Is Bitcoin safe? What is to know about Bitcoin mining?

The Bitcoin as payment is completely safe, as for any transaction needs the approval of the majority of users. If you want to Buy Bitcoin Australia, you should know that the security of Bitcoin is also based on the fact that to access your Bitcoins, you will need to provide your private key. Without that key, no one will be able to access your Bitcoins. If you do not know how to invest in Bitcoin, we will explain it here.

What are the ways?

Currently, there are  three ways to get hold of one of these cryptocurrencies – mine Bitcoins, buy Bitcoins through a platform and sell something and get paid in Bitcoins. Of the three formulas to get Bitcoins, the first two are the most used unless you have an online store and also accept payment with virtual currency.

Mine Bitcoins

Mining is the primal way to achieve Bitcoins. The mining work passes using powerful computers to solve mathematical problems, time acting as guardians of the security of the currency. For you to understand it better, we must remember that Bitcoin is an encrypted code associated with a Bitcoin address that is stored in a Bitcoin wallet that does belong to a natural person. These Bitcoins can be sent to other people, used to pay, exchange for another cryptocurrency or get paid. Each transaction is grouped into a block that must be sealed. This process requires complex mathematical calculations and therefore requires a lot of computing power to carry out. That’s where the miners come in.

How to mine Bitcoins?

To mine Bitcoins, you need a powerful team specialized in this task. The reason is that with increasing competition, home computers do not have enough power to make the job profitable. Today the best equipment is specialized and incorporates ASIC circuits. Its price ranges from 1,300 dollars to more than 2,000. Among the houses that manufacture them are the Chinese Canaan, Bit-main, and Bit-Fury. In this equipment it will be necessary to mount specific hardware to mine Bitcoins that are often sold by the same manufacturers. Recently, an alternative formula for mining Bitcoins without having to have your own computer has come to fruition. It is about cloud mining. Instead of having the equipment at home, you pay a specialized company that does the work and then shares the profits with you.

How long does it take to mine a Bitcoin?

The time it takes to mine a Bitcoin will mainly depend on the processing power or mining power. The higher it is, the less time it will take. Today machines already include approximate statistics of the time it can take and the chances of success. The thing to keep in mind is that the more people are dedicated to mining and the more competition there is, the harder it will be to mine and the more power will be required. It is always suggested to consult before making any decision.

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