Bitcoin, bitcoin, bitcoin.
All anyone is talking about these days is bitcoin. OK, so maybe not everyone is talking about bitcoin, but having had its breakout year in 2013 (rising 6,000% in value) bitcoin, and by extension the dozens of other cryptocurrencies which have sprung up in the last 12 months, are now the topic of conversation around dinner tables, in pubs and at the water cooler. I ve heard lots of people say they were going to buy bitcoin, while the more knowledgeable were already planning on getting into litecoin, dogecoin, vertcoin, sexcoin or whatever the cryptocurrency-of-the-week was - but most people never took the plunge and actually bought some. The problem is that actually getting on the cryptocurrency ladder is not that easy. There are no bitcoin notes you can go to a bank and swap for your pounds, euro or dollars, so how do you go about getting your virtual hands on some? Bitcoin mining? You can of course mine some bitcoin - a process we have covered in detail here— Top nav — News – Companies – – Exchanges – – Merchants – – Wallets – – Investors – – Funding – Technology – – Mining – – Bitcoin Protocol – – Bitcoin ATMs – – Altcoins – – Cryptocurrency 2.0 – Regulation – Events – BitLicense – Prices – Crime – – Silk Road – Features – – Opinion – – Data Analysis – – Reviews Price & Data – Bitcoin Price Index – Bitcoin Venture Capital – Bitcoin Network Statistics – Bitcoin Calculator – About the BPI – Bitcoin ATM Map – CoinDesk API – Bitcoin Price Ticker Widget Guides – What is Bitcoin? – Why Use Bitcoin? – How Can I Buy Bitcoins? – How to Buy Bitcoin in the UK – How to Store Your Bitcoins – What Can You Buy with Bitcoin? – How to Sell Bitcoin – How to Accept Bitcoin Payments – How do Bitcoin Transactions Work? – Is Bitcoin Legal? – Who is Satoshi Nakamoto? – How Bitcoin Mining Works – How to Set Up a Bitcoin Miner – What are Bitcoin Mining Pools? – How Does Cloud Mining Work? – Calculate Mining Profitability – How to Make a Paper Bitcoin WalletBitcoins and other crypto-currencies are mined by special computers and stored in digital wallets.Reuters At the recent Satoshi Square event in the City of London, it was said that 2014 will be the year for bitcoin mining, as the crypto-currency is soon to reach a tipping point where creating it will no longer be possible for the average user.
Amid the hugely volatile price, its use for buying Class A drugs, and multimillion-dollar cyber heists, it s sometimes easy to forget where bitcoin came from, and how it and other crypto-currencies are created. Mining is the term given to the process of producing virtual currencies like bitcoin and litecoin, where computers solve mathematical equations and are rewarded with coins for their efforts. When bitcoin launched five years ago coins could be easily mined using a home computer or laptop, but the currency is pre-programmed to make mining more difficult over time, resulting in a situation now where only specially-made computers can mineFive years ago Saint Satoshi penned a brilliant idea. This idea was given freely to us. It has since fostered an arena where programmers cooperate, collaborate and compete to build viable alternatives. The latest entrant is Dogecoin. Dogecoin began life as a sarcastic remark on Twitter: “Investing in Dogecoin, pretty sure it’s the next big thing.” After gaining traction online the idea became a reality. It has spread primarily through tipping on Reddit. Dogecoin is a variation of the Bitcoin source code that, like Litecoin, uses Scrypt. However, with Dogecoin, the technical aspects are less interesting than the social. The technical aspects are familiar. The marketing, based on a popular meme series, is novel. It has touched a nerve. Its value has soared and recently corrected. In a short space of time it has captured a large amount of value and the scenes imagination. Despite this flying start Dogecoin is still just a puppy. Its future is uncertain. Of course, the same can be said forCryptocurrencies: you’ve heard of them, sure, but you may not understand how they actually work or which one is which.
A cryptocurrency is defined as a computationally-derived mathematical currency, created to function as money, which can be exchanged for various goods and services. Behind the concept of a virtual currency only existing in digital form is a whole lot of complicated math compared to traditional currencies which are backed by governments and usually based on the American dollar. Cryptocurrencies aren’t controlled by a single political entity and don’t have a set value. They’re often priced based on how much people are willing to pay for them. This means their floating values are often very volatile and bounce between different rates on an almost daily basis. Because of this, any business owner who buys and sells products in dollars, takes a huge risk if they choose to accept a cryptocurrency as a valid way of paying for an item.
Still, there are a variety of websitesDespite a roller coaster of a week for digital currencies – or perhaps because of it – the world can’t get enough of Bitcoin and its crypto brethren. But thanks to the complex nature of these digital currencies, the barrier to entry for the average person remains unnecessarily high. One could argue that this is for the best – as I’ve said before, nobody should buy into any digital currency with more money than they can afford to lose due to their volatility. But what if you have a spare $100 just itching to be turned into algorithm-based money – where do you start? Right here, that’s where. The one that kicked off the current cryptocurrency craze, Bitcoin remains the most sought-after and valuable of all the available digital currencies (of which there are many).
At the time of this writing, one whole Bitcoin will cost you about $700. But there’s no need to buy a whole Bitcoin because the currency can be divided into tiny fractions, up to eight decimal places. Bitcoin can be purchased 1 btc ltc dash doge ppc nmc blk nvc vtc ftc mec qrk xpy wdc vrc zet rdd aur xc zcc bost net mint pot ybc naut btcd cloak sdc rby uno dgb utc asn sys hyper trc myr eac ifc via trust unb sxc qtl nav oc xc slr sfr cgb xst cool efl hbn xdq kore rt2 uro bits dvc ufo bet enrg dope rpc wc hal pxc emc2 xsi mrs ptc sc giveNote: The following article was submitted as part of the Ziftr contest and chosen as the winner on the topic of What will it take for Bitcoin to gain mass acceptance? Although nobody knows for certain what the future holds for the cryptocurrency industry as a whole, it is almost unanimous among pundits and prognosticators that the Blockchain technology is here to stay . There is little doubt that cryptocurrency will play a significant role in our lives within the next 5 to 10 years; in a recent Wall Street Journal poll “83% of those surveyed believe, “there is a future for cryptocurrencies such as bitcoin. ” But what will that digital landscape look like? Which coins will succeed and which coins will fade away into cyber obscurity? While it would be impossible to predict the destiny of the more than 500 cryptocurrencies currently on the market, the top three, bitcoin, litecoin and dogecoin are traveling along a path where their roles are coming into focus. Most cryptocurrency experts.