Bitcoin Forum

Hi

I am new on this digital form of business of mining bitcoin. No prior knowledge. I just install electrum software on my PC.
Now what should I do next inorder to initiate this digital bussiness. How to mine bitcoin using electrum?
How should I invite others to fund in bitcoin ?
All the fields are empty on my electrum page except my receiving address.
How do we get the transactions ? I will appreciate if someone guide me how to work on it.

Thanks

Ashan

in order to mine bitcoin you will need special equipment which is called ASIC. you need to buy them and set it up to mine bitcoin, then you connect to a pool to share the work and try finding a block to share the reward.

as for your wallet, you now have a bitcoin address. you can give this address to others so that they can send you bitcoin. the address starts with 1, 3 or bc1. your private keys are obviously private and you should keep them that way. make sure to back up your seed also by writing it on a piece of paper and storing it in a safe place out of sight.

also it is good to read this: https://bitcoin.org/en/getting-started

In order to start trading, you should learn a lot about the price and the skills and knowledge you need to start trading. You should have lots of tips as well as learn from the previous ones.

Electrum is the wallet, not the mining software.

I really don't suggest going in to making money immediately. Try learning the basics first, to prevent unnecessary problems in the future.

Read these articles: https://coindesk.com/information/

Thanks to all who reply me.
OK instead of buying expensive hardware should I use web based option?
Is that necessary to fund my account first inorder to work on it? if not then how could we invite others on my blockchain?

Do not just jump in crypto to make quick money by trading or mining. Learn the basics, observe the market carefully. You will learn from your initial mistakes, so try not to invest a large amount intially. When you have learned enough, then learn/read about mining. Do not just start doing anything blindly so that you don't regret later in future.

Don't use wallet that based on web, use Electrum or another offline wallet. Just don't use any online wallet for storing your coins.

No, no need to fund it first. You can receive transaction as soon as you create it.

Mining using hardware is the way to go. You're only going to waste money using "cloud mining" services.

You wallet doesn't need to have funds for you to receive rewards from mining. Like I said, take time to read first. As it definitely looks like you don't know what you're doing.

Thanks all

Means I can start it without funding my amount. fellows i have read the topics related to bitcoinmining but sometimes you have to have the advice or opinions from experts thats why I asked it to you here in this forum. And I really appreciate all of you for your kind reply.
ONe thing I get it after your reply that i dont need to fund it first I can start mining blocks without it.
So kindly suggest that how could I do that ? How could I invite others on my blockchain so I can start dealing in it?

Thanks

What do you mean by invite other people to your blockchain?
If you want to start mining, you must have a good hardware (ex.ASIC or etc), and download mining software and start it. This section is discussed about mining so you may try to read it https://bitcointalk.org/index.php?board=14.0

Seriously, i don't get it, what do you mean by invite others to your blockchain? I never heard something like that before, did you just read something on facebook or other site like "Mining to your blockchain account" or something?

sory  I meant how do I recieve rewards ? whats the procedure?

As mjglqw says, you might want to start reading a few guides about Bitcoin before attempting to spend any money - Bitcoin isn't actually a business as you seem to think, it's helpful to think of Bitcoin as a new form of digital money. It gives you the same purpose of money as you understand money to be, with some very important differences, of which the most significant is that Bitcoin puts you (and only you) in full control.

Mining... can be a profitable business, apart from it actually being the way the Bitcoin network is secured. But it's unlikely to be accessible by an individual right now, not without costly specialised equipment and technical knowledge about Bitcoin. I strongly suggest you avoid this for the time being, and spend a bit of time in the Mining section of this forum to learn more first.

I'd suggest to start using Bitcoin first - the quickest way to do this now is to buy some Bitcoin. Check out Localbitcoins.com and search for online trades in your area to buy your first coins from another person. A small amount will do, withdraw it to your wallet (Electrum) just so that you can experience using Bitcoin the way it was meant to be. Electrum's a great wallet to begin learning to.

I got my first Bitcoin from a faucet, but that was in 2016 when it was fairly easy to get enough coins to test and transact with in a day. Bitcoin's value today means you might need to spend quite a bit of time to get free coins, so I wouldn't recommend this route.

Online stock trading is a system (software or application) that allows stock investors to carry out stock trading activities using the internet, such as buying and selling shares on the Indonesia Stock Exchange directly.
This activity can be done through laptop, iPad, Smartphone, or other mobile devices. This system is the same as when doing internet banking transactions.

Do I actually need to repeat what I said? For the third time? I already provided you a link with the required information for your plans.

Thanks I have created my account. Now how could i recieve transactions?

Guys dont be afraid of mistakes. mistakes able us to redesign our thinking about any matter in life.
Thanks

I advised you to search on youtube videos on step by step mining bitcoin its not a simple job you need huge amount of money to mine bitcoins for hardware equipments try to familiarize first on how bitcoin works before engaging in complicated mining business.

thanks for your concern. It seems like you are irritate of my post . instead of encouraging me you said this.
without risk there ius no success in life. The purpose of joining this forum was to get assist not being afraid of bitcoin mining. Anyway I thanks to you for your concern. I really appreciate if you lead me to get in the transactios as i created my account on electrum.

Thanks
 

Transactions through Bitcoin is difficult. However Balgium has placed ATM machines from which you can make your transactions easily. You can exchange your coin with someone near by. You can sell to others in the form of Euro and Dollar. And it is easiest way.

Mining is not for everyone because this required many costly hardware and costly electricity also need some strong knowledge about mining so if u are planing to do mining so give time for learn basic things and than take Ur decision because mining is not just install software in computer and u can start earning. I think u should learn trading first and than take experience about cryptocurrencies.

Yes it is true mining is so much difficult and risky but through all that if you had only the knowledge,ability,and passion on this i know you can get what youve wanna want or to be a successor someday,.so i have to get some informations here before i start on trading part.

the first step make sure your wallet is safe first, then try to fund or fill the wallet by following a bounty or minning campaign on the web that has been circulating in many online sites.

more easily you can also learn this business by reading an article about bitcoin.

I think go mining in 1st time on crypto is not a really good move.
You should learn more from reading and do some research on this forum or other crypto website.
If you learned a lot, you can choose what you can and wanna do

I think there are a lot of tips here, but I recommend to look at the YouTube top 5 wallets for bitcoin and other coins

for trading
 im suggesting u to learn every basic knowledge such as the price history, the function and other and make sure to know the best crypto market

for mining
i dont recommend to mining now..with the price range of 6-8k now i dont think able to recover from the expenses...unless waiting till the price to increase x2 or more. There are other method such as cloud mining but this just the same as normal mining

hyip
u can find hyip program that will give u high return in short period of time. makesure to make research on every aspect before investing

There are lots of suggestion in the web. Check and analyse.Then go for it.

I don't suggest going in to making money immediately.Learn the basics first, to reduce unnecessary problems in the future.

Don't try to make money first. Learn, understand and execute.

indeed being a miner is quite difficult and risky, because it is all a challenge from bitcoin itself, so whatever we face so far we have to oppose, even though the challenge is quite so heavy.

Hi friend, first of all, welcome to the bitcointalk community. You just came in the right place.
Here you can find much information about bitcoin and altcoins.
If you want to learn mining, you can go to this section : https://bitcointalk.org/index.php?board=14.0 ( a bitcoin mining section )
You can ask everyone that expert in mining bitcoin there. You will need some mining tools.

If you want to exploit Bitcoin, you should look for "Bitcoin - Mining" or the "Alternate cryptocurrencies - Mining (Altcoins)" section in Bitcoin Forum, these two sections will have plenty of experts on this and help you.

there are several ways to start bitcoin transaction.  But as for someone new like me.  What i did was read comments like this.  i get to learn from my senior bitcoin mates. Though,  i can not explain it because i am not an expert .

Better at this point you learn everything related to the world of cryptocurrency through the internet. Or you can read our discussion here about what to do for beginners. But do not think about getting results first. Your journey is still pretty long for that.

Yes,i think that i have to take some information about tiansaction.If you are able to knowledge,ability.I know you can get all things.

I myself use electrum, try to google or watch a video on YouTube. there everything must be shown in detail and told.

You can sell to others in Euros and Dollars. Exploitation is not for everyone because this requires lots of expensive and costly hardware also requires some great knowledge of the exploit so if you are planning on exploiting, take the time It's time to learn the basics and rather than decide on Ur because exploiting is not just installing software in your computer and you can start making money. It is true that exploiting is really difficult and risky but through all that if you only have the knowledge, ability and passion for this I know you can get what you want or is the successor one day. Some information here before I start trading. Easier you can also study this business by reading an article about bitcoin.

I think it will really the a beneficiary if you can take your time to go through this because no how long i try to explain it here you will it fine it very difficult to understand it but by studying this you can do it you self one you have all the required materials.
check information about how to mine bitcoin using electrum here: https://bitzuma.com/posts/a-beginners-guide-to-the-electrum-bitcoin-wallet/

Hey storing bitcoins in a wallet and mining bitcoins using your machine are two different things, electrum is a wallet for storing your coins and not mining them, as soon you have created your wallet you can accept money. In order to receive money make sure you use receive money address. I do hope you know mining bitcoins is not a joke, it's really expensive is electricity that cheap in your country that you wish to mine?

Honestly you're not ready to mine or start your bitcoins journey, i would advise you to read a lot before you jump in.

Some do nots: 1)Do not share your seed, pin and private keys with anyone. 2) Do not fall for free bitcoins scams 3) Research before you trade with anyone.