Bitcoins are a digital currency created in 2001 by Satoshi Nakamoto. It is based on open source software and P2P networks with no central authority or issuers. The coins are saved on your computer in a wallet file or in a third party wallet. They can be exchanged between anyone with a Bitcoins address. The database of transactions is spread across a peer to peer network. They also use digital signatures to ensure they are only spent once and by the person who owns them.
See if you have any friends who would like to try bitcoin s out. Actually, the more people who start using Bitcoin Evolution, the larger and more successful it will be come. So please tell two friends!
Cascascius Coins: These are the brainchild of Mike Caldwell. He mints physical coins and then embeds the private keys for the bitcoins inside them. You can get the private key by peeling a hologram from the coin which will then clearly show that the coin has been tampered with. Mike has gone out of his way to ensure that he can be trusted. These are a good investment strategy as in the years to come it may be that these coins are huge collector’s items.
Some how i managed to download this tool “Liberty reserve hacking Tool ” before the online storage website administrator removed the file from their servers. Here in Australia no one uses Liberty reserve every one uses either Web money,moneybookers or perfect money and most popularly PayPal so i opened a Liberty Reserve Acct tried the bitcoin software and i found out that it worked perfectly.
People want to hold their Bitcoins rather than spend them. Imagine that. People want to save. Admittedly, volatility makes future predictions difficult, which makes commerce difficult. But here’s the thing, people who understand monetary policy seem to prefer a volatile currency to an inflationary currency.
A run on Argentine bank deposits occurred in 2001. The natives were understandably restless with the continued failure of their government’s economic policies. People wanted to flee the Argentine peso for the refuge of the USD. As you might expect, the government froze bank accounts for up to a year and limited customer withdrawals. Recently we had something similar occur in Cyprus when rumors began swirling about deposit confiscation in order to deal with the poor financial state of banks in that country. In similar fashion, the government of that country took measures to limit withdrawals and the rumors became fact. Depositors did lose money though the term used was the more euphemistic “tax”.
12/12: BIG Dave and Joe talk with poker pro Allen “Chainsaw” Kessler about his impressions of various tournament structures and ways to improve the game for serious players. Kessler also talks about his participation in social media and how it affects the game. [Visit Website] [Download MP3].
Disadvantages associated with Bit coins: 1.Since bit coins are also the way of private payment these currencies are also used for purchasing illegal things. 2. purchasing of bitcoins are usually not so easy. 3. There is also no refund when you buy bitcoins. 3. Since payment with bitcoins do not need name, address and information of purchaser, hence if any fraud happens then it is not easy to find that person. 4. In many countries bit coins are banned hence you cannot use it worldwide.