Bitcoins are cash that you mine like gold. And thanks to the way bitcoins are minted, it’s not too late to have bitcoins of your own. With a bitcoin now worth around $535.00 and the price fluctuating all the time, it might be a good time to consider the ins and outs and the pros and cons of bitcoin mining.
Here in the U.S., quantitative easing has shown us just how easy it is for the Federal Reserve to print off money. You want a trillion dollars? You got it. With a traditional fiat money system, governments print off money whenever they need it.
But bitcoin is different. It’s a cyber currency that isn’t printed on any level. You might find an image of a nice shiny bitcoin on the Internet…but it’s just an image. There is no such thing as a tangible bitcoin, except for illustrative purposes. That’s because bitcoins aren’t printed or minted; they’re discovered.
But how can you discover a bitcoin? There are three main ways: you can buy bitcoins on an exchange, you can accept bitcoins for goods and/or services, and you can mine new ones.
“Bitcoin mining” is a term