Bitcoin Forum
December 08, 2016, 08:03:40 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Newbie is confused  (Read 783 times)
sgnewbie
Newbie
*
Offline Offline

Activity: 10



View Profile
July 17, 2012, 06:17:14 PM
 #1

Hi all,

I have been reading up on bitcoins over here for several hours as well as generating the bitcoin myself. However, I am still confuse on many things. Would like some knowledgable people to clarify my doubts.

1) Apart from Btcoin-Qt which is the official client of BitCoin, there are several other clients which include CGMiner, Phoenix, BFGMiner, BTCMiner, DiabloMiner, etc? I am not sure about this, I have downloaded those programmes and it looks like I can run only Btcoin-Qt successfully.

2) I tried generating myself some bitcoins through Btcoin-Qt, and it takes about 4hours+ to complete 180,000+ blocks. Now it has completed, and I didn't see any BTC in my Wallet and its not generating any new blocks. Do I have to wait few hours for the balance to appear in my wallet and it will start generating new blocks?

3) How do I find out what is my bitcoin wallet address?

4) I see many people talking about mhash/sec, but I don't see any option of it in the Btcoin-Qt client. How can I check for my mhash?

5) How many mhash/s is needed to generate 1 BTC over a 24 hours period?

6) I see there is a service offer here, that if you deposit bitcoins with them, they offer you a 6.9% interest every week. Would that be an better option as an investor, to just purchase bitcoin from an exchanger and deposit it with them? This pretty much take away the headache of cooling, hardware, electricity and stuff..

Sorry all, have been too confused after reading up so much stuff of bitcoins and still not understand a single thing.. appreciate if anyone could help! thank you Smiley

hey mens
1481184220
Hero Member
*
Offline Offline

Posts: 1481184220

View Profile Personal Message (Offline)

Ignore
1481184220
Reply with quote  #2

1481184220
Report to moderator
1481184220
Hero Member
*
Offline Offline

Posts: 1481184220

View Profile Personal Message (Offline)

Ignore
1481184220
Reply with quote  #2

1481184220
Report to moderator
1481184220
Hero Member
*
Offline Offline

Posts: 1481184220

View Profile Personal Message (Offline)

Ignore
1481184220
Reply with quote  #2

1481184220
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481184220
Hero Member
*
Offline Offline

Posts: 1481184220

View Profile Personal Message (Offline)

Ignore
1481184220
Reply with quote  #2

1481184220
Report to moderator
1481184220
Hero Member
*
Offline Offline

Posts: 1481184220

View Profile Personal Message (Offline)

Ignore
1481184220
Reply with quote  #2

1481184220
Report to moderator
deeplink
Hero Member
*****
Offline Offline

Activity: 602


In cryptography we trust


View Profile
July 17, 2012, 06:34:30 PM
 #2

Quote
1) Apart from Btcoin-Qt which is the official client of BitCoin, there are several other clients which include CGMiner, Phoenix, BFGMiner, BTCMiner, DiabloMiner, etc? I am not sure about this, I have downloaded those programmes and it looks like I can run only Btcoin-Qt successfully.

Bitcoin-qt is the official Bitcoin GUI client, which you use for sending and receiving Bitcoins. The mining option has been removed from the client long time ago, because without special hardware you will not be able to generate any significant amount of Bitcoins any more. The other programs are mining software which connect to the Bitcoin client (run in server mode) or a mining pool.

Quote
2) I tried generating myself some bitcoins through Btcoin-Qt, and it takes about 4hours+ to complete 180,000+ blocks. Now it has completed, and I didn't see any BTC in my Wallet and its not generating any new blocks. Do I have to wait few hours for the balance to appear in my wallet and it will start generating new blocks?

You were looking at the block chain downloading. After it had completed you didn't generate any new Bitcoins and nobody has sent you any yet, so your balance is zero. Sorry Tongue

Quote
3) How do I find out what is my bitcoin wallet address?

Click on Receive Coins and use one of the addresses or create new addresses (your wallet can have many different addresses which can receive your Bitcoins).

Quote
4) I see many people talking about mhash/sec, but I don't see any option of it in the Btcoin-Qt client. How can I check for my mhash?

There is no mining option in the GUI client anymore. See 1)

Quote
5) How many mhash/s is needed to generate 1 BTC over a 24 hours period?

An the moment roughly 2 gigahash/s (2000 mhash/s) would generate 1 BTC in 24 hours. This increases as more people start mining.

Quote
6) I see there is a service offer here, that if you deposit bitcoins with them, they offer you a 6.9% interest every week. Would that be an better option as an investor, to just purchase bitcoin from an exchanger and deposit it with them? This pretty much take away the headache of cooling, hardware, electricity and stuff..

Depositing with a third party always has risks. See the recent Bitcoinica example. If you want to invest, the easiest way is to buy your Bitcoins (anywhere), store them in your own secure wallet, invest a lot of time on learning how to secure it (backup and encryption) and wait a couple of years. Mining is more profitable but it requires an investment in hardware and (a lot of) time keeping it running and tuning.

Quote
Sorry all, have been too confused after reading up so much stuff of bitcoins and still not understand a single thing.. appreciate if anyone could help! thank you Smiley

No problem, hope that helps you.
mainichi
Newbie
*
Offline Offline

Activity: 15


View Profile
July 17, 2012, 06:47:02 PM
 #3


6) I see there is a service offer here, that if you deposit bitcoins with them, they offer you a 6.9% interest every week. Would that be an better option as an investor, to just purchase bitcoin from an exchanger and deposit it with them? This pretty much take away the headache of cooling, hardware, electricity and stuff..


Looks like you've got some good feedback already, but I'd just like to add that nobody anywhere can consistently offer 6.9% per week interest on any inverstment. It sounds like a ponzi scheme. Remember Bernie Madoff?
If you want to gamble there are plenty of other decent BTC gambling sites that offer casino style games. At least you'll know what the odds and payouts will be before you start.  I think Satoshi Dice is popular and reliable.
A much better investment would be to simply mine and save bitcoins. Hopefully in the future the rare bitcoins should become more valuable against other currencies.
sgnewbie
Newbie
*
Offline Offline

Activity: 10



View Profile
July 17, 2012, 07:13:15 PM
 #4

yar, I happen to just read about the ponzi topic as well as bitcoinica hack. It seems that bitcoinica.com site doesn't say much about what they do now, more on updating being hacked news, so can't understand pretty much what they do..

How does securing and encrypt wallet works? Export wallet out and save in a thumb drive and remove it from my hdd? I feel weird that it doesn't have an online account to track the balance, maybe its something new to me. How do the computer recognise the wallet is from me if I use another computer?

hey mens
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
July 17, 2012, 07:48:18 PM
 #5

yar, I happen to just read about the ponzi topic as well as bitcoinica hack. It seems that bitcoinica.com site doesn't say much about what they do now, more on updating being hacked news, so can't understand pretty much what they do..

How does securing and encrypt wallet works? Export wallet out and save in a thumb drive and remove it from my hdd? I feel weird that it doesn't have an online account to track the balance, maybe its something new to me. How do the computer recognise the wallet is from me if I use another computer?

Bitcoinica lent money so that you could bet on the price going down. Example: You borrow 1BTC, sell it for $5, price drops to $4, you buy 1BTC, return it, and have $1 remaining.

They also lent money so that you could profit more on price increases.

They got hacked and stolen from 3 times and handled it poorly each time and haven't been operating for a while.

Pirate is different. You give him bitcoins, he does something (maybe?) and then gives you more back. Unlike Bitcoinica there is (supposedly) no risk.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
wareen
Millionaire
Hero Member
*****
Offline Offline

Activity: 742

bitcoin-austria.at


View Profile
July 17, 2012, 07:53:21 PM
 #6

How does securing and encrypt wallet works? Export wallet out and save in a thumb drive and remove it from my hdd? I feel weird that it doesn't have an online account to track the balance, maybe its something new to me. How do the computer recognise the wallet is from me if I use another computer?

The bitcoin-qt client offers the feature to encrypt the keys in your wallet.dat so that they are only accessibly after entering a password. These keys are what gives you access to your Bitcoins - you can even think of them as actually containing your Bitcoins although that's not completely accurate. If you take the wallet.dat and move it to another computer, you can of course spend your Bitcoins from there as well. It doesn't have to recognize you, all it takes are the keys in your wallet.dat.
Spenzert
Full Member
***
Offline Offline

Activity: 143


Hello there!


View Profile WWW
July 17, 2012, 09:11:00 PM
 #7

1) Apart from Btcoin-Qt which is the official client of BitCoin, there are several other clients which include CGMiner, Phoenix, BFGMiner, BTCMiner, DiabloMiner, etc? I am not sure about this, I have downloaded those programmes and it looks like I can run only Btcoin-Qt successfully.
The first Bitcoin Client was called "bitcoind", it was developed by Satoshi Nakamoto, the founder of the "Bitcoin Universe"  Wink
The official Bitcoin GUI Client is "Bitcoin-Qt"...

BTC: 1SpzM1yPu8SKPnr5zjn7ptXWGKFNywcoi | LTC: Lcz5RHPcxcrp63k1HNbAQUTQkUWon2RoMr
PGP/GPG Key
BlackBison
Sr. Member
****
Offline Offline

Activity: 253



View Profile
July 17, 2012, 09:15:59 PM
 #8

yar, I happen to just read about the ponzi topic as well as bitcoinica hack. It seems that bitcoinica.com site doesn't say much about what they do now, more on updating being hacked news, so can't understand pretty much what they do..

How does securing and encrypt wallet works? Export wallet out and save in a thumb drive and remove it from my hdd? I feel weird that it doesn't have an online account to track the balance, maybe its something new to me. How do the computer recognise the wallet is from me if I use another computer?

you can keep your wallet offline in 'cold storage' ie. on a computer that will never touch the internet. you can then monitor the balance using a site like blockchain.info by putting in your receive address.

obviously you cannot spent any of the coins without decrypting and putting the wallet on an online computer, but for savings you will rarely need to spend..

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!