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The Bitcoin is a form of currency without notes and coins, it is a digitalcurrency.
In this era of Internet and digitization, we’ve moved from phone to VoIP calls, face-to-face meeting to video conferencing, fax to email, cable television to IP TV, and the list goes on.
Who Developed The Idea Of Bitcoins?
The concept of Bitcoins was developed by Satoshi Nakamoto, who resides in total anonymity. He is said to be from Japan but his mail ID was from Germany, plus the bitcoin software was not available in Japanese. He developed the system and the Bitcoin software (that is used to run the system) in 2009 but disappeared into thin air in 2010.
The other developers of the system stopped hearing from him in 2010, and plenty of speculation turned up about his real identity. Some even suggested that his name was just a mashup of popular Japanese companies — SAmsung TOSHIba NAKAmichi MOTOrola. But what he created was definitely the fantasy of every tech guy in the world.
What Is So Special About the Bitcoin System?
The Bitcoin is a system which allows you to do anonymous currency transactions and no one will come to know about the payment or about all other info related to the payment, including who sent it, who received it, etc.
Satoshi did it by making the system – a peer-to-peer network – controlled by no central authority but run by a network of contributors and freedom enthusiasts, who donated their time and energy to this innovation. Essentially, people can do money transactions and no authority or organization will come to know about it.
Satoshi Nakamoto was so talented that he even solved the problem of double spending of digital currency in his system.
What is Double Spending?
We can make many copies of digital data, e.g. people copy software and sell it as counterfeit or pirated copies. We may face the same problem with digital currency – one can copy the digital currency (let’s suppose USD10) and use it as many time as he/she like (as many notes of USD10).
Satoshi solved this problem by showing all transactions in a public list. Whenever a new transaction is made, its validity is checked by confirming from the list that the digital currency was not used before. This way, no one can copy the currency and use it for more than one time. It’s a simple but effective idea to stop double spending of the same bitcoin.
How Does A Public Listing Make Things Anonymous?
The public listing only shows the transaction ID and the amount of currency transferred. You will be anonymous in the system because you don’t need to provide any of your personal details like your name, address, email, phone number, etc. In comparison, when you use payment gateways like Paypal you have to give up all these personal details.
How do you use Bitcoins then?
Bitcoins are kept in a digital wallet which you can keep in your computer, or on a website online, which will manage and secure your wallet for you. You can have as many wallets and bitcoin addresses (where you receive money from others) as you like.
What’s more, you can use Bitcoin software on top of Tor to prevent anyone from tracking your IP address – total anonymity guaranteed!
How many people are using this?
At this very moment, 10.71 million Bitcoins are in existence, which is like 207.929 million USD worth! In fact, the Canadian government is working on their own crypto-currency, named MintChip. (a glance:)
In one day, more than 45,000 transactions of a total of BTC 2.5 million (worth of USD48.5 million) is handled by the bitcoin network.
How Do I Acquire Bitcoins?
Using and getting Bitcoins is really easy. There are various ways to get Bitcoins:
- Currency exchange (bitcoin in return for Dollars or Euros) via bitcoin provider services like Mt.Gox
- Providing services to others in return of Bitcoins
Mining is a process of extracting Bitcoins currency. Bitcoin mining is a business – most people mint Bitcoins to gain profit. Bitcoins are minted using a special software (known as Bitcoin Miner) which tries to find a new block in the chain of Bitcoin network.
Whenever a new block is found, its owner is gifted with 50 Bitcoins. Technically, a computer has to perform long and tough hash calculations to find a new block.
How Do You Spend A Bitcoin?
Spending Bitcoins is a bit easier. You can send Bitcoins to a person, buy goods, or donate to non-profit foundations who accept it, such as Wikileaks, P2P Foundation, Operation Anonymous, Free Software Foundation,Archive.org.
You can send Bitcoins to anyone once you know their bitcoin address.
Ambitious Goal of Vitalik Buterin
Young genius Vitalik Buterin is a Russian guy, living in Canada from age of 6. His children’s “toys” were Excel tables, where he was exploring the world with the help of statistical analysis. His first acquaintance with coding happened in the age of 10 from C++ - Vitalik wrote his first game. By the end of school Buterin coded several games, from simple versions to quite serious 3D-project. Vitalik says that his first game had only five users, next ones – several hundreds. But his goal was creating something that would have millions of users. And, it seems, he achieved his goal.
Buterin’s idea about Ethereum would sound like utopia, if it was not about the team of extremely talented programmers headed by Vitalik.
In 2009 the world market saw an openly distributed code of unusual digital currency – Bitcoin. Bitcoin didn’t have a single emission center, nor had it a server where the data were collected and processed. Fast, free, safe and belonging to no one – these principles seemed quite promising to Vitalik. So he decided to make the Bitcoin idea as abstract as possible – so that its principles could be used to any project.
In 2013, the first lines of Ethereum code were written. And soon the project became interesting for many investors. However, Buterin didn’t feel enthusiastic about it – he believed that the project on this market must remain independent. However, money was needed anyway, and Ethereum started to produce and sell its own crypto-currency – Ether. The trading showed the real position of the Ethereum on the market – people are really enthusiastic about the project. Ethereum became one of the highest funded crowdfunding projects ever.
Why people buy coins of some unknown company, you may ask. Well, imagine you’re a talented musician. On Facebook, people like your page, showing their interest and admiration. Ethereum gives you the possibility to create your own crypto-currency, and people, by buying it, show their interest, just like “liking” your page on Facebook. However, the second option is advantageous for you and your fans, and not for Facebook (on your popular page, liked by many users, Facebook puts the ad and has money from it, you have nothing). Vitalik created something that is really admired by public, and that’s why Ether gathered $12 million in just 42 days. It seems, his initial goal of having millions of followers, is fulfilled.
Bitcoin Wallet for Newcomers
This is the information for those who have already created a Bitcoin wallet. After the installing the wallet on your computer or phone it will generate your first Bitcoin address. Wallets can be created in the unlimited amount and use their addresses to pay for services or goods, or receive payments yourself.
Now, we should fill this moneyless vacuum inside the wallet. The simplest way to do this is Bitcoin faucet. Faucets are websites that give free Bitcoin, paying them with small amount and with small periodicity. We have to visit the website, enter the Bitcoin wallet address, wait for a moment and receive a reward. The rewards are small, but it is enough to get acquainted with crypto-currency. And if you like it, you will be able to repeat this action after some time or visit another faucet since there are hundreds of them in the network.
So here we fulfilled our first transaction. The transaction is passing money from one Bitcoin wallet to another, the information about this transaction is saved on the blockchain. By virtue of this information wallets can count the balance on your account and check if the Bitcoins are spent with their owner. The integrality and chronological order of blockchain are ensured by the cryptographic methods. All transactions are transmitted into the network and during the next 10 minutes are verified by its participants with the help of the process, called mining.
Mining confirmation is a distributed system that is used for the verification of transactions by adding them into the block network. For transaction to be confirmed they must be settled into the block that matches the strict cryptographic criteria and is also checked by the network. These rules do not allow to change the previous block, since in such case all the corresponding blocks will be invalid.
In more down-to-earth sense mining is the process of producing Bitcoin, since you can offer your resources for the confirmation of the transactions of other network users and receive free Bitcoin for that. For that, you need powerful equipment which is technically hard in support domiciliary, however, at dawn of crypto-currency era Bitcoin was easy to mine on your PC.
If you are new to the crypto-currency field, the first question you may be interested in is how to get your first crypto-coins. Bitcoin (or Litecoin, Dogecoin) faucet is a good way to start getting acquainted with crypto-currencies.
The system is called a “faucet” not accidentally. Like the water leaks through the loosely screwed faucet, the coins are gathered into the drop before it drips, and such drops are very small. Meaning, you would not earn much on the faucet, but it is free nevertheless.
So what is Bitcoin faucet (or any other crypto-currency)? It is a website that offers small parts of Bitcoin, called Satoshi, for fulfilling some action, such as entering captcha, watching a video, or playing a simple game. The rewards are dispensed in the certain frequency, and they are usually several hundreds of Satoshi (1Satoshi is 0.00000001BTC).
At the beginning, Bitcoin faucets were created to popularize crypto-currencies. The websites contained the information about the market, offered to create a Bitcoin wallet and make your first crypto-currency transactions. As a bonus and in a trial run small amounts of Satoshi were suggested to visitors.
However, with time the idea became popular among the website owners and those a bit familiar with crypto-currency field. You just have to create a website, run a script on it, and place the advertising. Next, you share your payments for ads with the users, and everybody’s happy. The more users your website has, the higher payments can produce your Bitcoin faucet due to the higher fees for ad placement. With due diligence and time users can collect a sufficient amount of coins – many faucets offer jackpots up to 1BTC. So, why not try your fate?