So I came across this “virtual currency” a few days back known as the Bitcoins. The current value for a bitcoin is 640$.
How does a person use a bitcoin? Like on paypal, you have money, you can go anywhere, send anyone money. But in case of a bitcoin. What if I need to order a Pizza from Pizza hut? How do I pay them 20$ if the bitcoin is valued at 640?
Other than that, I read that Bitcoins can be mined by anyone, Would that not make anyone rich? I would not mind mining Bitcoins. Even If I mine 10 Bitcoins, I would have 6400$.
So my question, How is Bitcoin secure? How is it useful?
Yes It’s kind of a complicated topic. Just to answer your one question about mining: It will probably take you years to mine 10 bitcoins
Think of mining like gold mining.
At first, it’s pretty easy to find gold in a gold mine, but the more and more people that go into that mine to dig it out, the less of it there is, and the harder it is to become.
Bitcoin mining is the same way. There are only so many bitcoins in the “block” that can be mined out. All the easy bitcoin mining has been gone for a long, long time now. The only people profiting from bitcoin mining at this point are using very very powerful mining machines, typically ASIC miners, to get what’s left.
If you try to mine on a standard PC, you’ll burn more money in power than you will ever make from mining.
Bitcoin can be accepted in many different ways, one of the most popular being BitPay. https://bitpay.com/
Here’s an idea about the current state of bit coin mining:
If you have that kind of equipment laying around (50+ GPUs) then go for it, otherwise, nope
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