New Zealand opens its arms to Bitcoin

Bitcoin has hit the mainstream in New Zealand today, with new of the first piece of real estate being sold for the digital currency that is taking the world by storm. In this article we discuss the new financial technology that is set to revolutionise the banking paradigm, and highlight a few ways New Zealanders can get involved with crypto currencies such as Bitcoin in these early times.

First, let’s take a look at what Bitcoin is, and the technology that makes it work. Bitcoin is a virtual currency that is immune to inflation, because there can only ever be 21 million of them in existence due to the mathematical system that creates them. There are currently around 16 million bitcoin in existence, and new coins are slowly generated through a process known as “mining”. All 21 million coins will have been mined by the year 2140.

The term “bitcoin mining” is a bit of a misnomer. Theres is no actual mining involved. Mining refers to the processing of financial transactions on the bitcoin network. Imagine how a transaction through a normal bank has to be processed. If someone makes a purchase using EFTPOS, funds are withdrawn from their bank acount and are deposited into the account belonging to the person they are buying from. The bank processes the transaction and charges a small fee for doing so.

The same thing happens with bitcoin: the buyer sends the agreed amount of bitcoin to the seller using an app on their smartphone or pc; the bitcoin network processes the transaction, and receives a small fee for doing so. Infact, almost anybody with a working computer can connect it to the bitcoin network using free software, and start processing transactions on it and earning part of those transaction fees themselves. This is called “mining”, and the people and the computers they use for mining are called “miners”. Bitcoin mining is highly profitable, even for small-time miners running a few pcs or dedicated miners at home.

Bitcoin and other crypto coin miners come in a range of sizes.
Bitcoin and other crypto coin miners come in a range of sizes. The larger machines generally cost a lot more than the smaller models, use more power, and earn more transaction fees for the owners. The term “bitcoin mining” simply refers to the processing of bitcoin transactions – no picks and shovels required.

Bitcoin and other “crypto currencies” (crypto is short for “encrypted”) are stored in people’s phones and computers using small apps called “wallets”. Well, sort of. In reality, only proof of ownership is stored in the wallets. The coins themselves are recorded as entries in a a ledger which is shared and duplicated right across the entire bitcoin mining network, making it very difficult for hackers or fraudsters to get up to any dodgy business. Details of every transaction are permanently recorded, and are viewable by anyone with a web browser using websites such as BlockExplorer. Details of the transaction are recorded, but the names and personal details of the sender and receiver are not, so there is a combination of security and privacy, sometimes referred to as pseudonymity.

As transactions are created using bitcoin and are submitted to the bitcoin network for processing, they are grouped together in batches of transactions known as blocks. Think of a block as being a page bearing a list of perhaps a dozen transactions. Once a block is formed, it is published on the network and waits to be validated or “confirmed” by a number of “miners”. It is encrypted to keep the details secure, is allocated a block number, and is added to the exiting list of previous blocks in a fashion that creates a permanent, unbreakable chain. This is what’s known as the blockchain, and is the underlying technology that is changing the world as we know it and will most likely end the stranglehold that traditional banks have over the world’s financial system.

Bitcoin and blockchain technology are creating a decentralized money system that allows anyone in the world to easily and quickly make payments to anyone else, anywhere else in the world, without the need for an intermediary such as a bank. This is revolutionizing business and will transform the way the world conducts trade, thereby transferring the ability to generate wealth from the extremely rich banking elite to the common people of planet Earth.

The bankers are already kicking up a stink and are doing all they can to make sure bitcoin doesn’t succeed: they don’t want freedom for the masses, but the cat is already out of the bag. Bitcoin is spreading like wildfire around the world, and is now becoming welcomed into the mainstream here in New Zealand. A plethora of bars and cafes around Auckland and Christchurch already accept bitcoin for some products, and the movement is gaining traction.

There are a few downsides to bitcoin as it currently stands. The value of each Bitcoin fluctuates tremendously as traders look to profit from differences in supply and demand, just as they have done in traditional forex and stock markets in the past. This causes a bit of annoyance to bitcoin users but is generally accepted as part of life. Every decent wallet app is constantly updated with the current value anyway, so it is not really much different than having New Zealand dollars and watching the price rise against US dollars or Aussie dollars. Welcome to the age of global trading (which is different than globalization but that’s food for another article).

For people new to the bitcoin world, you need to know that there are many other crypto currencies in existence, not just bitcoin. The other big coins include names such as “Ethereum” (great name and a great currency), Litecoin (designed to act as “silver” in relation to Bitcoin’s status as digital “gold”), DASH (short for “Digital Cash”), and Monero (a crypto currency with an even greater level of privacy).

Each crypto is designed for use in slightly different industries or scenarios. For example, Ethereum (ETH) is designed for use in generating “smart contracts”. One example of a smart contract could be an automatically generated and administered insurance policy, than remains in place so long as the proper conditions such as premium payments are made, and which pays out automatically when a claim is made.

You can monitor the value of each crypto currency on websites like WorldCoinIndex and CoinMarketCap (Cap is short for capitalization). Values are usually represented in comparison to US Dollars, so keep your calculator app handy or find a converter on google.

How to buy Bitcoin in New Zealand.

So how does one get their hands on some of this digital gold, you ask? Well, it is pretty easy, really. There are websites such as “Localbitcoins.com” that let you arrange meetings with other kiwis to do deals for cryptos, but not everyone is comfortable meeting strangers to buy and sell money, and understandably so. A better option is to use a reputable online coin broker or exchange such as Coinmama.com, and just buy bitcoins using your credit card. Just sign up for an account, make your purchase, and wait for the bitcoin to be deposited into your coin wallet app.

If you need a good wallet for pc try Jaxx.io or Exodus wallet. For smartphones, do a search for your particular phone’s operating system as the apps do vary. Just do a bit of research before you jump into it. Make sure the wallet you choose gives you access to your “private keys”. If it does not, keep on looking. Whoever controls your keys, controls your coins. It is not recommended to treat your accounts on coin exchanges as wallets, for the very same reason.

A bitcoin wallet is a simple app on your smartphone or pc
A bitcoin wallet is a simple app on your smartphone or pc

So there is a bit of an introduction to Bitcoin, a background and overview of the mining process and the underlying blockchain technology. You should definitely look into bitcoin. Do some research and get yourself a wallet. Keep in mind that it is very easy to change wallets later, so don’t be scared, just keep a copy of those private keys.

Bitcoin and the other cryptos are the future of finances, and they are here to stay. By jumping onboard now you are still at the leading edge of things, and will be well placed to use the technology to your advantage as we progress. It is an exciting time, so embrace the change and take control over your own finances. Be your own bank!!

 

The ultimate simple explanation of what Bitcoin is for brand new beginners

Mainstream adoption of Bitcoin and crypto currencies is taking place, yet many folks are unsure as to the true nature of these digital assets and the revolutionary blockchain technology that is behind them. In this article I will give you a simple explanation of what Bitcoin is, without going into the nuts and bolts of how everything works. You can read up on the techy stuff later but for now, this post will give you the basics.

Bitcoin is electronic money. It is not printed on paper notes like your old dollar bills, and there are no physical coins like the 50 cents piece rattling around in your car’s ashtray. No paper, no shiny metal coins – just numbers in an account. Think of bitcoins as being money in an online bank account.

Now, as with all online bank accounts, someone has to take care of looking after your Bitcoin balance in the same way that your bank uses its computers to look after your regular bank accounts. When you pay your bills using traditional online banking or EFTPOS, it is your bank that processes the transactions, and they usually charge you fees for doing it. Bitcoin works in the same way except the transactions are processed by a large network of computers spread all over the world. You still get charged a fee for doing a transaction, but that fee goes to the owner of the computer that actually processes your bitcoin transaction.

As with any normal banking transaction, there is a payer and a receiver. If you are paying your power bill online, you are the payer and the power company is the receiver, and you both have your own bank account numbers. In bitcoin transactions, it is the same. You have your own bitcoin account number, but it is called an “address”, and the receiver also has an “address”. When you pay a bill with bitcoins, the bitcoins are transferred from your address to the receiver’s address.

When you send bitcoins to someone in this way, which you can do using a simple app on your smartphone, a small amount of the bitcoins you send are sent to the owner of the computer that processes the transaction. That is the transaction fee, and it helps to pay the costs of their mining equipment and electricity usage plus a small profit. The person who owns that particular computer is called a bitcoin miner. And the processing of the transaction is called bitcoin mining.

Some people own a lot of computers that are used for this “bitcoin mining”, and as a result, they can earn a lot of money from processing lots and lots of transactions. Infact, there is so much money to be made from bitcoin mining that there are even companies who rent out computers so other people can run the bitcoin mining program on them.

All of these bitcoin mining computers are spread out around the world. A lot of people even do the “bitcoin mining” on their personal pc’s and laptops at home, and earn anywhere from a few cents to a few dollars per day depending on the speed of their computer. So Bitcoin gives normal people the opportunity to earn a small income by processing transactions (aka bitcoin mining) on their own pc.

Four Bitcoin mining machines
Bitcoin mining machines come in a variety of types, from tiny USB ASIC miners to big, power hungry professional miners. You might know someone who uses their personal pc or laptop for bitcoin mining.

Bitcoin runs on a decentralized network, as opposed to the centralized system used by traditional banks. Being decentralized means that the system is less prone to hackers and fraudsters, and there is very little chance of the network going offline.

The next thing I will mention is that Bitcoin is “open source”, meaning that anyone can see the actual computer code that runs the network. All transactions are permanently stored on the network, and can be easily viewed by anyone using a web browser. Note that the transactions are visible but none of your personal information is visible because you didn’t have to provide it when you first opened your bitcoin account address.

To get a bitcoin address you first need a bitcoin wallet, which is a small app on your pc or smartphone. The wallet app generates an address and that is where people can send you bitcoins. Every crypto currency needs a different address, but some wallets can be used to store a number of different crypto currencies, in the same way you can hold different paper currencies in your physical purse or wallet.

A bitcoin wallet is a simple app that runs on your smartphone or PC.
Easily check your bitcoin balance and send and receive payments and donations using a wallet app that runs on your smartphone or PC. Some wallets support a wide range of crypto currencies such as Litecoin and Ethereum, in addition to Bitcoin.

Ok, that is enough information for now. There is a lot to more to learn about Bitcoin: we haven’t even talked about the “blockchain” yet, but there is plenty of time for that later, or the huge community that supports the bitcoin network. You can find more information about all those things on this website once you have digested this introductory stuff.

So as a quick summary, here are the main points we have covered in this article:

  1. that Bitcoin is electronic money, otherwise known as a digital asset,
  2. that Bitcoin transactions are processed on a decentralized network,
  3. the processing of bitcoin transactions is referred to as “bitcoin mining”,
  4. the people who own the computers that process transactions are called “bitcoin miners”, and they get paid a small fee for doing it,
  5. Bitcoin and other crypto currencies are stored in small apps called wallets, and some wallets can store a number of different crypto currencies,
  6. your Bitcoin wallet generates an “address” that people can send bitcoins to when they need to pay you, or vice versa.

Hopefully this article has been helpful to you as you learn about Bitcoin. Please feel free to share it with anyone else you know who also wants to learn about this exciting new technology and currency. Bitcoin is the way of the future and you are doing well to educate yourself in these early stages. Go well – go crypto!

UNLIMITED POWERRRR – How I mine Bitcoins from solar power and second hand scrap!

Have you ever wondered if it is possible to mine Bitcoins using second hand junk and scrap materials? I did, and decided to give it a shot. In this article I will tell you how and why I got into this project, what it cost, and how much bitcoin it earns on a daily basis.

But first is the question of why.

By now you are probably aware that Bitcoin and crypto currencies are the way of the future. Widespread mainstream adoption of the blockchain technology, that is the foundation upon which Bitcoin is based, is happening at an ever increasing rate. People are investing, trading, and mining Bitcoins. So, why have I decided to go down the scrapyard-solar-power route?

There are two main reasons, or really, one main reason and a few extra points that I use to justify my stubborn-ness.

Money. Bitcoin mining is expensive. The mining equipment (specialized computers) are pricey, with a decent machine costing anywhere from about $2500US to $10000US and beyond. Whatsmore, they suck a lot of power. Hundreds of kwh units per month in some cases, which again costs serious bucks. I just don’t have those kind of resources available. I’m fairly broke most of the time, and my available mains power supply is an extension lead running out from my bedroom window to my tiny shed. So I have to be creative.

I have worked in an electronics store for the past two years, and took advantage of staff discounts to grab myself a few little solar panels at bargain bin prices. The largest of the panels is only 90 watts, and the total of them altogether is just on 300 watts. Not exactly huge but it is what it is, and it allows me to charge up a bunch of 12 volt batteries from pure sunlight, so I’m happy.

My crazy little solar panel array
Money from sunlight – my crazy little solar panel array

As for batteries, I have been collecting old car batteries for about a year. My dad gave me a big deep cycle battery (about 100 amp hour, I believe) from his camper van, as it was getting a bit tired and he had bought himself a new replacement. He also threw me a couple of hefty 6 volters which bolt together for another 105AH of 12 volts, nice. I picked up a few old car batteries along the way and then placed a wanted ad on a local community website (here’s a shoutout to ‘Neighbourly‘) for any free old batteries people might have had laying around. Thanks to the generosity of the local folks I managed to score another half dozen or so second hand batteries of various ages and sizes, bringing the total capacity to around 640 amp hours of 12 volt batteries.

640 amp hours of 12v DC goodness
Approximately 640 amp/hours of 12 volt DC goodness

A $15 charge controller keeps things more or less under control. The wiring looks like a messy scramble but in reality it is only mostly a messy scramble. I have many years of experience as an electrician so there is a method to my madness. I don’t recommend anyone setting up their own system the way I have. There is risk involved so please, think safety.

I then use a range of automotive power regulators, plugs and sockets to give me a relatively stable 5 volt DC supply on which to run the mining farm. The plugs and sockets are the same as your car’s cigarette socket, and of course, the 5 volts is the exact same power that runs all your USB devices. It is a convenient and simple standard to use, and I love it.

So I use the 5 volt power to run a Raspberry Pi, which is a tiny little computer with all the functionality of a regular desktop pc but achieves it using only a few watts of power. When it comes to anything to do with solar power – low drain, high efficiency devices are critical if you want to be successful.

So the Raspberry Pi is running a program called CGMiner, which controls two USB mining sticks (Gekko Science 2PACs  with a default hashing speed of 15Gh/s – I have mine overclocked to run at about 27Gh/s with a 12 volt fan keeping them cool). The Pi is connected to the internet via WiFi and runs 24/7, “forever”.

My tiny solar powered USB bitcoin mining setup
Gekko Science USB ASIC 2PAC mining sticks controlled by a Raspberry Pi and running on solar power

The cost to set this up was fairly minimal, although not completely “free”. The Raspberry Pi cost about $35US, the GekkoScience sticks, about $85US each, and the solar panels cost around $250US altogether. Various hardware and other bits and pieces might have added another $30US. As for the batteries, well I haven’t had to buy any of those. They cost me in petrol to go and pick them up from a few different places but the batteries themselves were free (hey, anyone can place a wanted ad for free stuff, right??). Anyway, a little high end math tells me this setup cost a grand total of about $400US plus my own time (most of which was spent learning how to set up the software and getting the Raspberry Pi and mining sticks configured).

Ok, so that’s the physical setup – I know you want to see the numbers. So here we go…

The Gekko Science 2PACs run the same ASIC chips that were used on the Antminer S5 miners. I have the onboard voltage across the capacitors set at around 0.62 volts, and run them at a frequency setting of 200 in the CGMiner program. At these numbers it is imperative to have a fan running across them or they will cook up pretty fast. I accidentally bumped the fan switch once and it turned off, causing the miners to heat up and switch themselves off automatically. I fairly sh*t myself but upon rebooting the system I found they were ok, with apparently no ongoing issues.

So at these settings, the miners hash at about 27Gh/s each, or 55 to 60 Gh/s combined. I currently have them connected to Slushpool (see screenshot), earning anywhere from about 600 to 1000 satoshis per day (or 0.00000600BTC to 0.00001000BTC), which equates to about 8 cents US per day at the current price of Bitcoin (around $8000US).

Earnings on Slushpool

So basically, these things don’t make any money. However, the fact that they are earning a tiny fraction of bitcoin, and that I never have to spend anything on power to run them… well it’s still probably not worth doing if you want to make money from two little mining sticks. On the the hand, now that I have the solar power side of things set up there is nothing stopping me from buying more of the USB miners and multiplying the daily satoshi count.

Slushpool hashing graph
My hashrate jumps up for a few hours per day when I run the Antminer S5 alongside the Gekko Science 2PACs.

In addition to the usb miners I also have a second hand Antminer S5 that I picked up cheap online and run via a 600 watt 12v to 230v inverter (inverter cost about $45US). One of the hashing boards inside it is dead, so it only hashes at half the normal rate and uses a lot less power than a good one. This model of ASIC miner is a few years old now, and is obselete, so only a crazy person would run them from a regular power socket these days. However, they draw a lot less power than a new miner such as an S9, and you can pick them up for about $200US, whereas a new S9 will run you anywhere from about $2500US to $3500US depending on the deal you can find. I don’t have $2500, but I had $200, and have enough solar power to run the S5 for a few hours each day, in addition to running the USB miners 24/7. It all adds to the satoshi soup.

So that’s basically my setup as it stands just now. I will continue to nurture and develop this crazy project, learning more about mining and solar power as I go along. I dream someday of setting up a large scale mining facility that I hope can be partially powered with solar power. Anyway, this is what I have done. I challenge you to do something bigger and better, or at least have a go! Peace!!

Click here to browse USB Asic miners on Amazon

Cracking the Crypto – My First Three Months in the Bitcoin World

Hi, ladies and gentlemen. Tonight I am going to tell you about some of the things I have experienced during my first three months living in the crypto world. I will try not to bore you, and will do my best to keep this little tale interesting. So please, take a trip down memory lane with me as I explain how I got into crypto, where things are at today, and where I posit they may be heading in the future.

But first, a little dance video, with Colin.

And now, on to my story…

I have lived under a rock for most of the last thirty or forty years, and knew very little about Bitcoin, and even less about alt coins, until a day some time in early to mid July of this year, namely, 2017, when my brother explained to me via text message that the Crypto age was upon us, and that I better start stacking intangible coins alongside of the silver ounces and bottled water piling up in the back of my closet.

“Mine coins,” he told me in no uncertain terms.

Mine coins
The wrestler is the late, George “The Animal” Steele, and the doll’s name is “Mine”.

The things my brother introduced me to that day changed my life. I became more than I had been up until that point. No longer was I just a guy clowning around recycling computer parts in a garden shed, oh no, not me. Now I was a guy clowning around mining Bitcoins with solar power in a garden shed!

Seriously, the change for me when I learnt about Bitcoin, the blockchain and the crypt… well, let’s just say that the impact of my enlightenment has been profound. It is as if my life has been heading in this direction for the past few years. The challenges and the struggles I’ve faced, as all people do, have stretched me and shaped me, preparing me, I believe, for the great crypto journey that still lies ahead.

Imagine the way a caterpillar gorges itself on leaves and all that greenie goodness before taking a nap and being suddenly transformed into a delightfully fresh creature with wings and bubbles and lollipop children dancing around a maypole. No, wait, just wings. I feel like I have come through a time of testing, honing my skills and expanding my knowledge.

But now, the time has come. The time has arrived for me to come out from the shadows, shake off my debt, and to walk boldly into the light, slashing and burning all traces of poverty and economic burden from my life, my family, and my local community.

Not everything is possible with Bitcoin, but more things are possible with it, than without it.

Building financial freedom: possible with Bitcoin.

Baking the perfect pavlova: not possible with Bitcoin except with human intervention. You get the picture.

Now I know what you’re thinking – you’re thinking, “Hey, Crypto Cracker, but Bitcoin was created in 2009 and hasn’t taken over the world yet. When we gonna Lambo’ it, bro??”

Good things take time, my young grasshoppy apprentice. Time, I say. Full scale mainstream adoption of cryptos could take another ten years, although I doubt it. More like, three. Heck, in five years I think Bitcoin and a bunch of alt coins will be so entwined in so many areas of our lives that we won’t remember life ever being any different.

THEY will crash the dollar then everything goes to Bitcoin.

So, that gives you and I three years, or five, or ten, to get our ducks in line and stack as much coin around us as we can in order to survive the upcoming crisis and come out the other side smelling of roses. You think 2008 was bad? Well, it was, and the next one will be worse. Get prepared, now.

But I digress.

I took my brother’s message to heart, and committed myself to learning all I could about the crypt. I started eating, sleeping and breathing Bitcoin. I watched all the videos, gazed at the charts, and began to build a dream of a Bitcoin empire. A dream that would inspire me to forgo junk food for days at a time. A dream that would wake me early every morning and keep me pounding the keyboard night after night.

I started digging deeper into mining (see what I did there) and decided that it is something I need to be involved with. Solo mining, pool mining, CPU, GPU, hash flares and hashing 24’s, Genesis, Antminers and the Bitmain. It was all new to me and excited me like a mother farker.

And then I learned about BitConnect and holy **** man, you gotta love this stuff!!

Once I had studied enough to be dangerous, I knew it was time to get my feet wet. I needed to mine. But the good mining machines looked so darn expensive, far out of reach for a Colin-No-Cash like me. I had to take the plunge, but where to spend my hard earned fiat money?

It took me long enough – but I decided to try cloud mining as my initial investment. After looking at a few of the more popular cloud mining websites I could find, I decided to buy my first mining contract with Genesis Mining (links below).

Over the next few weeks I bought a few more contracts, ending up with a humble investment of around $650USD in cloud mining contracts for Bitcoin, Ethereum and Monero. All was looking great for a while… until the website went down.

Genesis Mining, a cloud mining service provider with over 500,000 clients, so they claim, and apparently not one full-time public relations employee, if their performance throughout the month of August was anything to go by. “We got hacked”… “Unauthorised withdrawals”… Sure thing, whatever.

The Genesis Mining debacle of August 2017 was a thing to behold. Farked up beyond belief, it was the type of thing that creates fear, uncertainty, and doubt, or FUD, in the minds of a company’s customers.

But we got through. Scam or no scam, GM’s reputation was bruised, although blood still coarsed through its veins. There was life in the old girl, yet!

Right around that time, let’s say around the beginning of September 2017, I put a little money into BitConnect, as well as a couple of other here-today-gone-tomorrow high yielding scam websites. I think Microhash was one that I lost a few dollars in. $18 to be precise, and how the scar from that loss still burns…

BitConnect… right, well, BitConnect, it seems to me, is a bit of a special case. Low risk – low yield but compounding interest as well as their own crypto coin and exchange. Even now, it all looks so good. It may yet prove to be too good to be true. On the other hand, it may be too good to be true in the long run, but in the short to medium term it may turn out to be just so damn good that you gotta give it a shot. Being a reasonably broke person with little cash and even less credit, I threw caution to the wind and bet the farm on it.

I started with an investment of $300 USD, making three separate “loans” of $100 each. Each loan earns on average about one percent interest per day, so on a $100 loan, you earn about a dollar a day. The interest accumulates daily, and once it reaches a total of just $10, you can reinvest that $10 into the system so now you start earning interest on the $10 as well as the initial $100. Of course, you can withdraw the daily interest if you so choose, but you slow down the compounding factor each time you withdraw (I will link to a spreadsheet you can use to forecast your own earnings from BitConnect at the end of the article).

I have used some of the payouts I receive from my cloud mining contracts to invest in BitConnect, and my balance currently sits around $600, which is earning more or less $6 each day. I will point out that I have been withdrawing a portion of the interest and get it paid as Bitcoin directly to my own personal Bitcoin wallet. Recovering at least some of my initial investment capital may slow down the growth rate of my BitConnect account balance, but it does let me reuse the money and invest it into something else.

Don’t invest more than you can afford to lose. And don’t put all your eggs in one basket.

I now had cloud mining and compounding interest loans working for me, and it was time to look at something else.

Day trading looked like fun, too, so I gave that a crack. I got hooked up with a free trial of the Coinigy trading platform, and, when linked to my Bittrex exchange account, had me trading cryptos like a pro within a few hours. I loved trading coins; still do, but the transaction fees eat into your profits, especially when you’re dealing with such small amounts as I could afford to trade with. I had fun with Ripple and Doge; made some money – lost a little, and had a whole lot of fun learning a ton about markets. For the time being, though, day trading has been put on the back burner until I have some decent amount of capital to play with. Throw them coins around like confetti, I do.

The next method I tried for earning coins is the use of faucets. Faucets reward you with a tiny piece of Bitcoin in exchange for visiting a website, viewing ads or playing games. Once I got my faucets locked in, I got my mother joined up under my referral link, and now we each hit the faucets a few times day, which earns a tidy wad of Doge every 24 hours. Claiming free coins from faucets is definitely “profitable”, and is the easiest way to start building a small base of crypto coins, especially if you are broke, in prison, or are a kid with no pocket money. And it’s fun!!

And now we move onto my next foray into the crypto space: a little bit of home-based Bitcoin mining, or to be more precise, solar powered Bitcoin mining in my own shed! This is one area of the crypto world that really appeals to me, probably because it is something that, in time, I believe I will learn to do well.

For now, though, I am happy enough just to be doing it badly. A rag-tag array of dissimilar and mismatched solar panels feeding a stack of second hand car and truck batteries, which in turn powers a tiny little computer and a pair of USB Bitcoin mining sticks! Mining on this scale is definitely not profitable while the price of Bitcoin is less than $100,000 USD. But fun!! Oh… so much fun 🙂 Fun and scalable.

My next method for earning money with Bitcoins was to build a website and write blog posts about my crypto adventures and escapades. Oh yeah, THIS website!! Doesn’t really earn me anything itself, other than referrals to the faucets and a few stray ads, but it does give me a focal place and an avenue for expressing my views and opinions on Bitcoin.

The final method that I will include in my list of ways that I earn money with Bitcoin is through affiliate commissions on mining hardware. I have a new website in the pipeline and will provide more details in the next couple of weeks as it comes online. Should be a great earner.

So there we go, a quick rundown of the methods I use to make money in the crypto space. You may or may not enjoy some of them; I certainly have enjoyed them all, and learned so much along the way. The methods represented in this article reflect my experience and efforts over the past three months, and I look forward to doing so much more in the future. This is what I’ve done so far in the Bitcoin world, now let’s see what you can do in crypto.

 

Links

Cloud mining on Genesis Mining

Compound interest spreadsheet for BitConnect – Open Office version

Compound interest spreadsheet for BitConnect – Excel version

Earn daily interest by lending Bitcoins (minimum investment $100) on BitConnect

The Currency War is in Full Swing as Banksters Attack Bitcoin

Bitcoin Mining - Megadumpload

The crypto currency aka Bitcoin Industry is under attack. We are witnessing a digital massacre, a virtual wipeout – a Bitcoin bloodbath. Crypto currency and Bitcoin buyers, miners and traders across the globe are dumping all their Bitcoins, Litecoins and alt coins, and are running for the hills. Bitcoin, the world’s greatest scam, is over. Dead, boned and buried.

Game over.

Let’s move on.

Imagine please, Earth’s future, eternally controlled by the big banksters; old money; the economically elite families whose ‘hidden hand’ runs the world, makes wars, controls weather, and charges the citizens of the Earth a fortune in daily compounding interest on money they create out of thin air.

The banking cabal are a group of twisted, power hungry families whose relentless lust for money and power has systematically established a system of financial and legislative control that enslaves the vast majority of the human population to them, under threat of capture, prosecution, and imprisonment.

The people who own today’s banks really hate you, and they know how to control you. They make it hard for normal people to survive and thrive. The discourage real human development. The current economic paradigm enslaves humanity in the grip of never ending debt.

The global banking cartel control you because they make and control the money you need in order to live.

THEY make you go to your job on Monday morning, and the following four, five or six mornings that week, and the next week, and the next.

Yet you still think you’re the one calling the shots.

The banking cartel
It is time to turn the tables on the global banking cartel and take the power back!

If you went to work for any other reason than you believe it was the very best thing you could possibly have done with that time, then you are not in charge. How could you be – you wanted to be doing something else!

Now I ask you to try to think about all those millions of lost labor hours that everyday working people around the world spend just on paying interest! Regular people, just like you, who also must turn up each weekday to a job that ties up their minds and bodies and saps their essence on a daily basis. This is not living – it is enslavement.

It is a criminal system that is absolutely corrupt at its core, and it must go!

WE, aka, ‘we the people’, aka the millions of working class people around the world, are sick of it, and we want change.

We want a world where we are not charged interest on money that someone else has created out of thin air. We want a world where we are free to creatively go about our lives without the hidden hand of the global elite controlling our moves at every turn. A world where we are free to transact, barter and trade with whomever we choose, instantly, transparently, and with a minimum of intervention from outside sources.

We want a financial system that is intrinsically secure, anonymous and efficient. And that is what blockchain technology (the cornerstone of Bitcoin and many other crypto currencies) provides for us. A secure and anonymous financial system that has a lightweight, decentralized footprint.

The very computers that run the Bitcoin network are spread around the world, and are owned by hundreds of thousands of small time as well as larger investors known as “Bitcoin Miners”, who provide CPU processing power from their own computer hardware, to the Bitcoin network, in exchange for payment.

Although Bitcoin mining does include working with some technical issues, it is in fact a fairly simple and straight forward thing to get into, once you have done your homework.

But hang on, hold up… wait up!

Bitcoin mining – are you mad??

“Why would I even want to get involved in that?!?” I hear you ask.

To be honest, I’m not sure why YOU would want to do it, but I know I want to, and here’s why:

Supporting the Bitcoin network, aka mining Bitcoin, not only earns me tiny amounts of Bitcoin minute after minute, day after day, but it also lets me shoulder some of the responsibility and workload that is required in order to wrest control away from the big banks.

And oh, how we want to take that control away from them. I personally hate being dominated by debt – debt totally sucks, especially when so much of that debt is interest on money that was created out of thin air.

Anyway, it is up to each individual person to decide whether they want to have control over their financial situation, or not. I cannot force you to become involved in Bitcoin mining. That is your decision. What I can tell you is that it is not as mysterious or complicated as you may imagine. In fact, it really is dead easy. What’s more, I’ll even tell you how to do it, then you can go and make up your own mind – I’m just sharing the information.

In order to get started in Bitcoin mining (and the same applies to most other crypto currencies), you need to understand what is required in terms of hardware and software, and have an adequate power supply to run them.

Or of course, you could always try cloud mining, which is also profitable, and beneficial to the network, but you don’t have the same level of control.

In a nutshell, here is what you need to get started mining Bitcoins.

You need some mining hardware. Mining hardware is really just a fancy name for a powerful computer that is designed for the main purpose of processing millions of mathematical calculations per second. The faster your Bitcoin miner is, the more calculations or ‘hashes’ it can run, and the more you will be paid for your mining efforts. But faster machines require more power, and have higher setup and maintenance costs, so think about your own situation and work out how much you can afford to invest in the way of money, space and power capacity.

I am reminded, and shall remind you, now, of the old adage, “scared money makes no money,” which essentially advises us to take a more measured approach to our mining and overall Bitcoin strategy, rather than grasp at the first thing that comes along as if it was a lifeline.

The Bitcoin industry is very volatile, and sometimes you might have to fly by the seat of your pants, but you can also insert a measure of stability by starting out slow and ramping things up gradually. Just keep your aim in mind and keep learning. Your greatest asset, right now, is information. Gather as much of it as you can, then turn that information into power.

There are two things you need in order to succeed. You need to be smart and you need to be ready. You are already ‘ready’ – whether you are smart is up to you. Smart people mine Bitcoins. Be smart. Mine Bitcoins.

Here is a simple example of Bitcoin mining hardware.

Please note: Bitcoin miners need a stable electricity supply and in internet connection. If you don’t have either then you are going to need to get that sorted out before you begin mining. If you can use solar power to run part of your operation then you will save on the overall power cost in the long run but again, start out slow and take things one step at a time before going all out crazy. There is a smart kind of crazy and a plain old dumb type of crazy. Keep an eye out for my upcoming new book called, “Crazy for Dummies.” Enough said.

Home Built Crypto Currency Miner - Megadumpload
A miner can be built using standard PC components – they key ingredient being the video cards. The more you have, the more coins you will earn.

There are a few different type of mining hardware, from the very small to the very big. Did you know you can even buy little USB Bitcoin mining sticks? Check this out!

Some Bitcoin miners such as the USB Mining Sticks connect to your PC and are controlled with mining software such as CGMiner, which you can learn more about here or have a look on YouTube. Larger Bitcoin mining hardware usually has everything built right into them, and just need the operator to visit a webpage in order to set up your payment details before you start mining. Gotta send your new coins somewhere, right?

Bitcoin miners can be rather noisy, so consider your environment before purchasing hardware. If you live in an apartment block you might want to consider the effect on your neighbors before you go filling up your living room with loud equipment. Again, it is your choice and your neighbors. Some Bitcoin miners have a lower power mode which also means less noise, so that may be an option for running through the night. Keep researching, I say.

Once you have some mining hardware (and software if you need it), you then need to connect to a mining pool. A mining pool is a group of Bitcoin Miners and enthusiasts who combine the processing power of all their mining hardware and work together to process transactions for the Bitcoin network, collectively. This collective approach gives all members a much greater earning potential than if they just mine all by themselves. One great thing about mining pools is that you still keep your own mining equipment with you – you are still in control – but you share the rewards generated by everyone in the group, relative to the amount of mining power your equipment produces. So awesome!

One of the largest and easiest mining pools to join and use is SlushPool. Check it out…

Your earnings accumulate within the pool until it reaches the threshold for a payout, at which point it is sent to your Bitcoin wallet, which, by now, you may be familiar with. Try Jaxx or Exodus if you like, but there are many others.

So let’s take a quick recap of the main points covered in this article. We discussed the issues of control and financial slavery, explained the desperation of the global banking cartel to maintain their grip on the working class people of Earth, and how that desperation has cornered them into declaring all out war on Bitcoin and the other crypto currencies. We then introduced a few main features of blockchain technology and how that technology enables all of us to transact and trade around the world without third party interference. Finally we have shown you what you can do not only to support the Bitcoin network by providing hashpower into the system, but how your efforts in doing so can generate an income of Bitcoins into your own Bitcoin wallet. The future has actually arrived. We are living in the Bitcoin Age, and it is now time for the small time investors to break free of the control of the big banks and secure your own prosperity with the power of Bitcoin Mining and the technology of the blockchain.

 

The comeback of the Crypto Kings – BitConnect and Genesis Mining!

A day can seem like a lifetime in the crypto space; a week: an eternity.

So to some people operating within the space, it may seem an age since two of the major players in the industry, BitConnect and Genesis Mining, suddenly seemed to crash and burn before finally coming back to life.

In reality, it has only been a couple of weeks, well let’s say a few weeks at the most, that we have had to wait for these companies to get their sh*t back on track.

But on track they are. We saw BitConnect come back to life a few days ago, once they had cleaned up the mess following the exploitation of a bug on the website by a few members. The BitConnect team seems to have done a great job keeping users notified and updated about the issue, and we just had to wait it out. Back in action as of a couple days ago and everyone’s looking forward to more of that compoundy interesty goodness in the upcoming weeks and months.

And now on to Genesis Mining, who, according to official claims, suffered an unauthorised attack when someone allegedly hacked into a hot wallet and made off with many thousands of dollars worth of crypto coins. The company took the decision to halt payments until they could shore up the website back end against any further attacks.

While the company apparently did their best to rebuild the hacked systems and get everything back to normal, from a PR perspective it was a fucking nightmare. Right or wrong, the way the company communicated with their users left many in a state of doubt, confusion and suspicion. The hard working folks at Genesis Mining, I’m sure, were doing their best to sort things out – they’re top people, but it must be said that many crypto investors would have preferred a better level of communication throughout the recovery process.

Nevetheless, Genesis Mining have at last sorted out most of the problems, and have announced that the daily payment has been re-implemented, which is good news for all users. They’re also installing new mining capacity for the big currencies, and are soon to implement mining for Bitcoin Cash, which is exciting news to a lot of us.

So there we go. After a few weeks of uncertainty within OUR crypto space, it is now good to see a couple of our most beloved service providers getting back to their best, and perhaps, better than ever! I invite you all to click the referral links below to visit Bitconnect and Genesis Mining and grab hold of that intangible coin goodness and wealth generatey greatness that we have come to expect from these awesome investment platforms.

CryptoCracker wishing you a very happy crypto!!

 

Click this referral link to get started with Genesis Mining. Or sign up on your own and use this Discount Code to save 3% when you buy any mining contract OnGxTZ (you can save the discount code and re-use it every time).

 

Click this referral link to get started with BitConnect.

 

Please don’t forget to like this post and share with your friends, and remember – The Crypto Must Flow!!!