Bitcoin:

The Complete
Beginner's Guide To
Earnings on Bitcoins,
Quick & Easy Guide To
Mastering Bitcoin and
Digital Currencies
Table of Contents:
What is bitcoin
How does Bitcoin work?
How to earn bitcoins without
investment
How to earn bitcoin by mining
How to make money on bitcoin
fluctuations
Real money?
Forecasts and prospects of
bitcoin
Exchangers
The law on bitcoin
Payment by bitcoins
Where can I see the bitcoin
An overview of bitcoin mining
FAQ BitCoin
 What is
bitcoin?
1. What is bitcoin? Definition Bitcoin

BitCoin - is a cryptocurrency that uses the

same name of digital currency on P2P
technology
Often denote bitcoin BTC. In the future there is
the option of renaming the on the XBT. Sign
bitcoin Sign bitcoin approved for inclusion in
the Unicode standard, version 9.0. His number
U+20BF.
If you read the definition in Wikipedia, and
there it is quite complex and hardly anyone will
be able to understand even a simple definition,
not to mention all the intricacies. From
Wikipedia: "bitcoin is a peer system of
electronic cash using the same name of digital
currency, which is often called cryptocurrency
or virtual currency." Speaking in simple words,
Bitcoin - the virtual currency (money) that
exists on the network and can be exchanged for
real money.
Its Creator and developer of the Japanese
Satoshi Nakamoto, who in 2008-2009 said
about them. No information about the identity
of Satoshi, the network was not found,
therefore everyone assumes it was just a
legend. It's probably just the name of a group of
programmers (like in Yandex there is a Platon
Schukin, which actually does not exist).
The main feature of bitcoins is the lack of a
Central network administrator, this means that
the currency is fully decentralized. Sent
transfer can not be returned, so err on the
points of origin not very desirable.
All payments are absolutely anonymous. But
there is a shared database of all transactions,
where public access can be viewed with a wallet
and money. However, all information ends.
Bitcoin is often called:
Cryptocurrency
Virtual currency
Digital currency
Electronic cash

2. The creation and emergence of new coin

Bitcoin

Bitcoin no prints and not released. They are in

the process of complex mathematical
calculations. This process is complex and very
time-consuming. So to make the condition on
this is unlikely to succeed. The process of
creating bichenova is called mining.
2.1. What is mining
You will be surprised, but bitcoins can be
mined, but it is not always be profitable. The
process of mining bitcoins is called mining.
Honestly, personally I have never mined
Bitcoin through mining, but judging by the user
feedback and the online calculator is a
senseless idea, well at least for the moment.
Because the more they create, the harder the
difficulty of creating a new one. But due to the
growth rate of bitcoin, the chances of earnings.
When they first began to appear, their produce
was much easier due to lower complexity.
Learn more about hashing can be found in the
article: how to earn bitcoins by mining.

3. The maximum number of bitcoins

There can be released exactly 21 000 000

bitcoins and not one more. This is a clear limit,
which will gradually committed their number.
At the beginning of 2014, there are about 12
000 000 BTC. Moreover, the process of
creating a famous and even a curve, which can
determine the creation date of the most recent
bitcoin: Despite the fact that the number of
bitcoins becomes more and more every day, but
their path to real money recently rather
abruptly goes up:
Exchange rate graph of the value of Bitcoins in
2 years
The cost of one bitcoin went to$ 1200 in Dec
2013, and summer 2013 the currency was
worth 100 times cheaper. It is an enormous
growth that could earn 10000%.
That bitcoin is of great interest is evidenced by
the constant growth in the number of
transactions made in that currency:
The increase in the number of transactions in
bitcoins
Bitcoin is often compared to "electronic gold".
In the real world gold is just a metal that has a
cost, as there is great demand. Bitonti have the
same meaning, but only as to touch or maintain
them is impossible - all this is virtual. They will
have some value as long as there is a demand.
And the demand for new currency, yet steadily
growing, and this gives great prospects for
bitcoin, and this further increases the interest
in them. By the way, in the future, possible to
manufacture real coins of BitCoin, but it's still
only prospects.
Is there a future for bitcoins
Many now call bitcount currency of the future,
but while about it early to speak. This can
happen only if it will legalize all of the country
(see laws on bitcoins). But while in all
countries the issue is under consideration and
the exact clarity is not present. In Russia, for
example, "beats" is strictly prohibited and
unlawful.

4. How to start using bitcoin

To store bitcoins you need to create a special

purse or to use some service that will provide
such an opportunity. About how to do it, I have
written a separate article: how to create a
bitcoin wallet.
Popular services for storing Bitcoin:
COINBASE
EXMO
BTER

4.1. How to buy/get bitcoin to the common

user

If you want to accumulate, or for some

purposes to bitcoin, the easiest way to do this
through a bitcoin exchanger.
60CEK
WMGLOBUS
XCHANGE
BANKCOMAT
Choose and buy the currency. Often buy it for
Yandexmoney, Qiwi, wire transfer Bank.
4.2. Commission for the transfer in bitcoins
Commission when you send a Bitcoin, is
calculated each time individually. Usually it
does not exceed 10-20 rubles for any amount
that you send. When sending large amounts of
such misiriou the Commission may not
consider. It is also possible to transfer and
without a fee, but their priority will be lower,
so their confirmation may be very large.
Let's look at what significant advantages has the
new cryptocurrency?

5. The advantages of bitcoins

The advantages of bitcoins

1. Anonymity
Since the network is decentralized, all carried
out anonymously. You can only track the last
transaction, but who and what was transferred
bitcoins cannot be determined even
intelligence agencies. However, this advantage
is the opposite of negative, which will be
described in cons of bitcoin a little lower.
2. The alternative to the existing money
Bitcoin - the alternative and rather convenient
method of payment. Now there are a lot of
places, both online and in real life that take
bitcoins.
3. No taxes
When paying with bitcoin will not be charged
taxes since officially bitcoin is not a currency.
This gives the opportunity to buy goods a bit
cheaper.
4. International currency
Bitcoin is a truly international currency, i.e. it
is the same everywhere, and it is very
convenient. For example, in Russia and in other
countries to pay for everything from one purse
not thinking about what about currency
exchange.
5. The lack of control
Bitchy not controlled by anyone. They belong
only to the public, and therefore politically it is
difficult for them to work.
6. No fee
No fee for the transfer of bitcoins. However, if
the transfer is to be implemented immediately,
you will have to pay the Commission that You
will decide to pay (the more you pay, the faster
the transfer).
7. Reliability
Impossible to counterfeit bitcoins, because it
is very difficult. It is much easier to produce
new.
8. A limited edition
More than 21 million. bitcoins will not be
exact. This limits inflation and makes the
money more valuable.

6. Cons of bitcoins

Cons of bitcoins
1. Big risks
This new virtual currency is not secured by
anything but demand. If the demand falls, the
price of it is also the stone will go down.
2. Outside the law
There is a danger that the country will not
legalize the currency, and it will undermine
interest in her and a will not to use it.
3. Bad security
The lack of security against the theft in the
Bitcoin cryptocurrency, loss and other risks.
Since all of this is not yet officially, that is the
risk of being cheated some system of
exchange. Also do not forget about the threats
from viruses that can steal access to your
wallet, etc. And get the money back will be
impossible, because the laws at the moment are
not provided refunds of the virtual money.
4. Illegal
Due to the lack of control and anonymity of
payments, it's easy to use terrorists, drugs, etc.
That creates a big problem to legalize bitcoin
and while this problem is not solved. See: laws
on bitcoin in different countries.
5. Strong fluctuations in the value
Strong fluctuations of bitcoin deters many
from acquiring it. For example, now 1 BTC is
worth 350$, next week is$ 400, and then the
next week 350$, etc. in Short, the price is
strongly determined by demand, which is
known to be very volatile and speculative. And
at the moment, due to the lack of large
turnovers on the stock exchanges of bitcoins,
they are easier to manipulate, and therefore
place a strong oscillation. But over time, the
course should cease to fluctuate so much.
6. Alternative cryptocurrencies
Over time, there is a risk that bitcoin will
become less relevant because of the flight to
some other more promising currencies. For
example, Dash or Ethereum. Of course, not all
will go to another currency, but the risk of loss
of relevance is always there.
 How does
Bitcoin work?
Information for new users

As a new user, you can begin with Bitcoin

without understanding the technical details.
Once you have installed a bitcoin wallet on
your computer or mobile phone, it will
generate your first bitcoin address, which you
can later create as many as you need. You can
disclose your addresses to your friends so that
they can pay you or Vice versa. In fact, it's very
similar to how Email works, except that bitcoin
addresses should only be used once.

Bitcoin
Balances - block chain

The chain of blocks or blockchain is a shared

public Ledger on which the entire Bitcoin
network relies. All confirmed transactions are
included in the block chain. Based on this
information, bitcoin wallets can calculate your
current balance and verify new transactions of
bitcoin are really being spent by their owner.
The integrity and the chronological order of the
block chain are enforced with cryptography.

Transactions - private keys

A transaction is a transfer of funds between

bitcoin wallets that is included in the block
chain. Bitcoin wallets contain sensitive
information, called a secret key, which is used
to sign transactions, providing mathematical
proof that the transaction was indeed approved
by the owner. This signature also prevents the
transaction change after she was transferred to
the network. All transactions are broadcast
between users and confirmed by the start
network, usually within 10 minutes, using a
process called hashing.

Processing - mining

Mining is a distributed consensus system used

to confirm waiting transactions by including
them in the block chain. It enforces a
chronological order in the block chain,
protects the neutrality of the network, and
allows different computers to "negotiate" on
the unified state system. In order for
transaction to become confirmed, they shall be
Packed in a block that fits very strict
cryptographic rules that will be verified by the
network. These rules prevent previous blocks
from being modified, so in this case, all
following blocks would be invalid. In addition,
mining also creates the equivalent of a
competitive lottery that excludes the
probability of a simple successive addition of
units in the chain by any user. Thus, no one can
control the block chain or replace parts of
others to roll back their own transactions.
 How to earn
bitcoins without
investment
Earn bitcoins without attachments in
three ways:
With the help of mining
Earn bitcoins on the exchange
Earn free bitcoins;
In addition to these methods, it is
possible to simply purchase in the
exchanger.
How to earn free bitcoins
In this article, we consider only a free
way to earn bitcoins. And earn can
absolutely anyone, with no special
skills.
Below is a list of exchanges that allow
you to obtain bitcoins for free.
Before you get started with bitcoin You
need to get a wallet for bitcoins.

1. FREEBITCO (review FREEBITCO)

Description: excellent program with the
ability to get bitcoins every hour for
free. For this you just need to enter a
captcha.
Payments: every Monday when the sum
is greater 0.00005650 BTC
Additional information:
• Have your tote betting
• Features a bonus Rewards program
where earned bonuses can be spent on
various privileges
• Have the ability to put bitcoins at
interest rates of 4.08% on the balance
(section Earn btc)
• There is a service FREEDOGECOIN,
which gives the opportunity to earn
DogeCoin every hour (see how to create
a DogeCoin wallet)

2. MOONBITCOIN
Description: earn bitcoins every 5
minutes, the longer you wait, the more
you earn.
Payments: every Monday when the sum
is greater 0.00005500 BTC
Additional information:
• Have the ability to know exactly how
much you will earn
• There are similar service
MOONLITECOIN to earn LiteCoin (see
how to create a LiteCoin wallet)
• There are similar service
MOONDOGECOIN to earn LiteCoin
(see how to create a DogeCoin wallet)

3. BONUSBICTOIN
Description: free bitcoins every 15 to
5000 Satoshi.
Payment: on request, min. the amount of
10 000 Satoshi
Additional information:
• excellent referral system - 50%

4. BTCCLICKS
Description: the system works on the
principle autosurf: get bitonti for
viewing ads
Withdrawal: Minimum withdrawal
amount is 0.1 mBTC
Additional information: However the
withdrawal amount less than 10 mBTC
will delay the processing of Your
payment to 24 hours, and we will charge
you a fee equal to 1.5%.

5. CLAIMBTC
Description: every 20 minutes and every
hour you can earn bitcoins from 100 to
500 Satoshi.
Payout: on request from 2000 Satoshi
Additional information:
there is a possibility to increase the
balance through the tote

6. BATTLEBITCOIN
Description: every 10 minutes and every
hour you can earn bitcoins from 100 to
5000 Satoshi.
Payments: at the request of 5500 Satoshi
Additional information:
there is a raffle

7. BOXBITCOIN
Description: every 10 minutes you can
open chests with Satoshi.
Payment: on request, min. the amount of
15 000 Satoshi
Additional information:
• open the chest once in ten minutes
• There are more "Stairs" (available
every sixteen hours). Five steps is one
chest, opening them one at a time (top to
bottom), the player gets the money in this
kind of game are summarized
• after the game, don't forget to enter the
captcha and click GET REWARD,
otherwise the counter will not start
• there are also two services to earn
Litecoin and DogeCoin: BOXLITECOIN
and BOXDOGECOIN
 How to earn
bitcoin by mining
What is mining bitcoins?

To be very brief, it's just the process of

production (creation) of Baconton. Let
me remind you that even in real life, the
concept of mining also means "prey",
and, as a rule, of gold. The only
difference is that in the virtual world
produced BitCoiny, which by the way is
called the "virtual gold".
How to earn bitcoins by mining
How about the look of the mining
process? Mining - the creation of
Baconton the need to count a hash of the
blocks that include random numbers,
links to previous blocks, etc. in Short, to
split hairs I don't see the point. Suggest
for those who want to read a review of
programs for mining bitcoin. In this
article we will not consider how
programs work. This review article is
written for those who want to try to earn
bitcoins mining, and not to learn all the
intricacies of the software.
The whole mining process the computer
carries out automatically and without
Your intervention. It looks very
attractive for a passive source of
income, because you only need a
computer connected to the Internet with
special drivers. However, the difficulty
is that it is very large and difficult
computations that heavily load the
computer. The Internet traffic during
mining is spent is minimal, but
electricity requires a large amount that
even is the big question with the return
on this activity.
Popular affiliate programs for bitcoin
mining:
By eobot
It's a proven place that allows you to
turn into a common pool and to mine
"bitcoin", "litecoin" and other
cryptocurrencies.
Is it worth mining?

This is probably the most important

question that difficult to answer at this
particular day at least. It all depends on
several circumstances, which are
constantly changing without our
participation. Here are the
circumstances:
1. What is the rate of bitcoins at the
moment. If its rate will fall much, it
means the potential return it also. This
means that to engage in mining will not
be profitable, but the rate is not stable
and at any moment, things can change
quickly in the opposite direction. So if
bitcoin is worth$ 500, to engage in
mining may not be profitable, but if it
will cost 650$, it is already profitable.
2. What is the complexity of production
at the moment. After all, the more
participants and the bitcoin network, the
harder it is to produce each new unit.
And in the future bitcoin mining gets
harder, even without new members.
There are even special graphics that
reflect the complexity:
The difficulty of bitcoin mining when
mining
If the price goes up faster than the
difficulty, then what is the negative of
mining? Kind of like the computer works
and earns the money - it's almost a
dream for anyone. However, there is a
problem that the average one-hour
special even prepared a powerful
computer will be able to earn about 10-
30 per hour. The main reason for such
low performance is directly linked to
energy costs. Also do not forget that the
computer must be equipped with a
variety of Radeon graphics cards (which
is the additional cost of the hardware on
the initial investment), as only they are
able to provide effective mining.
One other important note: to earn bitonti
on their own, without the different pools
(communities) is almost impossible due
to the high complexity of their
production. Only by uniting in large
groups can make tutu bitcount (now the
pack is 25 BitCoin), which then share
proportionally among all pool
participants.
Now briefly about the websites that you
can join a pool for mining. On the page
https://en.bitcoin.it/wiki/Comparison_of_m
you can find all the relevant services to
participate in the pools, are all
characteristics and possible methods of
remuneration for participation in the
pools.
Which processors give the best
performance for mining? For the
extraction of Baconton best suited
Radeon. The following are the names of
the cards with exemplary performance:
Radeon HD 5xxx:
5550 - 550 MHz (39W) ~50 Mhash/s;
5570 is 650 MHz (39W) ~74 Mhash/s;
5670 - 775 MHz (64 W) ~88 Mhash/s;
5750 - 700MHz (86 W) ~144 Mhash/s;
5770 - 850 MHz (108 W) ~194
Mhash/s;
5830 - 800 MHz (175 W) ~255
Mhash/s;
5850 is 725 MHz (151 W) ~297
Mhash/s;
5870 - 850 MHz (188 W) ~387
Mhash/s;
5970 - 2x725 MHz (294 W) ~659
Mhash/s;
Radeon HD 6xxx:
6570 - 650 MHz (60 W) ~89 Mhash/s;
6670 - 800 MHz (66 W) ~109 Mhash/s;
6790 - 840 MHz (150 W) ~191
Mhash/s;
6850 - 775 MHz (127 W) ~212
Mhash/s;
6870 - 900 MHz (151 W) ~287
Mhash/s;
6930 750MHz (186 W) ~277 Mhash/s;
6950 - 800 MHz (140 W) ~325
Mhash/s;
6970 - 880 MHz (190 W) ~390
Mhash/s;
6990 - 2x830 MHz (350 watts) ~736
Mhash/s;
Radeon HD 7xxx:
7750 is 800 MHz (55 W) ~121 Mhash/s;
7770 - 1000 MHz (80 W) ~189
Mhash/s;
7790 - 1,000 MHz (85 W)
~262Mhash/s;
7850 - 860 MHz (130 W) ~258
Mhash/s;
7870 1000 MHz (175 W) ~375 Mhash/s;
7870 XT - 925 MHz (185 W) ~416
Mhash/s;
7950 is 800 MHz (180 W) ~420
Mhash/s;
7970 is 925 MHz (230 W) ~555
Mhash/s;
7970 GHz Edition - 1050 MHz (250 W)
~630Mhash/s;
To accurately calculate the efficiency of
mining, you can use special calculators.
However, if You are a beginner then do
not be surprised that, most likely, all
options will seem quite complicated.
 How to make
money on bitcoin
fluctuations
Despite the fact that bitcoin is a virtual
currency, they can buy and sell on some
exchanges. This game, which is very
much like the Forex and stock exchange.
Therefore, as well as on the exchanges,
you can try to make a speculative on
fluctuations of the value of bitcoins. Let
me remind you, the main principle of the
game in Forex: buy cheaper, sell more
expensive. This procedure can be
repeated any number of times.
How to make money on bitcoin
fluctuations
To describe all techniques and strategies
of gambling, I will not, because this is a
huge topic that cannot fully reveal, even
in a large book. There are a lot of
strategies, indicators, which allows you
to search for points for entry and exit,
look for strong levels of support and
resistance and other important points on
the exchange. But one thing is for sure
that there is no magic indicator that
would always give just the right signals
when to buy and when to sell to each
transaction to close in profit.
One of the best exchanges for the game
for cryptocurrency is EXMO. Its
advantages are that there are supported
the most popular currencies: BTC, LTC,
DGC, etc. But the main advantage is that
exchange allows you to Fund your wallet
via Yandex Money, WebMoney and
QiWi even.
By the way, to play on the course of
fluctuations in the bitcoins, not
necessarily to enter into the exchange
and play there. You can just use the
exchangers. Waiting until their rate of
falling. Then exchange money for
bitcoins depreciating, waiting for the
growth rate. When they grow up, looking
for a good time for a reverse exchange
for money and here it is, PROFIT.
In this article I will just briefly talk
about medium-term investments in
bitcoins based on a small analysis of the
chart. So, what we see on the history of
the growth of bitcoin over the past two
years:
The history of the exchange rate value of
bitcoins in 2 years
The global trend has been growing, but
at the moment he is falling. Predictions
for 2015 say that bitcoin will fluctuate
around 150-350$, and will likely remain
in this range until, until there will be
some big news.
Predictions for 2016 at the rate of
bitcoin: bitcoin price will be in the
range 300..700$.
For me bitcoin now looks like a
speculative instrument, the difference of
the course which you can try to earn
something. Moreover, in the future, the
cost still needs to grow. As will be
actually, will show time.
 Real money?
First place in the list of the major
delusions about Bitcoin is the idea that
Bitcoin is the next "paper", albeit
electronic, which only represent "real"
money, that kind are ious. From here
begins the most other errors that if it is
paper, they are worth nothing; you can
print them or destroy as much as
necessary; they can be falsified; they can
be copied.

Again — all this is nothing more than

delusion. The idea of Bitcoin lay the
desire to create not just another "paper"
that represent real money, such as gold,
and an analogue of gold. Take the
properties of gold, which it is your
money, and make money based on them.

The complexity of the production

Gold cannot be copied — it can only

produce. But this process is very costly
both in time and resources. Partly for
this reason gold is valued so highly. To
make it clearer, consider the example.

Suppose a person all day diligently

mined gold and produced in total 1 kg.
For him the value of mined gold is equal
to one day of hard work. After a hard
day he decided to relax and go to the
cinema. By a happy coincidence the
cashier gave tickets in exchange for
gold. Why? Because the cashier like
gold, but don't like to work all day with
a pick. Therefore, it is ready to render
service — to give the ticket — in
exchange for 1 kg of gold. In fact, he
exchanges his service for one day of
hard work.

Now let's imagine another situation.

Invented the copier that works with gold.
And anyone can for one minute 1 kg of
gold to make 10 kg. In this situation, the
cashier will not exchange tickets for
gold, as now he can easily print as many
as you want. Gold will cease to have
any value and it can no longer be used as
money.
In Bitcoin the mining process coins also
requires resources and time. But in this
case it is not human resources, and
computer.

Conditionally scarce resource

The longer mined gold, the more

difficult (expensive resource) it
becomes to produce. This ensures that
inflation is under control.

In Bitcoin similar behavior is achieved

by introducing a velocity function of the
total mined coins from time to time. This
function is inversely proportional, i.e.
the speed decreases over time and tends
to zero. If you take the integral of this
function on time, you get the Exhibitor.
About this:

Here you can see that the total number of

coins is committed to 21 000 000. The
details of Bitcoin will be discussed
later. As long as you need to know two
things: coins appear in the system in
batches approximately every 10 minutes,
the number of coins in one pack — 50,
and it is halved every 4 years.

Materiality

This is already a property is not as much

gold as any non-electronic currency. One
bar of gold can not be twice exchanged
for a service or product. Ie one time it
could be either from the seller or the
buyer.

This behavior naturally for material

currency, but not for electronic. To
achieve such a behaviour of virtual
money, you need to make a lot of
intelligence. Bitcoin is the behavior
provided by the transaction mechanism.
All transactions unites into a chain. Each
transaction takes coins from one or more
existing transactions and indicates whom
they are intended. So you can always
check the entire chain for validity.

The complexity of production, limited

resources, material — these properties,
plus the use of cryptography to ensure
safety, allow the use of Bitcoin as
money. They formed the core of Bitcoin.
It's not just the arrangement. They are all
inherent in the system by design, and in
another way it will not work. It is time
to consider the design.

Block chain

Any electronic payment system must

somewhere and somehow store the
transaction. In Bitcoin all information is
stored in the block chain. The blocks are
transmitted in JSON format. Each block
contains header and list of transactions.
The header consists of several
properties, among which is the hash of
the previous block. Thus the entire block
chain stores all transactions for all time
Bitcoin.

In current versions of the software

Bitcoin block chain is downloaded
completely each client, making the
system fully decentralized. Data is not
encrypted and anyone can manually trace
all transactions. There is even a special
website — Bitcoin Block Explorer,
which allows you to easily see all the
information about blocks and
transactions.

At the time of writing, the number of

blocks in the chain was equal to 110
968, and as I said earlier, this is the
number approximately every 10 minutes
is incremented by 1. This means that
someone of the participants was able to
create a new block.

By the way, all participants are divided

into two groups: those who are working
on a new unit and who does not work.
According to statistics, these groups are
related as 1 to 3. Why bother to create
blocks every 10 minutes? The blocks
will be recorded in the transaction. Each
block contains all the transactions that
took place during its creation, i.e. 10
minutes.

It works as follows. One of the clients

creates a new transaction and sends it to
other clients, which are generating a
block. They add the transaction to his
unit and continue the generation. Sooner
or later someone will generate a block.
This unit is sealed (to him no longer
added transaction) and is sent over the
network. Then the clients check the unit
and the transactions within it for
validity. If no problems, then the
transaction is considered approved. By
this time the fresh unit is already reached
to every client and added to the chain.
After that, the process is repeated —
customers start to generate the next block
and collect the new transaction.
Unit

Consider the contents of the block and

the process of its generation in more
detail. An example of a block, you can
find all the same Bitcoin Block
Explorer. The block consists of a header
and list of tranzactii. The header consists
of the following properties:

hash — SHA-256 hash of the block

header. This hash is sufficiently random,
and the time of its computation is
predictable. I want to note that only the
header is hashed, without transactions.
So the number of transactions will not
greatly affect the computation time of the
hash.

ver — Version scheme of the unit. At the

moment all the blocks one version — 1.
prev_block — the Hash of the previous
block in the chain. Due to this property,
the chain can not be faked, replacing her
in one of the blocks, as the block hash is
always dependent on the hash of the
previous block in the chain. Changing
one of the blocks will have to recreate
all the following.

mrkl_root — Merkle root — a list of

hashes of transactions. The hash of the
block must necessarily depend on the
transaction, so they cannot be faked. But
to compute it directly will be long if the
number of transactions is large. So first
hashed transactions themselves, and then
their hashes are used to compute the hash
of the entire block.
It may seem absurd — why double to
calculate the hash the same. But the fact
that the transaction hash is only updated
when you add a new block of
transaction, and the hash of the block
header is recalculated thousands of
times per second. Besides, the closer the
header size constant, the more accurately
we can predict the computation time of
the hash.

time — uint32_t representing the

creation time of the block. Maximum
permissible year — 2106.

bits is One of the most important

properties. Is a shortened form of the
target hash value. A block is generated
(valid) when its hash is less than the
target value. The target value determines
the complexity of a block. The smaller it
is, the less likely you are to pick up any
hash in one iteration. This property is
updated every two weeks.

This happens in the following way.

Counts the number of generated blocks
over the past two weeks and compared
with the benchmark (1 unit every 10
minutes). If blocks are too many, then the
complexity increases. If blocks are too
small decreases. Therefore, the system
adapts to the increase in the number of
users and, as a consequence, the total
power of their computers.
nonce — a Number that, starting from
zero, incrementorum after each iteration
of the hash calculation. Actually, it
happens too much, until the hash is
lower than target value. To each new
hash is different from the previous one,
must be different in at least one of the
properties of the block header.

For example, the version never changes.

The hash of the previous block is
updated when someone beat us to it and
generate a new block. The Merkle root
is updated when adding a transaction.
Time — every few seconds. Bits (target
value, complexity) — every two weeks.
It's too long. Not to wait until the
updated one of the properties and there
is a nonce.

Consider a hypothetical situation. All

values nonce has been checked and none
of them fit. During this time no other
property is not changed. Nonce overflow
occurs and it starts again from scratch. It
turns out that the hashes will be
repeated. To avoid such situations, after
the overflow nonce, changing the special
property of one of the transactions. After
this updated Merkle root and the hash of
the block header will not be repeated.

n_tx — Number of transactions in the

list.
size — the block Size in bytes.

Transaction

Transactions are contained in blocks in

the form of a list. They, as well as the
blocks arranged in a chain. Each
transaction must specify where it takes
money (from what the existing
transaction), and where to send.

To specify the recipient uses the public

key. So the recipient could use the
money, he must create a new transaction
that will take money from previous and
forward them to another address. To
prove that a person uses to translate
exactly their money, not someone else's,
he should leave the transaction, your
digital signature. Then at any time, you
can make sure that all transactions in the
system are valid.

In practice, it is implemented using the

following properties:

hash — the Hash of the entire

transaction. It turns out that transactions
are hashed twice. The first time you
calculate the hash of the transaction. For
the second time during the hash
computation unit. In addition, each block
refers to a hash of the previous block,
and each transaction — a hash of the
previous transaction (or transactions). If
you change the transaction and by some
miracle, its hash won't break, it will
break all the other hashes and modified
block chain will be rejected by all
customers.

ver — Version scheme of the

transaction. While she never changed, so
everywhere is 1.

vin_sz — Number of previous

transactions from which the money is
transferred to the new address. One or
more.

vout_sz — Number of addresses to

which the money is transferred. One or
more.
lock_time is not Yet used everywhere
equal to 0. The idea is to create a
delayed transaction, that they are added
not in the current generated by the unit,
and, for example, in sleduushii. Implies
that this property specified the number of
blocks that need to skip the transaction
before adding. This gives the
opportunity for some time to change the
transaction and re-sign it.

size — the Size of transaction in bytes.

Refers to the size of the transaction in
JSON format.

in — Contains a list of inputs (sources)

of the transaction. As inputs the outputs
of previous transactions (prev_out).
Each output has the following
properties:

hash — the Hash of the previous

transaction.

n — because transaction can have

multiple outputs, it is necessary to
specify from which of them come from
money. This is this property. It contains
the ordinal number of the output of the
previous transaction, starting with 0.

scriptSig — this property, the sender

must prove that he translates it their
money, not someone else's. For this, he
okazavaet public key of the recipient of
the previous transaction, i.e. its key, as it
must be by the recipient. Additionally, it
adds a ECDSA signature of the same
transaction that made its private key.
This proves that he manages their money,
not someone else's.

After the list of transaction inputs (in)

specifies the list of outputs (out), i.e. the
addressees. Each output has the
following properties:

value — Contains the amount of money

that will be transferred to the new
address. They are taken from the
previous transaction. Therefore, this
number should not exceed that amount.
For example, we want to take 10 coins
from one transaction from another and
20 and guide 25 to the new address. To
remaining 5 coins are not lost, we send
them to ourselves as change. Thus in our
transaction there will be two recipient,
one of which we are. Value is always
specified in nanomolar to avoid
fractional numbers.

scriptPubKey — This property, together

with scriptSig make up a script on a
modified Forth-like language.
ScriptPubKey contains the language
statements and the hash of the public key
of the recipient of the transaction. The
script checks the transaction for validity.
The use of such a scenario provides rich
opportunities to describe the conditions
of receipt of money addressee. For
example, you can force the recipient to
enter a password instead of ECDSA.

The total amount of money input

transaction is always equal to the sum of
all output. Otherwise, the money or
arose out of thin air, or disappeared
from circulation. But in the beginning
was a graph that shows that the number
of money grows exponentially. So where
are the new money in the system?

For my taste, the issue of money is

realized simply and elegantly. In each
block, the first transaction in the list is a
special transaction. She always has one
input, which is properties scriptSig is
the property coinbase. This property can
contain anything.

The output of the transaction is also

always the same. He directed 50 coins
to the one who generated the block in
which is located the transaction. It's kind
of a reward for the spent time and
resources on generation unit. Creating a
new block in the chain, the customer
contributes to the work of Bitcoin.

Every four years this reward is halved,

thus the total number of coins in
circulation stabiliziruemost. After that,
even if an attacker will create a block
using a modified version of the program
and will be credited with 50 coins, this
unit will not be added to the chain, as it
rejected the other honest clients, which
should be the majority.

The stability of the system based on the

number of users who have launched the
official client. While the majority of
them, Bitcoin is not in danger.

Conclusion

Proof of work (proof of work) is the

result of work that is difficult to achieve,
but easy to check. The network Bitcoin
is based on this principle. To check the
hash (the result of) in a split second.
And in order to pick him up, it takes a
lot of work.
Here we can recall the analogy of gold,
the production of which takes a lot of
time and resources. But to understand
that before you gold, you can almost
immediately. In this sense, Bitcoin also
has its value. But we must not
understand this as the price in dollars or
in electricity bills, which used the
computer during the selection of hash.

Price in dollars is a little different. It is

not inherent in Bitcoin and is determined
solely by the market. After all, gold
itself does not guarantee you a certain
price in dollars. It ensures that only the
person who wants to exchange gold for
dollars.
The initial value of gold is determined
solely by those who produce it. For gold
he was so needy, so as to compensate for
the effort of its production. And after that
the price of gold begins to affect the
market.

Once Bitcoin hit the market, its value

determined solely by the level of
confidence in the system. The more
people will trust you, the more you buy
Bitcoin, the more dollars it will invest
and, as a consequence, the more
valuable Bitcoin.

Before people can trust Bitcoin, they

need to know whether this system is a
sufficient degree of safety and also can it
be used as money, i.e. whether it has the
properties of money, which I listed in the
beginning. To know for sure you can
only razoblachit in the principles of
Bitcoin.
 Forecasts and
prospects of bitcoin
Are there any prospects for bitcoins, is it
worth buying them and keeping them in
your savings? Perhaps such questions
are asked by many investors who heard
about this amazing new currency
BitCoin, which has already greatly
famous on the Internet. In this article I
will combine multiple opinions and
Express their opinion about the
prospects of bitcoins.
Forecasts and prospects of bitcoin
So, it seems to have a potentially great
future of bitcoin: an international
currency alternative to the real money,
quick transfers, the inability to
counterfeit currency, etc. About all the
pros I wrote in a review article what are
bitcoins. However, not everything is as
good as it might seem at first glance.
The question of the prospects of bitcoins
first and most important obstacle to their
further development only legislation (see
law on bitcoins). No country has not
become fully legalize bitcoins. In this
preliminary review of countries do not
yet allow us to hope that there will be
positive results on the recognition
bitcoin legal currency. Hence, there are
serious doubts in their future.
At the moment, almost all States do not
conduct active struggle against bitcoin,
so everything still looks pretty
optimistic. But what if the new currency
will struggle in the form of various
prohibitions? In this case, about any
future new cryptocurrency do not have to
talk.
Perhaps many will strongly push the fact
that now the exchange rate of bitcoins
fluctuates very strongly and thus to
predict how long he will be in a couple
days is impossible. Too speculative
market in bitcoins. Of course, you can
use technical analysis charts and try to
predict what will happen next. But first,
their results are far from reality, and
secondly to engage in a constant analysis
and forecast would not want every
investor. Moreover, the tests are
justified not always.
In the future, the bitcoin exchange rate
over time have settled and linearly start
to grow (if there will be strong problems
with the law). Therefore the problem of
strong fluctuations, most likely, will be
solved. It just takes time.
Prospects for bitcoins
Views on the Outlook for bitcoins is
divided

Investors have divided into two camps:

some believe that bitcoin will come to
an end, others on the contrary think that
everything is just beginning. Each side
has its own convincing facts and
arguments.
Optimists say
Optimists believe that the exchange rate
of bitcoin a couple of years (perhaps
decades) generally can reach up to 100
thousand dollars for 1 BTC, but it is
only in the long term. Personally, I think
it is quite possible, if governments can
agree among themselves and make it
legal.
Favorite counter-argument of the
optimists is the comparison of bitcoin
with real gold (often called "virtual
gold"). Remember the demand for real
gold. Once the$ 300 per ounce was
considered very expensive. During the
crisis of 2008, gold has risen further and
reached to$ 1800 per ounce. And what
is gold? What it provided? It's just
metal. Bitcoin is also unsecured.
However, the potential to make it an
international currency makes it for
unlimited growth prospects.
Pessimists say
The main argument of the pessimists is
that bitcoins are outside the law. They
believe that governments will never
legalize currency with such prospects.
The second compelling argument against
bitcoin is the issue of security of your
virtual money. In case of loss or theft of
bitcoins their You no return, since it is
impossible for someone to prove
something that You had bitcoins.
However, this issue must be solved over
time through the release of newer
versions of purses, which will have
levels of protection better.
Is it worth to invest in bitcoins?
In my opinion to invest a lot of money at
the moment (beginning of 2016) just not
worth it. But to look at and buy small
portions of bitcoins in their local drops,
in my opinion, looks a good idea.
 Exchangers
Exchangers of bitcoins and
cryptocurrencies
Below are all actual exchanges of
bitcoins and cryptocurrencies to real
money and back. We all have different
exchange rates, so I recommend you to
choose the best. Use only proven
exchangers. The exchangers are already
verified and have many reviews that you
can trust them.
To buy bitcoins for rubles can be paid
for Yandex Money, Bank transfer to the
Bank cards, Qiwi, Payeer. This is the
most popular sharing destinations.
Exchangers
1. 60CEK
New exchanger. Allowed buy bitcoin,
litecoin, ether in almost any currency:
Qiwi, Yandexmoney, transfer, savings
Bank, Payeer, etc., the Rate of exchange
You will also appreciate, if you compare
it compared with other services. Also
worth noting is the relatively large
stocks of all currencies.

2. BLUE
Old reliable exchanger. There are the
following types of exchange:
Yandexmoney, Bitcoin, Perfect money
USD, BTC-E USD, Payeer USD to
Qiwi.
3. WMGLOBUS
Exchanger in the Russian language,
which allows you to make exchanges
between many currencies, including
WebMoney, Alfa-Bank and
Yandex.Money, VTB24, Russian
standard, Sberbank, BTC-e, Svyaznoy
Bank, QIWI, PerfectMoney, vanguard,
Bitcoin, OKPAY.

4. XCHANGE
Exchanger in the Russian language,
which allows to make operations of
currency exchange, alpha Bank,
Yandex.Money, VTB24, Russian
standard, Sberbank, BTC-e, Svyaznoy
Bank, QIWI, PerfectMoney, vanguard,
Bitcoin, OKPAY, EGO, Gazprombank,
Tinkoff, OKPAY.

5. EXCHANGE-BTC
Buying and selling bitcoins for
Yandexmoney, Sberbank (reserves much
more). Here is the most favorable
exchange rate in comparison with other
exchangers.

6. EXMO
Excellent service and at the same time
exchange. Little Commission. There is
the possibility of sharing the most
popular currencies: BTC, ETH, DASH,
LTC, USD, EUR, RUR. It will be
possible to WebMoney, Yandex Purse,
and also easy on the wallets of the
cryptocurrency without a fee. The
exchange grows and develops, it is
evident from the ever-increasing trading
volumes.

7. BANKCOMAT
The exchange is conducted in a plurality
of directions. For example, Bitcoin to
Sberbank, Yandex Money, Qiwi, Tinkoff,
Alfa Bank, VTB24. Also available is
Ethereum, Litecoin.
8. LIVECOIN
Exchange - exchanger Bitcoin, Litecoin,
Ethereum, Dash, Dogecoin for dollars,
rubles and euros. Accepts Bank
transfers, Payeer, OKPay. Here you can
play the stock market (to submit bids for
the purchase and sale)

9. BESTCHANGE
The largest project to monitor the
currency exchange. The website
provides all the current places, which
can be beneficial to swap virtually any
currency for another.
10. ALFACASHIER
Offers a variety of services for the
exchange of electronic virtual money
(Bitcoin, Litecoin, etc.) for real money
and back. There are numerous positive
reviews. The system has a Commission
which exactly is not specified anywhere.
According to the administration they
varies.
Deposits are possible via: Bank transfer,
Bitcoin, Litecoin, QIWI, Perfectmoney,
LiqPay, BTC-e withdrawals are
possible via: Bank transfer, QIWI,
Liqpay, VISA, PerfectMoney, Bitcoin,
Litecoin.
11. BTER
The exchange between the main pairs of
currency. Unfortunately, the system only
accepts EgoPay if you Deposit in
dollars. This is the only exchange where
you can play in pairs with the Chinese
yuan CNY.
 The law on
bitcoin
Bitonti appeared relatively recently. The
first mention of them appeared in 2009.
At that time, seriously their perceived,
perhaps, only the creators and dreams of
investors. Serious dawn of bitcoins
came in 2013, when they went up in
price by 100 times in just a month.
About them began to write and speak in
the media. Given the large speculative
interest among investors, governments of
almost all countries are unable to remain
aloof from the General excitement that
nothing is guaranteed. Let's see what you
think about Bitonto in different countries,
but first a few words about what
prevents to legalize bitcoins.
In all countries, bitcoins are illegal.
However, a strict law prohibited there is
no law that they are allowed. Bitcoin as
if stuck between the ban and resolution.
The main reason for this is that when
transmission Baconton should not pay
taxes, and the fact that the criminal
world due to the anonymity of this
currency can buy anything, staying in the
shadows. As I wrote in a review article
about bitcoin, anonymity and no taxes
this dual situation, which is both a plus
and a minus.
What do you think governments about
Bitcoin
1. In Russia, bitonti at the moment are
outlawed. However, such a situation not
only in Russia but also in many other
countries.
The Central Bank declared bitcoins are
outlawed according to article 27 of the
Federal law "About Central Bank of the
Russian Federation", which States that
the issue on the territory of the Russian
Federation monetary surrogates
prohibited.
It was also stated that all persons who
will facilitate the exchange of bitcoins
will be equal to the potential of
involvement in terrorism. Therefore,
there is not one site in the area .ru, .the
Russian was involved in the exchange
bitcoins for money.
2. In Germany, bitcoin has the status of
"private money".
3. In Thailand, after long proceedings,
was allowed to swap bitcoins for
dollars and Vice versa. Moreover, the
exchange of other foreign currency are
prohibited.
4. In China, bitcoins banned the use of
all legal entities. About individuals
nothing of the law while is not present.
5. In the US it was decided not to ban
bitcoin, and to consider regulation and
monitoring. There is great hope to still
get them under control, and then
legislate.
6. In Singapore was a tax on bitcoin.
This is the first country that introduced a
tax on the use of the new currency. The
amount of tax when you exchange or buy
bitcoins at 7 per cent.
7. In Japan, France and India, the law is
still in the development stage.
Other countries yet didn't say anything
about the legality of bitcoins.
 Payment by
bitcoins

At the moment, very few places accept

bitcoins as payment. However, this
number gradually begins to grow. Also
positive point is the fact that some US
stores are two of the cost of goods: one
in dollars, the other in bitcoin. Below
are just examples of places online where
you can pay some bitcoins.
Hosting
TCPHost.net
gigahost.com.ru
fastvps.ru
selectel.ru
UNIhost.com
Game
Game Zynga
Humble Bundle
Humble Mobile Bundle
Different
7Pay.in - mobile payment, online
gaming, and the exchanger
WMeSHOP.com - XADO Online Store
& DANCE Online Store.
Virgin Galactic is a company dedicated
to flying to a height of 16 thousand
kilometers above the Earth
University Of Nicosia
ZenWheels Micro Car
Gadgets
Oregon Scientific Store
 Where can I
see the bitcoin
On the Internet there is mezetsev
exchanges, where bitcoin exchange rate
may be slightly different. The official
exchange rate does not exist. By the way,
if you hope to buy in one place bitcoins
are a bit cheaper to bring them quickly to
introduce and sell more of something
you have nothing. This is due to the fact
that exchanges do not take bitcoins or
withdraw them instantly with komisiyi.
The list of websites where you can
watch bitcoin:
1. Exmo - you can watch courses
Bitcoin, Litecoin, Eth, Dash, DogeCoin.
In addition, you can buy the currency.

2. LiveCoin old stock exchange, where

you can view and redeem all
cryptocurrencies.

3. bitcoinwisdom - you can watch

courses on different exchanges, and find
the course to CNY (Chinese yuan).

4. bitcoinity.org/markets - a convenient
place to view bitcoin exchange rate. It is
possible to view the history for the last
hour, 12 hours, 24 hours, 3 days, 7 days,
month and 2 years.

5. btc-e.com good market for games on

bitcoins. Ruble cards can be topped up
through Yandex Money. The only
drawback is that you cannot look at the
history of bitcoin more than 36 hours.
This creates problems in the analysis.
But there are also lots of other useful
courses: BTC/USD, BTC/EUR,
LTC/USD, LTC/RUR and other crypto
currencies against other major
currencies.

6. http://bbtc.ru/ - the site displays the

volume and schedule of the course at
different intervals. It is possible to view
a logarithmic scale.

7. http://bitkurs.ru/chart - display the

graphics leave much to be desired. But
here you can clearly define the
boundaries of the time interval of output
graphics BitCoin.
 An overview of
bitcoin mining
Programs for bitcoin mining for its
operating system and the computer need
to pick up individually depending on the
capabilities of a PC. I have already told
in the article, bitcoin mining about the
process. Briefly remind the main points.
What is the essence of mining

The essence of mining is that of an

independent one from another PC
located in different parts of the planet at
the same time perform various tasks, the
results of which bitcoins are generated.
This process is called bitcoin pool.
Will work with the bitcoin transfer,
which during processing are recorded in
the transaction log that is available to all
participants in the process. According to
the established chain of data is
transmitted by the miners. A key
challenge is the selection of a special
hash, the only combination that is
appropriate to the new transaction, some
secret key. If you can first to guess the
hash that the miner can count on a worthy
reward, but you need to understand that
wanting to "miners luck" quite a lot.
As soon as the hash is matched, the
system shuts the unit with the existing
transaction. Help in this special
program, installed on a PC and using the
power of the system. Not very popular
are programs using to find solutions to
the capabilities of the CPU, because as
practice shows it is ineffective. The
second option is more effective. Here it
is proposed to use the capabilities of
their graphics cards that are not so
strongly heated and are very productive.
Is it difficult to engage in mining

The installation program does not cause

difficulties, the main thing to choose the
version depending on the capabilities of
the system. For qualitative and efficient
work it is recommended to install an
additional monitoring programme state
of the system, given that when the
program is using the capabilities of the
processor load is 100%, the temperature
can reach values of 95 degrees. To
obtain the necessary solutions need to
work for a few hours, therefore, an
important condition is the capacity and
performance of the processor.
For a decent competition with other
participants in the process need
powerful software - it is a necessary
condition for earnings. In the modest
version, working on a laptop, you can
expect to receive a small amount, about
0,00000020 BTC, which you will need
to spend up to three hours of their work.
It's a penny, but under normal power
system winning bitcoin could increase
significantly.
1. 50Miner program
Quite popular program for mining is
50Miner. To demonstrate the program
installed on the laptop model
LenovoSL500, with dual-core processor
with a frequency of 1800 MHz, which
though is not enough to obtain a good
result, but this will be enough for the
analysis program.
Externally the software product as
follows:
Program for 50Miner bitcoin mining
The program is a kind of GUI for some
of the most common miners. Supported
two most popular cryptocurrencies:
Bitcoin and Litecoin. Consider the
advantages of working with this program
in October 2014 in the updated version
0.5.4.
What can be identified in the program:
to start work with the program, just enter
the appropriate username and password,
there is no need for a complicated user
authorization in the system;
the compactness of the programm, the
possibility of its use without installation,
which will allow you to carry it with
you on a flash drive, making a
convenient working tool;
the settings given by the user in the
registration process and setup of
operating parameters stored in the
configuration file, so you can not worry
about losing the required data;
the opportunity to work with four
miners: Cgminer, Phoenix, Diablo,
Poclbm;
You can download the program from the
official site http://50miner.org/
2. The Program BFGMiner

The program BFGMiner is a command-

line client designed for mining.
Currently available in version 3.1.1. The
benefits of working with the program
include the following:
the ability to support mining on graphics
cards;
the ability to support mining on the
FPGA device;
the ability to control the speed and
frequency of the fan PC;
the ability to support scrypt, RPC;
easy to set up pools;
the possibility of the PC settings
depending on the desired operation of
the system;
The program will be a great solution for
novice miners as well as professionals.
Download it on the forum
https://bitcointalk.org/
3. The Program Ufasoft Miner

The program is a console client,

designed for mining. Easily installed on
a PC, has no problems in the settings and
adaptation. Currently available version
0.33. The benefits of working with the
program include the following:
besides mining Bitcoin available to
support Roll-NTime, TeneBrix,
SolidCoin, BitFORCE;
the ability to set variables data use the
PC's video card;
to set a maximum temperature stop
which by default is listed as 83 degrees
Celsius;
configuration and data change username
and password;
the ability to change the number of cores,
threads;
function changes addresses in the pool;
enable or disable support of the options
"Long-Poling", with default value of
"Verbose output";
provides the ability to perform easy
customization of work items of a
program that will allow the most
practical to implement functions of the
control system;
Download it on the official website
http://ufasoft.com/
4. The Program CGMiner

Is a program CGMiner console client,

designed for mining. Suitable for use by
experienced users who require a
powerful PC. Currently available
version 3.3.1. The benefits of working
with the program include the following:
the ability to support the functions of
overclocking PC;
easy set-up pools, the data of the user;
the possibility of obtaining the maximum
value of MH/S;
you can easily customize the operating
mode of the system, which consequently
will enable to ease operation of the
equipment, the absence of possible
overloads;
Download it on the forum
https://bitcointalk.org/
5. The Program DiabloMiner

Is a program DiabloMiner console

client, designed for mining. Suitable for
use by experienced users who require a
powerful PC, particularly the graphics
card. Currently available the ability to
download programs for systems running
Windows, Linux, Mac. The benefits of
working with the program include the
following:
the ability to support graphics cards of
the 79 series.. and Nvidia, starting with
the 8 series... and above;
configuration pools;
the ability to configure switching
operation of the video card and
processor system;
Download it on the forum
https://bitcointalk.org/
 FAQ BitCoin
Answers to frequently asked questions
on BitCoin
Suggest start learning about bitcoins
from reading introductory articles what
are bitcoins. There You can find answers
to many common questions. In this
article we will discuss more rare, but
still important questions about bitcoin.
What is 1 Satoshi? What is a Satoshi?
1 Satoshi is the minimum fractional
amount of BitCoin equal to 0.00000001
BTC (bitcoin). The name Satoshi comes
from the name of the Creator of the
payment system Satoshi Nakamoto
(Satoshi Nakamoto). By the way, 1
microbutton equal to 100 satoshis: 1
µBTC = 100 Satoshi.
What is 1 mBTC and µBTC 1?
It's pretty simple:
0.00100000 BTC = 1 mBTC = 1000
µBTC
0.00010000 BTC = 0.1 mBTC = 100
µBTC
0.00001000 BTC = 0.01 mBTC = 10
µBTC
0.00000100 BTC = 0.001 mBTC = 1
µBTC
0.00000001 BTC = 0.0001 mBTC =
0.01 µBTC = 1 Satoshi (minimum
indivisible unit of bitcoin)
Is it possible counterfeit bitcoin?
No, it can only produce. And this
process is very labor-intensive (spends
a lot of electricity).
What and where can be paid bitcoin?
How to spend bitcoins? - asking almost
everyone who has bitcoins. In Russia at
the moment bitcoin transactions are
outlawed. So look for places where they
are accepted as payment on foreign
websites. You can watch a small list of
places accepting bitcoins.
How to get bitcoins?
Either earn it for free (see how to get
free bitcoins), or simply buy (see
exchangers). You can buy it in exchange
or on the exchange of bitcoins. It is also
possible to "produce", i.e. to engage in
mining.
How to check the balance of a Bitcoin
wallet
You can check the balance of any Bitcoin
wallet, learn the translations and
insights. This is the website
blockchain.info.
Secured than bitcoin
Bitcoin generally unsecured. There is
demand for it, so it something is. The
number of operations with it is
constantly growing, so the trend bitcoin
has to increase.
Should I buy bitcoins
A very difficult question. To buy in the
role of investment - perhaps wisely, to
buy, to pay for goods - no. At the
moment, too small places that accept
bitcoins. In Russia, they are generally
prohibited.
In some countries, bitcoin is a national
currency
There is one such country - the Republic
of Oberland, the self-proclaimed micro-
state in the West Bank of the river
Danube, and uses bitcoin as its national
currency.
 Copyright: Published in the
United States by Matthew Williams / ©
Matthew Williams All rights Reserved.
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