Category Archives: Bitcoin

It’s Easy to Create a Bitcoin Account

Creating and Using Bitcoin Accounts

Creating and using a Bitcoin account in most cases is easier and quicker than creating and using a traditional bank account. In order to get started, read an overview pertaining to Bitcoin accounts from Bitcoin.it:

“Think about what happens when you give a bank teller some cash and ask that it be deposited into your account. You tell them your account number, and they credit your account with that amount of money.

The money itself is mixed up with all of the other money in the bank, and is given out to other customers with other account numbers.

With the Bitcoin “accounts” feature, you are the bank. The balance you see is the total balance for all accounts, and you can create an arbitrary number of accounts.

When you receive bitcoins, they are always assigned to one of your accounts, and you can change which account is credited based on which bitcoin address receives the coins, just like you tell a bank teller which account to credit when you deposit cash in your bank. However, sending bitcoins is like withdrawing cash from the bank; the coins that are sent out and debited from an account are almost always not the same coins that were deposited into that account.”

 

 

For more information on creating Bitcoin accounts, please visit our page on how to create a Bitcoin wallet.

Bitcoin Future Value to Reach $1 Million?

Will Bitcoin’s Value Ever Reach $1 Million?

The media is abuzz with the story of how a man bought $26.60 worth of Bitcoin, forgot about the purchase until recently, and has now remembered making the paltry investment only to discover that the puny purchase has turned into a significant windfall.

The 5,000 Bitcoin that he purchased 4 years ago for less than $30 has turned into $886,000 at today’s value.

It’s no secret that the value of Bitcoin has soared since its creation several years ago.

With the current value of Bitcoin in the $200 range, the question is whether Bitcoin’s appreciation has reached its peak, or if there’s more increase in value to come.

Max Keiser, a London-based financial broadcaster and former stock broker from Paine Webber, discusses the future value of Bitcoin and makes the bold prediction that the price per Bitcoin could reach $1 million each in the not-too-distant future.

Here’s his commentary:

 

 

 

$26 Worth of Forgotten Bitcoin Now Worth $886,000

Man Buys $26.60 Worth of Bitcoin, Forgets About Them, And Now Discovers They’re Worth $886,000

Imagine this: you’re doing research to write a thesis on encryption. During the course of your research you come across a novel new digital currency. So you spend less than $30 to buy some.

Then you forget you ever made the purchase.

Fast forward 4 years, and that meager investment is now worth more than three quarters of a million dollars.

For one man, that’s exactly what happened.

The Guardian reported that “Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.”

You can read the rest of this amazing Bitcoin story here>>

Bitcoin Sniper Trading Robot

Automated BTC Trading With Bitcoin Sniper

Bitcoin SniperBitcoin Sniper is software program designed specifically for automated trading of Bitcoins on a Bitcoin exchange. The developers and promoters of this software claim that “no experience is needed” to start trading.

While that may be true, amateur/beginner traders should not expect to earn “$9,280 Dollars today trading Bitcoin”.

Please note that the claims of earnings are headlined in bold print, while the disclosure if buried at the bottom of the page in fine print. Before buying this software, please consider these facts from the official sales page:

“HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.”

 

 

Bitcoin Robot for Automated BTC Trading

Automated BTC Trading Using Bitcoin Robot

Bitcoin RobotBitcoin Robot is a software program designed specifically for trading Bitcoins on a Bitcoin exchange. The software creators claim that it:

- Tracks and records chart patterns in Bitcoin trading

- Looks for indicators of market breakouts

- Determines market depth

- Anticipates ideal times to buy or sell based upon technical indicators and market trends.

- Is designed and programmed to maximize profit and minimize losses.

- Can be run  24 hours per day, 7 days per week

Here is a video with additional information on Bitcoin Robot:

 

 

Before you can start automatically trading BTC using Bitcoin Robot or any other automated trading program, you’ll need to create a wallet which will include your unique Bitcoin address.

What is a Bitcoin Address?

Understanding your Bitcoin Address

bitcoin addressTo get a Bitcoin address so that you can send and receive Bitcoins, you’ll first need to create a Bitcoin Wallet. When you create your wallet, a unique identifier will be assigned to that wallet, and that will be your personal Bitcoin address. It will be unique to the wallet that you create, and no other Bitcoin wallet will ever have that address.

The Bitcoin network explains it this way:

“Behind the scenes, the Bitcoin network is sharing a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses.”

If you would like to see how to sign into your wallet and find your Bitcoin address, the following short video will walk you through the steps:

 

 

The Growing Number of Bitcoin Merchants

The Growing Number of Bitcoin Merchants

As Bitcoin continues to gain mainstream acceptance, more and more Bitcoin newbies are wondering what merchants and companies accept Bitcoin for payment.

That’s a central question to the future value of Bitcoin. Bitcoin’s ultimate success or failure depends entirely upon the ability of Bitcoin adherents to spend their Bitcoins at a very wide variety of businesses, companies, stores and retail outlets. If merchants adopt Bitcoin as a form of payment, it is destined to become a legitimate currency, whereas if merchants shun Bitcoin, it will be relegated to the dustbin of history as having been nothing more than a passing fad.

Here is an extensive list of Bitcoin merchants who are currently accepting Bitcoin as a payment form:

https://en.bitcoin.it/wiki/Trade

Bitcoin is going mainstream, and as an example, Forbes presented their top ten Bitcoin merchants based upon website traffic as ranked by Alexa.

From the Forbes article:

“Let’s take a look at the top ten merchant sites on the Internet that are currently accepting bitcoin as payment. Uncensored rankings are based on the amount of three-month traffic received by the website according to Alexa Top Sites (as of May 24th, 2013). The updated list is provided courtesy of The Bitcoin Trader, but a separate version of the Bitcoin Ladder is also tracked on the Bitcoin wiki.

1. WordPress.com (Alexa Global Ranking 22) – Site offers free blogs managed by the developers of the WordPress software and includes custom design templates, integrated statistics, and automatic spam protection. WordPress announced their decision to start accepting bitcoin in November 2012.

2. The Pirate Bay (Alexa Global Ranking 108) – As a large BitTorrent directory for music, movies and software, The Pirate Bay started accepting bitcoin for donations in April 2013.

3. Reddit (Alexa Global Ranking 117) – The social news and entertainment site focuses on user-generated news links with votes promoting top stories to the front page. Reddit started accepting bitcoin for the purchase of reddit gold in February 2013.”

See the rest of the list here>>

As further evidence that Bitcoin is not only here to stay, but becoming widely accepted, Bitpay, one of the largest Bitcoin payment processors, recently passed the 10,000 milestone of Bitcoin-accepting merchants who use their services.

From Techcrunch:

“Bitcoin payment processor startup BitPay has exceeded 10,000 Bitcoin-accepting merchants using its services to take payments via the decentralised digital cryptocurrency. Around this time last year BitPay had accepted its 1,000th merchant — so it’s a measure of the momentum behind Bitcoin that BitPay is growing at such a rate.

The Atlanta-based startup, which was founded in 2011, raised $2 million led by Founders Fund back in May — bolstering an initial $501,000 round it closed in January. At the time of that initial raise, BitPay had some 2,100 merchants on its books.”

Read the full story here>>

 

 

Want to get started with Bitcoin without spending any of your traditional money? That’s easy. Simply head on over to our list of the best sites that provide free Bitcoin and you’ll be able to start getting some digital currency for your Bitcoin wallet.

How Safe Are Bitcoins?

How Safe Are Bitcoins?

Now that Bitcoin is going mainstream, more and more people are taking notice of the trend. One of the first questions newcomers to the phenomenon of Bitcoin is “how safe are Bitcoins?”

That question is very similar to asking “how safe is money”. The answer is partly dependent upon each individual. If a person is walking in a very high crime neighborhood and revealing in a very visual manner that he is carrying a lot of cash on him, then this type of carelessness would likely lead to theft. It’s not that cash is inherently unsafe, just that taking blatant risks in the way that the cash is handled leads to the conclusion that it’s more the way that safety precautions are followed regarding your Bitcoins, just the same as you would follow safety precautions in the way that you handle and protect your Dollars, Euros, Yen or Yuan.

The video below explains that the key to keeping your Bitcoins safe is how you create and use your Bitcoin wallet:

 

 

What is Bitcoin?

What is Bitcoin?

Have you heard that Bitcoin is going mainstream, but don’t exactly know what that means? Do you want to understand what Bitcoin is? Here’s the textbook definition from Bitcoin.org:

“Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.”

If you’d like a more visual explanation of Bitcoin, this video provides a good answer:

 

 

In summary, Bitcoin is a new form of digital currency that is not under the control of banks; it is a peer-to-peer payment system that is global in nature and not the creation of any single nation or government.

World’s First Bitcoin ATM Goes Live

World’s First Bitcoin ATM Goes Live

It was just earlier this year that the first Bitcoin ATM was created, as described in the video below:

 

 

It didn’t take long for the concept of a Bitcoin ATM to proceed from design idea to creation to implementation. MSN News of Canada is reporting that the, “World’s first Bitcoin ATM goes live in Vancouver next week.

From the story:

“What’s believed to be the first Bitcoin ATM in the world will go live next week in Vancouver, operated by Nevada-based Robocoin and Vancouver’s Bitcoiniacs.

Mitchell Demeter, co-founder of Vancouver bitcoin trading company Bitcoiniacs and part-owner of Robocoin, has invested in five such machines to be placed across Canada.

Bitcoins are an emerging digital currency that isn’t controlled by any authority such as a central bank. It’s an idea that is moving into the mainstream, despite the scandal surrounding Silk Road, an anonymous online marketplace for illegal drugs and other illicit goods that used Bitcoins.”

This is just one more sign that – as the story says – Bitcoin “is moving into the mainstream.” How long will it be before Walmart begins to accept Bitcoin?