Bitcoin is the first world’s cryptocurrency that stimulated the development of the entire crypto industry. Digital assets enable direct transactions between users with no third parties, such as central banks, governments, brokers, etc., due to the blockchain technology underlying all crypto assets. Geographic location does not have any impact on the speed of currency transfers. To conduct transfers in Bitcoins, you only need to have an account in the Bitcoin network.
BTC is used for buying goods and services, investment, and trading.
How to get Bitcoins? You can either mine it or purchase it. Crypto platforms like Binance offer an extended range of crypto assets to buy, sell, swap, etc. and live crypto prices.
What Is Bitcoin Mining?
Mining is the way every Bitcoin is received. It is the process of validation of Bitcoin transactions added to the blockchain. Transactions cannot be deleted or annulled. Mining is solving complex math troubles done by powerful computers worldwide. It requires high technological equipment and substantial electricity costs. Miners (those who install such equipment) receive rewards with BTC for every new block added to the blockchain, and they compete with one another in solving math problems.
Here are the steps on how to mine Bitcoin:
- Purchase and configure mining hardware.
- Create a Bitcoin wallet.
- Install and configure mining software.
- Start mining.
Important to note that before 2011 – 2012, Bitcoin mining was possible even on a home PC. Later the complexity of mining increased, and it started to require more advanced and powerful equipment, so it is now impossible to mine BTC at home. Today, to mine Bitcoin, you have to get ASIC miners and equip special room conditions for it (space, ventilation, etc.).
Instead of spending a lot of money buying mining equipment and then maintaining its operability, you can purchase BTC on one of the credible crypto exchanges: Binance, WhiteBIT, KuCoin, etc.