Tag Archives: buy bitcoins

Bitcoins valued at over $30 per bitcoin now!

Wow. That’s pretty much all I can say. The recent growth of bitcoin has been nothing short of astronomical! I never would’ve guessed that back when I first found out about it this little “hobby e-currency” (what I thought of it at the time) would grow in value and popularity so fast. Now that I think about it some more I wish I bought more! Is now still a good time to buy some bitcoins? I think so but please don’t take this as investment advice – do your own research. However if this catches on even more it’s going to BIG, and I mean really big. My gut feeling tells me that I’ll see an exchange rate of $100 USD per bitcoin. Only 21 million bitcoins will ever be minted (by a process called mining – research it at the bitcoin wiki) so even if several million people start to use it you know it’s going to HAVE to go up in value.

Speaking of the bitcoin value, I found a really cool website that displays real time bitcoin market data. It allows you to see every trade that passes through the Mt. Gox exchange (currently the most popular and most established bitcoin trading market). Here is the link to the site:

http://bitcoin.clarkmoody.com/time-sales/

If you’ve got some spare bitcoin please consider donating a few bitcents to the author of that page – it’s extremely useful and nifty in my opinion.

Hope you found it useful. If there are any bitcoiners in the house please feel free to leave a comment.

Cheers,
Alan

Bitbills – Bitcoins you can hold!

bitcoin

Greetings everyone.

I’ve discovered something pretty cool that I’d like to share with those of you who have an interest in bitcoins. Apparently someone finally came up with a method to create the bitcoin equivalent to paper money. Yep, you can how hold bitcoins in your hand sort of speak. This neat new solution is called Bitbills.

Bitbills allow you to physically store the private encryption keys that give you ownership to your bitcoins on a pastic card via the use of QR codes.  So basically encoded within the QR code is a key or multiple keys that give you ownership over a certain amount of bitcoins (depends on the denomination of your Bitbills). For example you can give your friend a 5 BTC (5 bitcoins) Bitbill, and he then scans the QR code with his smartphone or PC QR code scanner and after importing the bitcoin private keys contained within the Bitbill into his bitcoin software he’s got 5 more BTC.

How does it work?

For this I will let the Bitcoin creators do the talking:

When your computer stores bitcoins, it does so by saving secret pieces of data called private keys. Since only you have your private keys, only you can spend your bitcoins.

To make Bitbills, we start by creating a shiny new bitcoin address. Depending on the denomination of the card, we send a certain number of bitcoins to the new address. Then, we encode the address’s private key in a QR code. Finally, we manufacture the actual plastic card, hiding the QR code between layers of the card so that it can only revealed if the card is destroyed. On the back of every card we print the address itself, so you can always check how many bitcoins are stored on a card.

Security is a crucial component of Bitbills. There are two key aspects to card security: anti-counterfeiting and tamper-evidence.

We use industry-grade production techniques and special security holograms to make Bitbills nearly impossible to counterfeit. It’s important that when a stranger hands you a Bitbill, you can be sure that it was made by us.

It’s also important that it is clearly evident when a card’s private key has been accessed. By embedding the key inside the card between two secure holograms, the only way to access it is by visibly destroying the card.

Whenever handling a Bitbill, always be sure to check that the design matches the one shown on this website, and that both the front globe hologram and reverse “Secure” and “Valid” hologram are intact. Do not accept a Bitbill if it’s damaged, shows signs of tampering, or looks unusual.

How do Bitbills look like?:

FAQ:

What are Bitcoins?
Bitcoins are the currency traded in the Bitcoin network, which is the first completely open-source, decentralized digital currency network. You can read more at bitcoin.org.

How can I be sure my Bitbill is authentic?
Check that the design matches the one shown on this website, and that both the front globe hologram and reverse “Secure” and “Valid” hologram are intact. Do not accept a Bitbill if it’s damaged, shows signs of tampering, or looks unusual.

Do you keep a copy of the cards’ private keys?
After each card has been produced and proven functional, we delete all records of the private key. This means that once the card leaves our hands, we can no longer access the associated bitcoins (be aware, this means we also can’t help if you lose or destroy your card).

At the moment I’d say that Bitbills are still a bit “geeky” and not as user friendly as they should be, but I’m sure with time this will improve. The main problem is importing them into your bitcoin wallet. It would be really nice if there was built in support into the official bitcoin client software to do this, but unfortunately there isn’t at the moment. Once the official linux and windows bitcoin software have this feature I believe that Bitbills will be truly more functional and convenient.

So if you for some reason want to take your bitcoins with you there is now a way! Isn’t progress wonderful :)?

For more details about Bitbills please see their homepage at: http://www.bitbills.com

That does it for this post. I hope you found it informative.

Cheers,
Alan

Lets clear up common Bitcoin misconceptions

bitcoin logo

My interest in Bitcoin having been rekindled I find myself in a rather interesting situation. When I tell people about Bitcoin and how it works  I sometimes run into a brick wall of misconceptions and biases, so to clear these misconceptions I send them to the Bitcoin Wiki. They have a nice section called “Myths” where they attempt to “clear up common Bitcoin misconceptions” and I personally think they’re done a good job. If you’ve just gotten into Bitcoin and you’re not quite “getting it” and think that Bitcoin is still just another e-currency doomed to failure, have a look at this link please:

https://en.bitcoin.it/wiki/Myths

Stay tuned to this blog as I have some big plans for Bitcoin. I am working on launching quite a few online services that will work solely with Bitcoins thus hopefully I will be doing my share to make the bitcoin economy grow and add extra value to it as well.

Cheers!

Alan

Bitcoin, the new digital currency explained

bitcoin logo

Hi everyone. I’ve got another bitcoin related video to share. Like the other videos I’ve posted this one also tries to explain how the bitcoin currency works but it goes into more detail regarding some of the technical details behind the system – ie it is a far more geeky video. However if you really wish to wrap your mind around the brilliance of bitcoin I would strongly suggest you visit the official bitcoin website and read the available documentation.

OK, so here goes the video. I hope you enjoy it.

Cheers,
Alan

Bitcoin – Rise of a New Currency

bitcoin logo

Hi there. In the previous post I introduced you to the wonderful world of bitcoin – the newfangled and in my opinion revolutionary digital currency system. Today I’m going to share with you another video relevant to bitcoin. It’s rather short and has an air of conspiracy theory to it but I still think it would make a great video to show to someone who has never heard of bitcoin. Check it out here:

That’s it for now.

Alan out.

What is Bitcoin?

bitcoin logo

Hi everyone. It has been quite a long time since I blogged about the e-currency industry, so I figured I’d get back into it and write a brief introduction to a new and innovative e-currency called Bitcoin.

I came across a video on YouTube which explains what Bitcoin is so I though I’d best start this blog posting by sharing this video with you:

I for one believe Bitcoin is a really neat e-currency system! Checkout some of the numerous features of the Bitcoin system.

Decentralized:

Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you’re trading with. This decentralization is the basis for Bitcoin’s security and freedom.

Very low fees:

Currently you can send Bitcoin transactions for free. However, a fee on the order of 1 bitcent will eventually be necessary for your transaction to be processed more quickly. Miners compete on fees, which ensures that they will always stay low in the long run. More on transaction fees

Worldwide:

Your Bitcoins can be accessed from anywhere with an Internet connection. Anybody can start mining, buying, selling or accepting Bitcoins regardless of their location.

No “smal print”:

If you have Bitcoins, you can send them to anyone else with a Bitcoin address. There are no limits, no special rules to follow or forms to fill out.

More complex types of transactions can be built on top of Bitcoin as well, but sometimes you just want to send money from A to B without worrying about limits and policies.

Own your money! :

You don’t have to be a criminal to wake up one day and find your account has been frozen. Rules vary from place to place, but in most jurisdictions accounts may be frozen by credit card collection agencies, by a spouse filing for divorce, by mistake or for terms of service violations.

In contrast, Bitcoins are like cash – seizing them requires access to your private keys, which could be placed on a USB stick, thereby enjoying the full legal and practical protections of physical property.

Features text taken from weusecoins

Where can I get some bitcoins?

You can see the bitcoin website for a list of various bitcoin exchangers.

Me and a buddy of mine have put together a site where you can buy/sell bitcoins for PayPal, so if that’s what you’re after I suggest you check out the link below:

http://www.bitcoinexpress.com/

The site is still in development but it pretty much works as it should. If you run into any problems please don’t hesitate to give me a shout.

I hope you found this brief introduction to the world of Bitcoin useful.

Cheers,

Alan