What is a bitcoin?

[blueblur121]

All I currently know is that it is a digital currency and it can be obtained by "bitcoin mining."  What exactly IS it and what is it for?

[Ad Bot]

[AromaniaFTW]

form of currency
all I know

[NalNalas]

Online currency

[sir dooble]

What is any currency for?
It's for trading, silly. Whether for other currencies or for services or items or whatnot.
If you have bitcoins and someone else will trade something for them, then that's what you can use it for.

[Momentum]

http://lmgtfy.com/?q=what+are+bitcoins

[devildogelite]

Why not ask it in the thread about bitcoins. Or just google it, it's not a hard concept to understand. It's an online currency with a controlled rate that the coins are released at. The price is determined by people selling and buying it on a market. Somewhat like a stock market.

[blueblur121]

What is any currency for?
It's for trading, silly. Whether for other currencies or for services or items or whatnot.
If you have bitcoins and someone else will trade something for them, then that's what you can use it for.

Can it be converted to real money?

[Dr_Zegobob]

Bitcoins are a virtual currency that many companies accept for purchases and they can be traded in simple ways for goods or other currencies. I do not know much about bitcoin mining but I do know that it is most profitable to do it with a group and use your GPU to do do the work.

[Tokthree]

It's a thing worth copious amounts of cash.

Essentially a way to have that beast of a PC you call your baby make you some money instead of just eating it up, kind of like parents asking their kids to pay their keep once they hit 18

[sir dooble]

Can it be converted to real money?

If someone is willing to purchase it off of you for a price, yes.
I don't use bitcoins, so you'd be better off googling it, or reading some of the topics we've had on these forums to find places to sell, or how to acquire them in the first place.

[devildogelite]

Can it be converted to real money?

The price is determined by people selling and buying it on a market. Somewhat like a stock market.

[blueblur121]

Okay. Now what is bitcoin mining?

[devildogelite]

Okay. Now what is bitcoin mining?

What gpu do you have?

[blueblur121]

What gpu do you have?

Uhh. IDK. There's a little intel sticker here if that means anything.

[devildogelite]

Uhh. IDK. There's a little intel sticker here if that means anything.

Yeah there's no point in bitcoin mining. You'll make a few cents a day if you do it. It's a waste to do unless you have a decent AMD gpu.