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    Thread: Faucet, PTC and mining - Easy way to get Bitcoins and cryptocurrency

    1. #41
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      Quote Originally Posted by Warren Bafett View Post
      Am just curious to ask this...am a bit ignorant when it comes to bitcoin. How does mining really works? Give me a simple terms or explanation...does it works like gold mining? like you have to mine it deep down in the ground where it lays abundant, am talking about the physical gold, not the one we are trading in our mt4 platform...

      So does bitcoin mining works like that? anyone?
      You do know that bitcoin is peer to peer, meaning there is no specific server to store its data right? Well, the data are distributed randomly all over the world on various servers which is called "miner". And as a reward, all the miners will be getting bitcoin for doing their tasks.


    2. The following 2 users say Thank You to moneygrows for this useful post.

      dzin4aans (12-01-2017), Warren Bafett (12-01-2017)

    3. #42
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      Quote Originally Posted by moneygrows View Post
      You do know that bitcoin is peer to peer, meaning there is no specific server to store its data right? Well, the data are distributed randomly all over the world on various servers which is called "miner". And as a reward, all the miners will be getting bitcoin for doing their tasks.
      Ahh, thanks for the explanation. Since, bitcoin is exploding in popularity and more people are jumping into this golden chance, does it need more bitcoin miner more than ever?
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    5. #43
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      Quote Originally Posted by Warren Bafett View Post
      Ahh, thanks for the explanation. Since, bitcoin is exploding in popularity and more people are jumping into this golden chance, does it need more bitcoin miner more than ever?
      Not really. Bitcoin is set to maximum 21 millions btc only. There wont be any after it reaches that number. Also the mining reward is reduced over time. These 2 aspect are what's making it valuable.


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      Quote Originally Posted by moneygrows View Post
      Not really. Bitcoin is set to maximum 21 millions btc only. There wont be any after it reaches that number. Also the mining reward is reduced over time. These 2 aspect are what's making it valuable.
      Huh? Really? only 21 million bitcoin available? You mean after it reached 21 million, there will be no more left bitcoin to mine/mining? So what will happen after that? Can BTC still be traded in our mt4 platform? or it will totally vanished in circulation?
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    9. #45
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      Quote Originally Posted by Warren Bafett View Post
      Huh? Really? only 21 million bitcoin available? You mean after it reached 21 million, there will be no more left bitcoin to mine/mining? So what will happen after that? Can BTC still be traded in our mt4 platform? or it will totally vanished in circulation?
      Once it reaches 21 million there will be no more bitcoin to mine. Right now we have reached 16 million +. And yes you can still use or trade bitcoin after, just no more mining for new one.

      You can track total bitcoin in circulation via http://www.bitcoinblockhalf.com/


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    11. #46
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      Quote Originally Posted by Dixie View Post
      Hey guys, if you are looking at the value of Bitcoins and other cryptocurrencies. It is still on the rise (keep breaking previous high too). I understand many are not comfortable to invest cryptocurrencies (like myself) as there are too many uncertainties.

      But I am unwilling to sit on the sidelines on this and if you guys like you can also look towards faucet, PTC and mining to help you get some Bitcoins. It would be similar to us spending time to get some credits to trade right here.
      Now a days litecoin is also moving on a nice pace most of thge peolple says that it would be the next bitcoin in future what are your opinion on that and second thing which you PTC sites their are almost 90% sites are scam and fraud they don't pay money to their members.Mining a bitcoin is also a very expensive task bacause for thet you need a super computer


    12. #47
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      Most of the faucets out there are just frauds because they will refuse to give you what they have promised and that is actually one of the problems of using faucets to generate bitcoin, to know an original bitcoin faucet it will take a long time, especially now that bitcoin is very expensive.


    13. #48
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      I have had to dump the so called faucet website I was using because they are highly fraudulent, the amount they are asking you to earn before withdrawal is just unimaginable because you will spend months before you make such amount from their website, it is totally useless and a waste of data and time.


    14. #49
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      I have never seen something as fake as those so call websites that tell you to carry out some activities with a promise to give you some satoshi, it is an embarrassment because they would refer you to many websites, you will click on the advert and you will be rewarded with something that is less than a cent, how long would you make a dollar this way, it is a total waste of energy to be honest.
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    16. #50
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      Well, faucets and mining are no longer profitable due to bitcoin's price spike. Personally, I collected quite some number of satoshis from bitcoin faucets, but over time it became unproductive because the amount to be given out became smaller and smaller and it all just seems like a waste of time. Also, there is the problem of high transaction fees due to overload in blockchain network.


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