Important Points of Bitcoin
I’m starting with the most important references so you can begin your own due diligence efforts. Please visit www.bitcoin.org and download the QT Client (your Bitcoin wallet), read about it and use it to buy and trade Bitcoins on your own computer. Do the same with www.blockchain.info and follow my video series where I researched the most comprehensive and important videos about Bitcoin for you, via youtube.com via the channel, “singleton press”. Watch the playlist for Bitcoin.
Bitcoin is the future of money, it’s more important than the telephone was when it first became available to everyone, and it’s more important than it was to learn how to write a check for banking purposes in the seventies. If you do not begin using the Bitcoin technology now, you will be at a severe disadvantage as time continues.
Bitcoin is a single application (app) for a new mathematical technology known as “the blockchain”. The term “blockchain” itself was used to describe a mechanical system that facilitated heavy lifting, but you can read the more widely accepted definition here: http://en.wikipedia.org/wiki/Block_chain.
Today, the term is used to describe a cryptographic, mathematical, software based, open ledger system. One application of this protocol is the transfer and storage of money, currency, or settlements in an open ledger based system. Where gold has been the single most important tool in the world’s open ledger system of tracking exchanges for five thousand years, Bitcoin appears to be the next generation of that same utility. Just like no one owns “algebra”, and no one is given a copyright for the system of mathematics known as “algebra”, the same is true for Bitcoin. The protocol was developed by one or more individuals using ideas and mathematical developments dating back from the beginning days of the personal or home computer, to January 3rd 2009 when the first Bitcoin transaction took place. It culminated in the publication of a nine page thesis titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, under the pseudonym “Satoshi Nakamoto”, see https://bitcoin.org/bitcoin.pdf and you can learn more from www.bitcoin.org.
You can avoid having to download the QT Client for now, if you first just want to get a feel for how it works, by simply using a third party such as www.coinbase.com to open your account and store and use your Bitcoins through this service.
The most important considerations in using this technology is how to buy your Bitcoins, how to store and use them for the short and long term, and the security services and technology that are available, such as paper wallets (QR Codes), backing up your Bitcoin and hardware devices such as the Trezor. You can buy the money from Bitcoin exchanges and use it locally by looking online for businesses in your area that accept Bitcoin or that might be willing to accept it if you ask them. There are companies that provide services to facilitate the use of Bitcoin by merchants, such as bitpay.com and gocoin.com.
Bitcoins are generated by “Bitcoin miners” using their own specialized hardware. This should be more than enough information to get you started. I also recommend searching online for “Bitcoin meet-up groups” or creating your own meet-up group, to meet with other people that can help you learn more about the technology. Don’t be concerned about what you hear as “Bitcoin volatility” because this information comes from reports that measure the price of Bitcoin against the U.S. Dollar, but avoid discussing the fact that it is the U.S. Dollar that is volatile. When you compare the price of Bitcoin directly with how much gold and silver you can buy with it (www.bullionstar.com), you will discover there is almost no volatility. Be sure the price is not at all converted from the USD in the calculation.
The following is from youtube. This is John’s Playlist from his youtube channel called Singleton Press