Thursday, April 7, 2011

Do you accept bitcoins?

Bitcoins?

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network.

Uhm.. What?

Alright, here's a video that made me pretty clear of what it is and how it works (would be a wall of unreadable text if i did an attempt of trying to explain it to you, lol. ;



It's not very easy to describe it but i think they did it pretty well. I really like that there's a possibility of adding your bitcoins on a usbstick and give it a chartal feel.

The mining is also fun but you probably won't make more money than you spend on the electricity for your computer, but theres only 21 million bitcoins to be mined so they get rise in value after some time, so start downloading the bitcoin client here oh and also.. BTC (Bitcoins) are only handed out 50 at a time and you are battle-ing for it with a couple of other users, so it's a gamble to get it, and it could be pretty frustrating without a high-end pc, so i recommend mining in a mining pool (like this one), you will share a block with more people and the profits will be shared, for more steady payouts!

The bitcoin value, changing every hour.


6 comments:

  1. I'm careful with these kind of things... They make me think of pyramid scams and such...

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  2. It's an interesting idea, but has also lot of questions. One that comes to mind is how safe is that system if the central authority is missing?

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  3. I'm always quite sceptic with these kind of things.. Cool idea though.

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  4. Hey, I had a great time reading your website. Can I contact you through email?. Please email me back.

    Regards,

    Angela
    angelabrooks741 gmail.com

    ReplyDelete