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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.

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How Do I Acquire Bitcoins?

Using and getting Bitcoins is really easy. There are various ways to get Bitcoins:

  • ‘Mining’
  • Currency exchange (bitcoin in return for Dollars or Euros) via bitcoin provider services like Mt.Gox
  • Providing services to others in return of Bitcoins

What’s Mining?

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.

 

  • bitcoin miner
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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 WikileaksP2P FoundationOperation AnonymousFree Software Foundation,Archive.org.

You can send Bitcoins to anyone once you know their bitcoin address.

 

Conservation Law in Bitcoin Faucets

What is money? It is a specific commodity that is an equivalent form of evaluating other goods and services, which was agreed by some group of people. Meaning that money in itself is not valuable, valuable are the things that can be bought for it. Money is like energy – if it appears in one place, it disappears in another, this is the way how economics work.

Is it possible to receive money for free? Of course, but, for that, someone must earn it and then give it to anybody else. On the similar principle charity funds work – rich people give the part of their income to help poor ones. Or one can become a philanthropist – to finance art projects with unselfish aim.

Far from unselfishness are the owners of network resources that offer free Bitcoins or other crypto-currencies. These resources are called faucets, because they function in much the same way – like those devices in your kitchen or bathroom, when closed not tightly – drops of “reward” periodically fall and you have to catch them. To receive these “drops” you have to just visit a website, enter your Bitcoin wallet address, pass the verification procedure and prove you are a human being, and spend several moments of your precious time before you take your reward.

This moment of your time is your payment for the free Bitcoins. Websites place ads and, while you were waiting, you were looking at them and maybe even clicked on one of the banners. Such clicks give earnings to website owners, and they share these earnings with website visitors. So the conservation law is working.

However, you didn’t spend much time, and you received hundreds or thousands of Satoshi. This sum is small as well, 1 Satoshi= 0.00000001 ฿, so the exchange of your time for money is equivalent. From this one can draw a conclusion – want to earn more money (read – get free Bitcoins), you must visit more faucets (they are hundreds on the network). You should choose several websites with good reputation and visit them regularly, since you can receive rewards periodically (every hour, for instance).

 

Why Buy Ether?

Sometimes, when one tries to explain the principles of how crypto-currency or blockchain technology work, one feels the lack of analogies available. Simple analogies are needed to explain complicated things at the elementary level. For example, when Bitcoin has just appeared, it was compared to gold, and Litecoin – to silver. Explaining to someone complicated and sometimes quite incomprehensible computer characteristics can be an ungracious task, but when only you mention that a certain powerful program works on it without problems, it will momentarily withdraw all questions.

So, let’s try to perform such thing with Ethereum. Potential investor finds a perspective land property at the end of nowhere. He buys it and waits. This land won’t make a profit at once. Sometimes one must wait for a long time. One may think he has literally buried money into the ground. However, with time the price of this land will grow. This land property can be far from the inhabited locality, but with time a town or village is growing outside its old boundaries. Near your property new buildings and shops start to appear, there is a beautiful nature around, and one can build a spa resort there. Now, your land has a remarkable value, and it can be sold to builders for the large check.

And now let’s compare real estate with Ethereum. Ether is present on the market, like the land property. At the moment is it bought by investors only, since there is no practical use of Ether right now, it is impossible to spend Ether. There is no market for it, so Ether can only be collected. Ethereum platform is building and growing, which can be compared to the urban sprawl. With time it will reach the place where your land property exists. The clear perspective of the further growth of Ethereum is shaping up, the developers have intentions to implement new applications and programs on Ethereum basis. Ether is needed as fuel for the applications to work. So those who have a margin of it, would be able to sell it for good money.

The developers will cooperate with those who own the land property (i.e. the fuel for their applications’ engines). That’s why, the bigger becomes Ethereum community, the more landowners gain in weight, and this is a symbiotic process. Ether itself costs nothing, the platform makes it valuable. Unlike other crypto-currencies, built on the principles of currency exchange, Ether works on principle “invest and earn”. So you should wait until the big mall is built near your land.