A while back I posted on my first experiences with Bitcoin. Now, some time later, here’s a small update.
Since the rise of Bitcoin, and its respective increase in difficulty to mine bitcoins, a few other so called “Crypto currencies” have appeared. One of them, I’d say one of the most known, is LiteCoin.
According from the Litecoin website, there are quite a lot of similarities from Bitcoin, but differs in the following characteristics:
- Higher Speed when Mining on GPU
- Smaller Blocks, resulting in faster Coin Generation
These advantages over Bitcoin result in it’s main downside, a lot less value of each coin as compared to Bitcoin: LTC/BTC 0.00596, making litecoin the eSilver equivalent to Bitcoin’s eGold.
Therefore, depending on the time you have on your hand and the hardware you have available, it’s up to you to decide. At the moment, it looks like Litecoin is a more speculative currency, there is still quite some uncertainty on the values while Bitcoin is getting more and more stable over time.
In my case, since I found that just CPU mining bitcoins did not get me a lot of benefit. I’ve been wasting quite a lot of CPU time (approx 2 weeks) to get approx 0.2 BTC. I’ve tried mining Litecoins for 2 weeks too now, and managed to get approx 4 LTC in two weeks (about 6-8 hours a day). This translates to 0.312 BTC. Quite a bit more profitable. (values on the time of writing)
Looking at a value chart from litecoinpool.org, you can see that the value of both the LTC and the BTC follow a very similar curve:
Litecoin mining works in a similar way as with bitcoins. You can mine solo, or join a pool to gain benefits of working together with multiple people. The results above where obtained while mining on Burnside’s Litecoin Mining pool. To get started, it is as easy as installing the Litecoin Wallet/Client, that as an advantage over Bitcoin, includes a Mining interface that you can use once you place the minerd.exe CPU Miner [Download: Windows/ or Linux] in your Litecoin program folder. The included client works both for solo- or pooled mining.
* Make sure you let your antivirus software know that this is not a trojan. Many antivirus programs pick it up as such.
Here’s listing of some resources that might help you understand the phenomenon and if you are interested, help you on your way.
- InstaWallet. Instawallet allows you to set up a temporary wallet to receive bitcoins. You can transfer from there to your wallet. The advantages are that you do not need to publish your wallet address anywhere
- BitSpend. Allows you to add bitcoin trading capability to your blog, online shop etc. Pais in BTC, USD and EUR
- Bitcoin Monitor. Live Tracker of BTC VAlue
- BitCoinTools. Allows you to set-up alerts on value changes on MT.Gox
Value Charts and traders:
(Almost) Free Bitcoins:
Free bitcoins might sound great, but unless you have absolutely nothing to do in your life, this won’t make you rich (but then again, what does?) You can participate in various activities that will send you minimal payouts (between 0.00005 and 0.0002 BTC Imagine what it would take to earn a single Bitcoin.
Anyways, it might be a way to get you started to get that first coins with wich you can start a trade.
- http://netlookup.se/free-bitcoins/134247 Netlookup actually just gives them away. Enter your wallet address and they’re yours.
- freedigitalmoney.com gives you bitcoins for completing simple tasks, like watching a video or playing a game. Do not forget to change the receiving address to your own.
- iWantFreeBitCoins.com gives you bitcoins for taking offers.
- freebitcoins.org gives you bitcoins for various simple tasks, mostly filling out surveys.
- Earn the Bitcoin will give you 0.01 BTC just for signing up. You can earn more by completing free offers.
- Rugatu is a Q&A community where you can earn BTC by anwering questions and doing simple tasks.
- CoinWorker will pay you for doing online “work”, like categorizing twitter users.
- the Bitcoin Faucet will give you 0.005 BTC, but only once.
Be aware that some of these links contain Referral ID’s that help me earn some mBTC’s.
I’m really enjoying this “treasure hunt” in the Virtual Currency world, and will keep this post updated with my findings.
Finally, I’d like to invite you to sign a petition for the inclusion of the Bitcoin curreny symbol in the ISO 4217 Standard