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    Basics with Bitcoin
    Basics with Bitcoin
    Basics with Bitcoin
    Ebook152 pages1 hour

    Basics with Bitcoin

    By Prometheus MMS

    ()

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    About this ebook

    First book about bitcoin. The Only book 
    A Complete guide to bitcoin. 
    Unlocking Virtual Currency World. 
    Bitcoin, the first successful decentralized digital currency, is still in its infancy and it’s already spawned a multi-billion dollar global economy. This economy is open to anyone with the knowledge and passion to participate. 
    This book includes Get Bitcoin, Buy, Sell, Mine, Exchange Products, Gambling,etc., and also Best sites to spend time with bitcoins. 
    Now you are the multimillionaire of bitcoin!

    LanguageEnglish
    PublisherPrometheus MMS
    Release dateJun 3, 2016
    ISBN9781533758743
    Basics with Bitcoin

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      Book preview

      Basics with Bitcoin - Prometheus MMS

      1. INTRODUCTION

      [Bitcoin] is a techno tour de force. - Bill Gates, Founder of Microsoft

      You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust - John McAfee, Founder of McAfee

      It’s money 2.0, a huge huge huge deal. - Chamath Palihapitiya, Previous head of AOL instant messenger

      We have elected to put our money and faith in a mathematical framework that is free of politics and human error. - Tyler Winklevoss, Co-creator of Facebook

      1.1 CRYPTO CURRENCY

      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. A cryptocurrency can represent many kinds of property. A thousand barrels of oil, award credits or a vote during an election for example. moreover cryptocurrency protocols allows us to make our currency smarter and to automize our cash and money flows. Imagine a health care allowance in dollars or Euros that can only be used to pay for health care at certified parties. I in this case, whether someone actually follows the rules is no longer verified in the bureaucratic process afterwards. You simply program these rules into the money, compliance up front. The unit can even be programmed in such a way that it will automatically be returned to the provider if the receiver doesn’t use it after a certain amount of time. This way the provider can ensure that allowances are not horded. A company can control its spending in the same way. By programming budgets for salaries machinery, materials and maintenance so that the respective money is specified and cannot be spent on other things. automating such matters leads to considerable decrease in bureaucracy.

      1.2 BITCOIN

      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.

      1 BITCOIN = 423 DOLLARS

      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:

      J:\Book\Ultimate guide to bitcoin -earn,multiply,trade with tips and tricks\bitcoin symbol.png

      Bitcoin 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:

      Bitcoin unit table

      1.3 THINGS TO KNOW ABOUT BITCOIN

      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

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