Bitcoin Forum

What can  bitcoin do? How do you make itbecome a money making machine?

Bitcoin is money

Bitcoin is not a money making machine nor a get rich fast scheme.

You can take some time reading https://en.bitcoin.it/wiki/FAQ and http://www.coindesk.com/information/ to understand what bitcoin is.

I really can never understand why people seem to think you can become a millionaire over night with bitcoin. Bitcoin is something you have to work hard at to become rich with and that takes a lot of time. Bitcoin is definitely not a money making machine like some do like to call it. If you are looking to get rich fast then bitcoin is probably not your best option.

Lol. I'm starting to think op is just a troll looking at his other threads and name. Either way looks like op is in bitcoin for all the wrong reasons.

Most of the new-comers think like that. Bitcoin is money. Like fiat currency, you will have to work hard. If you are thinking to become a rich person, then a fair warning : There are many scams. Don't ever invest in it before identifying it. ::)

  ~~MZ~~

bitcoin is money each 1 btc = 500 to 600$

I assume you are asking about mining machine. Actually those mining machine isn't profitable so its sucking money machine.

There are lots of search engines that can debrief you on what Bitcoin is like this forum or letstalkbitcoin network or podcast and radio.

It works like gold because it is mined by computers, the mining cost money which gives the whole ecosystem value.  It's a system of checks and balances that allows the user to not have a middle man or third party involved to moderate a transaction between to or more parties.  A system of based on trust and not debt in order to work.

It slowly crawls in your head and then it becomes who you are. :)

Read these two Guides, they both will answer all your question hopefully.
http://www.coindesk.com/information/
https://multibit.org/faq.html

Is it acceptable if I say, Bitcoin is internet money?

Yeah, can you use bitcoin without the net?

Nope, you need electricity and internet connection, to broadcast your transaction.

Then is it correct to say that it is an internet money?

Bitcoin is "somewhat" like money

It is arguable. Many bitcoiners consider it as a currency, while major governments consider it as an asset.

You might as well read something about it

I dont know if third world countries knew about this btc thing

Sorry, I am not quite sure what you wanted to say by quoting my two posts...

Money also works when you believe it's worth the money and it can trade with other things in this world.So is bitcoin people gave a value and certain valuation to it which is how the bitcoin works.Even though not the whole world accepts it as their primary mean of payment many percent of us do so.

Bitcoin enables you to send your money to other persons fast, easy, cheap and without a third party in the transaction. :)

If op wants to became a milionaire simply by entering bitcoin world it is not the time. You could do this like 5 years ago tho... No bitcoin is more stable and we won't see any high peak anymore.

Correct.. me, I will not risk everything I have for btc.. The thing is bitcoin is not under the government and if government will go against btc then we are fffed up.

Isn't that exactly why we have faith in bitcoin, that governments can't control the decentralized bitcoin protocol, network and transaction?

Maybe what he was trying to say that if bitcoin is kinda lost or maybe you were scammed by someone, you dont know where to go or where to complain. There is no ruling body to do that.

No. Some part of the third world countries doesnt have internet access and even electricity. Bitcoin revolution is a lost cause.

Could not see any of your post here

Some of them has nothing to eat. How can you educate them with bitcoin?

Then we dont foccus on the people who is not interested in btc. We cater those who are.

If you fund a mining hardware for bitcoin, is that expensive? How much will it worth?

From the user perspective, Bitcoin is just a mobile app or software that delivers a private Bitcoin wallet and allows an individual to deliver and receive bitcoins using them. This is the way Bitcoin works well with most users.

It depends on the hashrate and efficiency of the miner.
A Block Erupter USB miner will cost you just a few bucks while a new powerful miner will cost you a few thousands USD.

True but sadly those people are IMO the group of people that could be benefited the most from the cryptocurrency technology, as they are suffering from insane inflation and unstable government.

How does Gold make you am oney making machine?

Gold is a very marketable product. It is before and it is today. Aside from that, Gold is well adopted by each and every people in the world.

I   agree  with  you! But  it  is   virtual money! And   if   you  want  to  know   how  earn  this  money  look  at  here. There  is  some   calculator  and  you  get   to  know   how  many  time  you  need  to  earn  1  bit-coin. http://mining-profit.com/ Every next   day  make   this   posses  much more  difficult! But   everyone   can try and  everyone   can  get   successes  of  this  proses if  you  would   work  hard! 

It totally depends on its processing power. The more Hashes it can perform per second, the more income it will generate you. Keep in mind that the more hashing power comes online, the smaller your piece of the cake gets. There are 3600 Bitcoins distributed every day (on average, it fluctuates due to variance), they're effectively distributed between everyone, who is mining, depending on their respective hashing power. The more hashing power gets online, the less your piece gets in comparison. - This is a very simplistic explanation but it should give you a rough idea!
It also depends on how much power the miner consumes... The more it consumes, the higher your electricity bill will get!

Can you actually mention the hardware that can be used for that?

Bitcoin is a form of currency without notes and coins, it is a digital currency.

In this era of Internet and digitization, we’ve moved from phone to VoIP calls, face-to-face meeting to video conferencing, fax to email, cable television to IP TV, and the list goes on. Bitcoin is the equivalent for money.

True that gold is widely accepted by almost every people in the world. You can sell it for other form of money, but it is not a money making machine.
For the same reason, bitcoin is not a money making machine.

You can use any sha256 ASIC to mine bitcoin.
Example 1, Antminer S3: https://bitmaintech.com/productDetail.htm?pid=000201409100729132701XzQIXcc06AB
Example 2, SP20: http://www.spondoolies-tech.com/products/sp20-jackson-october-batch-1
Example 3, ASICMiner Tube: https://bitcointalk.org/index.php?topic=735728.0

Bitcoin can perform contracts of value by acting as a medium of exchange act as a low cost transfer system and perhaps change the way microfinance is handled you can make money by investing I guess and trying to create a new industry around it sort of a wild west still but its getting a bit more civil.

Or maybe a cheap block erupter only for learning purposes because you will earn more coins with faucets...

here's a really good in-depth vid regarding OP's question.

"How Bitcoin Works Under the Hood"
http://www.youtube.com/watch?v=Lx9zgZCMqXE

you can find more explanatory vids and much more on documentary thread:
https://bitcointalk.org/index.php?topic=268955.0

edit: heh, just read title and not the actual question...

lol...
ehm yea
perhaps make a startup
1. IPO
2. ??
3. Profit

 ;D

anyway, perhaps the vids can give you an answer...

Yeah, but majority in this forum choose Bitcoin over Gold.

I love bitcoins but if i can once again buy an ounce of gold with 1 bitcoin i will have to trade a few. :)

This is now my favorite post ever on bitcointalk :)

Quite different IMO.
For bitcoin transaction, there is no clearing house, no chargeback, and no way some persons/organizations/governments can stop the transaction. :)

Bitcoin allows for non double spendable electronical currency, this solves everrrything.

Why are you saying that this is your favorite?

I dont know if third world countries knew about this btc thing

bitcoin is money, and you can easily look it up hard difficult: D

I am surprised to see users are taking OP seriously when he only wants a money making machine...

  ~~MZ~~

Everyone wants it to be a money making machine.

Well then, I hope they can read this thread and understand the bitcoin project is not a money making machine.

Well I guess by definition of the protocol it is literally a money making machine, but people shouldnt expect it to be a get rich quick scheme which is what a lot of people are unfortunately treating it as. Most people don't seem to care about bitcoin other than it being something that can expand their material wealth.

Bitcoin is money. Only difference is that, it is digital currency which we can't touch or feel though you can use it as a physical currency. Please understand that! If you really want to make bitcoin a 'MONEY MAKING MACHINE' then you shouldn't adopt this as it isn't what you think. ::)

  ~~MZ~~

I love your idea.. :) If it does, I wont be against it.

Hello,

thanks for all this information.

Who doesnt want to make money by bitcoin?

Most people buy bitcoin to use it for its purpose so actually smart people make bitcoin a money making machine by buying btc at least once a week and buy something with it then re sell that item because everything is cheaper with btc

bitcoin is used as a medium of exchange transactions cryptocurrency, bitcoin require a stable internet connection, a stable power source, the presence of back-up power when there is a blackout in the country lsitrik, bitcoin is currently used for buying and selling goods, and can also be exchanged with bitcoin fiat currency of any country ...  ::)