Ever Tried Mining Virtual Currency?

Discussion in 'Making Money Online' started by Redd, Aug 29, 2015.

  1. Redd

    Redd
    uix_expand uix_collapse
    Member

    Joined:
    Jun 28, 2015
    Messages:
    88
    Likes Received:
    12
    I've heard it said that mining virtual currency could be a great way to make money online.

    This is how it works:

    To verify bitcoin transactions a lot of computers must be connected in a single peer to peer network. From time to time anyone whose computer is used to verify these transactions will earn bitcoins or whatever cryptocurrency you are "mining." Yeah it's not much you'll earn but you hardly do anything.

    Anyone here tried this?
     
  2. fortunelister

    fortunelister
    uix_expand uix_collapse
    New Member

    Joined:
    Aug 30, 2015
    Messages:
    8
    Likes Received:
    0
    With the value of the bitcoin now compare two years ago it's not worth it,it's better to just get active on faucets
    than mining bitcoins
     
  3. Joseph.Shivell

    Joseph.Shivell
    uix_expand uix_collapse
    Community Leader
    Community Leader

    Joined:
    Oct 8, 2009
    Messages:
    2,266
    Likes Received:
    697
    Did you actually mean to say "faucets"? In any case, the point is a valid one. Bitcoins and other "virtual currencies" are too volatile to really make money reliably - it could all disappear faster than it took to accumulate it. Until "virtual currency" becomes more stable, the average investor should stay away from it.
     
  4. Apollyon

    Apollyon
    uix_expand uix_collapse
    New Member

    Joined:
    Jul 15, 2015
    Messages:
    27
    Likes Received:
    0
    I recall reading that at this stage, the electricity you'd use mining for Bitcoin would cost more than the actual Bitcoin. The bigger problem with virtual currencies is that sometimes the owner will "pre-mine" them, meaning that if it does get popular they have the most. There's too many out there, I'd stick with ones like Bitcoin and Dogecoin.
     
  5. dyanmarie25

    dyanmarie25
    uix_expand uix_collapse
    Member

    Joined:
    Jul 6, 2015
    Messages:
    104
    Likes Received:
    5
    Honestly, I am still not familiar with the whole concept of bitcoins and I still don't know how it works. So to answer your question, I have never tried mining virtual currency before. I think I have got to research more about it first.
     
  6. kitchie

    kitchie
    uix_expand uix_collapse
    Member

    Joined:
    Feb 5, 2015
    Messages:
    169
    Likes Received:
    16
    I haven't tried bitcoin or anything similar to that, I don't think I have time to work on that kind of online job.
     

Share This Page