Is Bitcoin Mining Real?

I was wowed when a friend told me juicy tales about Bitcoin mining that I almost jumped on the train. Is it a real business mining Bitcoin and where can I get good and quality information regarding the process?

Return Member Asked on August 7, 2016 in Finance.
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  • 2 Answer(s)

    Bitcoins was created in 2008 by Satoshi Nakamoto as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners.

    In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0% to less than 2%. Despite the fourfold increase in the number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much momentum in retail transactions. The European Banking Authority and other sources : 11 have warned that bitcoin users are not protected by refund rights or charge-backs.

    The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.

    Digital theft or hacking of bitcoins has also been an issue for bitcoin users. A major Bitcoin exchange, Bitfinex, was hacked and nearly 120,000 BTC (around US$60M) was stolen in 2016. Bitcoin value crashed and Bitfinex was forced to suspend its trading.

    So, back to your question – Bitcoins is real but not quite popular!

    Pro Consultant Answered on August 10, 2016.
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    Bitcoin is a phrase and word not in many people’s conversations, especially in Nigeria and Africa.

    So what is bitcoin? Bitcoin is in reality just a factual currency that is not only confusing the average Joe but also well seasoned economist.

    For those who have a better understanding of crypto currencies (internet money), and what to learn more and where to buy bitcoin in Nigeria.

    In Africa we’ve got two options to buy bitcoin.  That is from a trusted friend (when it comes to money, they are few) or from a secure bitcoin exchange. ICE3X is one of the most trusted reputable platforms for you bitcoin experience. Established in 2013 with real people in the business and financial sector in Africa economics. The platform is the ideal place to start your endeavor.

    Active Member Answered on November 15, 2016.
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