Bitcoin coinbase scripts
But how do you get bitcoins? You can begin by buying them outright, but the market is currently wild. In short, you should probably mine. But what is bitcoin mining? Think of it as work done by groups of people to find large prime numbers or trying keys to decrypt a file. In fact, many wager that the DDOS attacks on many bitcoin-related services are direct action by hackers to inject instability in order to reduce the price. As it stands, mining solo is very nearly deprecated. The process of finding blocks is now so popular and the difficulty of finding a block so high that it could take over three years to generate any coins.
While you could simply set a machine aside and have it run the algorithms endlessly, the energy cost and equipment deprecation will eventually cost more than the actual bitcoins are worth. Pooled mining, however, is far more lucrative. While this is simplified, it is basically how the system works.
You work for shares in a block and when complete you get a percentage of the block based on the number of workers alongside you, less fees. The astute among you will note that I probably used twice that amount of electricity. My buddy Tom explained how to set up a pooled mining account so I thought it would be interesting to share the instructions.
You can either store your wallet locally or store it online. Wallets require you to use or download a fairly large blockchain file — about 6GB — so downloading and updating a local wallet may be a non-starter.
There is no preferred wallet type and there are obvious trade-offs to both. Privacy advocates would probably say a local wallet is best. You can download a local wallet here but make sure you keep a copy of your data backed up. This, without the period, is a direct way to send bitcoins to your wallet. Make a note of your address. In Coinbase, the wallet address found under linked accounts. To mine in a pool you have to work with a group of other miners on available blocks.
You can also try guilds like BTC Guild as well as a number of other options. Pools with fewer users could also have a slower discovery time but pools with many users usually result in smaller payments. The idea is simple: You should be able to give it a budget and see what it can do with it. This bot is meant to be a lurker that runs for weeks or months and waits for an awesome bitcoin price to buy and later sell.
It's up to you how you want to use it! For this I use a simple webhook for my favorite and selfhosted chat platform rocket. But it also works with a webhook from Slack! Composer installing the coinbase library.
Coinbase API page c Coinbase. Keep your key and secret safe! When an attacker gains access to them it's like handing them over your house key. For Slack use this tutorial to get the webhook. You need to be an admin to setup a webhook for rocket. Either host your own instance it's very easy with Docker or ask an admin you trust to do it for you. Using the following commands, the bot will create a transacitons. After setup you can start the watchdog: The heart of the bot is an infinite loop that checks periodically every 10 seconds for price changes.