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[mariakh]

Can someone tell me What is bitcoin mining ? in easy language plz

[Warz]

Mining bitcoins is basically using your computer resources (processor / graphic card) to help the bitcoin network validate transactions. For doing that you are rewarded bitcoins.

Because of competition, CPU (processor) power is now useless and GPU (graphic cards) are starting to lose all it's power. People nowdays buy ASIC, which is dedicated equipment to mine bitcoins. You can still use GPU, but it's likely that the power usage will cost more than the value of the bitcoins you make.

[shipu]

Mining bitcoins is basically using your computer resources (processor / graphic card) to help the bitcoin network validate transactions. For doing that you are rewarded bitcoins.

Because of competition, CPU (processor) power is now useless and GPU (graphic cards) are starting to lose all it's power. People nowdays buy ASIC, which is dedicated equipment to mine bitcoins. You can still use GPU, but it's likely that the power usage will cost more than the value of the bitcoins you make.

Validate transactions of what?and who gives you reward for doing these?

[Yudistira]

Mining bitcoins is basically using your computer resources (processor / graphic card) to help the bitcoin network validate transactions. For doing that you are rewarded bitcoins.

Because of competition, CPU (processor) power is now useless and GPU (graphic cards) are starting to lose all it's power. People nowdays buy ASIC, which is dedicated equipment to mine bitcoins. You can still use GPU, but it's likely that the power usage will cost more than the value of the bitcoins you make.

 

[mariakh]

how cam we get paypal, payza etc dollars with these bitcoins ?

[defcon505]

Mining bitcoins is basically using your computer resources (processor / graphic card) to help the bitcoin network validate transactions. For doing that you are rewarded bitcoins.

Because of competition, CPU (processor) power is now useless and GPU (graphic cards) are starting to lose all it's power. People nowdays buy ASIC, which is dedicated equipment to mine bitcoins. You can still use GPU, but it's likely that the power usage will cost more than the value of the bitcoins you make.

Do you yourself mine Bitcoins?

[mariakh]

bump

[oneinamillion]

If you want to buy bitcoins,most likely you wil have to find somebody selling them,but I 110% doubt anybody will accept paypal due to their refund claim option,so Payza, SolidTrustPay and gift cards will be your best bet in purchasing bitcoins.

Or you can get free coins from faucets.

[Warz]

Validate transactions of what?and who gives you reward for doing these?

People who send money in the bitcoin network needs their transactions to be validated and included in a block. The miners are doing this job and then the network will reward them for doing so. There are no centralized server with bitcoin, so somebody has to do the processing of transactions.

how cam we get paypal, payza etc dollars with these bitcoins ?

Sell bitcoins for paypal/payza? Well you could try find somebody willing to buy from you or you can use exchangers, personally I never exchanged that way, only the other way around... It's a lot harder to get BTC from paypal/payza than to get paypal/payza from BTC. My advice: hold on to your bitcoins 

Do you yourself mine Bitcoins?

Nope. I did mine with CPU once upon a time when you actually could do it and earn something, but even then I only made a few bitcoins.

I 110% doubt anybody will accept paypal due to their refund claim option,so Payza, SolidTrustPay and gift cards will be your best bet in purchasing bitcoins.

Or you can get free coins from faucets.

Actually, I have bought bitcoin using paypal on multiple occasions and it's working great. Exchange USD to SLL, then SLL to BTC: https://www.virwox.com/

(it's been a while since I used them so not entirely sure if it's still works, but don't see why not, they have a security system which limits the amount you may purchase at once until you have built up long term reputation)

[Sufiyan]

Bitcoin mining is the process by which Bitcoin transactions are verified and recorded on the blockchain. However, trading cryptos will be the simplest way to make money. I saw some of my friends are making constant money by trading bitcoin at FreshForex broker.