In a galaxy far, far, inside your computer, on some server rack somewhere, someone is mining bitcoins. Not that you care, right? You’re only a twenty something almost-college grad, and the only thing on your mind right now is the next immediate step to completion of your degree and the bar this very night. But let’s take a look three years forward. How’re you going to pay off all those student loans (and mounting bar tabs) with a degree in philosophy? BitCoin mining may just be the best way for those in college, with a multitude of access to PCs, to get a great paycheck.
So what is it, and why should you care? BitCoin started in 2009 and because of the inherent concept, anyone can get involved who has access to a computer. But first you’ll need a bitcoin wallet, so go download one, and while that’s being setup let’s get you the information you’ll need to succeed in the arcane world of crypto-currency. You can find some trustworthy sites that are professional and easy to use like Bitgo, or GreenAddress.
When you go to the bank or ATM you are going to one point and retrieving cash, let’s think about this in terms of data. If we were computers we would go to one central server and make a transfer of data. However, if we use the same analogy with bitcoin, we would be in an open source system, free to exchange data with any other computer we would like. Because of this theory, the people are in control of the money, instead of a centralized system. Because of the ability to transfer fund anonymously from person to person. At its beginning, Bitcoin paved the way for black market activities like Silk Road, but now entrepreneur/rapper 50-cent is selling albums for bitcoin, in effort to take back the music industry. Its use is blowing up in places like Argentina as an alternative to the nation’s currency . The future of bitcoin is sure to be a profitable one.
So now that you’ve setup shop with you own wallet, where do you fit in. Don’t leave for the bar just yet. You’re graduating soon, and I’m sure all your debts are strewn across the financial galaxy. You’re going to want to consider looking into a debt consolidation service. From personal experience, there are money options available out there, but you need to do your homework. But you’re used to that, so hop onto a consumer review site and get some facts before you make your final solution. If you’ve never had to consolidate debt before, just understand the basic principle. Consolidation services will negotiate your debt into one payment plan, which you will make with your service providers.
So you’re ready to make some money now. You have a plan of action to pay of your debt, now you just need the income to do so. Set up a server with a good graphics card. This part is important because as some early bitcoin entrepreneurs learn, a lot of CPU is required to start mining bitcoins. Here’s the breakdown:
- Bitcoin is essentially assigned a trust by those participating.
- There are codes associated with transactions and as those codes are generated and assigned a value they proceed to be mined and assigned to those miners.
- This trust and these codes lead to a market system as the bitcoin codes are traded back and forth for goods and services.
If you’re going to start mining, while in college, you’ll have access to an array of computer which can be setup to mine. Once you get going you’ll notice that money is essentially coming out of thin air. Sure, this is going to take time, but you’re finishing your degree, and off at the bar, and your business is literally running itself! You’ll probably see some routine maintenance costs come up in the future, so be prepared for that and make sure you are able to handle financing. Now that you’ve got your bogus degree on the way, own your own business, and are taking care of your student loan debt, treat yourself to a drink.
Frank McCourt writes about the newest trends in finance, and currency.