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Tuesday, July 21, 2015


About Bitcoin

Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client  software, derived or "from scratch", also use open source licensing. Bitcoin is the first successful implementation of a distributed crypto-currency.
Bitcoin as a form of payment for products and services has seen growth, and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors.
Fiat to Bitcoin
If you have some USD and want to convert to BTC, try Coinbase if you’re in the US. Else, depending on where you are, you might want to look at Bitstamp or BTC China. If you’re in Russia, btc-e might be a good option.  If you want to stick to the internet, you can always join a micro-task site like Mechanical Turk or become a freelancer on oDesk or Elance, earn some money and convert it into Bitcoin.
Conversion Guide
1 mBTC = 0.001 BTC (milli BTC)
1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC). Also called a ‘bit’, so 1 bit = 100 satoshi = 1/1,000,000th of a Bitcoin
1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).
To check the latest conversion price of USD/BTC, check out the open Bitstamp market.
Online Wallet
If you want an online wallet, it’s easiest to get it from Coinbase if you’re in the US (and use it to buy and sell Bitcoin very conveniently) or from blockchain.info. Coinbase holds the Bitcoin for you, and they pay the network transaction fees, so you don’t need to pay any.
I am not mentioning faucets here, except for this one that gives Free Bitcoins every 24 hours. I mention them because there are no captchas or other monkey business. They also give free Litecoin and Feathercoin and there’s no need for captchas, etc. so it’s very convenient. No harm just joining – it isn’t much but completely free, no catch.
If you really are a fan of faucets that pay a few hundred satoshi each time you visit them, I would recommend using ifaucet. They do Bitcoin faucets, Litecoin faucets and Dogecoin faucets. It is a faucet rotator but gives you much more control over the whole process, such as blocking some times if you don’t like them. It also blocks stupid popup ads and other unnecessary scripts, so makes for a nicer browsing experience.