An introduction to bitcoin and its history

Here is a simple introduction to give you a better idea of history and basics of bitcoin which any layman can understand easily.


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An introduction to the history of bitcoin

1.  1998 – Wei Dai a computer engineer from Washington first described the concept of cryptocurrency to his mailing list called ‘Cypherpunks’. The Cypherpunks mailing list was started in 1992. It was an active forum that discussed various topics like mathematics, cryptography, computer science, politics, philosophy, etc. Wei Dai suggested the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. He is the creator of b-money and the developer of the crypto++ library.

2.  18 August 2008 – The domain name was registered.

3.  31 October 2008 – A link to a paper authored by Satoshi Nakamoto titled  ‘ Bitcoin: A peer-to-peer electronic cash system’ was posted to the mailing list ‘ Cypherpunks’.

4.  January 3, 2009 -  Bitcoin was introduced as open-source software in 2009 by pseudonymous developer Satoshi Nakamoto. To date, nobody knows who the real Satoshi Nakamoto is. Satoshi left the project in late 2010 without revealing much about himself. The project has been taken over by many developers working on bitcoin.

Bitcoin is digital money or a cryptocurrency because it uses cryptography to control the creation and transfer of money. Bitcoin is the first cryptocurrency in the world, which is produced and held electronically. Bitcoin can be created via a free software application and can be transferred anywhere across the internet. It is not issued or controlled by anyone. The bitcoin network is a peer -to -peer network that runs on a decentralized, distributed self-clearing ledger called the block chain. Bitcoins are the unit of currency that runs on the bitcoin network.  The acronym of bitcoin is BTC. The smallest unit is called a Satoshi. They are used to store and send any amount of value among the network participants residing anywhere in the world. Bitcoin can be sent or received without the permission of a third party, a central bank or a government.

Bitcoin mining

The process of creating bitcoin is known as bitcoin mining. Individuals and businesses create bitcoin running computers using software that solves mathematical problems. The concept of bitcoin is very complicated for the layman to understand, but the process of sending and receiving bitcoins is not so complex. There is a limit on the availability of bitcoins. It is said that only 21 million BTC can be produced and it will take until the year 2140 to reach this limit. There is nobody, including the central bank or the government to control the mining, circulation, and transactions of the bitcoin currency. All bitcoin transactions require two keys. One is a public key and the other is a private or secret key. The keys contain a code made up of numbers and letters. Only the person with the private key can unlock and receive the bitcoin. This encrypted system is extremely secure and transactions are only verified if the sender has the correct amount of bitcoin available. Once verified, it is sent to the receiver, who unlocks and deposits it into their account or wallet.

Any device with internet access such as a computer,  smartphone, laptop, tablet, etc. can be used to transfer bitcoins. There are many businesses that accept bitcoin as payments. If you want to do payments with bitcoin you should have them stored in your digital wallet. The process of payment is similar to online banking transactions. You can have multiple bitcoin accounts or wallets. The person who owns the private key is the owner of the bitcoin. The ownership of the bitcoin cannot be changed without the permission of the person who owns the private keys.

Is there a physical form of bitcoin?

Bitcoin is not a metallic coin and nobody mints it. In the early days of bitcoin, physical “metallic” coins were minted by some entrepreneurs. The coins themselves had no real value, but each one contained a private key which held 1BTC on the network. Once the key is used the coin becomes effectively worthless. You can buy coins from eBay that have bitcoin B stamped on them. They are just bits of metal with bitcoin stamped on them. In such cases, the value of the coin is the value of the metal used to make them.

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Earn bitcoins through world’s first automated bitcoin trading robot

BTC robotreview  

For the past many years my focus has been on online money making opportunities. Soon after bitcoin was introduced and released as an open –source software in 2009 it was mentioned in most of the online money making niche sites. There were many sites offering free bitcoins. I was not interested in bitcoin as it was a crypto-currency. Besides the free bitcoins offered were in meagre amounts when converted to dollars. Later I began to see more of bitcoins in the form of bitcoin trading, bitcoin mining, bitcoin gambling sites etc. I started to get interested in bitcoin when I came to know that most of the bitcoin earning sites do not require any verifications or documents for releasing the bitcoins. That means we can create, earn and use bitcoins almost anonymously. Then my focus was on how to earn bitcoins as soon as possible. There were many paid to click sites and faucets sites to earn free bitcoins. These are the easiest ways to earn free bitcoins but the amount you earn is low. If you are totally new to bitcoin you can try these free sites to know the working of bitcoin. Go to this link to know more about free bitcoins. 
We can create our own bitcoins through bitcoin mining. We should have thorough knowledge about bitcoin mining before investing money into it. We can profit from bitcoin trading or binary options. But I feel it is risky because it is difficult to identify genuine sites from scam sites. Then I came to the site introducing the world’s first automated bitcoin trading robot. Truly speaking, I feel that this is one of the best ways to earn bitcoin without any difficulty. If you want to make extra income online, you should definitely try this automated bitcoin trading bot.

Click here to download

Benefits of automated bitcoin trading robot

1.   Bitcoin is traded around the clock, 24/7, 365 days a year. Since there are no banks controlling it there are no limitations such as weekend holidays, bank holidays or any bank limitations on the trading time.

2.   Deposit an initial amount in bitcoin or USD. You can start as low as $100. But the more money you invest the less risky it becomes. The percentage of profit increases with higher investments.

3.   There are two options, windows version and a fully pre installed VPS version. The robot comes fully pre-installed in your web browser-based members area. Nothing to set up or configure. It is human error-free and 100 percent autopilot.

4.   It is better than forex because it is less risky and earns more profit. There are no broker spreads or ridiculous commissions. No bank regulations and fees.

5.   There are zero commissions on earnings and no profit sharing.

6.   Trade and use bitcoins almost anonymously.

7.   There is a downloadable version for windows Vista/7/8. If you are using Mac, you can use the web-based gold plan instead.

Payment Options – Credit card, bank transfer and bitcoins. You can also pay by easy installments. If you pay by installments there are only two payment options- credit card and bitcoins. If you don’t have a credit card for easy installments you can get a virtual credit card within two minutes from Entropay. Then fund your virtual credit card with ATM debit card or bank transfer. Signing up and funding the VCC requires only 5 minutes.

Plans offered

A, Silver plan -$149 one time license fee. No installments. Downloadable version for Windows Vista/7/8.

B, Gold plan - $248.00. Fully pre-installed version for one year membership. Use this version if you don’t want to install anything or keep your computer on. Windows and Mac compatible. Nothing to download or setup. Pay in installments.

C, Platinum plan - $498(unlimited). Fully pre-installed lifetime membership. Nothing to download or setup. Windows and Mac compatible. Pay in installments.

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Easiest ways to earn free bitcoin

Earn bitcoins watching ads, videos and doing simple tasks 

Here you will find a list of sites that pay in bitcoin for clicking ads, watching videos, visiting websites etc. In addition I have also added many other simple and easy ways to earn bitcoin. Try to get atleast one  hundred referrals for each site to earn more income. The payments shown for various sites below  are either  given in BTC or bits. To earn free bitcoin, firstly you should have a bitcoin address.  All  the payments  are sent  to this address. A bitcoin address will look like this.

Below given are three top sites to get a bitcoin address.

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Paid to click sites

Btcclicks      One of the best bitcoin paid to click sites.  It has got both free and premium membership. Earn through direct and rented referrals. Get eighty percent referral commission. Minimum withdrawal is 0.10000mbtc.

Boxbit     Get free satoshi by selecting boxes every ten minutes. Take from box from 10 satoshi to 100100 satoshi. You get 28 chances to select boxes. Get twenty percent referral commissions.

4bc      Earnings are paid simultaneously to bitcoin, ethereum and bikercoin. Get  free promotion for your sites at 1:1 exchange ratio for surfing sites. There is both free and paid membership. Affiliates earn ten percent referral commission.

Bitptc     You can use the site anonymously or with a registered account. Payment is stored in faucet box until you reach 0.00013000 BTC.

Ads4btc     Earn upto 1300 satoshi per click. Instant withdrawals to your bitcoin wallet (min 0.001BTC) or to your micro wallet (min 0.0001BTC). Earn 10percent from referrals.

Clickfor btc     Earn money by viewing ads, surveys, adgrid, contests and paid to sign ups. Earn referral commissions up to ten levels.

Refbit     Minimum payout is 0.00012000BTC. Withdrawals within 48 hours. Upto  50 percent referral click commissions.

Btcvic     Earn upto 800 satoshi per click. Minimum payout is 0.00015000. It takes upto one week to process payments. Get 50 percent of referral click earnings.

Btcvisit     Earn from 50-300 satoshi for every click. Payments are sent to your account.

Coinadder     Minimum payout is 7500 satoshi to faucet box within 7 days. There is also 10 percent commission for referral clicks.

Bitter     Earn upto 0.00000510BTC per click. Earn from referral clicks. No sign is required.

Advercoins     Earn 10 percent of referral clicks. The minimum cashout is 0.0002000BTC

Earn more bitcoins visiting websites, watching videos, and doing other simple tasks.

Get-paid     Earn coins by completing online surveys and tasks, playing games, watching videos and much more. Get paid with paypal, bitcoin, web money, Amazon gift card and more.

Visitbit     Get paid instantly to micro wallet.

Vidybit     Watch unlimited videos 24/7. Earn instant bitcoin for watching videos. To get instant payout use your Xapo email address. If you use a btc address you will have to earn 5430 satoshi for payout.

Bitwalking     Generate money by walking or running. You have to download an application for this. Walking dollars(w$) can be spent at bitwalking store. You can also instantly transfer funds to anyone, anywhere.

Bitcoinriddles     Earn bitcoins for solving riddles. For solving golden riddles get paid between 1000-50000 bits. For solving silver riddles earn between 1-200 bits.

Coinjabber     Earn bitcoin or other crypto currencies for reviewing websites. First sign up and go through the guidelines for reviewing sites.

Coinchat     join the chatroom and earn bitcoin while chatting. Chat on any topic and earn bits.

Bitcoinget     Earn bitcoin for doing variety of tasks like mini jobs, offers or watching  videos.Minimum payout is 500 bits.

Earn bitcoins for pasting

Paste4btc     You can post a maximum of 30 pastes in 24 hours. Minimum payout is 0.001BTC. Automatic daily withdrawal.     Payout rate is 2 dollars for every 1000 visitors. Can paste other links such as adfly or linkbucks. Minimum payout is $5.00 via Paypal or bitcoin. Payment is made monthly.

Bitbin     This site allows you to store ‘pastes’ or short text snippets. Using traffic exchanges, autosurf sites or similar services to artificially inflate the number of hits is not allowed. Minimum payout is 2.5mBTC.

Pastecoin     Make money by selling pastes and promoting the pastes of the sellers.

Pastelink     Create and publish plain text containing links. It is good for getting visitors to a link. You don’t get paid for pasting unlike the other pasting sites.
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