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BitCoin for Beginners. A video tutorial to learn how to mine your first BitCoin

Published on 17 April 14
BitCoin for Beginners. A video tutorial to learn how to mine your first BitCoin - Image 1
I started hearing about BitCoin for the past one year, but just know it as a digital currency. Today I was curious to know who

generates it and how it is transacted. Below video tutorials helped me with my understanding of what BitCoin.

If you are pretty new to BitCoin and want to learn then just follow the post video by video. The text and the links after each video

is to help you understand more. I would thank MrJayBusch for the tutorials and the links.
Bitcoin for Beginners

In this video you will learn What is Bitcoin, How do you mine it, BitCoin Mining Software for your computer.

Bitcoin is a digital currency, which is supported by a P2P network of computers across the internet that act as servers to process the financial transactions of this currency. Some believe Bitcoin is a Scam, or Ponzi scheme, but once one understands the concept of Bitcoin, it is clear that it is not. While the uses for Bitcoin are virtually infinite (paying for goods, services, or money laundering, gambling and drug smuggling) it's structure remains concrete and open source.

However, the VALUE of each Bitcoin is disputable. In theory, Bitcoin becomes harder and harder to mine, which means it takes more and more energy (electricity for your computer/"mining rig" to run) to process Bitcoin and solve "Blocks" of data. Therefore, the price of Bitcoin may be related to the price of energy and the cost of maintaining this network. While it is easy to assert that there will be additional computers added to the network daily, which would ease the work load on the initial nodes, one can only speculate that the price of Bitcoin MUST increase over time. Especially when power costs in the foreseeable future will be rising.

Currently, only 21,000,000 Bitcoins can be created, but that I guarantee will rise, as many are hoarding the coins and there just simply wont be enough to go around and not enough work, or transaction data, for the increasing number of miners out there. Specialized computers and "Mining Rigs" are becoming available from companies such as Butterfly Labs and others, which harness ASIC technology. ASIC means application-specific integrated circuit- so these devices are engineered to mine Bitcoin and only mine Bitcoin.

This creates an extremely powerful, and efficient machine, over 100x times more efficient than current setups. These machines are said to be able to mine Bitcoin up to 50 GH/s (if that means anything to you, but it's A LOT) extremely efficiently! More efficient than any desktop computer rig. None of these super computer miners have been shipped/received and it is still extremely uncertain whether these companies are scamming people or not. (I wouldn't PRE-order a $3,000 machine promising me all the money in the world, but many are)

SO - If these machines come to market, they will truly dominate all others and render most other PC's/Rigs worthless. Anyways, enjoy the video!
Reference Links of this video
  • Bitcoin Wallet:
  • GUI Miner:
  • BitCoin Calculator:
  • Monitor How Many Watts Your Computer Uses;
  • MH/s Hardware Comparison:

Mac OS Mining, Tips, Mining Software, Wallets And More !

In this part we will address some of the issues people are having in Part 1 with the Bitcoin Wallet and Mining Software. I'll show you an alternative Wallet that you can use, called MultiBit. I'll also show you some mining programs that you can use if GUI Miner was not working for you.
Reference Links of this video
  • GUI Miner:
  • Diablo Miner:
  • MultiBit:
  • Original Wallet:

POOLS - Top 3 Mining Pools - Trading and Exchanging

I'll discuss Mining Pools in much more detail. We'll take a look at the major public pools that are available to join and rank the Top 3 Mining Pools. I'll also be covering Pool Fees and other things to consider when joining a pool. In the second half of Part 3, we will go over the rising price of a BitCoin and how we can make money from that. I'll also be showing you how to exchange your BitCoin for cold hard cash!!
Reference Links of this video
  • Pools Pie Chart:
  • BTC Guild:
  • (also known as
  • Bit Minter:
  • Slush's Pool:
  • Comparison of Pool Fee's:

How To Buy BitCoin And Trade It

In this part, we will go over the BitCoin market, and how to trade BitCoin. We can capitalize on the volatility of the BitCoin market when we buy low and sell high to make a profit. Along with Mining, cloud mining and other types of trading, this is one way to make money trading BitCoin. Remember, BitCoin is extremely risky, and you should only invest the amount of money you are willing to throw out.
Reference Links of this video
  • Coinbase:

Cloud Mining & Cloud Hashing

In this part we will cover Cloud Mining, also known as Cloud Hashing to some people. Cloud Mining allows a person to purchase mining

power without having to purchase the actual mining rig. Bitcoin Mining equipment and software can confuse people and be extremely costly! Since the "difficulty rate" for mining Bitcoin is increasing, more and more mining power is needed to keep up with the ever more challenging blockchain. Cloud Hashing is offered by quite a few companies, typically in a yearly contract form. Please be careful as some people advertise "Cloud Mining" on eBay and other places where nothing is guaranteed and they might promise you more than what you'll get. I recommend going to a major cloud mining website and only invest what you are willing to lose. I conclude at the end of the video that cloud mining is not very profitable. Since people are still very interested anyways, I may get involved just to share the experience with you.

Remember, the key to cloud mining is the price of the mining speed/power (GH/s)

How To Buy Gift Cards Using BitCoin

In this video we discuss the different places online that accept Bitcoin as a form of payment. We then get into the top 6 best websites to buy gift cards with Bitcoin.
Reference Links of this video

Pizza For Coins:
Coin Map:

Using Bitcoin To Purchase Gift Cards TOP 6 Gift Card Websites
#6. Gift Card BTC -
#5. I Trade BTC -
#4. BitCC -
#3. eGifter -
#2. Gift Card Zen -
#1. Gyft -
This blog is listed under Open Source , Development & Implementations and Data & Information Management Community

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  1. 17 October 18

    I also like this one -

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