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Pora
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Wed Feb 12, 2014 8:58 am

What is Bitcoin?
Bitcoin is the simplest way to exchange money at very low cost

Bitcoin is a zero trust consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. It was introduced as open-source software by pseudonymous developer Satoshi Nakamoto that uses cryptography to control the creation and transfer of money.

I don't get it, in English please
As a start, think of Bitcoin as a currency, like the USD, AUD, HKD, CNY or EUR, only digital. They aren't printed or regulated by central banks like other currencies are. They are produced by millions of computers solving mathematical problems ensuring only a pre-determined number of coins enter circulation every day. These coins are rewarded to whoever is the first to solve the latest mathematical puzzle.

Bitcoin solves the double spending problem
Bitcoin has many advantages. One of the biggest innovations is that it solves what is known as the double spending problem. According to the Wiki:

Double-spending is the result of successfully spending some money more than once. Bitcoin protects against double spending by verifying each transaction added to the block chain to ensure that the inputs for the transaction had not previously already been spent.
Other electronic systems prevent double-spending by having a master authoritative source that follows business rules for authorizing each transaction. Bitcoin uses a decentralized system, where a consensus among nodes following the same protocol is substituted for a central authority.

Want free bitcoins

http://www.qoinpro.com/14da61c8270d38188651eac5c68911ea

Signing up is free. Simply sign-up today and we will credit your account with 0.00000250 Bitcoins , 0.00007671 Litecoins and 0.00604838 FeatherCoins. Furthermore, we will add more coins to your account every single day between 1am and 3am UTC.

regards
Pora :)
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Wed Feb 12, 2014 9:32 am

It's not that easy to get bitcoins.

A buddy of mine bough R300 rands worth of them when they were still only $4 each. Currently they are trading at $595. The highest price a bitcoin reach was in the vicinity of $1100.
To God be the glory

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Pora
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Wed Feb 12, 2014 9:42 am

yea the crashed a few days ago randomly

i started mining them 2 years ago but started getting allot harder

waiting on curecoin to release a least that gives medical and biological researchers

interesting stuff tho
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Wed Feb 12, 2014 10:09 am

I believe the crash had something to do with the Russians being banned and google also looking at their own crypto currency.

Lots of people have moved from bit to lite and doge coins as they are easier to mine. Been thinking of getting involved but capital outlay and electricity costs are a bit of a hindrance. Alternative is to invest in a dedicated ASIC miner but those also don't come cheap.


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Wed Feb 12, 2014 12:19 pm

Pora wrote:What is Bitcoin?
Bitcoin is the simplest way to exchange money at very low cost

Bitcoin is a zero trust consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. It was introduced as open-source software by pseudonymous developer Satoshi Nakamoto that uses cryptography to control the creation and transfer of money.

I don't get it, in English please
As a start, think of Bitcoin as a currency, like the USD, AUD, HKD, CNY or EUR, only digital. They aren't printed or regulated by central banks like other currencies are. They are produced by millions of computers solving mathematical problems ensuring only a pre-determined number of coins enter circulation every day. These coins are rewarded to whoever is the first to solve the latest mathematical puzzle.

Bitcoin solves the double spending problem
Bitcoin has many advantages. One of the biggest innovations is that it solves what is known as the double spending problem. According to the Wiki:

Double-spending is the result of successfully spending some money more than once. Bitcoin protects against double spending by verifying each transaction added to the block chain to ensure that the inputs for the transaction had not previously already been spent.
Other electronic systems prevent double-spending by having a master authoritative source that follows business rules for authorizing each transaction. Bitcoin uses a decentralized system, where a consensus among nodes following the same protocol is substituted for a central authority.

Want free bitcoins

http://www.qoinpro.com/14da61c8270d38188651eac5c68911ea

Signing up is free. Simply sign-up today and we will credit your account with 0.00000250 Bitcoins , 0.00007671 Litecoins and 0.00604838 FeatherCoins. Furthermore, we will add more coins to your account every single day between 1am and 3am UTC.

regards
Pora :)
is this the same lot that got FROZEN yesterday ??

"strange dealings" and then all withdrawels got stopped ....


read something about this in NEws24 last night.

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Pora
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Wed Feb 12, 2014 1:16 pm

ChrisF wrote:
Pora wrote:What is Bitcoin?
Bitcoin is the simplest way to exchange money at very low cost

Bitcoin is a zero trust consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. It was introduced as open-source software by pseudonymous developer Satoshi Nakamoto that uses cryptography to control the creation and transfer of money.

I don't get it, in English please
As a start, think of Bitcoin as a currency, like the USD, AUD, HKD, CNY or EUR, only digital. They aren't printed or regulated by central banks like other currencies are. They are produced by millions of computers solving mathematical problems ensuring only a pre-determined number of coins enter circulation every day. These coins are rewarded to whoever is the first to solve the latest mathematical puzzle.

Bitcoin solves the double spending problem
Bitcoin has many advantages. One of the biggest innovations is that it solves what is known as the double spending problem. According to the Wiki:

Double-spending is the result of successfully spending some money more than once. Bitcoin protects against double spending by verifying each transaction added to the block chain to ensure that the inputs for the transaction had not previously already been spent.
Other electronic systems prevent double-spending by having a master authoritative source that follows business rules for authorizing each transaction. Bitcoin uses a decentralized system, where a consensus among nodes following the same protocol is substituted for a central authority.

Want free bitcoins

http://www.qoinpro.com/14da61c8270d38188651eac5c68911ea

Signing up is free. Simply sign-up today and we will credit your account with 0.00000250 Bitcoins , 0.00007671 Litecoins and 0.00604838 FeatherCoins. Furthermore, we will add more coins to your account every single day between 1am and 3am UTC.

regards
Pora :)
is this the same lot that got FROZEN yesterday ??

"strange dealings" and then all withdrawels got stopped ....


read something about this in NEws24 last night.
yea Bitstamp and a few other got ddos'd and suspended withdraws
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Fri Feb 14, 2014 12:23 am

This came to mind .....

https://www.youtube.com/watch?v=9euK-koV-8k" onclick="window.open(this.href);return false;
When your road comes to an end ...... you need a HILUX!.

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ChrisF
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Tue Jul 07, 2015 12:40 pm

any further feedback on the Bitcoins ?


Over the last year various suppliers, especially the cell providers, tried to get into the money business .... seems our rules are super strict ......



between "money laundering" and SARS the authorities prefer to keep it all inside the bank systems.




going to be very interesting to see what the Greeks do in the coming months ..... the technology has offered alternatives for many years ..... now the market place is ready to embrace some of these alternatives - but will the Greek banks let their business slip away ?

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