Spain and Greece are two countries that play an important and also dramatic role in the current debt crisis. So many people in the troubled nations are trying to get their savings to safety, which is an ongoing subject in more and more media reports. Some investors opt for the Bitcoin as an outmost visionary solution. Since the introduction of the Bitcoin in 2009 more and more users are enthusiastic about the features of this means of payment. It is still regarded as unforgeable, it is organized locally and it is freely available. Continue reading
To buy or to create oneself? This is a question that cannot be put in context with many currencies. The bitcoin by all means is one of them. And the answer does not depend on any legislature but on the economicalness with which bitcoin mining can be put to practice. It is a characteristic of the process that it gets more complicated the more miners take part in it, and a higher amount of processing power is required.
The development went rapidly: While by the beginning of 2011 normal CPUs could be used in order to calculate hashes these were replaced more and more by the more efficient GPUs as these are able to process more arithmetic operations per second, which means generating more mhashes per second. But the graphic boards, too, reach their limit, as it is only certain ATI models that allow for an efficient mining process. The turnover is always counteracted by certain costs. With regard to the bitcoin these are, if purchased for mining on purpose, costs for buying a computer and a graphic board and, of course, electricity costs.
So, one thing should be clear right from the start: The big financial breakthrough with bitcoin mining will be possible only if achieving highly favourable conditions regarding the costs. Even if one is able to calculate tightly there will always be somebody to mine at even lower costs and who will lower the price and with it the Euro and Dollar rate. Since the development of the bitcoin is very positive right now mining does not have to result in any financial loss. If a person does not buy a new computer, doing the mining more or less on the side, a small profit can be expected. But as soon as investments have to pay things get more difficult. Doing a comparison is inevitable anyway. Graphic boards, enlectricity costs, and the Dollar rate for bitcoins are the dominating factors when talking about the rentability of bitcoin mining. Should profits be lower than expected, a good portion of idealism might compensate for that, and optimism should be part of the package, anyway. If the rate goes up for the Euro or U.S. Dollar for bitcoins, mining and selling bitcoins on the marketplace might turn out to be much more profitable.
In the U.S., the Bitcoin has recently won a huge boost in terms of notoriety. The episode “Bitcoin For Dummies” of the lawyer series “The Good Wife” was about the identity of the ominous inventor of a purely digital currency. The episode was aired on 15 January for the first time in the U.S. and as the title already suggests, this currency is also called Bitcoin in the series. The Bitcoins community has certainly every reason to rejoice, as the abrupt rise of Wikipedia traffic for the English Bitcoin article shows, interest in the digital currency has grown rapidly.
The series “The Good Wife” is about the person of Alicia Florrick, whose husband, a lawyer himself, had been imprisoned due to various crimes and whose work she does now. Three seasons with 59 episodes have been produced so far. In Germany, the series was aired first on ProSieben, afterwards on Kabel eins. While the series is a blockbuster in the U.S., it is in Germany due to low ratings at the moment uncertain whether “Bitcoin For Dummies” will also be featured in a German version. It is desirable, as the series might be contributing in Germany as well to establish the global and decentralized payment instrument Bitcoin. The mysterious search for the arcane developer of the digital currency could also make many viewers very curious. A somewhat mysterious veil is also wrapped around the mastermind of the real Bitcoins. After all, his name is known: Satoshi Nakamoto who is now no longer involved in the development.
A small fly in the ointment, however: In the series the Bitcoins have a rather illegal touch. This in fact does not correspond to reality. Bitcoin as a fully functional payment instrument is absolutely legal and in the course of fiscal formalities it is simply converted into euro or US dollar.