How to Transfer (BitCoins)

1. Click Transaction
2. Enter your bitcoin address on From address
3. Enter opponent bitcoin address at To field
4. Enter amount of BTC and click next step
5. Transaction fee for every transaction is 0.0001 BTC

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How to Secure Your Account(BitCoin)

Before reading this post you must have complete all the necessary steps from post one here.http://techymania.website/how-to-get-your-first-bitcoin-2/

Secure Account
Step 1:
Click Security Center on the left side of the page



Step 2:
1. Click mobile verification and your mobile number
2. Get one time password on mobile and enter it on the web page



Step 3:
1. Click two step verification
2. Again received one time password and enter it







Step 4:
Click Settings and you can see Auto logout timing on downside, can change it

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How to Get Your First (BitCoin)

Open Bitcoin Account
Step 1:
Go to website- https://blockchain.info/wallet/#/



Step 2:
Click – Create new Blockchain Wallet and Fill the details (Remember email and passwords)



Step 3:
Get Started



Step 4:
Click –Start Receiving Bitcoins



Step 5:
1. Copy the Bitcoin Address like this-1PnSjJtAaAEe4gpA6aenA6hQAvDt4ckRnX
This Bitcoin Address like the bank account number. So don’t forget it.
2. Check your email and Click Conformation link



Step 6:
1. Click OK
2. It will show your wallet id and ask for password



3. It is important to note down this wallet id (d2c2ycfc-9fee-4dc0-bdcf-61e6d6d29e7d).
This like your name on the bank account



4. Enter password and Click signin
5. Top it will shows some popup. Need again verify your email account



Step 7:
Check your email account and Click verification link





 

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Block-Chain (What You Need To Know)

What is Blockchain?
As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.
Balances - block chain
The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions - private keys
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain.
Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.
The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in
the following 10 minutes, through a process called mining.
Processing - mining
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the
neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that
will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of
the block chain to roll back their own spends.

 

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How to get your First (BitCoin)

What are the Requirements to get bitcoin?
Just one email id, password and After signup –Wallet ID
How to get bitcoins?
To get raid with bitcoins first need to signup on blockchain.



Continue from the next post.http://techymania.website/block-chain-what-you-need-to-know/

 

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BitCoin (Some Alternatives)

Best Alternatives
Litecoin
Price: $25.26
Market Capitalization: $600 million
Of all the competing cryptocurrencies, Litecoin is the most similar to Bitcoin. It has been thought of as silver to Bitcoin’s gold, or MasterCard to Bitcoin’s Visa. It has also managed to gain the second-highest market capitalization amongst digital currencies. One key difference includes a different hashing algorithm designed so that mining Litecoins won’t result in a similar hardware arms race to the one Bitcoin is currently involved in. Litecoin mining these days involves rigs of video cards, or GPUs. It’s similar to how Bitcoin mining was a few years ago, until its ASICs (application-specific integrated circuits) were designed from the ground up to mine Bitcoins. Litecoins also feature faster confirmation times due to shorter and faster block rewards. It’s scheduled to produce 84 million Litecoins, four times as much as Bitcoin’s 21 million.

Peercoin
Price: $6.26
Market Capitalization: $131 million
Peercoin’s distinguishing feature is that is uses a method called proof of stake as part of its mining, or as Peercoiners often like to say, “minting.” Proof-of-stake rewards minters for the Peercoins they hold over time. This is measured in “coin days,” one coin day being equivalent to holding one coin for one day. It’s similar to how a kilowatt hour is defined as using a kilowatt over the course of one hour. So the more coins you hold over a longer time, the more Peercoins you receive through minting. This is in contrast to most
cryptocurrencies’ proof-of-work mining, which rewards miners based on how much computing power they contribute to the keeping track of transactions. Peercoin also uses proof-of-work mining in conjunction with proof-of-work minting, although Peercoin is programmed to eventually rely only on proof-of-work mining.
The maximum limit for the number of these coins is 2 billion. This is so much higher than Bitcoin’s 21 million that it encourages inflationary pressure, which counterbalances the deflationary pressure caused by everyone trying to mint Peercoins and holding onto them.
NXT
Price: 4.1 cents
Market Capitalization: $40 million
Nxt is most similar to Peercoin in that is utilizes proof of stake to generate more coins. But unlike Peercoin, it uses proof of stake exclusively. The only way to get more Nxt coins is to hold them or exchange them in a process dubbed “forging,” in contrast to Bitcoin mining and Peercoin minting. This has a “green” appeal in that it requires no massive, power-consuming hardware rigs, just a small program that will run on pretty much any modern computer. This also has the practical appeal of not requiring users to invest in the extra hardware and electricity. Instead, you merely exchange something for your initial Nxt coins. Nxt’s developers also pride themselves on having written the Nxt code from scratch, while most alternative cryptocurrencies were developed from using Bitcoin’s code as a basis.
Namecoin
Price: $6.73
Market Capitalization: $52 million
Namecoin is similar to other cryptocurrencies, but with the additional feature of being a way to register domain names. Instead of .com or .net, Namecoin domain names have the .bit extension. Any method of registering and controlling a domain name is called a domain name system, or DNS. The current method of domain name registration is regulated by a nonprofit organization called the Internet Corporation for Assigned Names and Numbers, or ICANN. Because ICANN is a centralized organization, it ultimately has power over domain names and can shut down websites for political or other reasons. But because Namecoin is a decentralized network, no one is in control of it. Just like Bitcoin is a decentralized network that takes the power away from banks and other financial institutions, Namecoin is a decentralized network that takes the power away from ICANN or any other centralized DNS organization. Namecoin is also traded for its own sake, just like Bitcoin. It’s just like any other cryptocurrency but with the added feature of a decentralized DNS system, which amounts to more “intrinsic value,” which everyone is looking for.
Dogecoin
Price: 0.045 cents
Market Capitalization: $11 million
Dogecoin is a cryptocurrency inspired by the “Doge” Internet meme. Compared with the other cryptocurrencies, Doge is most similar to Litecoin. It uses scrypt, the same cryptographic function as Litecoin. A total of 100 billion Dogecoins will ever be mined, which is even more than Peercoin. Yet because the block reward is so large and frequent (every minute), Dogecoin miners have already mined almost 25 billion Dogecoins, almost 25% of the total. While Doge gets my vote for the best Internet meme of 2013, you would think that a cryptocurrency wouldn’t manage to go far based on novelty. Yet Dogecoin’s market capitalization is almost $7 million.

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BitCoin (Things You Need to Know)

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.

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 USD100) and use it as many time as he/she like (as many notes of USD100). 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.

Anonymity:
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.
Using of Bitcoin:
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!
Total Bitcoins:
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:)
Mintchip, 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.
Spend Bitcoins:
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 Wikileaks, P2P Foundation, Operation Anonymous, Free Software Foundation, Archive.org.
You can send Bitcoins to anyone once you know their bitcoin address.
For merchandise, you can buy products from merchants that accept Bitcoins. Example – BitcoinDeals.

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BitCoin History (What You Need To Know)

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.
2007, Satoshi Nakamoto
According to legend, Satoshi Nakamoto began working on the Bitcoin concept in 2007. While he is on record as living in Japan, it is speculated that Nakamoto may be a collective pseudonym for more than one person.
August 2008, An interesting patent application
Three individuals, Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application. All three individuals deny having any connection to Satoshi Nakamoto, the alleged originat or of the Bitcoin concept. The three also register the site Bitcoin.org in the same month, over on anonymousspeech.com – which allows people to buy domain names anonymously.
October 2008, The White paper is published
Despite the above, Satoshi Nakamoto releases his white paper, revealing his idea for a purely peer-to-peer version of electronic cash to the world. In his vision, he manages to solve the problem of money being copied, providing a vital foundation for Bitcoin to grow legitimately.
November 9, 2008, The Bitcoin Project hits SourceForge
The Bitcoin project is registered on SourceForge.net, a community collaboration website focused on the development and distribution of open source software.
January 3, 2009, The Genesis Block is mined
The first block, nicknamed ‘Genesis’ is launched allowing the initial ‘mining’ of Bitcoins to take place.
Later that month, the first transaction takes place between Satoshi and Hal Finney, a developer and
cryptographic activist.
January 9, 2009, Version 0.1 is released
Version 0.1 of Bitcoin is released. Compiled with Microsoft Visual Studio for Windows, it lacks a command line interface and is so complete that it furthers speculation that it was developed by more than one person (or by an academic with little programming experience and a great deal of theoretical know how).
It includes a Bitcoin generation system that would create a total of 21 million Bitcoins through the year 2040.
January 12, 2009, The first Bitcoin transaction
The first transaction of Bitcoin currency, in block 170, takes place between Satoshi and Hal Finney, a developer and cryptographic activist.
October 5,2009, An exchange rate is established
Bitcoin receives an equivalent value in traditional currencies. The New Liberty Standard established the value of a Bitcoin at $1 = 1,309 BTC. The equation was derived so as to include the cost of electricity to run the computer that created the Bitcoins in the first place.
Hong Kong's First Bitcoin Counter Opens To The Public
October 12, 2009, #bitcoin-dev hits freenode IRC
The #bitcoin-dev channel is registered on freenode IRC, a discussion network for free and open source
development communities.
December 16, 2009, Version 0.2 is released
Version 0.2 of Bitcoin is released.
December 30, 2009, The difficulty increases
The first difficulty increase occurs at 06:11:04 GMT.
February 6,2010, A currency exchange is born
The world’s first Bitcoin market is established by the now defunct dwdollar.
February 18, 2010, Encryption patent is published
The encryption patent application that was filed on August 15, 2008 by Neal Kin, Vladimir Oksman, and
Charles Bry was published.
May 22, 2010, 10,000 BTC spent on pizza
A programmer living in Florida named Laslo Hanyecz sends 10,000BTC to a volunteer in England, who
spent about $25 to order Hanyecz a pizza from Papa John’s. Today that pizza is valued at £1,961,034 and
stands as a major milestone in Bitcoin’s history.
July 7, 2010, Version 0.3 released
Version 0.3 of Bitcoin is released.
July 11, 2010, Slashdot drives surge in Bitcoin users.
Mention of Bitcoin v0.3 on slashdot brings in a large number of new Bitcoin users.
July 12, 2010, Bitcoin value increases tenfold
Over a five day period beginning on July 12, the exchange value of Bitcoin increases ten times from
US$0.008/BTC to US$0.080/BTC.
July 17, 2010, MtGox is established
The MtGox Bitcoin currency exchange market is established by Jed McCaleb.
July 18, 2010, OpenGL GPU hash farm and ArtForz
ArtForz establishes an OpenGL GPU hash farm and generates his first Bitcoin block.
August 15,2010, Exploit generates 184 billion Bitcoins
Bitcoin is hacked. A vulnerability in how the system verifies the value of Bitcoin is discovered, leading to
the generation of 184 billion Bitcoins. The value of the currency – from a high of $0.80 to $1 in June drops
through the floor.
September 14, 2010, An offer for CUDA
An offer is made by jgarzik, in the name of the Bitcoin Store, to puddinpop to open source their Windowsbased
CUDA client. The offer was in the form of 10,000 BTC which, at the time, was valued at around
US$600 to US$650.
September 14, 2010, Block 79,764
Split allocation of the generation reward used to mine Block 79,764.
September 18, 2010, CUDA becomes open-source
Under the MIT license, puddinpop releases the source of their Windows-based CUDA client, open sourced
by the Bitcoin Store, following a contribution by jgarzik.
September 18, 2010, Slush's Pool mines its first block
Bitcoin Pooled Mining (operated by slush), a method by which several users work collectively to mine
Bitcoins and share in the benefits, mines its first block.
September 29, 2010, Another exploit discovered
A microtransactions exploit is discovered by kermit, precipitating the release of Version 0.3.13.
October 2010
Financial task force issues warning
Bitcoin goes under the spotlight. After the hack in August – and a subsequent discovery of other
vulnerabilities in the blockchain in September – an inter-governmental group publishes a report on money
laundering using new payment methods. Bitcoin, it suggested could help people finance terrorist groups.
OpenCL miner released
The first public version of an OpenCL miner is released.
October 7, 2010, Stalled Bitcoin value begins climb
The Bitcoin exchange rate, stalled at US$0.06/BTC for several months, begins to climb.
October 10, 2010, MtGox switches to Liberty Reserve
MtGox changes its main funding option from PayPal to Liberty Reserve.
October 16, 2010, First escrow transaction takes place
Bitcoin Forum members Diablo-D3 and nanotube conduct the first recorded escrow trade of Bitcoins with
theymos as escrow.
October 17, 2010, #bitcoin-otc trading channel opens
The #bitcoin-otc trading channel is registered on freenode IRC as a marketplace for over-the-counter
trading of Bitcoins.
October 28, 2010, First ever short sale
Facilitated by #bitcoin-otc, the first recorded short sale of Bitcoins is initiated in the form of a 100 BTC
loan from nanotube to kiba.
November 6,2010
Bitcoin reaches $1 million. Based on the number of Bitcoins in circulation at the time, the valuation leads
to a surge in Bitcoin value to $0.50/BTC
December 7, 2010, Bitcoind compiled for Nokia N900
Bitcoin Forum member doublec compiles Bitcoind, which was written for the Nokia N900 mobile
computer.
December 8, 2010, First mobile Bitcoin transaction
The first portable-to-portable transaction of Bitcoins occurs when ribuck sends doublec 0.42 BTC using
Bitcoind.
December 9, 2010, First call option contract sold
The first call option contract for Bitcoins is sold on the #bitcoin-otc market. The transaction occurs between
nanotube and sgomick.
December 9, 2010, Difficulty increases
The generation difficulty exceeds 10,000
January 2011, Silk Road opens for business
The Silk Road, an illicit drugs marketplace is established, using Bitcoin as an untraceable way to buy and
sell drugs online.
January 2, 2011, Tonal Bitcoin standardizes its units
Tonal Bitcoin, designed for those who prefer the Tonal number system, standardizes its units.
February 2011, Bitcoin reaches parity with US dollar
Bitcoin reaches parity with the US dollar for the first time. By June each Bitcoin is worth $31 giving the
currency a market cap of $206 million.
February 14, 2011, Vehicle offered for Bitcoins
An Australian member of the Bitcoin Forum attempts to sell his 1984 Celica Supra for 3000 BTC, and
becomes the first person to offer a vehicle in exchange for Bitcoins.
February 25, 2011, WeUseCoins.com is created
WeUseCoins.com is registered and built into a Bitcoin resource and creates one of the most watched videos
on Bitcoin.
April 23, 2011, Bitcoin passes parity with Euro
On MtGox, the BTC/USD exchange rate reaches and passes parity with the Euro and the British Sterling
Pound. The value of Bitcoin money stock passes US$10 million.
June 13, 2011, Largest ever Bitcoin theft reported
The first major theft takes place. Bitcoin Forum founder allinvain reports having 25,000 BTC taken from
his digital wallet, which had an equivalent value of $375,000. In the same month, a major breach of security
sees the value of the currency go from $17.51 to $0.01 per Bitcoin.
June 2012, Coinbase is founded
Coinbase, a bitcoin wallet and platform, is founded in San Francisco, California.
November 15, 2012, WordPress.com accepts Bitcoin
WordPress.com announces that it accepts Bitcoins as a form of payment for users to purchase upgrades.
November 28, 2012, Halving Day
On Halving Day, Block 210,000 is the first with a block reward subsidy of 25 BTC.
March 18, 2013, FinCEN defines stance on Bitcoin
The US Financial Crimes Enforcement Network (FINCEN) issues some of the world’s first bitcoin
regulation in the form of a guidance report for persons administering, exchanging or using virtual currency.
This marked the beginning of an ongoing debate on how best to regulate bitcoin.
March 28, 2013, Market cap reaches $1 billion
Bitcoin market capitalisation reaches $1bn.
May 2, 2013, First Bitcoin ATM unveiled
The first Bitcoin ATM in the world is debuted in San Diego, California.
May 18, 2013, PrimeDice.com launches online casino
PrimeDice.com launches as an online casino platform that accepts Bitcoin wager
August 20,2013, Bitcoin ruled private money in Germany
Federal Judge Mazzant claims: “It is clear that Bitcoin can be used as money” and “It can be used to
purchase goods or services” in a case against Trendon Shavers, the so-called ‘Bernie Madoff of bitcoin’.
Bloomberg begins testing bitcoin data on its terminal. Although alternative tickers exist, endorsement from
Bloomberg gives bitcoin more institutional legitimacy.
November 2013, The US Senate holds its first hearings on the digital currency
Bitcoin price climbs to $700 in as the US Senate holds its first hearings on the digital currency. The Federal
Reserve chairman at the time, Ben Bernanke, gives his blessing to bitcoin. In his letter to the Senate
homeland security and government affairs committee, Bernanke states that bitcoin “may hold long-term
promise, particularly if the innovations promote a faster, more secure and more efficient payment system”.
December 2013, China's Central Bank bans Bitcoin transactions
China’s central bank bars financial institutions from handling bitcoin transactions. This ban was issued after
the People’s Bank of China said bitcoin is not a currency with “real meaning” and does not have the same
legal status as fiat currency. The ban reflects the risk bitcoin poses to China’s capital controls and financial
stability. Today China remains the world’s biggest bitcoin trader, with 80% of global bitcoin transactions
being processed in China.
January 2014, First insured bitcoin storage service
Bitcoin custodians Elliptic launch the world’s first insured bitcoin storage service for institutional clients.
All deposits are comprehensively insured by a Fortune 100 insurer and held in full reserve. This means
Elliptic never re-invests client assets; instead they secure them in deep cold storage. Overstock.com
becomes the first major online retailer to embrace bitcoin, accepting payments in the US. Overstock was
the first in what is now an expeditiously growing list of large businesses that accept bitcoin.
February 2014, HMRC classifies bitcoin as assets
HMRC classifies bitcoin as assets or private money, meaning that no VAT will be charged on the mining
or exchange of bitcoin. This is important as it is the world’s first and most progressive treatment of bitcoin,
positioning the UK government as the most forward thinking and comprehensive with regard to bitcoin
taxation.
June 2014, The illegal online marketplace
The US government auctions off more than 29,000 bitcoins seized from the Silk Road, the illegal online
marketplace. The sale and closure of the marketplace marks growing institutional understanding of the
potential use cases of bitcoin. Additionally, the closure and auction of the Silk Road has helped bitcoin gain
legitimacy as it demonstrates that bitcoin is not an easy way for online criminals to avoid the rule of law.
From this point onwards bitcoin can no longer be considered as a currency for criminals. The use of the
bitcoin blockchain means that the identity of users can often be established.
July 2014, Bit Licence’
The ‘Bit Licence’ edges towards reality as the New York State Department of Financial Services releases
the first draft of the agency’s proposed rules for regulating virtual currencies. The European Banking
Authority publishes its opinion on ‘virtual currencies’. Their analytical report recommends that EU
legislators consider declaring virtual currency exchanges as ‘obliged entities’ must comply with anti-money
laundering (AML) and counter-terrorist financing requirements.
The EBA report is important as it acts as a catalyst to launch bitcoin into the financial mainstream by
highlighting the fact that virtual currencies require a regulatory approach to strive for an international
coordination to achieve a successful regulatory regime. Also that month GABI (Global Advisors Bitcoin
Investment Fund) launches the world’s first regulated Bitcoin Investment fund. This is important to the
bitcoin ecosystem as the launch of this investment vehicle adds further legitimacy to bitcoin in addition to
allowing regulated investors a way to invest in bitcoin.
August 2014, HM Treasury’s positive outlook on bitcoin
The Chancellor of the Exchequer, George Osborne, demonstrates his and HM Treasury’s positive outlook
on bitcoin when he purchases £20 worth of bitcoin and announces HM Treasury’s Call for Information on
digital currencies, offering digital currency businesses the chance to comment on the risks and benefits and
potentially influence future government policy.
October 2014, TeraExchange
TeraExchange announces that the first bitcoin derivative transaction was executed on a regulated
exchange, adding a new hedging instrument to bitcoin and instilling credibility and institutional
confidence in the entire bitcoin community.
December 2014, Microsoft accept bitcoin
Tech giant Microsoft begins accepting bitcoin payments.
January 2015, NYSE
The New York Stock Exchange is a minority investor in Coinbase’s $75M funding round. The NYSE aims
to tap into the new asset class by bringing transparency, security and confidence to bitcoin.
March 2015, UK Treasury’s call
The results of the UK Treasury’s call for information on digital currency are announced.
Future predictions
There are several possible ways Bitcoin can go at this point, all of which point to a legitimate, widespread
adoption by large institutions through tighter regulation. Recently, New York’s BitLicense became the
world’s first digital currency-specific regulatory regime. It has been through a couple of rounds of
consultations and is expected to come into force in a couple of weeks.
The European Central Bank and European Banking authority have both released detailed reports on digital
currencies, and suggested regulation of the industry by the EU to further control price fluctuations. The
Winklevoss brothers, they of Facebook fame, are on the verge of launching their own exchange-traded fund
holding Bitcoins.
Bitcoin’s journey into the financial mainstream has already begun, with HM Treasury’s report on digital
currencies marking encouraging progress toward the predictions in this infographic. The report introduces
anti-money laundering, consumer protection and technical standardisation for digital currency companies
in the UK, which will encourage traditional financial services to engage more with digital currency
businesses and accelerate the integration of blockchain technology within financial services.

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BitCoin (What You Need To Know)

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need
to give your real name. More merchants are beginning to accept them. You can buy webhosting services,
pizza or even m Buy on an Exchange. Bitcoins are stored in a “digital wallet,” which exists either in the
cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

Exchange Bitcoins:
Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange.anicures.
Transfer:
People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.
Mining:
People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.

Symbol:



Ƀ is not a logo but a symbol: Unicode Character U+0243 can be used any Unicode text editor. This unicode character was originally used as a phonetic symbol to represent or transcribe the sound [β]. Thus the context of this use does not allow any confusion with the Bitcoin currency.
Facts: The baht (sign: ฿; code: THB) is the currency of Thailand. Thailand’s population is 67 million people (vs. Bitcoin’s debated 1–4 million users) and they’re not really cool with the community trying to “steal” their sign.
Unit:     Unit Value in BTC
BTC                       1
mBTC                   0.001
uBTC                    0.000001
Satoshi                0.00000001

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Cryptocurrency Technologies (What You Need To Known About Series 2)

What is Crypto Currency?
A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the
purpose of exchanging digital information through a process made possible by certain principles of
cryptography. Cryptography is used to secure the transactions and to control the creation of new coins.

Why Crypto Currency?
Money exists to facilitate trade. Through the centuries trade has become incredibly complex everyone trades
with everyone worldwide. Trade is recorded in book keeping, this information is often isolated in closed to
the public. This is the reason why we use third parties and middlemen we trust to facilitate and approve our
transactions. Think governments, banks, accountants, notaries and the paper money in your wallet. We call
these trusted third parties. Cryptocurrency software enables a network of computers to maintain a collective
bookkeeping via the internet. This bookkeeping is neither closed nor in control of one party or a central
authority. Rather, it is public, and available in one digital ledger which is fully distributed across the
network. We call this the blockchain. In the blockchain all the transactions are logged, including
information on the time, date, participants and amount of every single transaction. Each node in the network
owns a full copy of the blockchain.

On the basis of complicated state-of-the-art mathematical principles the
transactions are verified by the cryptocurrency miners, whom maintain the ledger. The mathematical
principles also ensure that these nodes automatically and continuously agree about the current state of the
ledger and every transaction in it. If anyone attempts to corrupt transaction the nodes will not arrive at a
consensus and hence will refuse to incorporate the transaction in the blockchain. So every transaction is
public and thousands of nodes unanimously agreed that a transaction has occurred on date X at time Y. It’s
almost like there’s a notary present at every transaction. This way everyone have access to a shared single
source of truth. The ledger does not care wetter a cryptocurrency represents a certain amount of Euros or
Dollars, or anything else of value, or property for that matter. Users can decide for themselves what a unit
of cryptocurrency represents. A cryptocurrency like Bitcoin is divisible in to 100 million units and each
unit is both individually identifiable and programmable. This means that users can assign properties to each
unit, users can program a unit to represent a Euro cent, or a share in a company, a kilowatt our energy or
digital certificate of ownership. Because of if this cryptocurrencies and blockchain technology could be
used for more than simply money and payments.

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Cryptocurrency Technologies (What You Need To Known About)

As the word suggests, cryptocurrencies make heavy use of cryptography. Cryptography provides a
mechanism for securely encoding the rules of a cryptocurrency system in the system itself. We can
use it to prevent tampering and equivocation, as well as to encode the rules for creation of new units
of the currency into a mathematical protocol. Before we can properly understand cryptocurrencies
then, we’ll need to delve into the cryptographic foundations that they rely upon.

Cryptography is a deep academic research field utilizing many advanced mathematical techniques
that are notoriously subtle and complicated to understand.

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