Category Bitcoin

November 2, 2013 / Posted in  Bitcoin

Bitcoin has had a pretty short history, it’s impossible to answer outright if Bitcoin a good investment. Bitcoin has proven to be stable, robust, and so far trustworthy. Part of that stability and perception depends on outlets like Mt Gox Coinbase, that allow you to convert Bitcoin for $US dollars and also $US dollars to Bitcoin. One time a Bitcoin security hole was exploited, but the Bitcoin community gracefully returned the system to normal while fixing the bug and with no Bitcoins lost or unaccounted for in the process.
Nefarious institutions like Silk road were closed which threatened the stability, exchange rate, and image of Bitcoin. However, the exchange rate recovered quickly after the news of Silk road, indicating Bitcoin wasn’t tied to just one market or business.

You can get $10...

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October 25, 2013 / Posted in  Bitcoin

I noticed a few page views of my other Bitcoin mining article, so I thought I’d do a follow up this week. I’ll talk about how to mine for Bitcoins on Windows and how to configure a mining rig with more than one device. Currently I have a 2 USB ASIC block erupter configuration mining for the BTC Guild (now closed). Below I’ll talk more about my performance and approximate BTC earn rate.

Previously I had a single USB ASIC block erupter mining off my work MacBook Pro laptop, but I couldn’t mine 24/7 and was wasting time constantly starting and stopping my mining rig. I decided to get a second USB ASIC block erupter and setup a permanent mining rig.

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October 16, 2013 / Posted in  Bitcoin

There is a lot of information on the Internet about where and how you can buy Bitcoins. The problem is, a lot of that information isn’t up to date. It also isn’t obvious that the current markets for exchanging Bitcoin are less convenient and subject to more fees than traditional domestic banking markets. There are tradeoffs in how you proceed, but the good news is market friction is constantly being reduced.

Update for 2014:

A lot has changed in six months, today the best place to get Bitcoins in the US is from Coinbase in my opinion. Converting currency is a flat 1% service fee. Continue reading to see the landscape from a few short months ago.

Cryptxchange no longer exists…

If you want Bitcoin fast, you can use Crypto X Change...

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October 14, 2013 / Posted in  Bitcoin

Bitcoin has a history shrouded in mystery which is appropriate considering the anonymity it provides. The original concept of Bitcoin came from a figure only known as Satoshi Nakamoto. Supposedly this figure provided much of the original software and technical guidance, then vanished and hasn’t been found since. Wikipedia suggests there is circumstantial evidence linking Satoshi Nakamoto patents with individuals who created the bitcoin.org domain. It is also suggested Satoshi Nakamoto is a famous Japanese mathematician.

Whatever the answer may be, the first Bitcoins were mined on January 3rd 2009 which released the first 50 Bit...

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October 10, 2013 / Posted in  Bitcoin

Bitcoin is a cryptocurrency which can be used for payment of goods and services. Part of the reason Bitcoin exists, is due to the voluntary computer systems out on the Internet running the program that supports the Bitcoin network. These voluntary computer systems are often called “miners” in the Bitcoin community. Miners do the calculations to ensure payments are only able to be spent once, and they update the master ledger or “block record” with transaction data. There is also a slim chance these miners can get free Bitcoins – which is the motivation to join and support the network.

The History of mining Bitcoins

In the beginning, computer CPUs powered the Bitcoin network...

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October 9, 2013 / Posted in  Bitcoin

About a week ago, the FBI shut down the Silk Road site, which was a hub for nefarious and illegal activity. I had never visited the site which requires the anonymity enhancing TOR browser, but the news article mentioned something that sparked my interest, “millions in Bitcoins seized.” Was that a lot? What is Bitcoin and what are they worth anyway? Then I saw another article that showed a picture of Bitcoins in hard currency form – were Bitcoins minted somewhere? My curiosity was peaked and I’ve spent about a week learning more about this fascinating, experimental, cyber currency.

I took a few hacks at it, but the best definit...

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