Learning About Bitcoin-Part 3

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Author : Martedì Giugno

When it starts, you will see a program that looks like the first picture. Set up the software by linking it to your worker created in Step 7. "Click Settings" > "Account...". Beside "User Name:" use the username you created when creating the BitMinter account. Beside "Worker Name:" and "Worker Password:" enter the worker name and worker password you created in Step 6. If the window is small, click the button in the bottom right corner of the screen. Then click the "Engine Start" button beside each of the devices you want to use. For reference, I get about 65 Mhps (million hashes per second). 1000 Khps = 1 Mhps. Test all of your devices, but you should really only bother running devices that get you 25 Mhps or above. You will also want to change a few settings regarding automation. I leave my computer on all day and all night. I normally turn off the mining as soon as I get home from work (around 6:00) and have the miner start on its own at night in case I forget to start it when I'm done with my computer. Go to Settings > Options to change these settings. Look at the fourth picture to set it up like how I have it set up. The picture has explanations.

Automated devices are a list of devices that you set so that you can start them on their own automatically when the software starts. I have selected one of my devices as automated so that when the software starts, only that device starts. See fourth picture for more details. Step 9: Mine. Let your computer run while it mines! Running it at night is a good idea as it will double the amount of money you make. Good luck making money. Step 10: Spend Your Bitcoins. What good is a currency if you can't spend it? The answer is it's not. There are lots of things you can do. Below is a list: Gamble. SatoshiDice. Bitzino. Peerbet. RoyalBitcoin. Buy various merchandise. Some online vendors are starting to accept bitcoins s a way of purchasing items. Buy Coffee at bitcoincoffee.com/. Trade it for PayPal money. Mt. Gox Bitcoin Exchange. The last one I want to talk about it Mt. Gox. It is the most common website used to trade (buy or sell) bitcoins for dollars or any other national currency. You can receive this money through PayPal or many other online currency transfer services. I am not going to go through the details of this, but to send bitcoins to anyone or any service, follow the instructions in the next step.

Step 11: Send Bitcoins to Someone. To use bitcoins, you must send bitcoins to another address. To send bitcoins, the service will give you a specific address to send bitcoins to. Copy this address. Open up your bitcoin wallet. Click on the "Send coins" tab. Enter the address you want to send the coins to in the "Pay to" field. If you are going to send coins to this person or group multiple times, you can enter a label for this person so that you can find them in your address book again. Enter the amount in the next field (for easy math, remember that 1 BTC is $10). Click send when you are done. If you just want to practice sending bitcoins to someone, you can test sending them to me. Just send 0.01 BTC to me (approx. 10 cents). Good luck. Step 12: Done. And that is just about all the basic information about bitcoins. If you have any questions, or there is something really obvious and important that I had missed, drop me a comment. I'll try to respond as quickly as possible. If you want to donate, send me a bitcoin or two at 16bVf7XX3dKN2zW6ut8FRSQaGZZBHAFYZt. Any donations, no matter how big or small, will be appreciated.

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