Cryptocurrencies – What Is Cryptocurrency? Your ultimate guide to the world of Cryptocurrency. By the time you are done reading this page (and watching the video’s) you will have a full understanding on what exactly cryptocurriencies and Bitcoins are. Furthermore, you will be very familiar with the concepts behind cryptocoins as well as blockchain.
Bill Gates and other Financial Experts predict that 1 Bitcoin could be worth as much as $1Million in the near future. (The Video Below Explains This). Timing is everything. This Video Explains Bitcoin and Blockchain.
Start Earning Bitcoins as a “Smart Miner” partner in this incredible program (Below).
Get Free Bitcoin and Mine Bitcoin for FREE with this referral program. Once you set up your account (YOU CAN DO SO HERE). You will be able to access the Referral Program. This is also 100% Free. Allowing you to refer family, friends, loved ones, co-workers, neighbors and anyone that can benefit from the Global Currency that BITCOIN is. And they get to access this in the same way you did… all FREE! Simply get in, get going, and follow the amazing and easy details (further down this page).
Cryptocurriencies – What Is It?
First off, cryptocur
rency is a digital currency that is created through mining. Digital currency is a form of money that is existent in the virtual world. We call its unit a coin. Thus, cryptocoins are protected from forgery since they represent encrypted information that cannot be copied.
Secondly, the difference between cryptocurrencies and physical money (or currencies) is that physical money are issued by central banks. As well as, have a physical form. At least in theory, anyhow. Cryptocurrencies exist exclusively in a digital form. Therefore, Government and Banks cannot own cryptocurrencies and tack on fees for transactions. However, they are spent on things as a currency because they are a currency. One type of cryptocurrency are Bitcoins (or BTC).
What is Bitcoin (or BTC)? In case you have been under a rock – and that’s OK… you need to understand something HUGE that is happening right before us. Watch this Video Below… It explains what Bitcoin is!
Now Follow These STEPS (it is really simple, secure, safe, and EASY) and literally be in the BITCOIN World in minutes.
GO HERE and enroll in this amazing program that allows you to receive 1mBTC (one Thousandth of a Bitcoin) just for Joining this (NO COST) program and setting it up on at least 1 Device.
NOTE: The device needs to be a PC or Android Device. It does not currently work on a Mac. (You can maximize earnings with up to 5 different devices per account).
Once you get set up with your account, you want to “DOWNLOAD SMART MINER”. This will download a VERY SAFE file that allows your PC/Device to operate the Mining Software. Here are the Simple Steps to getting this.
- Enroll Here (if you have not already done so in Step 1 above).
- Download the Smart Miner Software.
- RUN the Smart Miner Software.
- (IF YOUR FIREWALL or ANTI-VIRUS block it as “Malware” you will need to create an Exception.
- Once you Run the Software, it will give you an OPTION to “Run Benchmark” – RUN IT. It will take several minutes analyzing your PC/Device for performance and expected Day/Month/Year earnings (based on the current valuation of the Bitcoin).
- Then Click on Start Earning.
- By Default it will be set to “SMART” which only runs when you are not using your Computer’s Resources. It will only run in the background, and will detect when you are not using it, and will increase. Or you can set it to run at 100% (say you were going to be away for hours/days) 90%, 50%, or OFF.
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You can access your Account from up to 5 total devices and have up to 5 devices running on your same account. The more the merrier.
- You can also use your Referral Link to Share this with others. (See “MAXIMIZE your BITCOIN Earnings” below in STEP 3 for more details). There is no limits when you deploy this correctly. It is possible to earn upwards of 1 Bitcoin a Month or more even. Details Below.
- Once you get everything Set-Up and running. You will easily see where you add your BITCOIN payment method. If you do not already have a BITCOIN address (if you have BITCOIN already – you have one) then you follow the easy instructions to get one. Then add it to your profile, and that is where you will be paid your BITCOIN.
What is Mining And What Does It Have To Do With Cryptocurrencies?
Mining is a process that uses computers tosolve equations and earn BTC or Bitcoins. Special software is used (mining) to solve math problems… By using this mining software on your computer you are issued a certain number of bitcoins in exchange. This is how Bitcoins are created and made. By approximately 2025 all Bitcoins that can be mined will be mined. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
In addition, Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions (or blockchain). This ledger of past transactions is called the blockchain (as it is a chain of blocks). Moreover, Blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.(https://www.bitcoinmining.com).
The most important aspects and advantages of cryptocurrencies
- Since they are present on the Internet, they have no national boundaries.
- There is an open algorithm code involved, which allows everyone with sufficient knowledge and skills to generate new coins. This process is known as “mining.” In fact… By mining Bitcoin you play the role of a central bank by creating new coins.
- With the Blockchain System personal information is not included in transactions when you purchase products. It operates with wallet numbers.
- Transparency – anonymous nature of transactions. Most of the popular cryptocurrencies today are very transparent and verifiable. Thanks to the blockchain technology.
- Decentralized nature – no single digital bank or entity could take the control over transactions and payments.
- Cryptocurrencies are not subject to inflation since the systems behind them allow the issuing of a limited number of coins.
- Security level with cryptocurrencies is very high! Cryptocoins cannot be copied in any way.
Blockchain – What is it?
The key technology behind cryptocoins is the blockchain. Which is a (decentralized and distributed) ledger that holds the whole history of transactions of cryptocurrency (such as Bitcoins). Blockchain is a public ledger: principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit. In which, this ledger records bitcoin transactions. Furthermore, the maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software.
What Does All This Mean?
within this system, all transactions are carried out. AND without any third parties involved such as banks. The blockchain is a single network of accounting books that is accessible to everyone at any time. It would be impossible to hack it since the same archive of the ledger is located in thousands of servers around the world. When a new transaction is made, this ledger gets updated on all the servers at the same time. (https://forexvestor.com)
In the case of Bitcoin, blockchain shows who owns it and how many coins. In simple words, blockchain represents a chain of blocks (hence the name). Each block is a new transaction… It displays relevant info such as the amount of transaction, parties involved, time and date of the transaction. There are algorithms and software systems (i.e. miners) that monitor the whole ledger. The miners play a significant role since they check and record the blocks, getting a reward paid in Bitcoin. This is how new Bitcoins are generated.(https://forexvestor.com)
Example Of How Blockchain Works
Thus, transactions of the form payer X sends Y bitcoins to payee Z… Are broadcast to this network using readily available software applications.Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. The blockchain is a distributed database – to achieve independent verification of the chain of ownership of any and every bitcoin amount. In addition, each network node stores its own copy of the blockchain. (https://en.wikipedia.org)
A new group of accepted transactions, Approximately six times per hour, a block is created, and added to the blockchain. And is quickly published to all nodes. This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending. Moreover, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions. (https://en.wikipedia.org)
References; https://forexvestor.com, https://en.wikipedia.org, https://www.bitcoinmining.com/
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