Now let us explain what Bitcoin Mining is all about. Everyone who uses Bitcoin becomes part of the bank of Bitcoin. Miners use special software to solve mathematical problems that verify all transactions and they, the Bitcoin Miners, are in turn rewarded with newly issued or generated Bitcoin, as remuneration for their computing power. As more miners come online the Bitcoin Network becomes more secure and the mathematical calculations become even more difficult. Bitcoin would not work without the Miners. What are the Bitcoin Mining Pools? It is nearly impossible for individuals to mine because the mathematical calculations involved are so difficult to solve that it takes massive computing power to make the associated calculations. The solution to this is to create mining pools. People can share in the profits by pooling their resources together and then splitting the Bitcoin that is mined for each respective pool. There are no limits or restrictions on how large a pool can grow or how a pool is created and set up.

So to summarize, Bitcoin Mining is as follows. Bitcoin operates as a peer to peer network. This means that every person or business that uses Bitcoin is a tiny fraction or part of the bank of Bitcoin. Nevertheless, where do Bitcoins come from? With paper money a country's government decides when and when not to print and distribute money. Bitcoin does not have a central government. With Bitcoin, miners use special software to solve mathematical problems and are then issued a certain number of Bitcoins in exchange for their clever work in making these mathematical calculations. This provides a smart way to issue the currency and it also creates an incentive for more people to mine Bitcoin. Since miners are required to approve Bitcoin transactions, more miners mean that it becomes a more secure network. The Bitcoin Network automatically changes the difficulty of the mathematical problems depending on how fast they are being solved. In the early days Bitcoin miners solved these mathematical problems using the processors in their own individual computers. Soon all the miners discovered that the graphics cards in their own private computers used for gaming were way more suited to this type of mathematical problem solving.

Graphics cards are faster. They need more electricity and generate a lot of heat. The first commercial Bitcoin mining products included chips that were reprogrammed for mining Bitcoin. These chips were faster but still power hungry. Application Specific Integrated Circuit chips (ASIC) are designed specifically for Bitcoin mining. ASIC technology has made Bitcoin mining even faster while using less power. As the popularity of Bitcoin increases more miners will join the network on a continuous basis. This will obviously make it more difficult for individual miners to solve the complicated mathematical problems. To overcome this, miners have created and built a way for all miners to come together and work together in pools, known as Mining Pools. Pools of miners find solutions to the mathematical problems faster than do individual members of the network. Each miner is rewarded in proportion to the amount of work he or she provides as a miner. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin Network stable, safe and secure.

If you want to use Bitcoin and the BitClub Network as an investment please contact Clyde Thorburn on his website.

The big question is. If there are basically no fees, why would people spend huge amounts of money on computers and electricity if there is no money to be made? This is where we can all cash in. On average, every ten minutes, a new block of Bitcoin is created and given to someone that is mining. When Bitcoin first started and was introduced in the world, it was fifty new Bitcoins that were being created and available every ten minutes. After two hundred and ten thousand blocks of Bitcoin were created, which took about four years to create, it dropped to twenty five new Bitcoins per block. After another two hundred and ten thousand blocks of Bitcoin were created, which was accomplished at the end of July 2016, it will drop to twelve and a half every block. It will continue in this manner for the next one hundred and twenty five years, until the year 2140. At that point there will be twenty one million Bitcoin and no new Bitcoin will be produced from that point onwards.

So Bitcoin will always be rare. Bitcoin started on the third of January in the year 2009 by Satoshi Nakamoto. When it launched it had no value and it was not actually about money. It was about providing the idea of … can we do a transaction without needing a third party? Can we have a decentralized form of money that anyone irrespective of where they are in the world can use with basically no fees? At that time there were only a few people who were involved in Bitcoin Mining. They were collecting all of the new Bitcoin every ten minutes. Then, on 22 May 2010, the first transaction happened. Ten thousand Bitcoins were offered for the cost or price of only one Pizza. When that happened, all of a sudden, Bitcoin had a value. Then demand for Bitcoin started and more people started asking about Bitcoin. However, the people that already had or possessed Bitcoin did not want to sell it so cheaply. Remember, Bitcoin is rare, just as gold is rare. At that point people started offering higher prices for the purchase of a Bitcoin. It actually took over a year and a half for Bitcoin to go from an idea to being worth ten cents for one Bitcoin.

At the time of writing, September 2017, it has been nearly seven more years and the price has leaped up from ten cents to four thousand three hundred and forty three United States dollars, for one single Bitcoin. This means that if you had purchased one dollar's worth of Bitcoins in the year 2010 for ten cents a Bitcoin, you would have purchased 10 Bitcoins. Those 10 Bitcoins, if you sold them now in September 2017, would earn you forty three thousand three hundred and forty three United States dollars. You can and will not get that rate of investment in any market anywhere in the world, not even in the volatile stock exchange in any country in the world. Over the past seven years, Bitcoin has been the greatest investment in the world that we know of. Many people think that those days are over. They are all definitely wrong and here is why. At this moment there are only about ten million people that have a Bitcoin Wallet. We are talking about a technology that has the potential to be bigger than the internet, with billions of people using it. The internet is used by everyone now because it is easy to use. Twenty five years ago the internet was very complicated to use. Now there are thousands of companies like Google, YouTube, Facebook and Gmail that make the internet easy to use. Billions of dollars have been invested in these companies. Bitcoin is the same.

If you want to use Bitcoin and the BitClub Network as an investment please contact Clyde Thorburn on his website.

This content has been created in order to educate interested readers and to help people understand exactly "what is Bitcoin" and what is the Bitcoin Network all about. We can spend hours on posts explaining what it is but we will give you the basics over the next few minutes. The most important thing here is to educate you all about Bitcoin. So what is Bitcoin? Bitcoin is the world's very first digital decentralized crypto currency. Bitcoin uses the internet to send money or value directly, person to person, anywhere in the world without having to use any centralized entity like a bank, PayPal or Western Union. It is completely safe, anonymous, super-fast and it works anywhere in the world. Anybody can use Bitcoin. There are no qualifications, basically no fees, no charge backs and no borders or limits. Bitcoin really is the future of money. So who uses and accepts Bitcoin? There are millions of people that are currently using Bitcoin and you can use Bitcoin to purchase almost anything you can think of. There are hundreds and thousands of businesses that accept Bitcoin.

You can pay for plane tickets, hotels rooms, electronics, cars, coffee and anything else. If you can think of it, we can show you where you can get it, with Bitcoin. Another huge market that Bitcoin impacts, is remittance. That is money being sent to friends and family from state to state and from country to country all around the world. Most people do not realise that between six hundred billion dollars to one trillion dollars get moved around the world every year. The way we are all used to doing this, is through banks, PayPal and companies like Western Union. All of these entities charge fees and we have to trust them. Western Union, Money Gram and other companies like them, charge from five percent up to as much as thirty percent. On average it is about ten percent worldwide. That means that we are talking about fees of sixty billion dollars to one hundred billion dollars per year worldwide. With Bitcoin everyone has access with no bank or other company approvals needed. A typical Bitcoin transaction has a fee of about two and a half cents. This is an absolute monetary game changer.

Most people do not know that only about one and a half billion people, spread around the world, have or own a bank account, Visa Credit Card or Master Credit Card. That leaves about five and a half billion people, worldwide, that do not have access to any type of banking. All of their assets are in their home. If there is a robbery, a fire, a flood, a typhoon or any disaster like that, those people will lose everything. Did you know that more people in the world have cell phones with internet than there are people who have running water and electricity in their homes? All these people have no way to protect their assets and they cannot do commerce through or using the internet. Now these people can do this with Bitcoin. Bitcoin is not owned or controlled by any one person, bank, government or company. There is no single or central entity that powers Bitcoin but there needs to be something that powers it. It is actually powered by thousands of people that have specialized computers that power the network, secure the network and verify transactions.

This is called Mining.If you want to use Bitcoin and the BitClub Network as an investment please contact Clyde Thorburn on his website.