Does anyone here use Bitcoin?

I've been hearing it so often lately in the news and have been wondering, what the heck is it?

You couldn't google this?

We also have this topic. >_>

No. I don't see the point in wasting my electrical and hardware resources to come out negative.

I've been using it, it's amazingly handy currency to use. Bought another graphics card with it a day ago (r9 280x)! No bank charges for a transaction = awesome in my book. There are a lot of negative nancies on this forum that really have no clue how simple and effective bitcoin is becoming, it's pretty damn hilarious really. Soon enough a shit-ton of people will be using it, that's guaranteed.

Soon as I find a second job I'll be saving up for a miner since I don't know how to build my own. >_>

by time i found out about bitcoin, they were like 600+ a piece. they have only gone up from that

Man almost every other charge I make on my debit card the bank tacks on a couple dollar charge. Maybe your bank doesn't do this but sadly mine does. It's quite friggin annoying. Anyways, bitcoin almost completely removes all these fees.

You probably have a shitty bank.

Great southern. Sorry to tell you guys (if you somehow didn't all know) but all banks are shitty. One good thing about bitcoin is that you can TOTALLY AVOID banks with it! Thus why I look for any excuse to use it.

This

I am pretty sure my bank never tosses me random fees (aside from the one time they tried to charge me for a paper statement - which i got reversed). It pretty much doesn't suck. It is a very stable means for me to keep my money safe. Bitcoin is like taking home a paycheck and tossing it into lotto tickets.

Hasn't been my experience at all. I mine other alt-coins for bitcoin, it's stored in a safely encrypted wallet which no one can profit off of or have access to and I spend it the moment I'm ready. Not that difficult to use at all really. Now the value of the bitcoin can vary quite a bit but right now bitcoin is a commodity which is really part of the fun when you're mining it.

Volatility isn't always a bad thing when you can benefit from it. :D

Volatility is a bad thing when your bank account fluctuates up and down violently but your bills don't. Some people enjoy it, but gambling isn't my thing, and especially not with the money kept in a bank account. Arguably, there is a case for putting a small portion of retirement savings towards pure speculation, but I am not even at that point in life yet, and when I am, I'll probably do something more fun and something I have more personal insight into.

I wonder what two 4870s could put out.

Sadly they would not generate enough k/hash to make it worth your while. You basically have to use the more recent GCN versions (7xxx series or newer) of AMD's graphics cards on alt-coins or buy dedicated ASIC chips to hash on bitcoin.

hmmm

well, that is that

I want to buy I don't have the money to get into it

Gonna get an AMD Sempron to improve my mining power. Not sure how to install it however. Also, I mine with the Bitcoin Miner app on Windows 8. Would the AMD Sempron improve its speed? Because I barely get 3.9 MH/s. :(

LOL

I don't think you should mine, buddy.

Is there another way I can make money and quit my crappy job? Because I can't seem to find it...

1. this is supplementary income with the right hardware, which leads us to

2. you don't have a fucking clue what you are doing

You could learn a valuable skill and put in the time and effort to get good at it.

@MrGeezer: so much easier said then done

Still easier to do than successfully completing any get-rich-quick scheme. Sure, some people get lucky, or some people happen to have a really good idea at the right time. But those cases are the exception. For the VAST majority of people (if they want to be able to quit their crappy jobs and not be worse off), then their BEST option is to take the time and effort required to become a valuable asset in a better job.

Generally speaking, moving up requires effort. For most people, there is no easy path.

It's easy to develop a talent and practice it. It's a hell of a lot harder to get paid for it. I know because I'm in that situation now, unfortunately. :(

Okay. You've tried that. So, how is the bitcoin thing working by comparison?

Uh, ya. storing money online kind of entails avoiding banks.

It would be easier if I could afford a real miner. :(

buy it on a credit card or something

Mining bitcoin is utterly pointless with a typical pc, you'd need specialized ASIC chips on a much larger scale. The difficulty in mining Bitcoin itself is enormous. You'd be much better off mining alt-coins with a good GPU, or you could look for alt-coins that you can mine with CPU, there are a few. Maxcoin might be a decent choice if you wanted to go the CPU route but their value is unknown since it was just released. Once you have these alt-coins you would simply trade it on the market for BTC.

If you wanted to do GPU mining just be sure you don't use nvidia cards to do it, stick with the newer AMD cards.

Going by what I've seen so far with my mining you could pay off a mining rig in about 3 months give or take, the more rigs you have the better your pay obviously. You could probably generate a living wage with about 5 or 6 mining rigs each with 2 gpus, you could probably half the number of rigs by using 4x pci-e motherboards and use powered gpu risers to get them far enough away from each other that they won't melt, lol!

Each rig can net you anywhere from $300 - $500 +/- per month (using 2x GPU each). Then remove the cost of electricity, which could be pricey in your area, say $50 to $60 +/- per miner per month possibly even higher. Also take into consideration that coins will eventually have diminishing returns, you will need more GPU power to do the same amount of work in the future.

This is not an easy-mode one button does it all hobby, it takes some effort to get up and running but once you do it's pretty enjoyable (for me at least).

no, but i do dogecoin

Bitcoins have outlived their effectiveness now that the government is getting involved.

I still don't fully understand the concept of bitcoins.

It seems it was already well and truly a thing by the time I become aware of it.