Monday 26 May 2014

Bitcoin Shizzle

So, for the last few months I have been looking into Bitcoin (and various crypto currency matters).  I missed out on the first great peak and don't want to miss out again.  Of all the CCs out there, there are a few main ones.
  • Bitcoin.  This is the daddy of them all and is the one most people have heard of.  
  • Litecoin.  People say that Litecoin is going to be the next big coin.  Or the also ran depending on how you look at it.
  • Dogecoin.  This is the charismatic upstart.  It goes for high profile stunts and is still very low value.  
  • Darkcoin.  This is the moody one in the corner wearing a trench coat.  It is all about privacy and so, is probably going to be popular amongst the "Silk Road" crowd.
To this end I have had a go at mining and buying various coins.  Solo mining is a no go as the chances of finding a block are minuscule.  You can mine with a pool (like Slush') and that will give you some return, however it may not be much.  The rate of mining is described in the # of Hashes you do in a second.  If you are mining MHs then forget it.  It has got to be at least a couple of GHs though people talk bout THs and PHs these days.  To run with the mining analogy, you will be the chap by the river panning for gold with something about the size of a jam jar while the big tractor things surround you.

Buying coins feels a bit dodgy as you do it via arrangements set up through websites.  These involve the seller sticking the coins in a safe place, you transferring the money to their bank account and then you getting the coins.  This is probably the main thing stopping BTC taking off.