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The Bitcoin is a form of currency without notes and coins, it is a digitalcurrency.
In this era of Internet and digitization, we’ve moved from phone to VoIP calls, face-to-face meeting to video conferencing, fax to email, cable television to IP TV, and the list goes on.
Who Developed The Idea Of Bitcoins?
The concept of Bitcoins was developed by Satoshi Nakamoto, who resides in total anonymity. He is said to be from Japan but his mail ID was from Germany, plus the bitcoin software was not available in Japanese. He developed the system and the Bitcoin software (that is used to run the system) in 2009 but disappeared into thin air in 2010.
The other developers of the system stopped hearing from him in 2010, and plenty of speculation turned up about his real identity. Some even suggested that his name was just a mashup of popular Japanese companies — SAmsung TOSHIba NAKAmichi MOTOrola. But what he created was definitely the fantasy of every tech guy in the world.
What Is So 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.
What is 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 USD10) and use it as many time as he/she like (as many notes of USD10).
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.
How Does A Public Listing Make Things Anonymous?
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.
How do you use Bitcoins then?
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!
How many people are using this?
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:)
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.
How Do I Acquire Bitcoins?
Using and getting Bitcoins is really easy. There are various ways to get Bitcoins:
- Currency exchange (bitcoin in return for Dollars or Euros) via bitcoin provider services like Mt.Gox
- Providing services to others in return of Bitcoins
Mining is a process of extracting Bitcoins currency. Bitcoin mining is a business – most people mint Bitcoins to gain profit. Bitcoins are minted using a special software (known as Bitcoin Miner) which tries to find a new block in the chain of Bitcoin network.
Whenever a new block is found, its owner is gifted with 50 Bitcoins. Technically, a computer has to perform long and tough hash calculations to find a new block.
How Do You Spend A Bitcoin?
Spending Bitcoins is a bit easier. You can send Bitcoins to a person, buy goods, or donate to non-profit foundations who accept it, such as Wikileaks, P2P Foundation, Operation Anonymous, Free Software Foundation,Archive.org.
You can send Bitcoins to anyone once you know their bitcoin address.
DAO Based on Ethereum
Blockchain technology is now considered by many people as a perfect way to reform the existing financial system. Despite the fact that the cases of using the distributed ledger technology in the monetary system are already known, its possibilities are not limited by the making payments and bills only. Ethereum community has been able to suggest the developers a new conception, built on blockchain technology – Decentralized Autonomous Organization, or DAO.
The advantage of Ethereum platform is the possibility of using automated smart-contracts. The smart-contract can be used as an agreement between two or more sides, it checks all the provided data and decides whether they comply with the conditions of implementation. Unlike traditional contracts, smart-contracts do not need the human interference after their creation.
However, the main drawback of smart contracts is the fact that they, as traditional agreements, are created by people. It means they are not fully autonomous. One of the ways to solve this problem is the creation of the new type organization, decentralized and democratic in the same type, based on blockchain. However, this doesn’t mean that this organization is incapable of providing the same set of the financial instruments, offered by traditional institutions.
One could hardly imagine such organization without the centralized governing, but the Ethereum programmers have thought up the way to realize this conception. Eventually, there is no sense speaking about the decentralized system, if it has the single governing center. Decentralized autonomous organization on the basis of Ethereum blockchain fulfills exactly the functions of such center, however not in a way we used to. Every delegated member has the right to offer suggestions regarding the realization of transactions for agreements or moving of Ether. Other community members have the right to accept or reject the transaction. After the registration of the necessary number of confirmations, the suggestion is considered accepted.
Everyone who ever dreamed of creating his own company or organization, can fulfill the dream using Ethereum. Taking part in creating DAO objects is the great way to shake the old-fashioned world of traditional financial instruments.
Creating and Using Bitcoin Wallet
Bitcoin, as any other real or digital currency, must have a place where it is kept. Since crypto-currency is a comparatively new thing, people sometimes feel uncertain about working with it. In reality, everything is easy and fast. Here is a short guide on how to create and use a wallet for your crypto-currency.
Creating a Bitcoin Wallet is a matter of few minutes: you just put in your e-mail address and password (try blockchain.info, for example). Every wallet has an identifier, which you send to anyone who is going to make a transaction on your wallet. That’s all about Bitcoin Wallet creation.
However, there are some nuances about its usage and protection. You have to think about your Bitcoin wallet safety by paying attention to the following points:
- choose thoughtfully the services providing Bitcoin wallets. It’s better to choose big and trusted platforms.
- remember that Bitcoin rate is quite changeable. So it is a good idea to keep small sums on your Bitcoin wallet and convert excess funds into the currency of your country. Don’t put all your eggs in one basket.
- make the copy of your wallet. It will help you to restore the wallet in case something happens to your PC or mobile. And encode the network reserve copies!
- don’t forget to update your Bitcoin software: it will guarantee the better safety for your money.
One more thing that you should remember: Bitcoin transactions are not anonymous. Bitcoin is the most transparent payment system in the world – all transactions are public and are saved in Bitcoin network. Every Bitcoin wallet has its own address, which is shown when the transaction is conducted, so all transactions from this address are connected. If you care about confidentiality, then use one address only once and don’t publish your wallet address on your website or network page.
Bitcoin Will Be Sold in Australian Newspaper Shops
The biggest Australian crypto-currency platform Bitcoin.com.au and Sidney financial startup Blueshyft have agreed about partnership. Thank to it the users will be able to purchase crypto-currency Bitcoin in the more than thousand newspaper shops all over the country.
For Australia, this is the first experiment of such type. Thanks to it, the owners of newspaper shops will be able to vary the goods assortment and receive the new source of income. And the crypto-currency will become closer to the ordinary person.
The minimal sum of virtual currency purchase will be 50 Australian dollars. The commission fee is 4%. The both companies expect that during the first year their creation will come to the level of 15 million transactions with the medium crypto-currency purchase sum of 150-200 dollars.
Every shop, which is a member of the project, will be set an iPad. Using the specific application, the device will be able to establish contact with the payment platform. Generally, Bitcoin is expected to be sold in 1200 sale points all over the country.
This is especially essential in the context of the recent increase of the Bitcoin rate to the US dollar, which at the end of May increased on 100 dollars for Bitcoin and is now around 580$/BTC.
One should also remember that in May this year, the Australian government has supported the recommendations on the regulations of Bitcoin trading platforms. There are reasons to assume that soon the legislative changes to the laws about countermeasures to the legalization of illegal earnings and terrorism financing will be made. These changes are necessary for the functioning of crypto-currency platforms in the country.
Integration of Solidity into Visual Studio
Henceforth, the huge amount of Microsoft programmers has a possibility to create their decentralized applications using Ethereum blockchain thanks to the cooperation between the technological giant and Consensys – studio that specializes in the creation of such applications. They declared that programming language Solidity which is used for writing Ethereum contracts will be added to the Microsoft Visual Studio. This was announced on the yearly programmers’ conference Microsoft/Build on March, 30, where Vitalik Buterin and Consensys CEO Joe Lubin were present.
Solidity is Java-like programming language intended for writing smart-contracts on the basis of the Ethereum virtual machine. With the help of Solidity programmers can create, test, and run applications that bring to life business-logics programmed in smart-contracts. Integration of this language into Visual Studio is the next level of the growth of decentralized application platform.
According to Marley Gray, Director for development and strategy on blockchain at Microsoft, integration into Visual Studio will offer programmers from big corporations the decisions with solid possibilities for creating smart-contracts of any size and complicity.
Vitalik Buterin comments: “Our main aim always was to facilitate the possibility to create applications on the Ethereum basis, and the integration of Solidity into Visual Studio will help to add Ethereum to the really big community of programmers. I am looking forward to the results of our cooperation”.
Joe Lubin stated that Consensys is productively cooperating with Microsoft, so that to deliver the means of programming on Ethereum platforms to the wide community of corporation programmers. This will allow the millions of programmers to easily run their smart-contracts using the Ethereum blockchain – private or corporate – and also run them by one click in the calculating cloud Microsoft Azure.
Andrew Case, Consensys co-founder, added that Microsoft was a perfect partner and initiator of Ethereum integration. Integration of Solidity into Visual Studio will become one more step to the liquidation of obstacles on the way of blockchain technologies. It was a great idea to announce the news on the //Build conference, it is an ideal place to tell the companies about the meaning of the Ethereum blockchain.