What is BitCoin?






An explaination of BitCoin For Normal People by Satoshinet.com

 

BitCoin is a digital currency that has been tested and proven to work. It is unlike any previously tested system as it was put together with a precise mixture peer to peer and cryptographic encryption written on a technology called blockchain, (visit "" to learn more about that technical aspect of it) in a manner that has passed what I call one of the largest social experiments to have been performed to date. Many have tried various combinations of simular technologies, only to fail, but this one works and is is use today thruought the world.

What can you do with it? Anything you can do with any other type of currency. The difference is that you can hold your own account on your pc, laptop, cell phone, or online thru a trusted business. And if it is encrypted properly, without your logon, nobody can ever access, freeze, close or stop you from using it. This is the definitian of the term most commonly heard in the description of bitcoin "Decentralized" there you go. I know you already understand it a little better already.

Next question I hear is, How does it get its value, money doesnt come from nothing. That is true, digital currencies are produced by a process called mining, miners build specialize computers and software to complete complex mathematical equasions wich turn into digital currency. The miners are paid by being issued predetermined amounts of the currency for mining it and using their own resources, this compensation is called a"reward". Miners are also nodes, wich bitcoin uses to verify transactions and the miners are compensated for completing confirmations. Before, during and after this mining period, the currency, obtains worth by how much people are willing to pay for it. The more useful a digital currency is, the more value it has, plain and simple. BitCoin is currently the widest spread and most popular digital currency being used hence, it is one of the most expensive, popularity and other factors weigh in heavily as well.

What uses does it have and what benefits are there? Let me further explain in more detail what other features are included in digital currency such as bitcoin. The system being peer to peer with no controlling organization has very low fee's, easily kept to around and less than 1%. At this time business owners are being offered rates as low as 1% for transactions, wich is cheaper than credit card processing. Some cards charge a percentace and a fee per transacion. Micro payments "fractions of bitcoins, as low as pennies or even less not possible with credit cards or bnk accounts without encurring fee's higher than the transaction. This opens up a million possibilities in a billion aspects of using currency and saving money. Imagine how amazing it would be if donation services that could accept any donation from any person from anywhere in the world instantly without and need for anything but a wallet address to receive donations. This time is here, its happening now. That is just one small example in a giant world of transactions.

Sending money to someone, anywhere anytime, any amount, with very minimal trasaction fee's. Transactions are almost instantanious and guaranteed to arrive as long as you place the correct information into your send payment section in your wallet. Using bitcoin is also your right as a free person. You can choose or not to use it, the problem currently is that Banks are lobbying for laws to tighten down on digital currency as it is capable of doing what the internet did to the post office. As bitcoin technology is secretly spreading like wildfire beneath the spotlight, the current news stories are usually about who got hacked and lost their money or whos being arrested for breaking, one of the newly formed lawys in various countries. The truth of the matter is, it is slowly being accepted everywhere and with time it has been and will spread. And let me tell you, because many people confuse the hacking issue, Bitcoin has never been hacked and cant it's self be hacked, hackers have hacked people or business accounts and then stolen bitcoin from them. Cash Money and credit card information is stolen everyday at a much higher rate, you have more chance of your bank account being hacked then your bitcoin being hacked.

Then there is the anonyminity aspect of BitCoin. Which is hard to understand but Im going to try and explain it to you. When you create a wallet, you just run an .exe file and it installs, or go to a secure website and get an address. Some websites allow for obtaining an account with little or no identification what so ever. if you download an exe file and creata a wallet on your laptop, there is no identification associated with the new wallet other than a 32 digit "wallet address" wich is created by the wallet and you can create new addresses to receive paymetns for each transaction if you want to but it is not necessary, you can also just use one address for receiving. With your digital wallet, you can receive bitcoin from any other active wallet anywhere in the world. All they need is the 32 digit address that is created by the wallet. So you are capablr of sending and receiving bitcoin without any link to the identity of the user on either end.

BitCoin Faucets have been developed for new users to be able to receive fractions of bitcoins and use a wallet to see how easy it is. A Bitcoin Faucet is a website that gives away tiny bits of bitcoin. Users new to BitCoin should get a wallet and head to a bitcoin faucet to see what receiving bitcoin is and how the system works.

So let me get back to uses, there are endless possibilities. Currently bitcoin is being used worldwide, you can pay for cell phone's, in some countries you can pay college tuition, Paypal and Microsoft already accept Bitcoin as payment. The technology behind it also makes it easily compatible with any type of software or web based product or system so it is fully intergratable with any currently existing paymeny system with ease.

 

Below is a quickly put together, incomplete list of business, that currenty accept bitcoin as a payment just to give you some ideah of what is really going on.

WordPress.com – An online company that allows user to create free blogs
Overstock.com – A company that sells big ticket items at lower prices due to overstocking
Amazon – An online company that sells almost anything.
Target – An American retailing company
CVS – A pharmacy shop
Subway – Eat fresh
Victoria’s Secret – A lingerie outlet
Namecheap - Domain name registrar
Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world
Pembury Tavern – A pub in London, England
Old Fitzroy – A pub in Sydney, Australia
The Pink Cow – A diner in Tokyo, Japan
Virgin Galactic - Richard Branson company that includes Virgin Mobile and Virgin Airline
The Pirate Bay - BitTorrent directories
Reddit – You can buy premium features there with bitcoins
Zynga – Mobile gaming
PayPal / Ebay - Credit card / payment processor / Auction
Tesla – The car company
OkCupid – Online dating site
4Chan.org – For premium services
EZTV – Torrents TV shows provider
Mega.co.nz – The new venture started by the former owner of MegaUpload Kim Dotcom
Lumfile – Free cloud base file server – pay for premium services
Etsy Vendors – 93 of them
PizzaForCoins.com - Domino’s Pizza signed up – pay for their pizza with bitcons
Tigerdirect – Major electronic online retailer
CheapAir.com – Travel booking site for airline tickets, car rentals, hotels
Expedia.com – Online travel booking agency
Zappos – Online retailer
Whole Foods – Organic food store (by purchasing gift card from Gyft)
Bitcoincoffee.com – Buy your favorite coffee online
Grass Hill Alpacas – A local farm in Haydenville, MA
Jeffersons Store - A street wear clothing store in Bergenfield, N.J
Helen’s Pizza - Jersey City, N.J., you can get a slice of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register
A Class Limousine - Pick you up and drop you off at Newark (N.J.) Airport
Fiverr.com – Get almost anything done for $5
Seoclerks.com – Get SEO work done on your site cheap
Namecheap – Cheap domain registration company
CoinMama: Buy Bitcoins with Credit Card

Sacramento Kings – Professional Basketball team out in Sacramental California (NBA)
Mint.com - Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more
with your money, for free! (Source: mint.com)
TechCrunch.com – IT blog
Fancy.com - Discover amazing stuff, collect the things you love, buy it all in one place (Source: Fancy)
Bing by Microsoft – 2nd search engine to Google
Bloomberg.com – Online newspaper
Humblebundle.com – Indie game site
BigFishGames.com – Games for PC, Mac and Smartphones (iPhone, Android, Windows)
Suntimes.com – Chicago based online newspaper
San Jose Earthquakes – San Jose California Professional Soccer Team (MLS)
Square – Payment processor that help small businesses accept credit cards using iPhone, Android or iPad
Crowdtilt.com - The fastest and easiest way to pool funds with family and friends (Source: crowdtilt)
Lumfile – Server company that offers free cloud-based servers
Museum of the Coastal Bend - 2200 East Red River Street, Victoria, Texas 77901, USA
Home Depot - Office supplies store
Kmart - Retail products store
Sears - Clothing and household products, electronic store
Gap, GameStop and JC Penney – have to use eGifter.com
Etsy Vendors – Original art and Jewelry creations
Fight for the Future – Leading organization finding for Internet freedom
i-Pmart (ipmart.com.my) – A Malaysian online mobile phone and electronic parts retailer
curryupnow.com - A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area
Dish Network - An American direct-broadcast satellite service provider
Apple’s App Store - Buy music and any app on the Apple AppStore with bitcoins
The Libertarian Party – United States political party
Yacht-base.com – Croatian yacht charter company
Euro Pacific – A major precious metal dealer
CEX – The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin
Straub Auto Repairs - 477 Warburton Ave, Hastings-on-Hudson, NY 10706 - (914) 478-1177
PSP Mollie – Dutch Payment Service
Intuit - an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.
Newegg.com – Online electronics retailer now uses bitpay to accept bitcoin as payment
ShopJoy – An Australian online retailer that sells novelty and unique gifts
Wikipedia - The Free Encyclopedia with 4 570 000+ article
Lv.net - Las Vegas high speed internet services
ExpressVPN.com – High speed, ultra secure VPN network
Grooveshark – Online music streaming service based in the United States
Dell - American privately owned multinational computer technology company
Braintree – Well known payments processor
MIT Coop Store - Massachusetts Institute of Technology student bookstore
SimplePay - Nigeria’s most popular web and mobile-based wallet service
SFU bookstore - Simon Fraser University in Vancouver, Canada
State Republican Party – First State Republican Party to accept bitcoin donations (http://www.lagop.com/bitcoin-donate)
mspinc.com – Respiratory medical equipment supplies store
1-800-FLOWERS.COM – United States based online floral and gift retailer and distributor
Shopify.com – An online store that allows anyone to sell their products
Famsa – Mexico’s biggest retailer
Naughty America - Adult entertainment provider
Mexico’s Universidad de las Américas Puebla – A major university in Mexico
LOT Polish Airlines – A worldwide airline based in Poland
MovieTickets.com – Online movie ticket exchange/retailer
Dream Lover – Online relationship service
Lionsgate Films - The production studio behind titles such as The Hunger Games and The Day After Tomorrow
Rakutan – A Japanese e-commerce giant
Badoo – Online dating network
RE/MAX London - UK-based franchisee of the global real estate network
T-Mobile Poland – T-Mobile’s Poland-based mobile phone top-up company
Stripe - San Francisco-based payments company
WebJet – Online travel agency
Microsoft – Software company
Braintree – Research firm
Green Man Gaming - Popular digital game reseller
Save the Children - Global charity organization
NCR Silver – Point of sales systems
One Shot Hotels – Spanish hotel chain

 


 

BitCoin
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Product description: BitCoin Digital Currency