Previous Topic about Bitcoin
- What is bitcoin and How it Works?
- Comparing Bitcoin to other currencies & Bitcoin strengths and weaknesses.
- Create Bitcoin Wallet & Buying and selling through exchanges and institutions.
- Requesting Bitcoin | Sending and receiving Bitcoin
- Don’t avoid security risks in Bitcoin.
- Where to spend bitcoin?
- Protecting your bitcoin and using paper wallets
Tracking Bitcoin & Examining threats to the Bitcoin Economy
As you saw earlier, transactions on the Bitcoin network get confirmed by computers that compete to solve cryptographic puzzles. This process is called mining, because whoever solves the problem gets a reward. It’s sort of like digging into the earth to get gold. Now, you might be asking, who are these miners, and how can I claim some of those rewards? I’m sorry to say that mining is now such a competitive activity that individuals have very little chance of doing well in it unless they’re willing to invest a lot to get machinery and expertise. If that’s you, here are some places to go for it.
All the places you’d go to learn about Bitcoin also have areas where people talk specifically about mining, and a good place to find them all is on bitcoin.org. Just go to Resources, and click Community, then go to the Forums. For example, here’s the mining forum on bitcointalk.org. As usual, the knowledge and intelligence levels vary tremendously, so don’t take anything as absolute truth. There are also some good calculators for miners.
Connecting to the Bitcoin community
BitCoin has largely run by itself since founder Satoshi Nakamoto created the genesis block. But not completely. Two communities are needed to support it’s continued value. One of those who use it, and one of those who oversee and represents it. Let’s talk about the User community first. This includes individuals who use and invest in BitCoin, people involved in businesses that have a stake in BitCoin, and those who bring us together through such things as publications and events. The BitCoin Foundation has a great set of links on their website at bitcoin.org.
You’ll find it under Resources and Community. The first resource to follow is the BitCoin Talk Forum. This is where most of the discussion around BitCoin occurs but not all. There’s also a very active community on Reddit. And, if you have a question that needs answering, Stock Exchange is a good place to go. Besides online forums, you can meet BitCoin enthusiasts in person by going to the meetups that are listed here.
For live chat, click on the Freenode link here, and go to any one of these channels.