Bitcoin is it worth getting into it?

Discussion in 'Off-Topic Forum' started by Cow_160483, Nov 11, 2017.

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  1. BabylenTatarsky

    BabylenTatarsky Rocks Your Socks

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    I use the free miner on NiceHash to mine BitCoin. So long as you benchmark using the precise setting (its really straight forward, just follow the prompts when you install it) you can get some decent speeds. Well, so long as your hardwares good, of course.

    I wasn’t sure at first but I left it running overnight at work and when i came back in the morning I had €2 worth of bitcoin, for free! Sounds like hardly anything but it’s basically free for me to run and I don’t care if the hardware takes a hammering because it’s just an old work computer. Even if it was my rig at home I don’t think I’d be too bothered because it’s not too strenuous, really.

    Not sure how well of a reputation NiceHash has though so I transfer all my earnings to Coinbase as soon as I hit the transfer threshold.

    At the moment I’m just sitting on it, not really researched trading in and out so happy to just keep hold of it for the time being and hope it grows and grows in value. For something completely free, I can’t complain whether it ends up being worth a couple of quid, or a couple of hundred or thousand. It takes no effort. Even if you just download the miner to take a look and see if you think it’s worth the time it’ll take to make anything, it’s worth a shot.
     
  2. Cow_160483

    Cow_160483 HH's only cow moooooo...

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    Ya after doing a bit of research I was also planning of running NiceHash on my pc st home its old and not being used a lot.
     
  3. IvanV

    IvanV HH Assassin Guild Member

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    I don't get it, aren't mining applications free anyway? Or is it some kind of collective mining?
     
  4. Tipstaff

    Tipstaff Well-Known Member

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    Thought you might want to read this.

    __________________________________

    Is Ethereum a better long term investment (10 year horizon) than Bitcoin?

    [​IMG]
    Lewis Conant
    , I've been actively investing in stocks for ~ 25 years..
    Answered Tue

    Ethereum is written in a Turing Complete Language - Bitcoin was written in a stack based language that isn't Turing Complete.

    A Turing complete language means anything can be done with it given enough time and enough computing power.

    This means that Ethereum has a broader base to build on and a broader market to enter - as it isn't locked to being a value transfer ledger - which is where the analogy of ethereum as a tcp/icp in comparison to bitcoin as your email comes in. Although Bitcoin could be built upon to allow the functionality that Ethereum has - it would be clunky!

    The major difference is the simplicity on building on top of ethereum. For example some very smart guys at Slock.it have built a device that unlocks for a period of time on the condition of payment to a particular wallet. So can you imagine paying for an air b and b to turn up at the door swipe your phone and enter - no key handovers but a bit of a bummer if your phone has no juice.

    The other set of differences comes in the way Ethereum and bitcoin are built. Ethereum uses ethash instead of sha-256 - which means that individuals can compete in mining it (Ethash is memory hard meaning it needs memory to run - which in turn means it works more efficiently on a GPU ) whilst Bitcoin has ASIC chips that have led to a moore's law race and concentrated mining power!

    Ethereum also has a shorter block time than Bitcoin - due to some clever hacking using the ghost protocol - which basically means that forks in the chain are rewarded but don't cause to much of an issue! So Ethereum a transaction should be confirmed in under 20 seconds and with bitcoin 10 minutes... less waiting around.

    Another difference is the economic model and plans. Ethereum plans to move from proof of work to proof of stake and at present has a continual stable block reward. Bitcoin on the other hand has a block reward that halves every four years until 2140. Even though the supply rate is different, in essence they are both deflationary.
     

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