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Author Topic: New to BitCoin Please help me out  (Read 833 times)
Patel
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June 11, 2011, 08:46:53 PM
 #1

Whats up guys?

Okay, so I learned about BitCoin and im pretty excited to jump on the boat.

I do have a few questions.

1. Do you get a permanent bitcoin address? I turned on bitcoin, hit new a few times and got many different addresses.

2. Will the same address ever be used twice?

3. Also, how does mining work? Is it profitable? So far, my bitcoin program has gone through 63,000 blocks but my balance is still at 0.0


Any other tips would be helpful. Thanks.
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yyduinihao0
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June 12, 2011, 02:10:26 AM
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1 and 2: you get a new address after each transaction, however, the old address can still be used.
3: Mining is (in the most simple to explain) to use your computer to generate coins. Its still profitable now but the future of mining is not really predictable.

Hope this help.

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tito13kfm
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June 12, 2011, 02:13:21 AM
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Unless you are running multiple machines with extremely high hash rates you would be better off to join a pool.

I'd recommend http://www.BTCGuild.com as it is very feature rich, no fee except optional donation, and just large enough to be consistent but not dangerous to the future of bitcoins.

What graphics card do you have and what mining program are you using?  There are different settings for each mining kernel/driver combination that will increase your hash rate.

foo
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June 12, 2011, 03:01:49 AM
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3. Also, how does mining work? Is it profitable? So far, my bitcoin program has gone through 63,000 blocks but my balance is still at 0.0
That's not mining, that's your client downloading the block chain, the distributed record of every transaction. The current block count is slightly over 130,000, once your client gets to that number you are up to date with the network.

I know this because Tyler knows this.
bitcoinminer
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June 12, 2011, 06:19:52 AM
 #5

Whats up guys?

Okay, so I learned about BitCoin and im pretty excited to jump on the boat.

I do have a few questions.

1. Do you get a permanent bitcoin address? I turned on bitcoin, hit new a few times and got many different addresses.

2. Will the same address ever be used twice?

3. Also, how does mining work? Is it profitable? So far, my bitcoin program has gone through 63,000 blocks but my balance is still at 0.0


Any other tips would be helpful. Thanks.

http://en.wikipedia.org/wiki/Bitcoin

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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