Be sure to check the Recent Actions section before doing anything — This section is only updated occasionally!
Some people ask why there are not more miners… Soon you will see. It takes several steps to get setup and running.
A) The Wallet
Step 1 – Download and Install Multibit
Click the download link on the right (there are options for Mac, Windows or Linux).
If you are using windows, double click on the installer and follow the instructions. For Mac, drag the application in to you Applications folder.
Step 2 – Your first bitcoin wallet
When you first open Multibit, after a few seconds of synchronising, you will see a screen similar to this:
MultiBit first open
Multibit has actually already created you a new default wallet which is ready for use. If you click on the Request tab, you will see your wallet address:
This is the address you should give out to people who want to send you bitcoins. Since the bitcoin address is just that, an address, you do not need to keep it secret. When buying bitcoins from Coinable, Circle or when you tell mining sites where to send your bitcoins, this is the address you should use.
The Send and Transactions tab are very straight forward. If you wish to send bitcoins, enter the address of the recipient in the address field, and the amount you wish to send (in either $ or btc). Remember that once sent, you cannot reverse a bitcoin transaction. The transactions tab will display a list of all the transaction associated with your bitcoin wallet.
Step 3 – Encrypting and securing your bitcoin wallet
While this step is optional, it is highly recommended. With the growing popularity of bitcoin, it has become an increasing target for hackers and viruses. At the moment, anyone with access to your computer could potentially steal your bitcoins as they are stored just like any other file on your computer.
MultiBit provides very powerful, and easy to setup encryption for your wallet.
Click on File -> Add Password
Then enter a secure password <– A very secure password that you will never forget – consider writing it down and putting it in a physical safe!
To be secure, the password should be at least 8 characters and should be hard to guess. It is important however that you do not forget your password as you cannot recover it if you do and you will loose access to your bitcoins. Mixed case and characters is preferred. <– A very secure password that you will never forget. You will only need the password send transactions.
Congratulations, you are now setup with your first bitcoin wallet.
B) Select an exchange to convert FIAT/USD to Bitcoin/BTC or convert BTC to USD — This is how you convert to and from digital curreny
Two sites that you can trust are Circle.com and Coinbase.com
You will have to setup a bank account and/or credit cards to convert money from FIAT to BTC. Setting the accounts up might take a day or two, you sometimes need to verify a few small deposits <$1 to prove the accounts are yours. After that your first transfer for coinable takes a few days, after that they are instant unto $1,000 per week. Circle is limited to $500 per week.
After getting BTC to your account, send the BTC to you Wallet you created above. I do not reccomend leaving BTC in online wallets. Now go on to step C where you can setup an account and then buy some cloud miners!
C) Select a cloud based mining site
We are skipping the world of physical mining, it is fairly obsolete.
There are many cloud based mining sites out there and I have used several of them! These are the two mining sights I recommend. They both have their pros and cons. I personally believe in diversification like you would with any investment and have stakes in multiple cloud mining services. These are my to favorites and their pros and cons. My advice put some money in each…
1) LTCGear ->(CURRENTLY NOT RECOMMENDING LTCGear!)<- choose Gen2 1o Unit Shares $295 **You receive an additional 8% off if paid in Bitcoin! (so open your circle or coinable account first) Total cost is now around $272 USD to get started in the new product, that price varies based on BTC value. ASIC Gen 2 10 unit shares should earn $75-$95 per week in late January. (Hopefully – see Recent Actions Section)
Main Pros – Great, fairly quick ROI – within 2 month! Every 6 weeks your shares are increased to keep pace with the difficulty of mining! Consistent and reliable
Main Cons – Fugly site, geeky and non-intuitive! CEO, introverted, no bling based in Romainia – If you don’y know this world you would not have felt comfortable with Chris. But he is kinda famous in the Crypto geek world! Ambition – to just generate coins..
2 ways to order, directly from them -> They only accept Bitcoin! to do that and to Sign-up and register – Click the link
Main Pros – EASY to use site, pretty ui, super customer centric & active CEO, Ambition – Josh intends to change the world!!! Inspite of the cons you will see below, there is HUGE potential for Josh/GAW to have a big impact on the industry and you are getting in early. For as many changes in direction that Josh makes, he has always come through for his customers.. just not always in the way he originally states.
Main Cons – slower ROI 3-12 months. Big changes in GAW over the last few months – the new business model is about Staking Coins not mining in the traditional sense. Staking can earn you 5% per day which is a great return – but there has been a lot promises and delivery to make it all real is running behind (not technically from whats published but from the expectations that were set)
To sign-up, click this link!
Be sure to check the Recent Actions section!