What is Bitcoin (In simple terms) and how did I get into it?

What is Bitcoin in simple terms?

At its core, Bitcoin is an online currency. There is no such thing as a physical Bitcoin,  except for ones that are custom made and not worth much. Just like stocks, the price rises and falls based on a variety of things. You can buy and sell Bitcoin through various different sites, and store them either on hard drives, or online websites.

How are Bitcoins created?

They are created through a process called “Mining.” Essentially, people all around the world own super powerful computers that do millions and trillions of calculations, called “Hashes.” The calculations are used to verify transactions of Bitcoin. Every 10 minutes,  a “block” of transactions is solved and the miner who solved it gets 12.5 Bitcoins. These blocks are normally solved by “pools.” A pool is a group of miners all putting their hashes together and split the reward to have a higher chance of getting a block. The power of a computer is measured in Hashes per Second (or h/s) Most Bitcoin miners these days get around 14th/s. That means that they are doing 14 trillion calculations per second.

How did I learn about Bitcoin?

The way I learned about Bitcoin is kind of a funny story. One day, my dad came up to me and said, “I want you to go and learn about Bitcoin and teach me everything you learned, and if you do a good enough job, I’ll buy you a Bitcoin. You can either sell it right then, or keep it,” Back then, Bitcoin was worth only about $200, but that was still a lot of money for me, so I wanted to get it an immediately sell it. So, I did a few hours of research and had a really hard time finding an easy to understand source that explained Bitcoin. I finally did enough research to the point where I felt comfortable teaching my dad, so I relaxed for the rest of the day. I kept forgetting to actually talk to my dad about it, and the opportunity passed. I was really bummed out that I didn’t get my $200, but It was my fault so I got over it. After that, I slowly learned more.

How did I get into Bitcoin Mining?

A year and a bit after I did that research, my dad got me a stock account and told me the basics and gave me some money to start out with. My brother was already very advanced in trading stocks. I never really did anything with it, so my dad gave the money to my brother’s stock account. I was frustrated that I didn’t do it, so I started talking to my dad about what we could do that I could make a bit of money off of that I already knew about. I brought up that I already knew a fair amount about Bitcoin, so we started exploring ways to make money from bitcoin.

Our first idea was to make a Bitcoin faucet, but we figured out that it would be a bit too difficult. Then, we explored the option of just making a website that explained Bitcoin in an easy to understand way. That didn’t work out either. One day, he texted and said,” We should try Bitcoin mining.” I had already known a bit about mining, but never thought I could get into it. We did lots a research and decided to get the Antminer S9 (About 14th/s). We ordered it, and it arrived soon after. We built a box to put it in and set it up. What should’ve been a 10-20 minute job turned into a multi-hour job, but we finally got it mining for the pool we chose. Since then, we have build two Ethereum mining rigs, bought another Antminer S9, and have an AntminerL3+ on the way.

I will be making a blog post soon about how I set up our first Antminer. When it is out, there will be a link here.

How did I get the idea to start this blog?

Somewhere along the way, we had the idea for me to make a blog. There are probably some younger people out there that want to get into mining but don’t have and one their age that knows anything about it, so I started this blog. I hope it can grow larger and I can help a lot of younger people learn about bitcoin and mining.

-Bitcoinboy

 

(Also, I have a Discord server now. If you need help or would like to ask me any questions, join it here)

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