Bitcoin 101: The Digital Currency Revolution

BITCOIN 101 THE DIGITAL CURRENCY REVOLUTION 010107 CAGT01ON The bitcoin was introduced in 2009 by Satoshi Nakamoto, essentially the Keyser Soze of digital money. No one knows who he is (or who they are), other than that his innovation is a stroke of genius. Every currency has two things in common. Something of real value (like gold or silver) 1. to stand behind the coins and notes A centralized 2. government to control it For decades, throngs of internet insiders have worked to establish a digital currency of its own, but the big problematic question has always been twofold: What will back the currency? 2$ Who will control the system? Bitcoin is the first currency of its kind to show true potential to become much more than just an Internet sensation. The Essence of Bitcoin 0101 A bitcoin is a basic unit of Free of all governmental oversight, the bitcoin economy is monitored by a peer-to-peer internet protocol. In short, a bitcoin is an encrypted string of data, or a hash, encoded to signify one unit of currency. currency, mined not from gold or silver but instead from code. All bitcoin generation (or mining) and every single bitcoin transaction is tracked by the $3,126 P2P network. It is this digital capital, the huge computer investment rather than gold or silver, that gives the bitcoin its value. The amount the average P2P member (or miner) has spent on computer rigs to create or mine new money and monitor the bitcoin economy. Bit-Safe 1010010 10 01010 в %24 A bitcoin is also extremely expensive to track and verify. With a code of 33 or more The vast P2P server network characters, it is virtually impossible to randomly reproduce. checks every string of code for uniqueness by bruteforce comparison to ensure no coin is reproduced or double spent. Bitcoins are mined regularly and distributed among participating miners. They are then exchanged, bought, and sold like commodities through a mercantile system that spans the globe. 10,834,075 The total number of Bitcoins in existence (mined) WHAT'S IN YOUR WALLET? 21 MILLION With no banks and no cash or debit cards, managing bitcoins is a personal affair. As defined by bitcoin rules, there will never be more than 21 million BTC in circulation with new mining ceasing by the year 2140. An array of client software and wallets allow users to manage their money and their transactions securely and easily. Value of i BTC in US Dollars Bitcoin wallets are available online SEPT 2011 FEB 2013 • BLOCKCHAIN • COINBASE 19 as desktop apps • ARMORY 10 • MULTIBIT and as mobile apps 19110119 • BITCOIN SPINNER • INSTAWALLET $5.35 $31.15 Bit-Stats 54 64,000 There are active markets where BTC are traded. BTC trades per day Market Cap: Over $341 MILLION+ 74,000 bitcoins are exchanged every hour. (OVER $2.3 MILLION) 95% An estimated of bitcoin users are male. Well-known merchants currently accepting bitcoin: WWORDPRESS reddit cPanel Wordpress.com C-Panel Host Domain Registration Reddit Acceptance of bitcoin is still largely restricted on the consumer level to internet and bitcoin-related merchants. However, more and more "real-world" merchants are beginning to accept bitcoin as standard currency. Current Uses for Bitcoin Investing Charity There are dozens of sites and services that enable bitcoin newbies to get into the game- Gambling Church but it's not a game. It's an active and thriving market that could revolutionize the economy, not Tech Services Advertising just of the world, but of your own financial well being. It's definitely worth further investigation-and investment. Gaming Politics Kosher Diet Activism Dentist in Finland Restaurants Sources http://www.bitcoinwatch.com/ http://techcrunch.com/2013/02/14/reddit-starts- accepting-bitcoin-for-reddit-gold-purchases-thanks- http://blockexplorer.com/q/totalbc to-partnership-with-coinbase/ [real-time current value displays perpetually on this link] http://bitcoincharts.com/markets/list/ http://www.wired.com/magazine/2011/11/mf_bitcoin/ http://stuffexists.com/bitcoin/numbers/ http://spacedruid.com/2013/02/26/the-demographics- of-bitcoin-part-1/ http://bitcoin.org/clients.html https://en.bitcoin.it/wiki/Trade http://bitcoinmagazine.com/bitcoin-wallet-options/ Online-Accounting-Degrees.net created by oBizMedia 10107 10101 010 DLOLO1O