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What is bitcoin?

PostPosted: Thu Jan 19, 2012 5:12 pm
by SF
I have been interested in bitcoin for a while and now after a lot of research, i understand how this could be a really good currency. Bitcoin can not be cracked or hacked directly, because its on a p2p distributed network and would require more computer processing than the entire network has to offer. With Bitcoin there are no banks or middle men to steal your hard earned money. Every transaction is completely free and completely anonymous but you still have to be safe and learn about bitcoin security.

I recommend the following vidoes and sites to get your started.
My only advice is do not get caught up in the whole "bitcoin mining" because it will run up your electric bill and doesn't convert enough to pay for the electricity used to gain bitcoins.

What is BitCoin? :

How to use bitcoin :

https://mtgox.com/
https://www.bitaddress.org/

Re: What is bitcoin?

PostPosted: Thu Jan 19, 2012 9:55 pm
by Ulmdorgr
A co-worker of mine is really into it. He gave me a phyical bit coin someone pressed. It's really cool. I wish all coins were like this (I think it's a bronze coin and it looks like the depiction in those videos, but one side has a holographic tamper detection sticker on it; with the hash code to redeem the coin on it.

I haven't read up on it, but if I can mine these with all my extra PCs... hmmm...

It is possible to get physical goods with these, too. That's the coolest part.

Re: What is bitcoin?

PostPosted: Thu Jan 19, 2012 10:20 pm
by SF
Yea you can buy all kinds of things with bitcoins even computers its amazing.
i hear right now the bitcoin mining is to hard and they are going to fix that soon. but right now its not worth the electricity you put into it.

If you try it let me know. i am just going by what i have heard or read

Re: What is bitcoin?

PostPosted: Fri Jan 20, 2012 1:45 am
by Ulmdorgr
Now all I need is a bunch of solar panels and a wind turbine and I'm set.

Re: What is bitcoin?

PostPosted: Fri Jan 20, 2012 2:30 pm
by SF
Ulmdorgr wrote:Now all I need is a bunch of solar panels and a wind turbine and I'm set.


wow Ulmdorgr thats a really good idea. If you could harvest wind power and you live in a really windy area. I bet you could make all kinds of bank on bitcoin. I hope they fix the mining problem soon because it takes to long to get any money which they are working on right now.

Re: What is bitcoin?

PostPosted: Wed May 16, 2012 2:17 pm
by Templatespow
Bitcoin is a decentralized electronic cash system that uses peer-to-peer networking, digital signatures and cryptographic proof so as to enable users to conduct irreversible transactions without relying on trust

Re: What is bitcoin?

PostPosted: Tue May 22, 2012 11:14 am
by Royal41
A virtual currency popular among geeks, used to make purchases over the Internet. While digital transactions normally require a trusted intermediary such as Paypal, the difference with bitcoins is that there is no such middleman.