5 replies to this topic

[-Wade-]

It's been around for a bit, but it is still in its beginning stages.

Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.

Bitcoin is a decentralized currency (*cough*the way it should be*cough*)

Features


These are the basic features of any Bitcoin-like network.

• Bitcoins can be transferred between arbitrary nodes on the network.
  
• Transactions are irreversible.
  
• Double spending is prevented by using a block chain.
  
• Transactions are broadcasted within seconds and verified within 10 to 60 minutes.
  
• Transactions can be received at any time regardless of whether your computer is turned on or off.

Economic rules

These rules are enforced collectively by the network. While they will not change for Bitcoin, other digital currencies using Bitcoin's technology may change them to suit their needs.

• Hard limit of about 21 million Bitcoins.
  
• Bitcoins are divisible to 8 decimal places yielding a total of approx. 21×10¹⁴ currency units.
  
• Transactions are cheap, and mostly free (Transaction fees).

Features of the Bitcoin network

The network has been running for more than 45 months yielding to some impressive security features.

• Long block chain (more than 204.000 blocks) with lots of processing power securing transactions.
  
• Only one major incident (fixed in August 2010).

You can generate your own bitcoins by using processing power of CPUs and GPUs. Some people invest $20,000 into Bitmining rigs, in that they purchase 15 high power computers and leave it mining coins 24/7. You make your $20,000 back fast and are then making money doing nothing. Like I said, Bitcoin is still in its early phases.

Bitcoins are also great to invest in. If you go look at the charts... the value of BTC is going up. It started off valued very low, at around $1-2 / 1BTC.... now, 1BTC = ~$25

Bitcoin is a great digital currency and it isn't failing. There is about $300 million USD in value of all the bitcoins currently circulating around in the still early stages.

http://bitcoin.org/

Edited by -Wade-, February 13, 2013 - 09:07 AM.

[Notorious Arab]

I've wanted to get into it but can't find enough time. Maybe during the summer.

[Danny]

have you had any luck with that?

[-Wade-]

have you had any luck with that?

Yes and no.

I haven't had luck with mining bitcoins, as I haven't the money to invest in any legitimate power.

I have had luck using bitcoin itself. It is great! You can convert between currencies with bitcoin and make some loot. When I first got into bitcoin someone was giving away free coins left and right. It was worth like a dollar or two at the time. Now it is worth $25, I made $25 and counting by doing nothing. But in all seriousness, there is more to bitcoin than simply trying to make profits. It is useful in many instances.

Edited by -Wade-, February 13, 2013 - 06:39 PM.

[bigfetz]

That is a tough thing to go into. You really need to have a allot of overhead to make allot of money. The electricity alone can cost you more than you make. I defiantly wouldn't say you make 20,000 quick.

[-Wade-]

That is a tough thing to go into. You really need to have a allot of overhead to make allot of money. The electricity alone can cost you more than you make. I defiantly wouldn't say you make 20,000 quick.

Power your rigs naturally and join large pools. I wouldn't say it is tough to get into, only at first. If you have a good plan and the resources you can be successful. My friend's job? Mining coins. That's it. He started off with $1000 and now makes a living mining bitcoin.

Edited by -Wade-, February 13, 2013 - 07:12 PM.