What really is bitcoin ?

This is an image of a bitcoin 

What is a bitcoin? 

A digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is a type of alternative currency known as a cryptocurrency, which uses cryptography for security, making it difficult to counterfeit. Bitcoin issuance and transactions are carried out collectively by the network, with no central authority. The total number of Bitcoins that will be issued is capped at 21 million to ensure they are not devalued by limitless supply. They are divisible to 8 decimal places; Bitcoin fractions are called satoshis. Users store their Bitcoins in a digital wallet, while transactions are verified by a digital signature known as a public-encryption key.
 

The first Bitcoin specification and proof-of-concept was published in 2009 by an individual or individuals under the pseudonym Satoshi Nakamoto. Satoshi left the project toward the end of 2010, leaving the motivation behind setting up Bitcoin an enduring mystery.
 
Bitcoins are created through a “mining” process that involves complex number crunching by the computers in this network; this process currently creates 25 Bitcoins every 10 minutes. The limit of 21 million is expected to be reached in the year 2140, after which the total number of Bitcoins will remain unchanged.
 
A basic premise underpinning the Bitcoin is that because it is decentralized and not issued by government, it is supposedly free from interference and manipulation, in stark contrast to the world’s fiat currencies.
 
However, these same features confer significant disadvantages on the Bitcoin. It is a complex product that is difficult to understand, making its widespread acceptance doubtful. Since it is a virtual currency, it cannot be stored in physical form. As a result, if you have not stored a backup copy of your Bitcoin holdings, your digital hoard can be wiped out by something as mundane as a computer crash. Its anonymity has also made it a favored currency for illegal activities such as tax evasion, smuggling and weapons procurement. Additionally, Bitcoin prices are very volatile thanks to rampant speculation.

Bitcoin as a new kind of money and payment network 

http://bitcoin.org/en/

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Bitcoin is  a virtual money but more of crypto-currency,  its peer to peer , its being mined to produce it and it can be use for transaction just like dollars.  It can also be traded or exchanges, it is now popular and being used all over the world. As of  this day October 21, bitcoin = $215 hjigh

https://www.mtgox.com/

For more questions about bitcoin use this link  http://bitcoin.org/en/about-us

Want to be active now with bitcoin use this links ;

http://www.eobot.com/new.aspx?refer=brsalvador@yahoo.com

http://www.bitbillions.com/?refid=17fKsXrQ9DpGn2xUw19LaX8CvkTDvh8Qjk

http://coingeneration.com/auth/new/125733/

My first bitcoin mining site

I consider my first bitcoin mining site when i still dont know that coingeneration is being considered also a mining site.  Its probably good to have many mining sites.


                        http://www.eobot.com/new.aspx?refer=brsalvador@yahoo.com

I already had an idea about bitcoin , that its about a new currency on the net but i did not made a serious effort to understand it more.  Its just now that i am trying to get in deeper and  know it more. I happened to study it when coingeneration was having problems with its paying the members.  Its when i stumble on eobot.com and  saw that coingeneration was its competitor and its being describe also as a bitcoin mining site.  That's when i registered with eobot.com and took further steps  to know more about bitcoin which i will deal later on other articles. 

Eobot.com also has a download software,  here its called as mining software.  Its not a problem downloading the software and since i got it its operating together with the thread manager software of coingeneration.com  

  Upon registration with eobot.com you will have a $5 bonus just for signing.  But the downside of eobot.com is its a slow process of earnings.  I had only cashout $0.1  with this site probably for less than a month.  With the image above its getting nearer to another $0.1 that can be cashout. 

Eobot.com is a bitcoin mining site and an exchange site for other coins and dollars. 

The first time that i had seen that there are other coins that you can exchange and trade what i know and  am  interested is converting the bitcoins to dollars. 

But i do think that it will really took sometime to earn more bitcoins and dollars as well because it takes time.  The only way is to have more  referrals and trade the bitcoin or buy there USB software to earn more per month. 

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Eobot USB device. Produces $2.20 a month. $18 each with free shipping to USA and extra $10 to ship International!

We are now selling a USB device, just like a USB flash memory drive, that will give you money a month when plugged in and used with the Eobot software. You can buy as many as you want and use multiple on the same computer. 

This device has custom chips (ASIC) that are designed just for Eobot. Same as ASICMiner Block Eruptor. This means it hardly uses any power, produces no heat, and will work with any Windows computer. 

We process all payments through PayPal.com. When you click on the link below, you will be taken to their website to enter your payment information. After your purchase, you will be redirected back to our website. 
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Eobot.com is a mining site that can be trusted i already had cashout with this site and only further effort is needed to make more earnings  whether bitcoins , other coins and dollars. Join in now here ;

  http://www.eobot.com/new.aspx?refer=brsalvador@yahoo.com

Eobot a bitcoin mining site

http://www.eobot.com/new.aspx?refer=brsalvador@yahoo.com

A very simple  logo of Eobot.com, one of mining site for bitcoin.

To register and earn with eobot.com you should have a knowledge of bitcoin  and is considering Eobot.com as one of your site to transact business regarding bitcoin,  or other similar bitcoins like Litecoin,  PPcoin, Namecoin, Feathercoin, Novacoin, Terracoin, Primecoin( its only on Eobot.com that i encounter different kind of coins) and also dollar to bitcoin and vice versa. 

1st Register 

http://www.eobot.com/new.aspx?refer=brsalvador@yahoo.com

2nd Download the miner/software 

In transacting with bitcoin of course you need to have a bitcoin. You can have bitcoin by buying bitcoin using your dollars (1bit= 179.1 USD) as of this writing. The other method is thru mining system or engage in some internet programs that pays bitcoin there are already a lot of programs using bitcoin.  Since you are a member of Eobot.com then you can download the miner/ software of this site and also if you want to earn more buy a USB Software miner. 

Download the miner/ software FREE on this link ;  www.eobot.com/EobotWindows.zip 

If you want to buy a USB miner/software go to the store; http://www.eobot.com/store.aspx

Questions about the site, softwares and how much for the USB software use FAQ 

http://www.eobot.com/FAQ.aspx

How the miner/ software works 

1. Create an account for free. We only need your email.
2. Download and run the software.
3. Get paid! Depending on your computer, the amount you will earn varies. Running the software will tell you in real-time how much you are earning.

Our software uses your CPU or GPU (graphics card) processing power and performs intense mathematical operations for crypto-currency mining. At no time is your computer unsafe, opened up to third parties, releasing your data, doing anything you wouldn't want, or used for anything illegal. For those interested in learning more, try a Google search on Bitcoin mining.

You should note that you will be paying for power/electricity and your computer may produce extra heat (although this won't damage anything, assuming your computer isn't clogged with dust). Feel free to contact us with any questions!

Approximate Rates When Using Software

High End Gaming Machine ~ $50 a month
Low End Gaming Machine ~ $25 a month
High End Server/Laptop (no graphics card) ~ $5 a month
Low End Server/Laptop (no graphics card) ~ $1 a month

Example of Software Running YouTube Video

If your ready to earn bitcoin and dollars without the need to market, click on any ads or market or have a site then register and start making 

CONVERT BTC TO US$ THRU PAYPAL

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Alternative Programs sharing CPU power

The making of this new blogsite  was an offshoot of relatively new experienced with coingeneration which was a site that has a program of sharing CPU power thru thread and provides earnings out of the services by the site to its client sharing the PC power of members.  At first what i knew when i registered with the site was that it is just like other sharing power of the PC  just like the programs PeerGomez who is also a site that provides you with a software which is installed in members computer and letting it run and helps the site PeerGomez with its client then you got paid monthly  The difference with coingeneration is the payment PeerGomez only pays as much as $30 a month but not like coingeneration which is more bigger. But having problems with coingeneration regarding the payments,  there is a  need to look for "Alternative Programs which is also sharing CPU power oriented.

With digital generations undetermined time to cashout  or let us say beginning to rectify his errors it is still  imperative to look for other programs which is related and or similar  with digital generation.. Some members are saying that coingeneration is "ponzi". Let us research and really found out why they say this or they also are on  the "bandwagon mentality" ,, where there are people clustering on a site there is activity and  there is money".

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Perpetuation of the high returns requires an ever-increasing flow of money from new investors to keep the scheme going.<sup>[1]. If we will look at coingeneration.com , there was really an investment and a high return but an investment gives you a thread manager software. There is a product that generates the earnings which was the business of coingeneration.com. The scheme had not been continuing because of some problems with the funding and payment processors.  So i do not think coingeneration is a "ponzi". 

A competitor of  Eobot.com is  coingeneration.com as what the site describes digital generation. Eobot.com is a mining site that generates and deals with bitcoin convertions and exchanges. Having said by Eobot.com that coingeneration.com is a competitor , it indirectly describes the kind of business coingeneration is doing which was  still not clear to the members even if it has a goal and an objective. 

Here is an image from Eobot.com  describing others not to join coingeneration.com where it indirectly states that coingeneration is also a bitcoin mining site.</sup>

Looking at the chart it describes the competitors of Eobot.com , which is a bitcoin mining site one of the competitor is  coingeneration.com . This describes probably how  coingeneration is  working and it also has matrixes  to level 2  which probably makes it have more earnings but this is still  just a part of the picture for coingeneration.com.  What is clear is that  all of the above  "competitors"  are using bitcoin,  so the need to search more about bitcoin  is very important.