Bitcoin tagged posts

5 myths about Bitcoin

People using Bitcoin

We are reading plenty of articles about Bitcoin every day. Depending on the week, the price of Bitcoin is either crashing or soaring. It is either taking over or burning out. The thing is, Bitcoin is hard to understand if you do not have a basic understanding of economics, computers and how cryptocurrencies work. As a result, there are plenty of myths about Bitcoin circulating in mainstream press and blogs. Before going through the 5 myths about Bitcoin, let’s see more facts about Bitcoin in the infographic prepared by experts from Bitcoin Play.

Myth 1- Bitcoin is Anonymous

It is safer to say that Bitcoin users are operating under their 34 digit addresses and it is not obvious who is acting under each address...

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What really happened that brought Mt Gox down?

Mark Karpeles bows deeply

How the mighty have fallen. It finally happened, Mt Gox closed its doors officially this week. Whatever you had, Bitcoin or fiat currency at Mt Gox, it’s now gone. I feel for the people who lost, especially anyone who made this list. But did Mt Gox get hacked, or was it something else that brought about their fate? And where are the millions that Mt Gox supposedly had?

I had cleared out my account a few weeks ago, so I ended up only losing pennies compared to others. I was lucky, because just a few months ago I started my Bitcoin presence by depositing into Mt Gox. If my timing was a little different, it would have gone bad and I would have undoubtedly given up on Bitcoin. But Mt Gox going under isn’t scaring me away from Bitcoin. Mark Karpeles was quoted saying, “We have lost Bit...

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Bitcoin mining with Four Red Furys

red fury photo

Here’s a look at my four Red Furys in action, I’ll post another video soon with my updated setup.

Feel free to comment below or on YouTube.


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Is Bitcoin safe? How do I know I won’t get cheated?

simple bitcoins

So is Bitcoin safe? There are a number of factors that will determine if any online banking system is secure. When Bitcoin is used properly, it is safe.

Why is Bitcoin safe?


If you are in the United States and use dollars, you can deposit and withdraw funds using Mt. Gox Coinbase, a service where you can buy and sell Bitcoin. Once you buy Bitcoins, you can store them in a digital wallet of your choice which you access with a number that’s provided, and a password you create. Nobody else knows or tracks this password – and if you lose the password, the Bitcoins are gone.

When you send or receive Bitcoins, the funds are sent immediately. The transaction takes a few minutes to an hour to clear for the recipient...

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