Bitcoin: How to get it in on the activity with your mobile

Bitcoin is all the rage right now. It seems you can’t go a day without watching a Bitcoin article splashed all over the tech press—and, increasingly, the national papers. And that’s not a surprise as Bitcoin seems to be the very first digital currency that may stick around, and perhaps even have the power to usurp traditional paper money. But just what is Bitcoin, how do you get some, and can you manage it on your Android? Read on.

Bitcoin is a virtual currency created in two thousand nine by a person, or group of people, calling himself/herself/themselves Satoshi Nakamoto. Who Satoshi Nakamoto is, or are, is still the topic of a lot of debate as no one has ever come forward to say they’re the actual human being who created Bitcoin. But one thing for sure is Satoshi Nakamoto is a cryptographic genius. As a digital currency you would think it would be effortless to generate fake Bitcoins or spend the same Bitcoin twice. Not so thanks to Nakamoto’s cryptography.

Every Bitcoin created has a cryptographically generated 64-digit address. Each Bitcoin also has a public key and a private key that unlocks its cryptographically generated addresses. Bitcoin addresses are collectively known as a “wallet” and hold all your Bitcoins. In order to spend your Bitcoins their address must be verified using the public and private keys by a series of decentralized servers (laptops, desktops, dedicated servers, and, increasingly, smartphones) all over the planet.

Because of the advanced cryptography, the verification of these Bitcoin wallets by decentralized servers (known as mining) is a very processor-intensive and time-consuming task. But it also adds a layer of security and confidence in this digital currency. Bitcoin servers are connected via peer-to-peer networks, much like torrent networks, so no centralized server exists.

What is a Bitcoin worth and where can I spend them?

Right now, Bitcoin will make you rich—if you got in early. Back in two thousand nine a man bought Five,000 Bitcoins for £15 and left behind he had them until news of the currency embarked exploding earlier this year. He ended up selling those five thousand Bitcoins a few months ago for £430,000.

Yeah, I want a time machine too.

Bitcoin has been on a wild rail this year. The price exploded to £124 a Bitcoin on some markets in October. At the time everyone thought that was massive. But by November Bitcoin soared to £559.

But Bitcoin prices fluctuate frantically, and if you buy them on an exchange and get in at the wrong time, you can lose a ton of money. However, many now believe the value of Bitcoins can soar ten to a hundred times their current price.

At very first you could only spend Bitcoins on random websites—or on the “dark web” where you can buy all kinds of illegal things. But as Bitcoin has risen in prominence, now major websites like Reddit, WordPress, Baidu and several retailers are taking the currency.

How do people get Bitcoins?

You can buy them, or you can mine them. Mining will get your free Bitcoins as prizes for using your hardware to calculate the elaborate mathematical problem resulting in a 64-digit reaction that is required to verify a Bitcoin is legitimate. For every algorithm you solve you are awarded a block of fifty Bitcoins.

But there’s a catch, the difficulty of mining (ie: the algorithms that need solving) are automatically adjusted to make them more or less difficult so that only fifty fresh Bitcoins are created every ten minutes. This means that the more people that attempt to mine, the tighter it is to get Bitcoins (in other words, more processing power is needed to crack advanced math problems). This helps keep the currency valuable.

Generating Bitcoins is called “mining” because, like mining precious metals in the earth, there is only a set number of Bitcoins that can ever be created—21 million. Right now about eleven million Bitcoins exist, which means only another ten million can be mined. But if you get even a handful of those ten million, with prices as they are now, you can make enough of it to live on for years…or even the rest of your life.

If you do want to skip mining and just buy Bitcoins, you can do so on one of the many Bitcoin exchanges where you can use physical currency to purchase someone else’s Bitcoins. The thickest Bitcoin currency exchange is Mt. Gox.

Android apps for mining Bitcoins

Okay, so say you want to mine Bitcoins. The best way to do it is by setting up a truly sweet PC-rig with the fastest processor, most RAM, and best movie card you can. All this power will help your computer calculate the algorithms that will generate the 64-digit code needed to verify Bitcoin transactions. Each time you solve an algorithm, fifty Bitcoins are yours.

Recently, there have also been some Android apps that help you mine Bitcoins. There’s even been a few Bitcoin mining apps that snuck into Apple’s App Store, tho’ the company quickly pulled them.

But, as I said, the thing about mining Bitcoins is that it is a very hardware-intensive task; so unless you have the most latest, cutting-edge Android phone, don’t expect to get far. Also, keep in mind the energy requirements needed to keep your Android powered while running these mining apps. That’s why dedicated PCs or servers are often the best options.

Still, if you do want to give Bitcoin mining a attempt on your Android, there are a number of apps you could check out. As always with any Android app, use these at your own risk as Google does not verify the safety or security of Android apps on its Play Store.

I’ve asked around to my Bitcoin mining friends and they say these three apps are the best:

  • DroidMiner BTC/LTC Miner – This is a pretty barebones app that lets you mine Bitcoins in the Getwork pool. Pools are collections of miners working together to mine Bitcoins and split the profits.
  • Effortless Miner – Another pool mining app. This one has a little better UI, showcasing you charts for Bitcoin prices and network hashing rates.
  • LTCMiner – This app, presently in beta, permits you to mine with the Litecoin pool, one of the more popular Bitcoin mining pools. The app has little to suggest besides network settings, but it’s worth it for the Litecoin pool support.

Again, keep in mind that, until Android hardware gets much, much swifter, you aren’t going to be mining a lot of Bitcoins with these apps. For example, after eight hours of mining on one of the above apps, my friend only made 0.0005 Bitcoins.

Still, Bitcoin could be a valid contender for the future of currency. If you can get embarked mining them today, who knows what your stash could be worth in a few years? You could be the next Nathan Mayer Rothschild!

Bitcoin: How to get it in on the activity with your mobile, Know Your Mobile

Bitcoin: How to get it in on the act with your mobile

Bitcoin is all the rage right now. It seems you can’t go a day without eyeing a Bitcoin article splashed all over the tech press—and, increasingly, the national papers. And that’s not a surprise as Bitcoin seems to be the very first digital currency that may stick around, and perhaps even have the power to usurp traditional paper money. But just what is Bitcoin, how do you get some, and can you manage it on your Android? Read on.

Bitcoin is a virtual currency created in two thousand nine by a person, or group of people, calling himself/herself/themselves Satoshi Nakamoto. Who Satoshi Nakamoto is, or are, is still the topic of a lot of debate as no one has ever come forward to say they’re the actual human being who created Bitcoin. But one thing for sure is Satoshi Nakamoto is a cryptographic genius. As a digital currency you would think it would be effortless to generate fake Bitcoins or spend the same Bitcoin twice. Not so thanks to Nakamoto’s cryptography.

Every Bitcoin created has a cryptographically generated 64-digit address. Each Bitcoin also has a public key and a private key that unlocks its cryptographically generated addresses. Bitcoin addresses are collectively known as a “wallet” and hold all your Bitcoins. In order to spend your Bitcoins their address must be verified using the public and private keys by a series of decentralized servers (laptops, desktops, dedicated servers, and, increasingly, smartphones) all over the planet.

Because of the advanced cryptography, the verification of these Bitcoin wallets by decentralized servers (known as mining) is a very processor-intensive and time-consuming task. But it also adds a layer of security and confidence in this digital currency. Bitcoin servers are connected via peer-to-peer networks, much like torrent networks, so no centralized server exists.

What is a Bitcoin worth and where can I spend them?

Right now, Bitcoin will make you rich—if you got in early. Back in two thousand nine a man bought Five,000 Bitcoins for £15 and left behind he had them until news of the currency commenced exploding earlier this year. He ended up selling those five thousand Bitcoins a few months ago for £430,000.

Yeah, I want a time machine too.

Bitcoin has been on a wild rail this year. The price exploded to £124 a Bitcoin on some markets in October. At the time everyone thought that was meaty. But by November Bitcoin soared to £559.

But Bitcoin prices fluctuate frantically, and if you buy them on an exchange and get in at the wrong time, you can lose a ton of money. However, many now believe the value of Bitcoins can soar ten to a hundred times their current price.

At very first you could only spend Bitcoins on random websites—or on the “dark web” where you can buy all kinds of illegal things. But as Bitcoin has risen in prominence, now major websites like Reddit, WordPress, Baidu and several retailers are taking the currency.

How do people get Bitcoins?

You can buy them, or you can mine them. Mining will get your free Bitcoins as prizes for using your hardware to calculate the elaborate mathematical problem resulting in a 64-digit reaction that is required to verify a Bitcoin is legitimate. For every algorithm you solve you are awarded a block of fifty Bitcoins.

But there’s a catch, the difficulty of mining (ie: the algorithms that need solving) are automatically adjusted to make them more or less difficult so that only fifty fresh Bitcoins are created every ten minutes. This means that the more people that attempt to mine, the tighter it is to get Bitcoins (in other words, more processing power is needed to crack advanced math problems). This helps keep the currency valuable.

Generating Bitcoins is called “mining” because, like mining precious metals in the earth, there is only a set number of Bitcoins that can ever be created—21 million. Right now about eleven million Bitcoins exist, which means only another ten million can be mined. But if you get even a handful of those ten million, with prices as they are now, you can make enough of it to live on for years…or even the rest of your life.

If you do want to skip mining and just buy Bitcoins, you can do so on one of the many Bitcoin exchanges where you can use physical currency to purchase someone else’s Bitcoins. The largest Bitcoin currency exchange is Mt. Gox.

Android apps for mining Bitcoins

Okay, so say you want to mine Bitcoins. The best way to do it is by setting up a truly sweet PC-rig with the fastest processor, most RAM, and best movie card you can. All this power will help your computer calculate the algorithms that will generate the 64-digit code needed to verify Bitcoin transactions. Each time you solve an algorithm, fifty Bitcoins are yours.

Recently, there have also been some Android apps that help you mine Bitcoins. There’s even been a few Bitcoin mining apps that snuck into Apple’s App Store, tho’ the company quickly pulled them.

But, as I said, the thing about mining Bitcoins is that it is a very hardware-intensive task; so unless you have the most latest, cutting-edge Android phone, don’t expect to get far. Also, keep in mind the energy requirements needed to keep your Android powered while running these mining apps. That’s why dedicated PCs or servers are often the best options.

Still, if you do want to give Bitcoin mining a attempt on your Android, there are a number of apps you could check out. As always with any Android app, use these at your own risk as Google does not verify the safety or security of Android apps on its Play Store.

I’ve asked around to my Bitcoin mining friends and they say these three apps are the best:

  • DroidMiner BTC/LTC Miner – This is a pretty barebones app that lets you mine Bitcoins in the Getwork pool. Pools are collections of miners working together to mine Bitcoins and split the profits.
  • Effortless Miner – Another pool mining app. This one has a little better UI, displaying you charts for Bitcoin prices and network hashing rates.
  • LTCMiner – This app, presently in beta, permits you to mine with the Litecoin pool, one of the more popular Bitcoin mining pools. The app has little to suggest besides network settings, but it’s worth it for the Litecoin pool support.

Again, keep in mind that, until Android hardware gets much, much swifter, you aren’t going to be mining a lot of Bitcoins with these apps. For example, after eight hours of mining on one of the above apps, my friend only made 0.0005 Bitcoins.

Still, Bitcoin could be a valid contender for the future of currency. If you can get commenced mining them today, who knows what your stash could be worth in a few years? You could be the next Nathan Mayer Rothschild!

Bitcoin: How to get it in on the act with your mobile, Know Your Mobile

Bitcoin: How to get it in on the act with your mobile

Bitcoin is all the rage right now. It seems you can’t go a day without witnessing a Bitcoin article splashed all over the tech press—and, increasingly, the national papers. And that’s not a surprise as Bitcoin seems to be the very first digital currency that may stick around, and perhaps even have the power to usurp traditional paper money. But just what is Bitcoin, how do you get some, and can you manage it on your Android? Read on.

Bitcoin is a virtual currency created in two thousand nine by a person, or group of people, calling himself/herself/themselves Satoshi Nakamoto. Who Satoshi Nakamoto is, or are, is still the topic of a lot of debate as no one has ever come forward to say they’re the actual human being who created Bitcoin. But one thing for sure is Satoshi Nakamoto is a cryptographic genius. As a digital currency you would think it would be effortless to generate fake Bitcoins or spend the same Bitcoin twice. Not so thanks to Nakamoto’s cryptography.

Every Bitcoin created has a cryptographically generated 64-digit address. Each Bitcoin also has a public key and a private key that unlocks its cryptographically generated addresses. Bitcoin addresses are collectively known as a “wallet” and hold all your Bitcoins. In order to spend your Bitcoins their address must be verified using the public and private keys by a series of decentralized servers (laptops, desktops, dedicated servers, and, increasingly, smartphones) all over the planet.

Because of the advanced cryptography, the verification of these Bitcoin wallets by decentralized servers (known as mining) is a very processor-intensive and time-consuming task. But it also adds a layer of security and confidence in this digital currency. Bitcoin servers are connected via peer-to-peer networks, much like torrent networks, so no centralized server exists.

What is a Bitcoin worth and where can I spend them?

Right now, Bitcoin will make you rich—if you got in early. Back in two thousand nine a man bought Five,000 Bitcoins for £15 and left behind he had them until news of the currency embarked exploding earlier this year. He ended up selling those five thousand Bitcoins a few months ago for £430,000.

Yeah, I want a time machine too.

Bitcoin has been on a wild rail this year. The price exploded to £124 a Bitcoin on some markets in October. At the time everyone thought that was yam-sized. But by November Bitcoin soared to £559.

But Bitcoin prices fluctuate frantically, and if you buy them on an exchange and get in at the wrong time, you can lose a ton of money. However, many now believe the value of Bitcoins can soar ten to a hundred times their current price.

At very first you could only spend Bitcoins on random websites—or on the “dark web” where you can buy all kinds of illegal things. But as Bitcoin has risen in prominence, now major websites like Reddit, WordPress, Baidu and several retailers are taking the currency.

How do people get Bitcoins?

You can buy them, or you can mine them. Mining will get your free Bitcoins as prizes for using your hardware to calculate the sophisticated mathematical problem resulting in a 64-digit response that is required to verify a Bitcoin is legitimate. For every algorithm you solve you are awarded a block of fifty Bitcoins.

But there’s a catch, the difficulty of mining (ie: the algorithms that need solving) are automatically adjusted to make them more or less difficult so that only fifty fresh Bitcoins are created every ten minutes. This means that the more people that attempt to mine, the firmer it is to get Bitcoins (in other words, more processing power is needed to crack advanced math problems). This helps keep the currency valuable.

Generating Bitcoins is called “mining” because, like mining precious metals in the earth, there is only a set number of Bitcoins that can ever be created—21 million. Right now about eleven million Bitcoins exist, which means only another ten million can be mined. But if you get even a handful of those ten million, with prices as they are now, you can make enough of it to live on for years…or even the rest of your life.

If you do want to skip mining and just buy Bitcoins, you can do so on one of the many Bitcoin exchanges where you can use physical currency to purchase someone else’s Bitcoins. The thickest Bitcoin currency exchange is Mt. Gox.

Android apps for mining Bitcoins

Okay, so say you want to mine Bitcoins. The best way to do it is by setting up a indeed sweet PC-rig with the fastest processor, most RAM, and best movie card you can. All this power will help your computer calculate the algorithms that will generate the 64-digit code needed to verify Bitcoin transactions. Each time you solve an algorithm, fifty Bitcoins are yours.

Recently, there have also been some Android apps that help you mine Bitcoins. There’s even been a few Bitcoin mining apps that snuck into Apple’s App Store, however the company quickly pulled them.

But, as I said, the thing about mining Bitcoins is that it is a very hardware-intensive task; so unless you have the most latest, cutting-edge Android phone, don’t expect to get far. Also, keep in mind the energy requirements needed to keep your Android powered while running these mining apps. That’s why dedicated PCs or servers are often the best options.

Still, if you do want to give Bitcoin mining a attempt on your Android, there are a number of apps you could check out. As always with any Android app, use these at your own risk as Google does not verify the safety or security of Android apps on its Play Store.

I’ve asked around to my Bitcoin mining friends and they say these three apps are the best:

  • DroidMiner BTC/LTC Miner – This is a pretty barebones app that lets you mine Bitcoins in the Getwork pool. Pools are collections of miners working together to mine Bitcoins and split the profits.
  • Effortless Miner – Another pool mining app. This one has a little better UI, displaying you charts for Bitcoin prices and network hashing rates.
  • LTCMiner – This app, presently in beta, permits you to mine with the Litecoin pool, one of the more popular Bitcoin mining pools. The app has little to suggest besides network settings, but it’s worth it for the Litecoin pool support.

Again, keep in mind that, until Android hardware gets much, much quicker, you aren’t going to be mining a lot of Bitcoins with these apps. For example, after eight hours of mining on one of the above apps, my friend only made 0.0005 Bitcoins.

Still, Bitcoin could be a valid contender for the future of currency. If you can get began mining them today, who knows what your stash could be worth in a few years? You could be the next Nathan Mayer Rothschild!

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