Do you have any bitcoins? (1 Viewer)

[Sinn Fein]

The price of bitcoins measured in US Dollars has increased more than threehundredfold (from USD .06 to over USD 18.00) over the eight month period between October 7, 2010 and June 6, 2011.

Link

Maybe this is the future of on-line gambling.

 

[Sarnoff]

I know what they are, I just don't get it.

Maybe I should load up one of those programs that makes them for free, so I'll have some just in case.

 

[Dr. Awesome]

I was reading an article regarding online bitcoin casinos, and I realized I don't really understand what this is. I watched a video where they tried explaining things but apparently I'm not that smart because I still don't quite understand.

 

[azgroover]

I'm just starting to attempt to get up to speed on bitcoins. The concept seems very complicated with creating new addresses everytime you transact, doing repeated backups, etc. Would love to hear experiences from any FBGs who are into trading bitcoins.

According to this chart, bitcoins are now trading for $72?

 

[Guest]

According to the cheer, 2 bits = $.25

I have no $.125 coins.

 

[Flying Spaghetti Monster]

What is a bitcoin?

 

[James Bond]

No. But I have a few satoshis.

 

[shader]

The crazy thing is that you can use your computers processing power to "mine" bitcoins. Don't even ask me why it works, but apparently you can "earn" bitcoins that way.

In fact that is even an ASIC bitcoin miner on sale for about 1200 bucks (they aren't shipping until the end of this month) that is supposed to allow you to mine a ton of bitcoins.

Weird stuff. I wish I understood it better. Part of me thinks it is a fad, but part of me would love to get in on the ground floor of something that becomes big. All the internet nerds are doing it.

 

[Flying Spaghetti Monster]

The crazy thing is that you can use your computers processing power to "mine" bitcoins. Don't even ask me why it works, but apparently you can "earn" bitcoins that way.In fact that is even an ASIC bitcoin miner on sale for about 1200 bucks (they aren't shipping until the end of this month) that is supposed to allow you to mine a ton of bitcoins. Weird stuff. I wish I understood it better. Part of me thinks it is a fad, but part of me would love to get in on the ground floor of something that becomes big. All the internet nerds are doing it.

I think it is a fad. Just reading about it makes me think it was invented and supported by internet fanboys who wants to create "THE CURRENCY OF THE INTERNET". Until I see where I can pay off my mortgage or buy groceries with it, I will be keeping out.**I heard you can buy illegal things with it.

 

[Slapdash]

It sounds like the US government is trying to make BitCoin comply with anti-money laundering legislation. Yes, the same US government who refuses to press criminal charges against large banks for money laundering.

 

[azgroover]

It sounds like the US government is trying to make BitCoin comply with anti-money laundering legislation. Yes, the same US government who refuses to press criminal charges against large banks for money laundering.

I guess they can legislate anything, but isn't the point of bitcoin that there is no central organization? How would they go about doing such?

 

[mquinnjr]

The crazy thing is that you can use your computers processing power to "mine" bitcoins. Don't even ask me why it works, but apparently you can "earn" bitcoins that way.

In fact that is even an ASIC bitcoin miner on sale for about 1200 bucks (they aren't shipping until the end of this month) that is supposed to allow you to mine a ton of bitcoins.

Weird stuff. I wish I understood it better. Part of me thinks it is a fad, but part of me would love to get in on the ground floor of something that becomes big. All the internet nerds are doing it.

I think it is a fad. Just reading about it makes me think it was invented and supported by internet fanboys who wants to create "THE CURRENCY OF THE INTERNET". Until I see where I can pay off my mortgage or buy groceries with it, I will be keeping out.

**I heard you can buy illegal things with it.

THE de-facto currency used to purchase things considered illegal in certain jurisdictions online.

 

[lakerstan]

Bitcoins are the currency of choice on the "Dark Internet" - which is kinda like the black market of the internet. People typically access the dark internet using a program called Tor - which supposedly can mask your IP address and identity. In there, you will find sites such as the popular "Silk Road", which sells drugs and other illegal items. Other sites contain child pornography, mercenaries for hire, and all the stuff most people don't want to know about. Lots of stories on this via Google.

 

[Mister CIA]

What is a bitcoin?

They're a lot like a henway, same thing really.

 

[cstu]

Bitcoins are the currency of choice on the "Dark Internet" - which is kinda like the black market of the internet. People typically access the dark internet using a program called Tor - which supposedly can mask your IP address and identity. In there, you will find sites such as the popular "Silk Road", which sells drugs and other illegal items. Other sites contain child pornography, mercenaries for hire, and all the stuff most people don't want to know about. Lots of stories on this via Google.

I'm in the market for a few good Hessians.

 

[azgroover]

Bubble brewing?

link

What Is Bitcoin and What Can I Do With It?

Adam Dachis

Dear Lifehacker,

Everywhere I go, I see Bitcoin popping up more and more. Many web services accept payments in the form of Bitcoin, and some even sell their homes for the stuff. I know it's a digital currency, but where does it come from and how is its value determined? More importantly, should I bother earning it and using it for any reason?

Sincerely,

Bitconfused

Dear Bitconfused,

As you've noted, Bitcoin is a digital currency used to pay for a variety of goods and services. In many ways, it works the same as paper money with some key differences. Although physical forms of Bitcoin exist, the currency's primary form is data so you trade it online, peer to peer, using wallet software or an online service. You can obtain Bitcoin's either by trading other money, goods, or services with people who have them or through mining. The mining process involves running software that performs complex mathematical equations for which you're rewarded a very small portion of a Bitcoin. When you actually have some of the currency, you can then use it to purchase anything that accepts it. In some cases, Bitcoin is the only accepted form of payment and you'll have to acquire it in order to complete a transaction. While this basic explanation might answer most of your initial questions, it likely brings up quite a few more. Let's discuss how you can acquire Bitcoin and why you'd use it.

How to Acquire Bitcoins

Getting your hands on even a single Bitcoin can take a bit of work, but you have a few options. Purchasing Bitcoin takes less effort than mining it, but obviously comes at the cost of your hard-earned cash. Mining, on the other hand, takes computer processing power and often bears very little fruit. First, let's talk about how you can buy a Bitcoin and then look at the mining process.

How to Buy a Bitcoin

As previously mentioned, storing and using Bitcoins requires wallet software or an online service. The wallet software requires quite a bit of disk space and you have to find a Bitcoin seller in order to acquire any of the actual currency. An online wallet, on the other hand, makes the entire process much easier. As a result, we're going to focus on that process. To set up an online wallet and purchase your first Bitcoin, just follow these steps:

To create a wallet, sign up for an online service like My Wallet (UK) or Coinbase (US). For these instructions, we'll use Coinbase because they provide a simple, integrated purchase process with two-factor authentication for added security.

From the lefthand menu, click "Linked Accounts" and add a bank account. It can take several days for Coinbase to successfully link a bank account, so if you intend to purchase any Bitcoins you should plan ahead.

Once your account is all linked up, click the Buy/Sell Bitcoins link. The page will default to the Buy Bitcoins section so just enter the number you want to purchase, choose your bank account (if you linked more than one), and click the Buy Bitcoins button. The transaction may take a few days to complete, but you'll receive a notification when the Bitcoins have been safely transferred to your wallet.

The purchase process doesn't take much effort, but rather just involves a lot of waiting. The Bitcoin exchange rate changes over time, so while at the time of this writing you have to spend $75.93 USD for just one you may find them cheaper next month. Of course, you can come across Bitcoin for the cost of your CPU cycles by engaging in the mining process instead.

How to Mine Bitcoins

Mining Bitcoin involves running software on your computer that processes complex mathematical equations. If your computer solves one of these equations, you get a payout in Bitcoins. The issue, however, is that your computer is up against large groups of computers that will likely solve the problem before you. That means your machine may end up doing a bunch of work and it will be a very long time before you ever see a payout. As a result, you want to join a mining group. This makes it much more likely that you'll receive a payout, but you'll also receive only your much smaller share. Nevertheless, without a farm of supercomputers you'll earn more in the long run by mining with a group. Because mining is a very complex process, we don't have room to get into the details in this post. Business Insider offers a very simple method you might want to try (it didn't work for us due to Java issues), or check out popular mining pool BitcoinCZ (also known as slush's pool).

What to Do With Bitcoin

Now that you have a wallet and a Bitcoin or two, what do you do with it? If you signed up for an account with Coinbase or My Wallet, both services allow you to sell your digital wealth. Because Bitcoin prices fluctuate, if you're simply looking to make some money you can attempt to buy them low and sell them high. I bought a Bitcoin a few months back for $15, and if I sold it today I'd earn nearly $61. If you invest wisely and remain patient, you can make a decent amount of money by simply buying and selling Bitcoins.

As Bitcoins are a currency, several businesses accept them as payment. In fact, some businesses only accept Bitcoin. Why? Some services provide tools that may or may not be used for piracy, such as a VPN or Usenet indexer. Multiple Usenet providers shut down last year because their payment providers were pressured into dropping them as clients by major film studios. Without any way to accept payments, they couldn't afford to continue and shut down. Because Bitcoin conducts transactions peer-to-peer, there's no intermediary to prevent the funds from rolling in. As a result, many of these services utilize Bitcoin as their only method.

That said, you can use Bitcoin for more than just questionably ethical services. Bitcoin Magazine offers a long list of options that includes everything from music downloads to gift cards to clothing. While you can't spend your digital cash anywhere, several options exist for you to use your Bitcoins as you please.

This only scratches the surface of Bitcoin. It's a very complicated, involved system. It's also got company in the form of rival digital currencies, such as Ripple, Freicoin, Namecoin, and more. Hopefully this gives you a better understanding how Bitcoin works, but be sure to check out the Bitcoin Wiki if you want to learn more.

Love,

Lifehacker

 

[dickey moe]

Going nuts - up to $147 at one point today before falling to $117.

 

[Sarnoff]

Going nuts - up to $147 at one point today before falling to $117.

Major Bitcoin site attacked by hackers.

More than 80 percent of all bitcoin-USD trades and more than 70 percent of all bitcoin currency trades are done on Mt.Gox's servers, according to the company, making it is a major target for anyone wanting to take down bitcoin trading.

"Attackers wait until the price of bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit," Mt.Gox said.

 

[jwp]

For the amazing low price of .05 BTC per pic, Veronique Laval will do some, ahem, modeling work for anyone. Go to Facebook and look up the page Bitcoin Users Org and scroll through a few posts.

How did I not hear of this until today?

Very cool and futuristic stuff to me.

 

[Long Ball Larry]

Bitcoin peaked at $1145 on Nov. 29, 2013 and has been steadily declining since, although 1 bitcoin is still worth $283.00. Considering buying like half of one just to hold it, in case the price rises.