Blockchain and the Bitcoin Algorithm

Blockchain and the Bitcoin Algorithm

NOTE: Understanding the Blockchain may make your eyes glaze over, but some people like all the specifics and details of how something works. I’ve included this last one in a series of 4 for those that like to dig deeper. As we have from the beginning we give all the credit on this post to it’s originator and the original article. I still believe that the information is vital to Eliminate the Confusion that surrounds this topic. My thanks goes out to Scott Maxwell for his time and expertise. The original article was written in June of 2014. Many more issues have been resolved since that time. This is Part 4 of a 4 part series. If you missed the beginning you can catch up right here:  Part 1        Part 2        Part 3 Bitcoin Algorithm – The Blockchain The publicly held history of all transactions of Bitcoin is held in what is known as the blockchain.  Starting with the creation of each Bitcoin, this shows every transfer of ownership to the present day. The integrity of the blockchain can be proven using another common encryption algorithm used throughout the Internet called SHA256.  Known as a ‘hashing’ algorithm, this is used to detect whether the data has been tampered with.  Changing even a single bit will radically change the output from the hash.                                                        Hashing algorithms prove the unbroken chain of transactions The output from the hash is a long string of bits. By including this string as part of the next transaction, the two transactions can be chained together. By combining these two, you provide a way to sign...
Crypto… What? and How does it work?

Crypto… What? and How does it work?

 Crypto Currency, what is it and how does it work? Crypto currencies are a new way of transferring money across the Internet. *We begin by giving all the credit to this post to it’s originator and the original article. I still believe that the information is vital to Eliminate the Confusion that surrounds this topic. My thanks goes out to Scott Maxwell for his time and expertise. The original article was written in June of 2014. Many more issues have been resolved since that time. This is Part 3 of a 4 part series. If you missed the beginning you can catch up right here:  Part 1          Part 2   Crypto currencies rely on cryptography not only to ensure anonymity but also to provide a secure peer-to-peer network for the transfer. In such a transfer, traditional cash is exchanged for the crypto currency at an online exchange (wallet).  It is then transferred across the network to the new owner.  The new owner can choose to hold the crypto currency, or to convert it back into cash. Because of the nature of the cryptography used neither party needs to trust the other and neither party needs to divulge their identity.  Moreover, the transfer is irreversible and does not need to go through a bank or third party. What does a crypto currency coin ‘look’ like? Crypto currency or ‘digital’ coins are numbers in the publicly held history of that currency.  This history shows all transactions carried out since it was created.  Anyone can claim ownership of these digital coins if they can prove two things. The first is that the...
Q & A on Bitcoin and Crypto-Currencies

Q & A on Bitcoin and Crypto-Currencies

Everyone seems to have questions regarding the Bitcoin phenomenon. *We begin by giving all the credit to this post to it’s originator and the original article. I still believe that the information is vital to Eliminate the Confusion that surrounds this topic. My thanks goes out to Scott Maxwell for his time and expertise. The original article was written in June of 2014. Many more issues have been resolved since that time. This is Part 2 of a 4 part series. If you missed out on part 1 you can find it here. What’s the big deal? Crypto-currencies have succeeded in answering two of the fundamental problems with moving money online: How do we stop someone from spending the same money twice? How do we avoid middle men? As it gets established, we’ll all benefit from a faster, more secure way to shop online. There are also social benefits. The micropayments, microloans and very low transaction fees. These will help poorer countries access online services much easier. How Can I prove I Own a Bitcoin? The public ledger proves ownership. But how do we know that an entry on the ledger is legitimate? Where the islanders knew everyone by sight bitcoin relies on digital signatures. These use the same cryptography that protects websites. It’s designed to prove you are who you say you are, and relies on the use of two passwords, one made public, one kept hidden. An entry on the ledger is legitimate only if it is digitally signed by the owner. How Do I Spend Bitcoins? You spend bitcoins by ‘signing’ a transaction and putting it...
Crypto-Currencies, a 1 minute explanation

Crypto-Currencies, a 1 minute explanation

Crypto-Currencies explained in 1 minute.    *We begin by giving all the credit to this post to it’s originator and the original article. I still believe that the information is vital to Eliminate the Confusion that surrounds this topic. My thanks goes out to Scott Maxwell for his time and expertise. But, before the article watch this short video to set the stage: Crypto-currencies explained in 60 seconds – The Basics of Bitcoin Posted May 9, 2014 by Scott Maxwell This entry is part 1 of 8 in the series Crypto-currency Basics. I will post the first 4. After that it gets a little more technical. At that point you can feel free to do your own research. Hopefully this will prime the pump and get the crypto juices flowing. Crypto-currencies like Bitcoin are often described as complicated and technical. They’re not: the core concept is simple. If you have 60 seconds to spare read the explanation below and ‘own’ that concept forever. First of all we start with an analogy. Until just over 100 years ago the people of Yap, a Pacific island, used large stone disks as coins. Yap Island, Yappians used these stones for large expenses such as dowries. Because the stones were large the islanders didn’t bother moving them about. They just transferred ownership. People knew who the current owner was because it was public knowledge. This made it difficult to commit fraud. You couldn’t spend someone else’s stone, because everyone knew who owned the stone. You couldn’t spend the same stone twice because everyone would know. You couldn’t fake the currency, because to do...
What Makes Bitcoin so Dang Cool?

What Makes Bitcoin so Dang Cool?

Bitcoin is growing like wildfire but why is it so intriguing? Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people  using  complex algorithms  called Mining. Bitcoins have ushered in the era of the next financial revolution in the form of Crypto-currency. Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that large banks can not control their money. Bitcoins came into existence on the verge of the Economic and Financial Collapse of the US Market.  Software Developer, Legend Satoshi Nakamoto (Pseudo Name) published a paper called Bitcoin for peer to peer payment. Anything which comes as a major force, takes time for people to accept it. Many are still skeptical. Marginal risk takers however, are making thousands, even Millions with this new currency. It’s for real and it’s not going away. Bitcoin is popular because of its’ characteristics   Decentralized in Nature, The bitcoin network is not controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them. It’s easy to set up, Compared to traditional Bank accounts , a Bitcoin account can be set up in minutes or even seconds! No questions are asked or no...
Once upon a lifetime…

Once upon a lifetime…

Hello Again, Everybody is searching for a little bit of luck, a little bit of success, a break. That Once in a Lifetime Opportunity Doesn’t matter what part of the world you’re from, if you’re a man or woman and it doesn’t matter what color skin you’re wearing. We all want some good news and we all want our shot at success.   Those of us that understand how life works, realize we need to shake off our cynicism, seize those lifetime opportunities that come our way and put in some work when they do. If we pay attention we will tune into those rare opportunities that can literally change the world. Beginning with us. Changes are happening right now in all corners of the planet and you need to be one of the special few that have their eyes open and are taking notice. I want you to understand how skeptical I was of this whole crypto-currency thing. I thought it was a bunch of monopoly money. I didn’t understand that it was an actual usable currency that is spendable and converts to other currencies. I’m an ordinary blue collar, hard working guy, a painter by trade. I started making a few small investments when I could $50-$100 whatever I could do. But I did something! I just calculated this morning Dec.12th 2017 and realized I had made a profit of just under $5500.00 in a short 5 month period. That blew my mind. That was from just letting my investment ride. A few weeks ago when I saw Bitcoin breaking all records I got together with some...
Simple Steps to Make Your First Million.

Simple Steps to Make Your First Million.

A Million is a lot. Bitcoin simplifies the process!   Hi Just like me I know you’re tired of the hype. Especially around Bitcoin and other Crypto-Currencies. We’re going to talk about how making a Million dollars is attainable for regular people like us. I promise this short note will not have any hype. Just verifiable facts.. One of my friends and work associates just made his first Million in 4 years, Another friend working the same program made his Million in 72 days. That’s why I titled this piece… “Simple Steps to make your First Million”.   There are some very good systems out there. But if you are going to Make money with Bitcoin, let’s put it in overdrive to catch this massive wave. This is rare and will probably only happen once in our lifetime. I’m sure you would agree that if you could find a way to Multiply your Bitcoin investment rather than just letting it sit, that would be preferable. Right? Especially, if you knew that that is exactly what my 2 friends have done.     (Click Here) What if you could have a lead generation system in place that teaches No Cost and Low Cost methods of reaching people, as well as all the advanced methods too when you are ready for them? And wouldn’t it be nice to have someone that’s already made a Million Dollars with Bitcoin Leading you by the hand as you get your system set up with everything in place to do exactly what he did? You can even make your own capture pages or duplicate the selection that...
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