Introduction to Bitcoin

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Introduction to Bitcoin

Post by The Boss on 2014-07-15, 12:03 pm

Forget most things you've heard. People discover Bitcoin in a variety of ways, but usually pick up some sort of misconception like "Bitcoin gives free money to people with computers" or "in order to use Bitcoin I have to use a program that wastes electricity for nothing" along the way. Here is a good summary to help you understand Bitcoin in general, by focusing on what Bitcoin is and what problem it solves. These two things are not typically well explained on most websites, and it is difficult to appreciate just how effective a technology Bitcoin is until they are understood.
An agreement amongst a community of people to use 21 million secure mathematical tokens--"bitcoins"--as money, like traditional African and Asian societies used the money cowry. Unlike the money cowry:
*there will never be more bitcoins
*they are impossible to counterfeit
*they can be divided into as small of pieces as you want
*and they can be transferred instantly across great distances via a digital connection such as the internet.


A Bitcoin is a unit of currency, launched in 2009, that only exists online and isn't controlled by any kind of central authority, like PAYPAL. You can send Bitcoins to anyone who has a web connection (or hand someone your hard drive containing the currency.) You hold on to Bitcoins by setting up a virtual wallet, either through a third-party website, or by storing it on software run on your computer—although storing your Bitcoin wallet only on your computer is about as secure as stuffing hundred-dollar bills under your mattress. As soon as you have your wallet, you're part of the big Bitcoin network. If you want to buy something from your neighbor, you simply need to obtain their anonymous identification number and send them some Bitcoins, which takes between 15 minutes and an hour to process.

What is a Bitcoin wallet? A Bitcoin wallet is a service that holds your Bitcoins for you. Unlike banks, Bitcoin wallet firms don't generally invest the money you deposit with them. But there's a catch—Bitcoin wallets don't have the Federal Deposit Insurance Corporation backing that insures Americans' bank deposits up to $100,000. "There's no such thing as FDIC insurance when it comes to Bitcoin," says Reuben Grinberg, an attorney at Davis Polk & Wardwell who specializes in financial matters and wrote an early legal analysis of Bitcoin. If your Bitcoin wallet gets robbed or collapses, you're out of luck. Here's what a Bitcoin phone wallet looks like:

Reason You Should Use Bitcoin: Bitcoin is like your own wallet in your pocket no shitting like paypal have frozen my account wealth $15.

How much is a Bitcoin worth?:
currently 1btc = $306 and is increasing everyday

If you are still confuse or want to know more about how bitcoin works download this e-book i find off hack forums which help me alot
download e-book: [You must be registered and logged in to see this link.]

will be posting mining for bitcoins very soon you can also google for how to earn free bitoins.

comment if this help you!!

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