Preface
Bitcoin abbreviated by the mnemonic BTC, is the first decentralised form of digital currency, which is available to trade over the internet for products or services. The primary form of Bitcoin is data, which is available to be traded over the internet. Bitcoins have many advantages, such as being able to trade peer-to-peer (person to person) without the use of an intermediary such as a bank.......why is this good?.......well it reduces the transaction fees. Also, it can be used in every single country and your account cannot be frozen, neither is there any limits.

The following post will outline all the essentials every Bitcoin user needs to know, following the subsequent roster;

• What is Bitcoin (BTC)?
• Acquiring Bitcoins
• Buying Bitcoins
• Mining Bitcoins
• What are Bitcoins Used For?
• Other Useful Bitcoin Links

What is Bitcoin (BTC)?

Coins are created all over the internet, by anyone who has access to free software programs called a Bitcoin Mining applications. Mining a Bitcoin requires resources for each Bitcoin mined and the number of Bitcoins mined per specific time frame is adjusted so that they are always created at a predictable and limited rate.

Bitcoins are stored in a digital wallet and per transaction a unique electronic signature is added, which will then be verified by a minor and will then be permanently stored in a network.

Acquiring Bitcoins

In order to acquire Bitcoins, there are a number of procedures you can entail. You can either purchase Bitcoins which takes the least amount of effort or you can mine Bitcoins, where the power used from your computer(s) will be used in a pool to help generate Bitcoins in return for a percentage of the rewards;

Buying Bitcoins

In order to buy Bitcoins, you must have available a wallet to store your coins in. There are two forms of a Bitcoin wallet; an online version and an offline version. An online Bitcoin wallet makes transactions easy and simple...and here's how to set up a wallet, ready for you to purchase your first Bitcoin;

• To create an online Bitcoin wallet, register an account at https://blockchain.info/wallet/new (UK citizens) and https://coinbase.com/ (US citizens) and follow the instructions to creating an account.

• Use the 'buy Bitcoins' option and link up your bank account in preparation for your first Bitcoin purchase, once linked and the Bitcoin(s) have been purchased then this transaction may take you anywhere from instantaneously receiving Bitcoins to a few days.

• Once you've successfully linked your bank account with your Bitcoin account you can now buy and sell (trade) Bitcoins. To buy Bitcoins you follow the same process as before and to sell Bitcoins you follow the instructions on screen.

Mining Bitcoins

To mine Bitcoins you need to run a Bitcoin Mining piece of software on your computer, this software will process/hack complex mathematical equations. On the basis that one of these equations is solved by yourself then you have successfully mined a Bitcoin and you will receive a Bitcoin reward in return.
Now all this mining seems easy, well not quite.........your 1 computer is up against thousands of other computers who have pooled together their processing power in groups to collectively mine Bitcoins before you anyone else.

• *This is the most popular mining group, called slush's pool - https://mining.bitcoin.cz/
• *The Business Insider's article on how to mine Bitcoins - http://www.businessinsider.com/how-to-mine-bitcoins-2013-3?op=1

What are Bitcoins Used For?

Ok, so now you've got your Bitcoins, but wait........what can you do with them now?..........well you can buy gear online and more! More and more eroids sources are accepting Bitcoins so that makes life easier and cheaper for you, since you don't have to visit a Western Union transfer agent and you also don't have to pay as high Western Union transfer fees.

*Other Useful Bitcoin Links

• Anonymous & Disposable online Bitcoin wallet - https://instawallet.org/w/aIHlHmEBAosJOSVWR3jchJ8CQA1JZ7JEEw

• Bitcoin trading - https://mtgox.com/

• Buy Bitcoins from CVS, Cash deposit, Jewel, Osco, Duane Reade, Stater Bros., Albertsons, Wallmart and more - https://bitinstant.com/

• Bitcoin wallet address creator - https://www.bitaddress.org/bitaddress.org-v2.4-SHA1-1d5951f6a04dd5a287ac...

• Bitcoin Wiki page - https://en.bitcoin.it/wiki/Main_Page

Mining Hardware Comparison & Energy Consumption Tools

The most effective Bitcoin mining GPU's use high Mhash rates to solve the complex codes. Here is a link to several GPU's which you can use to compare against one another to determine the effectiveness of each GPU.

• Mining hardware comparison

• Bitcoin Mining Hardware

• Bitcoin Mining Software

• Appliance Cost Calculator

• Electricity Usage: Computer System

• Electricity Usage: 22" LCD Monitor

• Electrical Energy Cost Calculator

Bitcoin Projection Calculator

In order to estimate the number of Bitcoins your GPU set up is able to mine, this calculator will estimate the hourly, daily, weekly, monthly and annual earnings from mining Bitcoins in both the Bitcoin currency and US dollars. It will also estimate the cost to generate 1BTC including and excluding the hardware costs associated with the BTC generation. This calculator will also estimate the annual blocks your GPU set up can crack and also estimate the time taken to crack 1 block.

Additionally, another concern is the overheads and costs associated with producing these Bitcoins. This calculator also estimates the cost to mine per hour in US dollars, the net hourly, daily, weekly, monthly and annual profit.

All of this aforementioned projection calculations are based upon your current computing powers hash rate, difficulty levels, bitcoins per block and US dollar to BTC conversion rates. While also taking into account your rig costs, power consumption, price of power and investment period.

• TP's Bitcoin Calculator

• Bitcoin mining profitability calculator

Litecoin Mining Calculator

This Litecoin mining calculator will project how many Litecoins your rig can mine, given your current hash rate and the difficulty level.

• Litecoin Mining Calculator

This link will present the current hash rates generated by a particular user on a ranking system, while also showing the pools current stats and who/which pool cracked the last Litecoins.

• Litecoin Stats