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Bitcoin Explained

Bitcoin Explained

Related:  BitcoinCryptocurrenciesUnderstand BitcoinsBitcoin

Bitcoin Proves The Libertarian Idea Of Paradise Would Be Hell On Earth Libertarians love Bitcoin. About 44% of the online crypto-currency's users self-identify as Libertarians. They love the fact that it's not controlled by a government or central bank — so no online Fed can "print" more of it and inflate our way out of trouble. They love that it's decentralized; it's the currency of The People, not The Man. They love that it's "mined," a bit like gold, because that makes it a bit like the gold standard, which libertarians think real currencies ought to be tied to. They love that Bitcoin isn't taxed, so you can hide your income from the government if you want to.

What Is Bitcoin and What Can I Do With It? I think there is a lot of odd questions and misinformation about bitcoins that people still don't understand. 1. While exchanges have been hacked (think of these like stock trading companies but they only buy and sell bitcoins) the base protocol is still secure and is in itself a form of security. 2. Bitcoin Exchange Reviews - What's the Best Bitcoin Exchange? Trying to figure out where to trade Bitcoin? What Bitcoin exchange to use? What the best Bitcoin exchange is? Explain Bitcoin Like I’m Five The Solution What if we gave this ledger — to everybody? Instead of the ledger living on a Blizzard computer, it’ll live in everybody’s computers.

Bitcoin Obliterates “The State Theory Of Money” Once you get past the childish title, the recent bitcoin piece from Karl Denninger raises some issues that warrant consideration from bitcoin economists. Denninger is an intelligent student of the capital markets and his essay deserves a serious reply. The economic contribution of his essay is that it represents the thesis advanced by German economist Georg Friedrich Knapp in The State Theory of Money (1924), an expose advocating the Chartalist approach to monetary theory claiming that money must have no intrinsic value and strictly be used as tokens issued by the government, or fiat money.

The Demographics Of Bitcoin With the growing popularity and perhaps relevance of a globally decentralized currency system in a world adrift in fiat devaluation death-matches, it is perhaps interesting to understand just who these Bitcoin'ers are? The ongoing survey of Bitcoin users (here) has some intriguing results already: The 'average Bitcoin user' is male (96%), 32.7 years old, libertarian / anarcho-capitalist (37%), non-religious (61%), with a full time job (43%), and is in a relationship (56%). The biggest motivation for new users are curiosity, profit, and politics; and 39% of users do not drink, smoke, gamble, or take drugs. Just over half of users have mined bitcoins and the greatest community fear for Bitcoin is “regulatory/legal intervention” followed by ”reputation problems”.

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In One Month, Everyone In Iceland Will Own Cryptocurrency The cryptocurrency craze spun into a new realm of ridiculous with Kanyecoin, Dogecoin, Ron Paul Coin and the bounty of other clone-coins that sprung up to ride the Bitcoin wave. But the latest altcoin to enter the market, Auroracoin, wants to take the futurist trend back to its cryptoanarchist roots. The altcoin was designed specifically for Iceland, and the creator plans to give every citizen of the Nordic country a digital handful of Auroracoins to kickstart their use. Auroracoin is the brainchild of cryptocurrency enthusiast Baldur Friggjar Odinsson, and he'll be the one distributing pre-mined coins to the entire population of Iceland at midnight on March 25 in a countrywide "airdrop." Each Icelandic citizen—all 330,000 of them—will receive 31.8 AUC through a digital transaction. Citizens all have a national ID number available through a public database, which will be used to verify their identity.

The Beginners Guide To Bitcoin – Everything You Need To Know - Monetarism - A UK Money and Personal Finance Blog In February 2013, version 0.8.0 of Bitcoin was released. This virtual payments system is the financial equivalent of Latin, the language with no native speakers. In the case of Bitcoin, though, what you are dealing with is a financial structure with no central bank, no one regulatory body as such, and no physical form. That may sound odd – so let’s look in more detail at Bitcoin, how it works, and what its future might be. What is Bitcoin? Electrum Bitcoin Wallet Improve your Bitcoin Experience Securing Bitcoin payments since 2011,Electrum is one of the most popular Bitcoin wallets. Electrum is fast, secure and easy to use,And it stays on the egde of innovation. Cold Storage Sign transactions from a computer thatis always offline. Broadcast them froma machine that does not have your keys

Researchers Use Game Theory to Identify Potential Problems for Bitcoin One thing cannot be disputed about the person (or persons) responsible for creating Bitcoin: they were skilled in math, and expert at coding. Five years after the Bitcoin software was first released, no major fixes have been needed to the core code, which uses cryptography to generate and transfer virtual money. Yet signs are emerging of more subtle flaws in the vision of Satoshi Nakamoto (which may or may not be a pseudonym), with analysis suggesting the rules governing how Bitcoin operates as a currency may be far from perfect. Some researchers claim that these rules leave room for cheats to destabilize Bitcoin. Others have concluded that major changes to the currency’s rules will be needed as the number of bitcoins in circulation increases. “In the real world, people don’t always follow the rules—they do what’s best for them,” says Joshua Kroll, a researcher at Princeton.

Bitcoin rises - Opinion About a year ago I wrote an article, published on this site, titled "Understanding Bitcoin". It was an attempt at introducing Bitcoin technology and analysing its social implications. Now Bitcoin markets are trading at record prices of over $40. This increase, along with a series of recent developments, marks a new overall state of affairs for this project. To make better sense - beyond the mere market numbers - of the current state of the Bitcoin economy, it is worth it to make a brief recount of the way Bitcoin has evolved in recent months.

Game over, Bitcoin. Long live human-based currencies! While being a tremendous proof of concept, the distributed cryptocurrency Bitcoin is fundamentally flawed as an alternative money system, critics say. It is now time for truly radical monetarists to build on this technical experiment and move to the next level of the monetary revolution: a truly human-based digital monetary system. Since its launch in 2009, Bitcoin has turned from a crypto-anarchist project into a hype topic in the worldwide web community and beyond. From London’s squats to Berlin’s Kreuzberg neighborhood: not everyone uses Bitcoin, but everyone is talking about it. Bitcoin can be described as a peer-to-peer cryptocurrency, in other words a distributed monetary system that enables anonymous and relatively secure transactions without any centralized authority. Everyone agrees that Bitcoin is an amazing proof of concept from a technical standpoint, and has succeeded in raising much awareness for the current flaws of the monetary system.

BitCoin: The Currency Of The Future? This week, BitCoin (BTC), the virtual cryptocurrency that is not supported by any national bank or government, reached an all-time trading record, selling at $33.22 for a single BTC. Kim Dotcom’s cloud hosting website Mega has recently started accepting BitCoins as a form of payment, following the example set by WordPress, Reddit and countless other online businesses. But how do you begin working with BitCoins? CBT Nuggets, an American IT training company, has published a series of free online training videos, which cover a variety of BitCoin-related topics from setting up and using a BitCoin wallet to updating company websites for accepting payments in virtual currency.

Interesting: possibly a very open explaination & discussion of Bitcoin. by electronics May 6