By Kelly Hamby
Bitcoin is an electronic currency that was created in the year 2008 by a person using the name Satoshi Nakamoto. It was released as an open source software in the year 2009. The US. Treasury classified it as decentralized digital currency which is the largest of its kind in terms of market value. TRANSACTIONS ARE DONE WITHOUT A MIDDLE MAN – meaning no banks. No fee for transactions or waiting for account applications to process.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins.
Blockchain.info is a bitcoin wallet and explorer service. It was launched in 2011 and provides data on recent transactions, mined blocks in the bitcoin blockchain, charts on bitcoin economy, statistics and resources for developers. In 2013 blockchain was the the webs busiest bitcoin website. Over 118 page views and over three milliion visitors in November of 2013. That next January 2014 blockchain reached one million wallet users.
Bitcoin allows you to instantly send any amount of money to anyone in the world without needing a bank. It allows you to access your money without needing an ATM or credit card. More and more merchants are beginning to accept them with incentive because fees are lower than the 2–3% typically imposed by credit card processors. Unlike credit cards, any fees are paid by the purchaser, not the vendor. You can purchase web services, buy fast food, Target accepts bit coin and you can even purchase a home with bitcoin.
Creating a new bitcoin wallet takes literally a few seconds. You will be able to send and receive payments immediately. I have a wallet at Xapo and also at Blockchain. The following is a sign up from Blockchain to recieve your own online bitcoin wallet.
My Wallet is a free online bitcoin wallet, which you can use to make worldwide payments for free. We make paying with bitcoins easy and secure available anywhere on your phone or desktop.
We are not a bank; you retain complete ownership of your Money. We cannot view your balance, see your transactions or make payments on your behalf.
I have had money (sotoshi) sent to my Xapo wallet. I earned my sotoshi total that was sent to my Xapo account while at E-Pay. They have a router with different faucets that pay you for interacting while visiting their site. They have links to other paying facets as well.The sign up is quick and you have the option of setting your payout amount or adjusting if you want automatic or manual payouts. This could be done through settings located in your dashboard.
There are many faucets out there, you will have to experience a few on your own. This will allow for you to to see the variety that is offered. Make sure you keep your bitcoin address secure and do not share with anyone.
Did you know that a bitcoin is made up of different digital currencies? Similar in the way a dollar has change when broke down. Well a bit coin is made up of one million sotoshi.
- .00000001 = sotoshi
- .000001 = microcoin
- .oo1 = millicoin
- .01 = centicoin
- 1.0 = bitcoin
Well that should be enough to get you started with your wallet and visiting different faucets. I will continue with currency on the next bitcoin blog. (Bit blog 02) Don’t forget to look at kelneiq.ws for domain names and much more!
Have fun, Thanks for reading….