How to make money online for free by Bitcoin mining

How to make money online for free by Bitcoin mining

Bitcoin is created as a decentralized alternative for the banking system. Decentralized means the system can operate and transfer funds from one account to another account without a central authority. With central authority, it is easy to transfer money. When we considering normal bank transfering, the bank has te all the power and authority. 

The Bitcoin system has a decentralized system. The rules of the bitcoin system (Protocoles) has found a very creative way to construct this decentralized system. If anyone wants to enter the ledger or system (blockchain), have to guess a random number that solves the equation generated by the system. This guessing is done by your computer, if your computer is more powerful, you can increase the number of guesses per second, that is increases the chances of winning this game. If you manage to guess right you can win bitcoins and get to chance to enter the next page of bitcoin transaction. on the blockchain.

Mining is guessing game After this stage is complete the system generates a fixed amount of bitcoin and rewards them for you as compensation for your time and energy that you spent in solving a math problem.

Satoshi Nakamoto who invented bitcoin crafted the rule for mining if mining power is increasing the mining difficulty also increasing. It means that it is a lot harder to guess the answer to the math problem.

     

How we start mining bitcoin?

It is a very easy process of mining bitcoin.

• The first thing that you need to do is join the mining pool. There is various kind of mining pools. 
  

• Then the pool is given to you mining software to install to your pc.

• Next, you can connect your bitcoin wallet, And start mining.

• After a few days, you can check your wallet. 

At first, you may be not collect a lot of money so you can use more computers with good graphic cards and can earn considerable money.

Here is a video about how to do bitcoin mining in a laptop watch and get some idea.

So this is the end of today post, I think this must be helpful for you, let me know your ideas in the comment section.