Next time when someone says it is not possible to generate bitcoins from home computer, challenge them. Yes! Good news is that you can generate them easily from your simple home computer using the below steps:
- Download mining software: The software which is used for mining bitcoin is available for free. You can download it.
- Bitcoin wallet: The second step you would need for mining is to have a bitcoin wallet. It is nothing but an encrypted online bank account in order to receive the minted coins.
After downloading the mining software you have to run it. In order to understand the running of the software, you have to understand the basic concept of blockchains. All the transactions which are done using bitcoins are stored in virtual boxes with locks called blockchains.
A miner tries to open these locks using the mining software. This is called verification. When the software successfully verifies a transaction, the miner gets 12.5 bitcoins credited to his wallet.
Initially, low-speed PCs were capable of mining bitcoins successfully. But now that lot of people have entered into mining, you require a high-speed PC at home. You can dedicate the same for bitcoin mining.
For more clarity on the above information, you can refer to this coinspot exchange guide.
Satoshi Nakamoto who conceptualized bitcoin wrote the initial algorithm in such a way that it sets a limit on the maximum number of bitcoins to 21 million. Already more than 14-15 million are in circulation. So the early you start mining, the more you can earn.
Apart from mining one can buy bitcoins from crypto exchanges. But that needs investment. The advantage of mining is that you need just a home PC with mining software. You can use Application-specific Integrated circuits to improve the speed of working.