How does Bitcoin work? – Bitcoin – Open source P2P money

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This is a question that often causes confusion. Here's a quick explanation!

As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.

The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.

Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.

This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system's design, and explore the Bitcoin wiki.

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How does Bitcoin work? - Bitcoin - Open source P2P money

The Worlds First Bitcoin Debit Card Is Almost Here

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Image: Courtesy of Joshua Alvarez/The Hatch Agency

Bitcoin may be the future of digital money, but it has a big problem here in the United States: why use it to buy anything when millions of merchants already accept debit and credit cards?

Today, if you want to buy a bottle of lemonade with bitcoins, you need to scan a QR code with your phone or email a long bitcoin address to the seller. For most people, buying with bitcoins just isnt as easy as Visa or MasterCard.

You just have one card that you can use everywhere without restrictions.

But thats set to change in the next two months. Xapo, a company that offers online bitcoin wallets, says its two months away from introducing the first debit card that will let you spend your bitcoins at any place that takes Visa or MasterCard.

Its a sign of bitcoins growing maturity, and a look at how the digital currency is slowly integrating with the mainstream financial services industry, thanks to a raft of venture-backed bitcoin startups that are now coming online. There are a few other companies that offer prepaid bitcoin cards, but some of them have a fly-by-night feel. Xapo, it seems, is the first to really link your online bitcoin wallet to a card, andbacked by $20 million in VC fundingits on far firmer footing. Unlike others, it also operates out of the United Statesthough its incorporated in Hong Kong.

Heres how it works. Xapo, a bitcoin wallet provider, is in the process of becoming a debit card issuer on one of the major credit card networks. That means that, like your bank, Xapo, can issue you a debit card number and expiration date. You get the card number for free. If you want them to send you some plastic so you can gas up or buy beer at a corner store with your bitcoins, then theyll charge you $15.

Image: Courtesy of Joshua Alvarez/The Hatch Agency

When you use the Xapo card, the credit card number checks in with Xapo, which approves or declines the transaction, depending on how much bitcoin you have in your wallet. It then sells the bitcoin on the Bitstamp exchange and pays out the merchants just like any other card issuer.

You just have one card that you can use everywhere without restrictions, says Wences Casares, Xapos founder and a veteran of the digital payment space.

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The Worlds First Bitcoin Debit Card Is Almost Here

Bitcoin exchange MtGox liquidated

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Failed Bitcoin exchange Mt Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court that it be liquidated, Dow Jones Newswires report.

Reasons for the decision are the complexity of the procedures involved, including the difficulty of holding meetings with creditors spread around the world, the report said on Wednesday, citing 'people familiar with the situation'.

If the request is approved by the court, a trustee will be appointed to take over management of the company's assets from its chief executive officer, Mark Karpeles.

The Tokyo-based exchange filed for bankruptcy protection in Japan in February, saying it had lost 850,000 coins worth nearly $US500 million ($A536.02 million) at the time.

It said last month it had handed over documents to the Tokyo police, after it found 200,000 of the lost coins in a 'cold wallet' - a storage device, such as a memory stick, that is not connected to other computers.

The announcement could indicate Japanese police have launched a criminal investigation into the huge loss of the digital currency.

The company filed for protection under US bankruptcy law early last month, 10 days after doing the same in Japan.

MtGox, which at one time reportedly processed 80 per cent of global Bitcoin transactions, froze withdrawals in early February because of what it said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them.

Officials of Mt Gox were not immediately available to comment on the reported liquidation request.

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Bitcoin exchange MtGox liquidated

Bitcoin Wannabe Litecoin Emerges as Low-Price Challenger

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Make way, bitcoin. Theres a competing digital currency angling for the spotlight.

Merchants and investors are taking notice of litecoin, which is pitched by its developers as cheaper to generate, more plentiful and easier to use for small transactions than bitcoin. While prices for both have slid since a surge late last year, litecoins remains about 490 percent higher than six months ago, compared with about 140 percent for bitcoin. Daily litecoin transactions also have climbed faster.

The total value of litecoins available for use ranks second only to bitcoins, according to CoinMarketCap, a website tracking more than 200 digital currencies. That status has helped make litecoin an obvious alternative for investors and enthusiasts seeking new opportunities to profit from virtual money.

Litecoin right now is where bitcoin was the same time last year, Michael Curry, co-founder of Canadian digital-currency exchange Vault of Satoshi, said in an interview. As people are becoming more familiar with bitcoin, they are starting to see there are other coins out there.

Bitcoins jumped from about $13 at the start of last year to more than $1,200 in December, then slid to about $490 as of yesterday, according to CoinDesk, which tracks prices across key exchanges. Litecoins, which surpassed $48 in November, traded for about $12 yesterday, according to data from exchange BTC-e.

Bitcoins jumped from about $13 at the start of last year to more than $1,200 in December, then slid to about $490 as of yesterday, according to CoinDesk, which tracks prices across key exchanges. Close

Bitcoins jumped from about $13 at the start of last year to more than $1,200 in... Read More

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Bitcoins jumped from about $13 at the start of last year to more than $1,200 in December, then slid to about $490 as of yesterday, according to CoinDesk, which tracks prices across key exchanges.

The average number of daily transactions in litecoins this month is 155 percent greater than Octobers level, according to CoinDesk data. That compares with a 19 percent increase for bitcoins. Daily transactions in bitcoins this month still outnumber those in litecoins almost sevenfold, the data show.

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Bitcoin Wannabe Litecoin Emerges as Low-Price Challenger

Google removes malware Android apps used to secretly mine bitcoin

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If you own an Android, your phone might be mining bitcoin without you even knowing it.

Five apps were recently removed from the Google Play store after they were discovered to be covertly using Android devices' to mine bitcoin.

Mining requires a lot of computing power to solve complex calculations in order to create more bitcoins. To get the job done, miners usually create systems with many computers.

But now, it seems that at least one miner has turned to malware to take advantage of unsuspecting users and add their mobile devices into his or her mining system.

The mining apps that were recently removed worked by tricking users into downloading them by advertising themselves as wallpaper apps. Users thought they were getting an app with cool smartphone background images, but they were also getting an app that secretly used their device to mine bitcoin.

While users performed other tasks on their devices, the apps worked out bitcoin mining calculations in the background, draining users' batteries faster than normal.

Fortunately, the apps were removed by Google before any of them were downloaded by more than 500 users. The apps were first identified by Lookout, a company that makes security apps for mobile devices.

"Phones truly are tiny computers in your back-pocket or purse," Lookout said in a blog post. "These devices are becoming more and more powerful and people are starting to come up with ways to take advantage of that power."

Lookout has a system that is constantly analyzing new apps for malware. It identified suspicious factors within these five apps, leading the company to further look into them. Lookout confirmed that they were malware apps mining bitcoin and then notified Google.

Lookout said it expects to see more mobile mining malware apps in the future.

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Google removes malware Android apps used to secretly mine bitcoin

Walt Disney World Vlogs: Day 3 Legoland Florida & Downtown Disney Meetup! (week #69c) – Video

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Walt Disney World Vlogs: Day 3 Legoland Florida Downtown Disney Meetup! (week #69c)
Subscribe for more videos!!! http://www.youtube.com/mommytipsbycole My blog: http://www.mommytipsbycole.com Watch Walt Disney World Vlog Day 2: http://youtu.be/KSVTX4IVEq4 Walt Disney World...

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Walt Disney World Vlogs: Day 3 Legoland Florida & Downtown Disney Meetup! (week #69c) - Video

Walt Disney World Travel Series #4: MagicBands (MyMagic+) & My Disney Experience App Review – Video

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Walt Disney World Travel Series #4: MagicBands (MyMagic+) My Disney Experience App Review
Subscribe to my channel for more videos!!! http://www.youtube.com/mommytipsbycole Blog Post: http://bit.ly/1nrAQYq Walt Disney World Travel Series: WDW Travel Series #1: http://youtu.be/XK9-_tZvH8...

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Walt Disney World Travel Series #4: MagicBands (MyMagic+) & My Disney Experience App Review - Video

Armageddon "Survival Guide" Greater Community Spirituality (Chapter Twenty Four) Part Three – Video

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Armageddon "Survival Guide" Greater Community Spirituality (Chapter Twenty Four) Part Three
https://www.newmessage.org/nmfg/Greater_Community_Spirituality.html Greater Community Spirituality presents a prophetic new understanding of God and human spirituality within a larger arena...

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Armageddon "Survival Guide" Greater Community Spirituality (Chapter Twenty Four) Part Three - Video

Top 50 Red Sox Prospects of Past 50 Years: 10-1

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The potential of his bat became evident as well earlier than many expected. In 1968, his first full year of pro ball, Fisk put up a stat line at Single A Waterloo of a much more polished prospect, hitting .338 with 12 homers in just 62 games. It was enough to catch the eye of the Seattle Pilots, whose general manager, Marvin Milkes, admitted to coveting the young catcher before the draft.The Globe's Clif Keane wrote: "Milkes would like a Dave Morehead from the Red Sox, and a Billy Conigliaro, and possibly a Carlton Fisk." Fortunately for the Sox if not the doomed Pilots, Fisk was added to the 40-man roster that October.

Fisk had his ups and downs at the plate in '69, hitting .243 with 14 homers in 125 games between two levels. But the season ended in personal triumph -- he was recalled to Boston for two games at the end of the season, a big leaguer at 21. He did not lack for confidence. That winter, he lamented to the Globe that the Red Sox went five deep on the catching depth chart, wondering where he fit in. "There's Don Pavletich, myself, [Bob] Montgomery, Tom Satriano, Russ Gibson for a starter," Fisk said. "I wish I knew [where I fit in]." Keane even speculated that Montgomery, and not Fisk, was "the fairhaired boy of the lot."

Little did Fisk know would not make it back again until the end of the '71 season, when he got into 14 games. The Red Sox media guides through the early part of his career serve as a glimpse into the challenges he endured and the ups and downs of his prospect status.

1970 media guide: Made a fine impression in his first trip to Winter Haven last spring and became Pittsfield's number one catcher despite only one previous year of professional experience. Has all the tools to become a fine major league catcher: size, outstanding arm, showed great improvement as a receiver, with power at the plate. In addition, he is a take charge catcher with hustle and aggressiveness.

1971 media guide: He got off to a fine start with Pawtucket but would up with a disappointing season [.263, 10 homers], and will have to battle back to contend as one of the Red Sox catchers of the future.

In 1972, the future became he present. He beat out Bob Montgomery as the starter, relegating him to career-long Pudge Caddy status, and drew early raves from opposing scouts. "Has taken over the regular catching duties for the Boston Club,'' wrote Royals scout Steve Vrablik. "Real good arm strength and good carry on his throws. ... An aggressive, take-charge receiver and with added experience will be a good one. Long-ball type hitter. Would certainly help out club.

Fisk went on to hit 22 homers, a league-best nine triples, bat .293 with a .909 OPS, and earn this high praise the following year:

1973 media guide: At 25, "Pudge" may already be the best catcher in the American League. He became the first unanimous choice as American League "rookie of the year,'' also Boston's most valuable player, the American League All Star catcher as voted by his fellow players in the Sporting News, and the 1972 catching Gold Glove winner. It was his season long performance which kept the Red Sox within striking distance in 1972, and he seems destined for a great career.

* * *

9. CECIL COOPER

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Top 50 Red Sox Prospects of Past 50 Years: 10-1

NASA's moon-orbiting robot crashes

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NASA's robotic moon explorer, LADEE, is no more.

Flight controllers confirmed early on Friday that the moon-orbiting spacecraft crashed into the back side of the moon as planned.

Researchers believe LADEE likely vaporised upon contact because of its extreme orbiting speed of 3600 mph (5800 kph), possibly smacking into a mountain or side of a crater. No debris would have been left behind.

'It's bound to make a dent,' project scientist Rick Elphic predicted on Thursday.

By Thursday evening, the spacecraft had been skimming the lunar surface at an incredibly low altitude of 300 feet (100m). Its orbit had been lowered on purpose last week to ensure a crash by Monday following an extraordinarily successful science mission.

LADEE - short for Lunar Atmosphere and Dust Environment Explorer - was launched in September from Virginia. It completed its primary 100-day science mission last month and was on overtime.

The extension had LADEE flying during this week's lunar eclipse; its instruments were not designed to endure such prolonged darkness and cold. But the small spacecraft survived - it's about the size of a vending machine - with just a couple pressure sensors acting up.

LADEE did not have enough fuel to remain in lunar orbit beyond mission's end and keep collecting science. So from the outset, NASA planned to crash the spacecraft into the back side of the moon, far from the Apollo artefacts left behind during the moonwalking days of 1969 to 1972.

During its mission, LADEE identified various components of the thin lunar atmosphere - neon, magnesium and titanium, among others - and studied the dusty veil surrounding the moon, created by all the surface particles kicked up by impacting micrometeorites.

'LADEE's science cup really overfloweth,' Elphic said earlier this month.

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NASA's moon-orbiting robot crashes

World's smallest magazine cover created using IBM 'nano chisel'

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The nanometer-sized tip, which creates patterns and structures on a microscopic scale, is 100,000 times smaller than a sharpened pencil point and can be heated to 1,000 degrees Celsius.

IBM claims that the same technique could be used to prototype a new generation of technologies, from energy-efficient transistors to nano-sized security tags to prevent document forgery.

With our novel technique we can achieve very a high resolution at 10 nanometers at greatly reduced cost and complexity," said Dr. Armin Knoll, a physicist and inventor at IBM Research.

"Now its up to the imagination of scientists and engineers to apply this technique to real-world challenges.

IBM has licensed the technology to a startup based in Switzerland called SwissLitho, which is bringing it to market under the name NanoFrazor.

Several weeks ago, the firm shipped its first NanoFrazor to McGill Universitys Nanotools Microfab in Canada. To celebrate the tools arrival, the university created a nano-sized map of Canada measuring 30 micrometers (0.030 millimeters) wide.

IBM hopes to begin exploring the use of this technology to prototype transistor designs made of graphene-like materials by the end of the year.

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World's smallest magazine cover created using IBM 'nano chisel'