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hopenotlate
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November 22, 2016, 06:46:11 PM
 #21
How would you explain to 10/12 yo child what Bitcoin is?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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November 22, 2016, 06:58:04 PM
 #22
Quote from: hopenotlate on November 22, 2016, 06:46:11 PM
How would you explain to 10/12 yo child what Bitcoin is?

guess they are too busy with the stuff he bought with the bitcoins he hodled for so long
Gleb Gamow (OP)
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November 22, 2016, 07:16:08 PM
 #23
Quote from: hopenotlate on November 22, 2016, 06:46:11 PM
How would you explain to 10/12 yo child what Bitcoin is?

Bitcoin is a payment processing thingy used to send moneys on the wew.
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November 22, 2016, 07:25:11 PM
 #24
Could you explain mining in details please?
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Gleb Gamow (OP)
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November 22, 2016, 08:00:09 PM
 #25
Quote from: xavier77 on November 22, 2016, 07:25:11 PM
Could you explain mining in details please?

Just like mining for gold with picks and shovels, bitcoins, too, are mined similarly but with computers. The first person who finds the next block is awarded the prize of currently 12.5 bitcoins. There will only be 20M bitcoins mined, after which a new Bitcoin will be created by our grandchildren.

Solo mining is very hard now so it's best to join a pool consisting of other hard miners.
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