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UNDERSTANDING BITCOIN
http://abneyassociates.org/2013/04/09/understandin
g-bitcoin/

• Bitcoin is a form of Internet money that is immensely
  trendy and greatly appreciated means of buying
  and selling on line. And this is a currency that barely
  anybody        understands.      Various    companies
  exclusively accept Bitcoins. The truth because of
  the recent banking instability in Cyprus it became
  so enormous that the worth of “all outstanding
  Bitcoins” just hit $1 billion.
• So what is this bitcoin? Bitcoin (sign: BTC) is a
  decentralized digital currency based on an open
  source, peer-to-peer internet protocol. It was
  introduced by a pseudonymous developer named
  Satoshi Nakamoto in 2009.



• Bitcoins can be exchanged through a computer or
  smartphone locally or internationally without an
  intermediate financial institution. In trade, one
  bitcoin is subdivided into 100 million smaller units
  called satoshis, defined by eight decimal points.
• 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.

• Who would have thought that a virtual currency
  with no physical manifestation all of a sudden worth
  $1 billion in U.S. currency.
• Bitcoin is gaining traction plus attention even if it does
  not hold a candle to the $1.13 trillion in Federal Reserve
  Notes in circulation.

• What people like about Bitcoin is it removes the
  middleman from online transfers of money. We are all
  concern about those middlemen such as central banks,
  or the Federal Reserve or credit card companies. Bitcoin
  also permits for more anonymity than every other mode
  of online payment. Though it’s hard to pinpoint just how
  unidentified Bitcoin really is, this fact manipulates how
  the currency is used. One controversial Reddit group
  that seeks to “protect” men from feminists asks for
  donations in Bitcoin particularly to guard the characters
  of all involved, although some secretive purchases
  made online using Bitcoin are justified,.
• Two main ways to acquire Bitcoins: You can buy
  them or mine for them, don’t go back you red it
  right, you can mine it. Just like any other type of
  money the Bitcoins and U.S. dollars exchange rate
  also fluctuates. The current exchange rate as of
  Friday afternoon is 1 Bitcoin to $88.811. Similar with
  conventional currencies, it’s possible to make
  money just by buying and selling Bitcoins as
  exchange rates change.

• It’s a outlandish procedure as for mining for Bitcoins.
  According to Bitcoin’s official website, mining is
  basically making your computer run a program to
  “do mathematical calculations for the Bitcoin
  network to confirm transactions and increase
  security.”
• Your chances of receiving any Bitcoins from mining
  on your own are thin, other than mining takes up a
  lot of space on your computer. A lot of people
  adhere what are known as mining pools to
  compensate. People can combine their computing
  power to crack the codes together, splitting the
  Bitcoin profits among themselves in a pool. And this
  is the primer of Bitcoin.
END!

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Abney Associate | Understanding bitcoin

  • 2. http://abneyassociates.org/2013/04/09/understandin g-bitcoin/ • Bitcoin is a form of Internet money that is immensely trendy and greatly appreciated means of buying and selling on line. And this is a currency that barely anybody understands. Various companies exclusively accept Bitcoins. The truth because of the recent banking instability in Cyprus it became so enormous that the worth of “all outstanding Bitcoins” just hit $1 billion.
  • 3. • So what is this bitcoin? Bitcoin (sign: BTC) is a decentralized digital currency based on an open source, peer-to-peer internet protocol. It was introduced by a pseudonymous developer named Satoshi Nakamoto in 2009. • Bitcoins can be exchanged through a computer or smartphone locally or internationally without an intermediate financial institution. 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. • Who would have thought that a virtual currency with no physical manifestation all of a sudden worth $1 billion in U.S. currency.
  • 5. • Bitcoin is gaining traction plus attention even if it does not hold a candle to the $1.13 trillion in Federal Reserve Notes in circulation. • What people like about Bitcoin is it removes the middleman from online transfers of money. We are all concern about those middlemen such as central banks, or the Federal Reserve or credit card companies. Bitcoin also permits for more anonymity than every other mode of online payment. Though it’s hard to pinpoint just how unidentified Bitcoin really is, this fact manipulates how the currency is used. One controversial Reddit group that seeks to “protect” men from feminists asks for donations in Bitcoin particularly to guard the characters of all involved, although some secretive purchases made online using Bitcoin are justified,.
  • 6. • Two main ways to acquire Bitcoins: You can buy them or mine for them, don’t go back you red it right, you can mine it. Just like any other type of money the Bitcoins and U.S. dollars exchange rate also fluctuates. The current exchange rate as of Friday afternoon is 1 Bitcoin to $88.811. Similar with conventional currencies, it’s possible to make money just by buying and selling Bitcoins as exchange rates change. • It’s a outlandish procedure as for mining for Bitcoins. According to Bitcoin’s official website, mining is basically making your computer run a program to “do mathematical calculations for the Bitcoin network to confirm transactions and increase security.”
  • 7. • Your chances of receiving any Bitcoins from mining on your own are thin, other than mining takes up a lot of space on your computer. A lot of people adhere what are known as mining pools to compensate. People can combine their computing power to crack the codes together, splitting the Bitcoin profits among themselves in a pool. And this is the primer of Bitcoin.