Bitcoin

With all the press aboout Cryptocurrency this is my take on the subject.

In keeping with many others of a technological bent I was intrigued with the concept of Bitcoin Mining. This seemed to be a case of making money out of nothing! But, as Bobby Axelrod's son (Damien Lewis) found out in an episode of Billions, there is the cost if the electricity for all that computing power.

In addition to the hardware needed to mine Bitcoin I also featured some of the software and the development of various brands of Bitcoin and the Wallets that you needed to electronically store these coins.

My overall conclusion about the whole venture, which somewhat influenced by the players I saw involved, that it was not something that I wanted to get involved with. Many of those pushing their product seemed to be little more than pyramid salesmen often with connections to other dubious businesses.

Apart from being the currency of "The Dark Web" and extortion attempts made by those that had claimed to have "hacked" into your computer threatening to expose you if you didn't pay them Bitcoin, I couldn't really see the point in getting involved in a highly speculative enterprise.

Having been exposed to the concept of Bitcoin and Crypto-Currency you may be asking: "What is Bitcoin Mining?" "What is a 'Wallet'?", "How does Blockchain work?"

BitCoin Mining

Back in 2013 2014 I started to look as ASIC BitCoin Miners and Butterfly Labs 600GH/s ASIC mining hardware.

October 2022, things seem to have moved on. There is now little talk of Mining but the Myth of Crypto lives on. Now there are a multitude of Digital Wallets from a plethora of companies that are more than eager to sell you their own brand od digital currency.

For anyone that is interested I have a lot of research from 2014 into the companies that were offering this technology.

BitCoin Wallets

A Bitcoin Wallet is a piece of software on your computer or Smart Phone where you store and trade your Digital Currency.