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Author Topic: Difference between mining bitcoin and buying bitcoin?  (Read 92 times)
apaachi
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December 20, 2017, 06:00:05 AM
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Hi guys.um a newbie in here.i would like to know what is the difference between mining and buying of bitcoin?  Huh
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Emoclaw
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December 20, 2017, 06:05:52 AM
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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.
source: https://bitcoin.org/en/faq#mining

Basically you get rewarded for securing the network using hardware.
I'd suggest that you read that entire page to learn everything you need to know about Bitcoin.


I hope you understand the fundamental difference between buying and mining now.
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December 20, 2017, 09:18:22 PM
 #3

Hi guys.um a newbie in here.i would like to know what is the difference between mining and buying of bitcoin?  Huh
Mining is a process where you let your computer make some calculations and you are reward with bitcoin, buying it is as the word says investing in bitcoin by purchasing it on some sides or from someone.

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ZeroDrifting
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December 21, 2017, 04:28:58 AM
 #4

Mining requires solving complex equations. Buying is trading at different users for services or cash. Use Paxful for trading! Highly Recommended
ambnet7
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December 21, 2017, 11:05:01 AM
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Seems mining requires lots of high end tech and computing power. Will it be worth to spending money to mining rather than buying?
I'm quite new for this. Please advice.
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May 20, 2018, 12:09:02 PM
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Bitcoin is good currency to use it and you can earn a huge profit by base currency as a bitcoin, Bitcoin trading is best because altcoin trading is a market which you can earn up to 10x of your investment,
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May 23, 2018, 01:39:13 PM
 #7

Hi guys.um a newbie in here.i would like to know what is the difference between mining and buying of bitcoin?  Huh

Mining is a computationally intensive process where computers verify a transaction and receive coins as a reward. Buying means traditional payments are used to buy coins
Daseento
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May 23, 2018, 04:10:26 PM
 #8

In addition to all that have been said, mining requires computer system with high specifications and lot of high tech supporting devices while buying involves payment of any form either with fiat or altcoin to acquire btc.

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May 23, 2018, 04:25:11 PM
 #9

Bitcoin is good currency to use it and you can earn a huge profit by base currency as a bitcoin, Bitcoin trading is best because altcoin trading is a market which you can earn up to 10x of your investment,

Irrelevant to OP's question.

Also, you can definitely earn up to 10x in trading; but you could also lose 10x.

And another thing, stop advertising bitcoin as something that can earn people "easy profits". Thanks.

neo444
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May 23, 2018, 04:38:17 PM
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Mining bitcoin is done by specialized computers to make profit from it but buying bitcoin is buy bitcoin by your money

Avalonist
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May 23, 2018, 08:32:16 PM
 #11

When buying bitcoin you always rely on stock rates, you might gain or lose
If you invest in mining you always get stable satoshi not depending on rates and you always have a hardware to sell in case its not interesting to you anymore
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June 15, 2018, 09:37:10 AM
 #12

Seems mining requires lots of high end tech and computing power. Will it be worth to spending money to mining rather than buying?
I'm quite new for this. Please advice.
Mining bitcoin is done by specialized computers to make profit from it.
Bitcoin is good currency to use it and you can earn a huge profit by base currency as a bitcoin, Bitcoin trading is best because altcoin trading is a market which you can earn up to 10x of your investment, Roll Eyes
MrMac1000
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June 15, 2018, 12:17:35 PM
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Bitcoin mining is no longer possible on a simple household computer, you need ASICS to be able to mine, and plenty of them too to gain any profit.

Any site that claims theyre mining bitcoin are simply mining Monero or something and paying you in BTC.

Buying bitcoin is easier, although more risky as you're actually investing in it, instead of passively mining it (which also costs money in electricity use)
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