Bitcoin is known as the very first decentralized digital currency, they’re basically coins that can send through the Internet. 2009 was the year where bitcoin was born. The creator’s name is unknown, however the alias Satoshi Nakamoto was given to this person. Bitcoin accounts cannot be frozen, prerequisites to open them don’t exist, same for limits on altcoin trader .
Advantages of Bitcoin
Bitcoin transactions are made directly from person to person trough the internet. There’s no need of a bank or clearinghouse to act as the middle man. Thanks to that, the transaction fees are way too much lower, they can be used in all the countries around the world. Every day more merchants are starting to accept them. You can buy anything you want with them. How Bitcoin works. You should explore bitcoin mining. It’s possible to exchange dollars, euros or other currencies to bitcoin. You can buy and sell as it were any other country currency. In order to keep your bitcoins, you have to store them in something called wallets. These wallet are located in your pc, mobile device or in third party websites. Sending bitcoins is very simple. It’s as simple as sending an email. Invest in bitcoin to get great returns.
You can purchase practically anything with bitcoins.Bitcoin Anonymity.When doing a bitcoin transaction, there’s no need to provide the real name of the person. Each one of the bitcoin transactions are recorded is what is known as a public log. This log contains only wallet IDs and not people’s names. so basically each transaction is private. People can buy and sell things without being tracked.
Bitcoin innovation. Bitcoin established a whole new way of innovation. The bitcoin software is all open source, this means anyone can review it. A nowadays fact is that bitcoin is transforming world’s finances similar to how web changed everything about publishing. The concept is brilliant. When everyone has access to the whole bitcoin global market, new ideas appear. Transaction fees reductions is a fact of bitcoin. Accepting bitcoins cost anything, also they’re very easy to setup. Charge backs don’t exist. The bitcoin community will generate additional businesses of all kinds.
What Makes altcoin trader So Interesting?
Should I start Mining for Bitcoins? Is it a good time?The answer to this question is yes from my point of view. Why? One of the main reasons is that digital currencies are very volatile. Many would say that`s a bad thing but I think it`s not the case here because we are counting on that. Let me give you an example: The Bitcoin trading price is now $89 USD per Bitcoin. We are mining for Bitcoins now at this trading price and we could find ourselves cashing out a lot more later. A few weeks back the Bitcoin digital currency was trading at over $200 USD per Bitcoin! An this is not all. This is a one of a kind thing where you can earn money by doing nothing but leaving your Bitcoin mining rig turned on. Of course it all depends on how much are you willing to invest. What is a Bitcoin?Watch the video below to learn more about crypto currencies and Bitcoin. GPU Mining Rig vs FPGA vs ASICMaybe you`ve heard by reading on other articles that it`s the ASIC era in Bitcoin Mining. That may be somehow true but you should choose wisely. Here is a comparison: ASIC Miners - are fast, and at the moment it`s a sure bet to make the most money but the downside is that the companies that sell these machines are way behind schedule shipping the orders. (This means that if you order a ASIC miner now, it may take even 5-6 months to get it and in the mean time many other people will have these machines going thus increasing the difficulty and making mining less profitable.) FPGA Miners - this type of miners are not recommended anymore because of the high cost per hash power they provide. You will need many FPGA miners to make a good income per month and it will take even more time to break even with the money you`ve put into these machines. GPU Miners - From my point of view these type of miners are the way to go. You might ask yourself why? The GPU`s use more power! It`s true but even so the advantages are many. You can use these miners for other crypto currencies too, like Litecoin which at the moment is more profitable to mine than Bitcoin. Litecoin might be the coin of the future like Bitcoin was at the beginning. The exchange rate is now somewhere at $3 per Litecoin and if you start mining now and keep your coins you could even be a billionaire in a few years. GPU miners will be able to mine any new crypto currency and if at a certain point you don`t need it anymore you can always sell your mining machine, compared to FPGA and ASIC miners that will never serve any other purpose besides mining. Recommended GPU for mining: Gigabyte Radeon HD 7950 - This one is the best in terms of hash speed and power consumption. I use it in my own rigs and get ~700mh/s. I will write a guide on how to create a very good mining rig in the near future so check out this page often for updates. Getting started with Bitcoin1. Step one Download the Bitcoin Wallet Go to the official Bitcoin Website to download the Bitcoin-Qt After you download the wallet, let it run. It will download all the blockchains from the network. This may take from one to a couple of hours and it will be up to date. In your wallet you will be able to see your unique address that you will use to receive coins from the pools you use. Example of wallet address: 1KtAs4HBFzkdHC2ou4gxyGHwcL7aKzwTve 2. Download AMD GPU Drivers Go to the link below to download the latest AMD Catalyst Drivers for your GPU: http://sites.amd.com/US/GAME/DOWNLOADS/Pages/downloads.aspx Go to the link below to download the latest AMD Catalyst SDK Drivers: http://developer.amd.com/tools-and-sdks/heterogeneous-computing/amd-accelerated-parallel-processing-app-sdk/downloads/ 3. Download your mining software Cgminer is the best GPU miner I have found so far and is easy to configure. Download it here: http://ck.kolivas.org/apps/cgminer/ 4. Signup on one of the mining pools available Here is a short list of mining pools available at the moment: https://en.bitcoin.it/wiki/Comparison_of_mining_pools I recommend BTC Guild because it`s the largest and most popular and you are less likely to have any problems using it. Once you have an account with them there are detailed instructions on how to set up your mining software in under a minute and you are ready to start. 5. Signup on an exchange website The largest exchange website at the moment is BTC-E.COM You will need an account on a exchange website to withdraw your coins to USD or EURO. You can even exchange Bitcoin to Litecoin, Litecoin to Bitcoin, Feathercoin, Namecoin etc. 6. Check the profitability of various cryptocoins I always use Dustcoin.com to see the comparison charts. I recommend looking only for Litecoin and Bitcoin Information. There are many other coins listed but these two are the best. You will see that Litecoin is almost always more profitable to mine but you can take your pick. 7. Start your Cgminer with your chosen pool and you are ready to make some cash!
What Are BitCoins? Should I Invest In Them?
By now you have probably heard of Bitcoin, but can you define it?
Most often it is described as a non-government digital currency. Bitcoin is also sometimes called a cybercurrency or, in a nod to its encrypted origins, a cryptocurrency. Those descriptions are accurate enough, but they miss the point. It's like describing the U.S. dollar as a green piece of paper with pictures on it.
I have my own ways of describing Bitcoin. I think of it as store credit without the store. A prepaid phone without the phone. Precious metal without the metal. Legal tender for no debts, public or private, unless the party to whom it is tendered wishes to accept it. An instrument backed by the full faith and credit only of its anonymous creators, in whom I therefore place no faith, and to whom I give no credit except for ingenuity.
I wouldn't touch a bitcoin with a 10-foot USB cable. But a fair number of people already have, and quite a few more soon may.
This is partly because entrepreneurs Cameron and Tyler Winklevoss, best known for their role in the origins of Facebook, are now seeking to use their technological savvy, and money, to bring Bitcoin into the mainstream.
The Winklevosses hope to start an exchange-traded fund for bitcoins. An ETF would make Bitcoin more widely available to investors who lack the technological know-how to purchase the digital currency directly. As of April, the Winklevosses are said to have held around 1 percent of all existent bitcoins.
Created in 2009 by an anonymous cryptographer, Bitcoin operates on the premise that anything, even intangible bits of code, can have value so long as enough people decide to treat it as valuable. Bitcoins exist only as digital representations and are not pegged to any traditional currency.
According to the Bitcoin website, "Bitcoin is designed around the idea of a new form of money that uses cryptography to control its creation and transactions, rather than relying on central authorities." (1) New bitcoins are "mined" by users who solve computer algorithms to discover virtual coins. Bitcoins' purported creators have said that the ultimate supply of bitcoins will be capped at 21 million.
In their push to bring Bitcoin to the mainstream, its promoters have accepted, and, in some cases sought out, increased regulation. Last month Mt. Gox registered itself as a money services business with the Treasury Department's Financial Crimes Enforcement Network. It has also increased customer verification measures. The changes came in response to a March directive from Financial Crimes Enforcement Network clarifying the application of its rules to virtual currencies. The Winklevosses' proposed ETF would bring a new level of accountability.
In the end, however, I expect that Bitcoin will fade back into the shadows of the black market. Those who want a regulated, secure currency that they can use for legitimate business transactions will pick from one of the many currencies already sponsored by a national government equipped with ample resources, a real-world economy and far more transparency and security than the Bitcoin world can offer.
After the Bitcoin bubble bursts, we won't even be able to use the leftover coins for jewelry.
1) Bitcoin, "About Bitcoin"
2) Bitcoin, "Bitcoin for Businesses"