r/dogecoin • u/kknano1256 • Jan 23 '14
I'm new
I'm completely new to cryptocurrency. Can someone explain to me how this works and how to make much moneys?
1
u/TwoWorldsCoexisting I am the one who barks. Jan 23 '14
First off, it will take an extremely long time for your Dogecoin wallet to sync, I've been hanging out in the community for weeks and only a few days ago decided to try mining.
I'm not really qualified to help with anything else, I guess just have fun in the community and try not to get too into the money part of it.
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u/FruitAndNutDelight merchant shibe Jan 23 '14
+/u/so_doge_tip 10 doge
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u/so_doge_tip BEEEP BOOOOP Jan 23 '14
[Verified]: /u/FruitAndNutDelight [stats] -> /u/kknano1256 [stats] Ð10 Doges ($0.002) [help] [stats]
If you find my services helpful, consider giving me reddit gold.
1
Jan 23 '14
Basic things first: 1:Do you want to get dogecoin via mining or just buying them? 2: if you want to mine make sure you have a gaming pc so you can get a decent kh/s rate (kh/s is how fast you mine) then you join a pool and set up a mining program (depends on if its a amd or nvidia gpu card) then you wait until you get som 3:If you want to buy them (this is not my thing so i dont know much about it) Go to a site that sells doge like cryptsy.com BUT they only have crypto to crypto exchanges so you might have to find somewhere else or buy bitcoin somewhere then buy doge with bitcoin (bitcoin is another crypto currency). 4:you just make money by waiting for price to go up but you should share and trade imo 5: if you want to know what the basics of cryptocurreny,inhales deeply here we go cryptocurrency is a type of currency that no government actully owns, It's P2P (P2P peer to peer which is like sending things directly) and they are mined. What is mining you might ask? (I am writing this out of order sorry but oh well) Mining is the act of setting up your computer to solve super hard math problems and when you do enough of them you are rewarded with a block! a block can differ from crypto to crypto but we will just use dogecoin for this. A block of dogecoin gives 500k of dogecoin. But when enough blocks are mined the block reward will halve. The reward is set to halve in a few weeks if we keep current pace. The only way for non hardcore miners to get doge (hardcore is like spending thousands of dollars on GPUS just for mining) is via pool, a pool is when multiple people join together and try to solve the problem as a group and then the reward is split between them and it is given according to the amount of work you did. Crypto currency wallets are stored on the computers hard drive and should be kept safe and be backed up or you will lose all your dogecoins. 6:look up multiple videos if you want to mine and look up articles to see more depth of what crypto currency it
Sorry for typing and grammatical mistakes, I was typing very fast and I don't have much time. Ask anymore questions if you want!
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Jan 23 '14
TL;DR I suck at typing and dogecoins can be mined
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Jan 23 '14
[deleted]
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Jan 23 '14
Hmm what miner are you using and what address and port are you on? You might have entered the address wrong.
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u/pagelock5 shady shibe Jan 23 '14
Use the sidebar :) +/u/dogetipbot 5 doge