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BitCoin - Have you heard of this new P2P Currency?

21 March 2011
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Posted by Sergio Tapia Icon
What is BitCoin?

Quote

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network.


How does Bitcoin work?

Quote

Bitcoin utilizes public/private key digital signatures (ECDSA). A coin has its owner's public key on it. When a coin is transferred from user A to user B, A adds B’s public key to the coin and signs it with his own private key. Now B owns the coin and can transfer it further.

To prevent A from transferring the already used coin to another user C, a public list of all the previous transactions is collectively maintained by the network of Bitcoin nodes, and before each transaction the coin’s unusedness will be checked.


So what can I buy with it, you say?

You can find a list of sites that support BitCoin here:
https://en.bitcoin.it/wiki/Trade

Watch this video for a more in-depth explanation of what BitCoin is and how it was conceived. (Starts at 41:56)




What are your thoughts on this? Do you see yourself using this for something online? Would you trust it?

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8 Comments On This Entry

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Raynes Icon

21 March 2011 - 07:48 AM
I think this looks absolutely awesome. I'm totally going to use it.
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HealyHQ Icon

21 March 2011 - 08:38 AM
I've already been using it for a few months now. Figured I'd get in on the ground floor and sit on it to see if I actually make profit via the exchange in the long run. :bananaman:
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Choscura Icon

21 March 2011 - 10:04 AM
This is very good to know about. Thanks for posting this.
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5thWall Icon

21 March 2011 - 10:05 AM
I remember seeing the link to this on HN but I never did anything with it, but I think I'll download the software tonight. I probably won't have enough CPU power to get any coins though. :P

I wonder what kind of other services will crop up as it gets traction.
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heyoman1 Icon

21 March 2011 - 05:25 PM
There's also another digital currency called VirtaPay.com (formerly Paybox.me). I'm a but skeptical about this because they say they are planning to have an online market to spend your money, but it's been a while. They do keep their blog up-to-date.
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lexxe Icon

21 March 2011 - 11:49 PM
The only issue I have with this is that people who don't have the greatest computers, or that can't keep up with the swell of the people using lots of GPUs will be left behind and be out of the market unless they have a good/service that they can offer in exchange.


Not saying that you should be against this because you're not getting free money, but the majority of people who didn't get in on the initial boom when it wasn't being mined for are unfairly out of the free money others were given(obviously electricity costs are being discounted here).

All in all, I've got my computer running it, and I'm going to set it up on a couple other computers that I have here at my house to try and get some BTC.

Good luck to you all!
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DillonSalsman Icon

24 March 2011 - 10:50 AM
PS3 w/ Linux BitCoin Farm anybody?
I wonder how long it would take to earn your money back and start actually making money.
Assuming you didn't have the PS3's jsut laying around.
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DillonSalsman Icon

24 March 2011 - 10:53 AM
I hate not being able to edit posts on blogs -.-
I know just is misspelled.
What I wanted to add is for anybody about to try this, don't use it on your main computer while you are trying to use it. I just tried doing so while installing Netbeans and watching the above Youtube video, and Netbeans wanted 6 minutes to install. As soon as I quit the Bitcoin app it finished in 5 seconds -.-
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About Me

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Bienvenidos! I'm a USA ex-pat living in Bolivia for the past 10 years. Web development is my forte with a heavy lean for usability and optimization. I'm fluent in both English and Spanish. I guest write for the popular Python website Python Central. Visit my website.

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