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Difference between revisions of "Cryptocurrency"
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'''NOTE: Begging for cryptocurrency is against the rules! It's also annoying as fuck!''' | '''NOTE: Begging for cryptocurrency is against the rules! It's also annoying as fuck!''' | ||
| − | '''Cryptocurrencies''' refer to a number of protocols which can be used to store | + | '''Cryptocurrencies''' refer to a number of protocols which can be used to store financial information over the internet without the need for a central arbitration or regulatory service such as a bank or government. This is possible using public/private key cryptography, P2P communication, and a public, distributed ledger called the blockchain. Current (May 2017) top cryptocurrencies include Bitcoin, Litecoin, Ethereum, Monero, Dash, and Ripple. |
== How it works == | == How it works == | ||
| − | All cryptocurrencies work on a [[distributed]], | + | All cryptocurrencies work on a [[distributed]], P2P network. Each person on the network acts as a sort of teller. Their computers that they give to the network process a fraction of all transactions. For doing this, many cryptocurrencies reward users with some of the currency. Bitcoin gave 20 bitcoins to all users who ran the network on each successful transfer. This number dropped to 15 due to the progression of time and is expected to drop again in 2020. |
Originally, people would use CPUs in their Laptops and Desktop computers to complete a transaction render. Soon after, it was discovered that using a GPU was much more efficent. This led to entire bitcoin mining rigs being made out of GPU chips. | Originally, people would use CPUs in their Laptops and Desktop computers to complete a transaction render. Soon after, it was discovered that using a GPU was much more efficent. This led to entire bitcoin mining rigs being made out of GPU chips. | ||
| Line 20: | Line 20: | ||
==Popular cryptocurrencies== | ==Popular cryptocurrencies== | ||
| − | *[https://bitcoin.org | + | *[https://bitcoin.org Bitcoin] |
| − | *[ | + | *[https://ethereum.org Ethereum] |
| − | *[https://litecoin.org | + | *[https://litecoin.org Litecoin] |
==Places you can spend it== | ==Places you can spend it== | ||
Revision as of 05:35, 28 May 2017
This dongle is a NOTE: Begging for cryptocurrency is against the rules! It's also annoying as fuck!
Cryptocurrencies refer to a number of protocols which can be used to store financial information over the internet without the need for a central arbitration or regulatory service such as a bank or government. This is possible using public/private key cryptography, P2P communication, and a public, distributed ledger called the blockchain. Current (May 2017) top cryptocurrencies include Bitcoin, Litecoin, Ethereum, Monero, Dash, and Ripple.
Contents
How it works
All cryptocurrencies work on a distributed, P2P network. Each person on the network acts as a sort of teller. Their computers that they give to the network process a fraction of all transactions. For doing this, many cryptocurrencies reward users with some of the currency. Bitcoin gave 20 bitcoins to all users who ran the network on each successful transfer. This number dropped to 15 due to the progression of time and is expected to drop again in 2020.
Originally, people would use CPUs in their Laptops and Desktop computers to complete a transaction render. Soon after, it was discovered that using a GPU was much more efficent. This led to entire bitcoin mining rigs being made out of GPU chips.
Afterwards, CPU and GPU-based rigs were deprecated by FPGAs and ultimately, ASICs.
So how do I get an account with this?
Getting an account is simple! You can either have your entire computer as your "bitcoin wallet" (not recommended), or you can use an online bitcoin bank, such as Coinbase, which is one of many popular online banks.
Now, after you create an account, you can recieve bitcoins through two methods. Your email address, or your Bitcoin number ID. An example of what a Bitcoin number ID looks like is as follows: 1H3gZJnZbraG6Nsg8QodB9CUBEPhjhrVUt. This is what you need to make public. Through this number ID, it is possible to easily send and receive bitcoins.
NOTE: WHILE IT IS COMMONLY PERCEIVED AS SUCH, BITCOIN AND RELATED CRYPTO-CURRENCIES ARE NOT MEANT TO BE ANONYMOUS. THEY ARE ONLY CALLED THAT BY IDIOT JOURNALISTS BECAUSE ANONYMOUS SITES LIKE SILK ROAD THAT OPERATE OVER TOR USE THEM. DO NOT USE BITCOINS IF YOU ARE PLANNING TO DO SOMETHING THAT IS REQUIRED TO BE ANONYMOUS OR SOME OTHER SHIT.
Popular cryptocurrencies
Places you can spend it
Bitcoin is accepted at thousands of stores on the internet and in person. Here are some of the most popular stores:
- http://www.overstock.com -- Tons of products in different categories
- http://www.tigerdirect.com/ -- Computer hardware and electronics
- https://www.humblebundle.com/ -- Cheap games
- https://www.namecheap.com/ -- Domain names and hosting
Other cryptocurrencies are accepted at much fewer stores.
Unsorted Links
- https://www.bitstamp.net/ -- World largest bitcoin exchange
- https://litecoin.info/Mining_hardware_comparison
- http://cryptmarketcap.com/
