How do we start transactions?

[Ahsanksa]

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

[1715671407]

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[1715671407]

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[1715671407]

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[Pursuer]

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

[olalaMaty]

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.

[mk4]

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/

[Ahsanksa]

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

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?

[poonampawan]

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.

[cissrawk]

OK instead of buying expensive hardware should I use web based option?

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.

Is that necessary to fund my account first inorder to work on it?

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

[mk4]

Is that necessary to fund my account first inorder to work on it? if not then how could we invite others on my blockchain?

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

Is that necessary to fund my account first inorder to work on it? if not then how could we invite others on my blockchain?

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.

[Ahsanksa]

OK instead of buying expensive hardware should I use web based option?

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.

Is that necessary to fund my account first inorder to work on it?

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

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

[cissrawk]

So kindly suggest that how could I do that ? How could I invite others on my blockchain so I can start dealing in it?

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?

[Ahsanksa]

So kindly suggest that how could I do that ? How could I invite others on my blockchain so I can start dealing in it?

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?

[buwaytress]

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.

[dimiinx]

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.

[mk4]

So kindly suggest that how could I do that ? How could I invite others on my blockchain so I can start dealing in it?

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?

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.

[Ahsanksa]

OK instead of buying expensive hardware should I use web based option?

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.

Is that necessary to fund my account first inorder to work on it?

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

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

[ice18]

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.

[Ahsanksa]

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
 

[Minerall]

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.

[cryptoscion]

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.

[Leanna44]

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.