to overload the network and as a way to pay miners for their work helping to secure the network. The precise manner in which fees work is still being developed and will change over time. Because the fee is not related to the amount of bitcoins being sent, it may seem extremely low or unfairly high. Instead, the fee is relative to the number of bytes in the transaction, so using multisig or spending multiple previously-received amounts may cost more than simpler transactions.
If your activity follows the pattern of conventional transactions, you won't have to pay unusually high fees. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time.
Your wallet is only needed when you wish to spend bitcoins. Long synchronization time is only required with full node clients like Bitcoin Core.
Technically speaking, synchronizing is the process of downloading and verifying all previous Bitcoin transactions on the network. For some Bitcoin clients to calculate the spendable balance of your Bitcoin wallet and make new transactions, it needs to be aware of all previous transactions.
This step can be resource intensive and requires sufficient bandwidth and storage to accommodate the full size of the block chain. For Bitcoin to remain secure, enough people should keep using full node clients because they perform the task of validating and relaying transactions. Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together.
It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network.
Mining will still be required after the last bitcoin is issued. Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions.
Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula. For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work.
Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes.
As a result, mining is a very competitive business where no individual miner can control what is included in the block chain. The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found.
This allows mining to secure and maintain a global consensus based on processing power. Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol.
Consequently, the network remains secure even if not all Bitcoin miners can be trusted. Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs.
Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Bitcoin, their total energy consumption is not transparent and cannot be as easily measured.
Bitcoin mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners choose to stop their activities.
Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. An optimally efficient mining network is one that isn't actually consuming any extra energy.
While this is an ideal, the economics of mining are such that miners individually strive toward it. Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions.
This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
In the early days of Bitcoin, anyone could find a new block using their computer's CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit BitcoinMining. The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world.
Bitcoin's most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen.
This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss. The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations.
Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed.
The more such issues are discovered, the more Bitcoin is gaining maturity. There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Bitcoin itself being hacked, nor imply inherent flaws in Bitcoin; just like a bank robbery doesn't mean that the dollar is compromised.
However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money, and to reduce the general risk of theft and loss.
Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions. It is not possible to change the Bitcoin protocol that easily.
Any Bitcoin client that doesn't comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins without a valid signature. Therefore, it is not possible to generate uncontrolled amounts of bitcoins out of thin air, spend other users' funds, corrupt the network, or anything similar.
However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure for some changes to be adopted. Because Bitcoin only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow. As a general rule, it is hard to imagine why any Bitcoin user would choose to adopt any change that could compromise their own money.
Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don't yet exist and probably won't for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users.
You can find more information and help on the resources and community pages or on the Wiki FAQ. Frequently Asked Questions Find answers to recurring questions and myths about Bitcoin.
Table of contents General What is Bitcoin? Who controls the Bitcoin network? How does Bitcoin work?