To begin with BitCoins and Cryptocurrency, here are a few word that you will see again and again so you better learn them all.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin.
A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction based state transitions.
Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. This accounts for about 13 percent of the total circulating supply.
In 2016, as a result of the collapse of The DAO project, Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). The value of the Ethereum currency grew over 13,000% in 2017.
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC).
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI. During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. Litecoin reached a $1 billion market capitalization in November 2013.
In May 2017, Litecoin became the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness. Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second. In February 2018, the EU online retailer Alza.cz began accepting Litecoin as a payment method.
Differences from Bitcoin? Litecoin is different in some ways from Bitcoin. The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
SHA-2 (Secure Hash Algorithm 2) is a set of cryptographic hash functions designed by the United States National Security Agency (NSA). They are built using the Merkle–Damgård structure, from a One-way compression function itself built using the Davies-Meyer structure from a (classified) specialized block cipher. Cryptographic hash functions are mathematical operations run on digital data; by comparing the computed "hash" (the output from execution of the algorithm) to a known and expected hash value, a person can determine the data's integrity. For example, computing the hash of a downloaded file and comparing the result to a previously published hash result can show whether the download has been modified or tampered with. A key aspect of cryptographic hash functions is their collision resistance: nobody should be able to find two different input values that result in the same hash output.
SHA-2 includes significant changes from its predecessor, SHA-1. The SHA-2 family consists of six hash functions with digests (hash values) that are 224, 256, 384 or 512 bits: SHA-224, SHA-256, SHA-384, SHA-512, SHA-512/224, SHA-512/256.
SHA-256 and SHA-512 are novel hash functions computed with 32-bit and 64-bit words, respectively. They use different shift amounts and additive constants, but their structures are otherwise virtually identical, differing only in the number of rounds. SHA-224 and SHA-384 are simply truncated versions of the first two, computed with different initial values. SHA-512/224 and SHA-512/256 are also truncated versions of SHA-512, but the initial values are generated using the method described in Federal Information Processing Standards (FIPS) PUB 180-4. SHA-2 was published in 2001 by the National Institute of Standards and Technology (NIST) a U.S. federal standard (FIPS). The SHA-2 family of algorithms are patented in US patent 6829355. The United States has released the patent under a royalty-free license. Currently, the best public attacks break preimage resistance for 52 out of 64 rounds of SHA-256 or 57 out of 80 rounds of SHA-512, and collision resistance for 46 out of 64 rounds of SHA-256.
SHA-256 and SHA-512, and, to a lesser degree, SHA-224 and SHA-384 are prone to length extension attacks, rendering it insecure for some applications. It is thus generally recommended to switch to SHA-3 for 512 bit hashes and to use SHA-512/224 and SHA-512/256 instead of SHA-224 and SHA-256. This also happens to be faster than SHA-224 and SHA-256 on x86-64, since SHA-512 works on 64 bit instead of 32 bit words.
Bitcoin Cash (BCH) is a cryptocurrency. It is a result of a prolonged disagreement on how to handle the bitcoin scalability problem. The change, called a hard fork, took effect on August 1, 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two. At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units. Bitcoin Cash has been adopted by digital currency exchanges. Exchanges such as Coinbase, CEX.IO, Kraken, ShapeShift and many others use the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. Bitstamp and Bitfinex temporarily used the name Bcash, but after being criticized, they switched the name back to Bitcoin Cash.
Ok so now that you know what it's all about let continue with my personnal recommendation if you want to start with that BitCoin thing and are ready to proceed for your first minning.
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Register for maximum 3 to 7 programms and get a good computer if you want to start minning crypto currencies. Look at what currency works the best today morning and focus on this all day. If you have a good internet connection speed (4G or 60kb/s minimum) you will see that a good engine and a good schedule are much more efficients than signing on 100 websites.
Sure you can sign on 100 websites, but are there enough good website to sign on? That's another point. We try to test as much as possible the websites we are featuring here but we can never guarantee you any minimum income because it all depends from you and how serious you are about the job. Not only at running your computer or smartphone for minning but for prospecting new referrals who will participate actively to extend your network and become an affiliate leader or team executive in your town. If you have understand until here what it's all about, you know how growing your referral network is important to accelerate your business.
Let's start with some basic infos and partners programs we are using today. I selected 3 programs that I am using now and who have bring me a few credits back already from it.
Coinbase is the place where you send all your Satoschis or Bitcoins (BTC) or Ethereums (ETH) or Litecoins (LTC) or Bitcoins Cash (BCH). It's like your online bank and currency trading tool all-in-one. You can use the partner program to invite your friends to use this site and Coinbase wil pay you $10 of Bitcoins for each friend that you invite who is buying or trading for $100 of crypto currency.
Link it with your bank account or your off shore account and send your BTC converted in real money to start trading other values and increase your sources of incomes.
You can earn generous commissions from us by referring users to FreeBitco.in!
FreeBitco.in pay referral commissions according to the table below.
REFERRAL COMMISSION RATES
FREE BTC 50% of base prize MULTIPLY BTC 0.25% of wager EARN BTC 25% of daily interest
FreeBitco.in also give you 1 free lottery ticket and 1 reward points for every FREE BTC roll your referrals play!
Simply promote your referral URL or share it with your friends, and anybody who signs up using it will be automatically registered as your referral and you will earn commissions whenever they use the website!
Your referral commissions are added to your main account balance (at the top right) in real time, as and when you earn them.
Commissions for the MULTIPLY BTC game are only calculated and credited for every 0.00000500 BTC that your referred users wager. If they wager lower amounts, these are recorded in the database but commissions are only credited at increments of 0.00000500 BTC wagered by each individual user.
Referral statistics are updated hourly.
Now if you are really loyal to it, you can try to click the ROLL button to get your free bitcoins. The amount of free bitcoins that you get will depend on the number that you roll and paid out according to the payout table below. You can come back and play every hour to win free bitcoins each time!