Breaking News! Pay Your Tab With Bitcoins - Digital Coins Is Becoming Legal Currency Again!!!
Bitcoin is attracting the attention as a wildly-volatile, all-digital currency. How does it work? How are criminals taking advantage of it? How risky an investment is it?
BITCOIN The Digital CURRENCY: What is It ? Can This Be The New GOLD Standard
It's
even gotten the attention of economic heavyweight Paul Krugman, who has
said it's like a reimplementation of the gold standard.
Bitcoin
(sign: BTC) is a decentralized digital currency[9][10] based on an
open-source,[11] peer-to-peer internet protocol. It was introduced by a
pseudonymous developer named Satoshi Nakamoto in 2009.[12]
Bitcoins
can be exchanged through a computer or smartphone locally or
internationally without an intermediate financial institution.[13] In
trade, one bitcoin is subdivided into 100 million smaller units called
satoshis, defined by eight decimal points.[4]
Bitcoin is not
managed like typical currencies: it has no central bank or central
organization. Instead, it relies on an internet-based peer-to-peer
network. The money supply is automated and given to servers or "bitcoin
miners" that confirm bitcoin transactions as they add them to a
decentralized and archived transaction log approximately every 10
minutes.
The log is authenticated by end-users through hashed
ECDSA digital signatures (similar to a username and password) and
confirmed by intense calculations of varying difficulty, performed by
dedicated servers called bitcoin miners. Each 10-minute portion or
"block" of the transaction log has an assigned money supply that is
awarded to the miners once a "block" is confirmed. The amount per block
depends on how long the network has been running and how much in
transaction fees has been paid. Currently, 25 new bitcoins are generated
with every 10-minute block. This will be halved to 12.5 BTC during the
year 2017 and halved continuously every 4 years after until a hard limit
of 21 million bitcoins is reached during the year 2140.[1][12]
Bitcoin
is the most widely used alternative currency[3][14] and accepted by
various merchants and services internationally. As of March 2013, the
monetary base of bitcoin is valued at over $1 billion USD.[15][16][17]
The large fluctuation in the dollar value of a bitcoin has evoked
criticism of bitcoin's economic suitability as a currency.[18]
Bitcoins
can be sent and received through various websites and apps. They
interface with bitcoins stored locally or with a service. They use a
system of ECDSA digital signatures to make and verify transactions.
List of bitcoin wallets
Armory http://bitcoinarmory.com Bitcoin-Qt Coinbase Electrum Flexcoin Multibit
My Wallet https://blockchain.info/wallet Proprietary Web application w/ encrypted hosting
Users
obtain new bitcoin addresses as necessary; these are stored in a wallet
file with links to cryptographic passwords or "private keys" that
enable access to and transfer of bitcoins. A file or "wallet" containing
bitcoin addresses is usually encrypted with an additional password.
The
network's software confirms transactions when it records them in the
transaction log or "blockchain" stored across the peer-to-peer network
every 10-minutes. Confirmation of future transaction records makes the
ones before it increasingly permanent. After six confirmed records or
"blocks" (usually one hour), a transaction is usually considered
confirmed beyond reasonable doubt.
Initiators of a bitcoin
transaction may voluntarily pay a transaction fee for the confirmation
of these records. Any fees are collected by the operators of bitcoin
servers -- often called nodes or "bitcoin miners". However, transaction
fees may not cover the cost of electrical power required to operate a
bitcoin miner. As a result the network server operators often rely on
"mined" bitcoins as their only significant revenue.[19
Various
vendors offer banknotes and coins denominated in bitcoins; a bitcoin
private key is sold as part of a coin or banknote. Usually, a seal has
to be broken to access the key, while the receiving address remains
visible on the outside so that the balance can be verified.
how about chip coins, you just plug it on the back of your head you no longer need anything everything is on the chip even google and alex jones. how about folks, cheaper faster and forget smart phones everything is on the chip even images they go directly to you brain, you no longer need Google 3d glasses to see anything chip coin has it all on a chip, even your hart beat.
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