Bitcoin Quick Tutorial and Overview

If you're interested in a new video visit: http://goo.gl/KywYd and leave a comment

I've had a few people ask me what they are and how to mine them. So I threw together this video. I know I've got some mistakes in here, but the overall high level concepts I believe are accurate. If you have any questions you can ask below, visit http://ddraigspace.blogspot.com/, or check us out on Efnet #bitcoin (not official channel) to answer any questions

List of Links:
1. What is Bitcoin? - www.weusecoins.com
2. Bitcoin.org - Wiki, Forums - Download Software - http://www.bitcoin.org/
3. Bitcoin Calculator - http://www.alloscomp.com/bitcoin/calculator.php
4. Bitcoin Faucet - http://freebitcoins.appspot.com/
5. Trade - https://en.bitcoin.it/wiki/Trade
6. MtGox - http://www.mtgox.com
7. Bitcoin Chart - http://bitcoincharts.com/markets/mtgoxUSD_trades.html (tracks mtgox)
8. Hardware Comparison - https://en.bitcoin.it/wiki/Mining_hardware_comparison
9. GPU Mining - http://www.newslobster.com/random/how-to-get-started-using-your-gpu-to-mine-f...
10. GPU/Guiminer - http://forum.bitcoin.org/?topic=3878.0

Donate: 1KKp6daSzQRUvwJqGn3TKKBF3zbWM2t6ae

Category:

Howto & Style

Tags:

• bitcoin
• btc
• currency
• mining
• bitcoins
• weusecoins
• guiminer
• gpu
• cpu
• digital
• cryptocurrency
• ati
• 4870
• 5870
• 6990

[ThoughtCog]

When you send bitcoins, how does the program know which account (or address) to take it out of?

Also: If you are able to send and receive bitcoins via this program, then what is the purpose of sites like MtGox.com?

[DdraigX]

@ThoughtCog MtGox is for exchanging Bitcoins in to Physical Currency, like Dollars, or Pounds, or buying Bitcoins with that currency.

Someone correct me if I'm wrong, but basically a Bitcoin address contains the information on who owns the coins. The coins themselves are basically an encryption string. So when you transfer one, you type into the program the address you want to send to, and the program generates an address string and re-assigns them to the address you told them to.

[hexstaticleon]

thanks for the video mate, very informative. could you please give me your view on this though.....

i have a HD5970 which can do around 800 Mhash, over a month period at the current exchange rate 2.45 to USD, i can make around $50 USD per month. This weighed up against electricity consumption for the month, and increase of wear on my PC components due to being on 24/7, it does not seem worth it to me.

can you please give me your opinion on this?

thanks

hex

[DdraigX]

@hexstaticleon How old is your 5970? I'd say you have your moneys worth out of it already if you've had it for a while. At .10 per kw for 24hrs a day it would be $33.60/month in electric usage. At 500watts. In reality you'd only be making about $20 off the bitcoin. The question you have to ask yourself is the idea of bitcoin more important to you, than the extra $20 you would be making?

[DdraigX]

So you're right it would not be worth it. I have a new setup, with 2 6990s but I haven't mined in months. I get 1600mhash and use 500watts of power gaming. So using that figure to calculate cost of electricity. At current rates I'd make $60 extra a month if I just left my rig up mining.

[p00nji]

Can you do an updated video, cuz where is this GPU mine thing?

[DdraigX]

@p00nji I believe mining has been removed from the latest client. If you follow the links in the description it should link you to a very good blog to get you setup mining. It is link number 9.

[DdraigX]

@Skipper242424 Yea Unfortunately from the newest version they have removed the ability to generate coins from the latest software version. The only way to mine now is GPU mine. If the viewers want it I can do an updated video.

[DdraigX]

@trapp444 Most likely yes it does. I don't know what version you have but they have removed the ability to generate coins from the latest software version. The only way to mine now is GPU mine. If the viewers want it I can do an updated video.

[MonSwon]

This is far too complicated for me, as usual Im out of the loop and behind on everything.

[Myth1322]

Dam looks like looks like the time to do bit mining was a year ago. With my rig i could have gotten $280 a month, now its like $30 a month.

[Free3dTitles]

We should ban fiat money too then because dollars can be used for illegal purposes.

[Kable457]

@DdraigX Bitcoins is mainly used for illegal activity because it's non-traceable, I'm sure you've heard of deep web.

[BellTollsForThee]

Bitcoins, more stable then the dollar!