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Bitcoin a bit


Bitcoin has become almost a household name in growing media coverage and is fair to increase its reputation. So what's weird about? Bitcoin was released in 2009 as a new form of digital currency, and smart guy Satoshi Nakamoto has developed from an open source. They say his real identity is "secretly hiding" as if it were some Marvel superhero, I suspect it just means it's a super monster, but no question, it's definitely a pioneer …

So what's this all about?

Bitcoin is a currency form that is the same as any other but non-governmental or financial institution. The assumption that you have to own and control your own community. Bitcoin is decentralized and managed by successive partners who are all involved in the new transaction activity and store the previous activity as "block chains". This means that a complete "copy" of all transactions will be stored locally and used to check the new activity between participants, thereby preventing a person from making a mistake or creating false transactions in the block chain. This "consensus" approach protects the security of Bitcoin transactions.

Bitcoin is nothing more than PayPal because it has a digital wallet with a unique address where people can send Bitcoins. You can simply install a mobile phone on your device, or download the entire Bitcoin wallet, and take part in the network as a node.

Bitcoin's value has a huge impact on supply and demand for risky investors at the tops. Currently, one Bitcoin (worth $ 1.000,000) is worth $ 573 or $ 935. Bitcoins can be purchased in any 8 decimal places, such as 0.0100000 to 5.70 pounds and 0.1 million to 57.00 euros, no wonder Bitcoin has its name.

Okay, where can I buy Bitcoins? Unless there is a Bitcoin that comes through payment, you have to buy the Bitcoins in the existing currency. The purchase concerns trust because it is not regulated but this is the kind of eBay started where the users trusted each other to pay for and send items and did well enough for themselves …

The Bitcoin Coal Face [19659003] Bitcoin mining, as is known, the production and provisioning of bitcoins and the low pay of the Bitcoins units are the time and effort of using hardware and the level of participation. This can be done using a number of methods using the CPU or GPU of your own PCs (other than other grid-based BOINC projects such as Seti @ Home) to use ASIC (Application Specific Integrated Circuits). which are built into Bitcoins. Unless you have a significant investment to buy powerful ASIC miners, such as butterflylabs.com, running at 600GH / s (Hash per second), you should look at USB ASIC miners, such as the popular BlockErupter, which Generates 336MH / s. With BlockErupters, you can create your own USB hub style rigode that runs a lot of concurrently.

The reality is, however, that it will be too late in the game to get serious money from Bitcoin mining. The Hash rate today is such that the miners' connection and contribution to miners, where miners work and share in profits, are likely to spend more on electricity than any real financial return. In addition, it has a maximum of 21 million Bitcoins, and currently stands at nearly 12.4 million and the more miners join, the faster this limit will be. You now have a greater chance of buying money for bitcoins than they are generating.

The Future of Bitcoin …

Bitcoin is an emerging technology, so the price is volatile, but is more stable than the community of users. From this writing, Bitcoin sees that the number of transactions can reach 100,000 per day. Although banks and large companies still have to consider Bitcoin as a threat or opportunity, they are undoubtedly starting to stand up and see this new digital currency, which will further increase its user base on a daily basis.

Interestingly, mysterious Satoshi, the inventor of Bitcoin, says $ 1 billion worth of bitcoins, depending on fluctuations. Not all of us would like to have such an idea …

ITwaffle.com Copyright © 2014 Gareth Baxendale

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