Late To The Party: A Quick note on Bitcoin

 Written by: A.K. Johnson

Social media: https://www.clippings.me/ajohnson98

​Note: I am not an economist nor am I an expert when it comes to cryptocurrency. Heed my advice at your own discretion, I’m just a concerned layman.

 

Ever since 1971, the American dollar has been nothing but fiat money, a piece of paper backed by nothing but our country’s influence. Paranoia be damned, what will people do if over inflation happens and the contents of your leather wallet are only good for wallpaper and kindling?

 

For decades many proposed alternatives have been brought but by far the most influential is the concept of Time-based currency. The basic definition of Time-based currency is, “an alternative currency or exchange system where the unit of account/value is the person-hour or some other time unit.”

 

This system of money has been in place many decades often in the form of printed chits in increments of time and only circulated in small towns. However, cryptocurrency, a more modern take on TBC is almost 100% online and is slowly becoming embraced around the world.

 

Bitcoin is the most popular and ubiquitous cryptocurrency in the market and has the most impact in the US and out; developing countries like Ghana, Kenya, and Venezuela are using BTC to circumvent corrupt economies, middlemen and other indirect effects of neo-colonialism.

 

1. What is Cryptocurrency?

Virtual money free from centralized regulation and secured with cryptography. [Source: http://www.investopedia.com/terms/c/cryptocurrency.asp]

 

2. Who founded Bitcoin?

Bitcoin was founded by the anonymous Japanese programmer Satoshi Nakamoto (widely considered to be a pseudonym) around early 2008 after publishing a paper outlining how BTC would work months before. [Source: http://www.coindesk.com/information/who-is-satoshi-nakamoto/]

 

3. How does BTC work (internally)?

-Everything starts in the Block Chain, a public record of transactions between two parties.

-Transactions are confirmed by the private key, a digital signature of sorts that prevents any alterations to the transaction.

 

-BTC is “printed” and processed via Mining, which verifies and confirms the transaction by the way of complex algorithms and also distributes/”unlocks” more BTC. [Source: https://bitcoin.org/en/how-it-works]

 

4. What is the value of a BTC? How is it backed by time?

-As I write this, the exchange rate is $1,223.41 for one Bitcoin (the widely used symbol in stock markets isn’t BTC, which is an acronym but XBT). [Source: http://www.coindesk.com/price/]

 

-Bitcoin is circulated by mining, for a few years home mining hasn’t been lucrative like it was in Bitcoin’s early years. More miners means less BTC being circulated, more miners also means more time it takes to mine. Time truly is money. [Source: http://www.coindesk.com/forget-gold-bitcoin-is-backed-by-time/]

 

5. How can I start?

-Bitcoin’s website has a very detailed guide [https://bitcoin.org/en/getting-started] but I will also list how I got into BTC as well as ways to earn free BTC.

• Make a wallet: This is where you’ll hold your digital money.

◦ I use GreenAddress and personally I like it, you can access it on your phone, PC or host your account on its’ website [https://greenaddress.it/en/].

• Make a Coinbase account: Redundancy aside, this is an exchange site and wallet that can be linked with your PayPal and Bank account/s to buy as well as store cryptocurrencies. [https://www.coinbase.com/?locale=en]

• Make Bitcoin: It’s faster to buy bitcoin from certified merchants [https://www.bitcoin.com/buy-bitcoin] but here’s a few ways that don’t require money:

◦ Cloud Mining: Regular mining isn’t worth the effort but cloud mining does the work for you. Minegate gives you free 50 GH/s of power, which is 3 cents worth a BTC a day as well as 5% more power per commissions and their optional pricing plans.

▪ https://www.minegate.org/ref/30e89

◦ Clicks-for-Coins: A few websites let you upload pictures and you earn coins for certain views per picture, the two I use are:

▪ https://supload.com/

▪ https://file.army/

 

 

 

 

Author: FTESWL

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