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What is Bitcoin Mining? Paypal Bitcoin

The only way to send money electronically has always been to rely on a centralized intermediary, say someone like PayPal. And what PayPal does is it keeps track of the amount of money that I have in my account. Say I loaded it from my bank account or I got paid by another PayPal user, and then PayPal lets me send the PayPal Bitcoin.

Won’t let me send more money than I ever have, and will tell somebody else whether they’ve received money from me. PayPal just keeps this ledger of transactions. So with PayPal, there’s one ledger and it’s held by a company PayPal. In the PayPal Bitcoin network that ledger is distributed across every participant, so anybody who’s connecting to the network has a copy of it on their computer in full, going all the way back to the history of the network when it was first created in 2009.

Now, how does new information get added to that ledger? Well, that’s this role that miners play. They listen for transaction messages that are validly signed on the network.

And they bundle them into what we call a block. They announce this block and they say, “Now, you all take this and add this to your copy of the ledger. We call that ledger a block chain because the miner has just announced a block and that block is mathematically linked to all the blocks in the past. They’re chained together like a big long string. What they’re doing is providing a public good, they’re relaying transactions, validating signatures, putting them into a block, adding that block to the block chain and distributing that to all the people on the network.

They’re given a reward by the network for performing this public good. And that reward comes in two different ways. One, a Crypto Swami Bitoin Miner is allowed to stick in the ledger of transactions for that ten minutes, one special transaction. And if it says, “I, the miner pay myself 12.5-bit points,” and they came from nowhere.

This is the only time on the Bitcoin network that anyone is allowed to ever have a transaction that didn’t have any inputs, that literally created money out of thin air. At some point, somebody started calling this activity of getting new Bitcoins by providing this public good on the network, mining. It’s like digging into the side of a mountain and getting gold.

decentralized currency

How to Use the Bitcoin ATM Near Me

 What’s up everyone, so I’ve got a very kind of offbeat interesting topic to talk about today. The guys over at Crypto Swami contacted me about doing a video and I was a little skeptical at first. I looked into it a bit more and I actually think this is a really cool idea, I think this is going to be a really fun video. Today we are going to be looking at physical bitcoin ATM’s. Okay, so for a lot of the kind of tech heads and the people that are really into crypto, it might have you scratching your head a little bit.

Why do you need a physical bitcoin ATM? And to a certain sense I understand that viewpoint. We have alternatives to bitcoin ATM near me on Crypto Swami called Changelly. But the reality is we are still in the fledgling stages of crypto adoption. I mean we are so early on that curve at this point.

     And one of the biggest threats to bitcoin adoption in my opinion is people just being straight up scared away because they think that its all this crazy tech and they’ll never be able to understand it, and its complicated.

    And I love what the idea of the bitcoin depot ATM’s brings, because it gives people something they’re comfortable with, it gives you the ability to walk into a physical store, nothing but cash and a wallet app on your phone and you can get started with bitcoin. I think that it really, it kind of takes out a lot of the legwork that ends up scaring people off. With crypto exchanges you’re dealing with insecurity of funds, you know you don’t have your keys, in terms of registration you’re looking at all kinds of different levels of KYC, long times to be approved. I mean I remember when I first setup coinbase it took me a couple of weeks before I was even able to be fully approved and be making decent sized purchases. This is the reason Crypto Swami adopted a modern Bitcoin ATM called Changelly on the website. So I really think this kind of, it provides a nice easy bridge for a completely crypto “noob” to just step in, actually take some cash, turn it into bitcoin, and start their bitcoin journey.

   Okay, so bitcoin ATM’s what do you actually need to get in there and get started? Its real simple, you need to have a bitcoin wallet. My suggestion would be for a new user, go to Cryptoswami.net Its a very simple interface, easy to set up. Its available on the website sidebar, the app store for android, plus apple mobile wallets so you might have to do a little dabbling on crypto swami changelly widget to see which options are available over there.

    And obviously, you’re going to need cash to make the purchase and you’re going to need an ATM. So the bitcoin Depot guys have over 500 different bitcoin ATM’s all throughout the US. It is super simple to find them, I actually have one not even ten miles away, its literally on my drive back from the office.

But its super simple, head over to bitcoindepot.com, right there on the front page they’ve got a great interactive map and you can go in, pick your state, zoom in, figure out where there is an bitcoin ATM near you and after that you’re pretty much set to go.

The only thing to keep in mind is of course, there is going to be a fee just like there would be with any bitcoin ATM or crypto transaction, but were going to look at that once I get over to the bitcoin ATM itself.

       And you know one of the things that really, these guys were really adamant about is the level of ease with which you can get into this. So were going to take a look at this and the goal is to have this entire thing done, five minutes, no questions asked from start to finish, you go from cash to bitcoin. So lets get up, I’m gonna take you guys on a little trip, I’m going to hop in my car, I’m going to head down to the bitcoin ATM and were going to take a look at actually getting this started, I’m going to walk you through everything you need to do, the little registration/verification. I’m going to do a larger purchase so that we can do the “KYC”, they actually use state id to do that which is so much simpler than anything that you’re going to do online.

So anyways, lets hop in the car were going to ride over there and check this out.  Alright, I’m over at the bitcoin ATM now. Excuse my videoing, this is my first time with this gimble so it is quite a different experience for me. Beautiful machine though. And lets check out how to get this going. Alright, so were going to buy some coins.


 Lets see, were going with $20 to $250. Alright, we need to verify so were going to enter our number. Which I guess we can do with that keypad. So that number can be entered with the keypad down here. Alright. Obviously I have…sharing the account, we wont be doing that, but we are sharing this experience, so were going to agree to the terms. And lets see, enter my name Crypto Swami in here.

Alright, were going to agree to the terms here. Enter the email address. Alright, there we go, were going to confirm that. And lets see, its going to send us a code which we are going to enter in here.

And there we go.

 Okay, so were going to create a random pin. Not going to show that to you guys obviously. Alright. Okay. And, were going to go with bitcoin.  And for this one, lets see, scan. Its got our scanner down there. And I’ve got another device here. And there we are. So now… Lets see, I’m trying to enter it in the wrong spot there, there we go.  That up, and there we go. Alright, and there we are. We’ve got ourselves some bitcoin! Alright guys, so as you can see its really not the craziest thing, this has me super excited because I cant tell you how many tutorials there are out there on how to get crypto, how to get started, and there’s just so much legwork you know, with any of the non-physical ways of doing this.

     So hopefully this gave you guys a much better idea of how simple it is to get started, especially with one of these bitcoin ATM’s, I think this could absolutely be revolutionary.

      And realistically moving forward, I think crypto is going to be everywhere within a decade. So, I really think these guys have kinda come in ahead of the curve. And having bitcoin ATM’s out there is going to be absolutely huge, because I wouldn’t be shocked if you’re seeing them just as frequently as traditional ATM’s within the decade. So anyhow I hope you enjoyed this, and go find yourself a bitcoin depot ATM and get yourself started in bitcoin.