The BitCoin Companion Your handy desktop guide for using BitCoins, modestly priced at 2mBTC BitCoin is the digital currency for the digital age, an electronic cash system. The BitCoin Companion is a must read when you want to know more about BitCoin. With uncertainty growing in the current financial systems making savers and investors more nervous, some are looking for a safer place to put their money. Merchants are having to find ways of providing better services, lowering their costs and passing those savings on to keep their customers. The banking system is now having to cope with ever increasing regulation with those extra costs passed on to their customers. This has led to the wider adoption of crypto currencies with BitCoin proving itself to be the most popular. BitCoin can be exchanged for cash, used to purchase goods and services, are made by powerful computers and used all around the world. The BitCoin Companion does away with all that media hype and includes explanations and examples, answering all those niggling questions so that you have a clearer understanding of how you can use BitCoin. We want to answer the question “Is BitCoin right for me, my family, my friends and business?” With any new endeavour please read and understand what it is you are doing. BitCoin is a digital currency, you will be buying and selling using your money. Please be sensible and don't put next months mortgage payments on the line expecting a quick return. To start with only use money you can afford to lose. When using BitCoins there are no refunds, you make a mistake, its lost. Please bear this in mind. A record of all transactions are kept in a database called the BlockChain, stored on multiple computers, as this is all encrypted its impossible to recover transactions without the right key. Its also a major security feature as it stops you from spending your money twice. Please make your 2mBTC donation to the BitCoin Companion Please support our local charity Riding for the Disabled and make your 10mBTC donation today.
Author: Kevin Davies © 2013 The BitCoin Companion e:email@example.com feel Free to distribute
How do I get BitCoins? BitCoins can be exchanged for cash locally or at an exchange. The rate being the current weighted average at MtGox at the time of the transaction with a 10% safety margin. 1 BTC = £200 With BitCoins recent steady increase in value Pounds £ mBTC Less 10% mBTC 2 10 9 the worked example is based on £200 for 1BTC. 5 25 22.5 Can you imagine yourself asking for two 10 50 45 pounds worth of BitCoin? 50 250 225 Well that would work out at 0.01BTC or 10mBtc, ten mili BitCoins less 10% would be 9mBTC that would be sent to your digital wallet. Most of us use wallets to keep our cash and credit cards handy and in the digital world its much the same. Digital wallets can be kept on secure remote servers accessed with a web browser or from your pc with a desktop client and there are many wallet providers to choose from, available for various platforms including smart phones. Online wallet at BlockChain The website blockchain.info has a lot of useful information including a chart of the network speed known as the Hash rate, more about that later as we are only interested in setting up a digital BitCoin wallet for the time being. At blockchain.info/wallet Select the blue 'Try A Demo Account' first to explore what you can do. And when you are ready select the green 'Create my Free Wallet' From the wallet you can view transactions, send and receive money, create a view only address, option to keep your transactions private and very importantly import /export the cryptographic keys of your wallet, more about that later. As you would expect selecting Send will bring up a screen for you to enter the BitCoin address of who you want to pay with an address book and the facility to pay by email or sms. Enter an address, enter the amount and select Send Payment. That’s it. All done. The payment will show up immediately in their wallet and be able to spend it within the hour. You can only spend once the the transaction has been recorded in the BlockChain and confirmed a certain number of times. The quicker the network, the speedier the confirmations. Now give it a try by supporting our local charity Riding for the Disabled and make a donation of 10mBTC to 15v3MjwsBgXbFY8GXA1Q6pWATnLomtDqv2 Email me to confirm the payment has been received with BCC - Donation to RDA in the subject line. Author: Kevin Davies © 2013 The BitCoin Companion e:firstname.lastname@example.org feel Free to distribute
In Business Your business may have a website, and BitPay have made it very easy to accept BitCoin as a means of payment. Yahoo Finance reported on 16/9/2013 ‘BitPay Inc, the world leader in business solutions for virtual currencies, announces it has over 10,000 approved merchants in 164 countries using its service to accept BitCoin payments. This milestone was reached almost exactly one year after the company approved its 1,000th merchant. The merchants in BitPay’s directory are diverse internationally, with approximately 50% located in North America, 25% in Europe, and 25% in the rest of the world. E-commerce merchants account for over 90% of the business, including consumer electronics, precious metals and IT services. BitCoin for merchants has the advantage of significantly lowering the risk and cost of accepting payments in a card not-present situation such as e-commerce . Another offering is from CoinBase who have generously waived their fees until you reach your first $1M. Articles A well known reporter has written an article for CoinDesk about getting paid in BitCoins. www.coindesk.com/getting-paid-in-bitcoins/ BitCoin Statistics Interesting charts displaying facts and figures on the current state of the network can be found at bitcoincharts.com/bitcoin/ Next issue We have introduced BitCoin briefly to you, shown you how to create a digital wallet at BlockChain from your web browser, Next step is to install MultiBit onto your pc, a software program used to manage your wallet and export your crypto keys from BlockChain.info. Why would I want to install a desktop wallet when using one from my web browser is really convenient? This and other security related questions, answered in future issues. Quiz Answer all three questions correctly to get 60 points and the chance to win our surprise star prize. 1. Are BitCoins worth anything in hard cash? 2. Are BitCoins illegal because they are not legal tender? 3. If BitCoins are stored in Wallet files, Why can't I just copy the wallet file to get more coins? Your Comments and Points of View Do you have an interesting experience with using BitCoin or have a question or comment that may be included in the next edition of the BitCoin Companion, email me with BCC - POV in the subject line.
Author: Kevin Davies © 2013 The BitCoin Companion e:email@example.com feel Free to distribute
And there is more... For larger sums, there are many ways to get BitCoins. Contributors Wanted Fascinated with BitCoin? With ideas to contribute to make the BitCoin Companion even better, email me with BCC â€“ I want to contribute in the subject line. Promote your business with us, in a handy, A5 format, quarter, half page and banner adverts from 50mBTC. Income generated would support our efforts, pay 50mBTC for the best readers letter and we could get better prizes for the winners of the quiz or competitions. Could the social media platform FaceBook be used to introduce the BitCoin Companion? As a business how would paying 10% of your wages bill in BitCoin affect you? Used BitCoins for your savings? Write in and tell us about your experience, not just about your recent holiday it paid for. Wider Issues There are also legal and accounting perspectives to consider for offshore earnings or transferring money in an unregulated system. When would KYC or AML apply? Can China pull it off? China wants the rest of the world to adopt BitCoin as the apolitical currency of choice. How would that affect governments and their monetary policies as their means of control? In high inflation economies BitCoin is helping families keep bread on the table and their families fed and clothed. BitCoin as the digital currency offers freedom of choice, who can guess what other freedoms will come along if this were to become mainstream? I do hope you have enjoyed reading our desktop guide as much as I have enjoyed making it and found it helpful, informative and thought provoking. Please remember to make your donation today to the BitCoin Companion at: 12kNv8CL4aYzvzvgXbYYUeH1toTdc1zC7m Thank you
Kevin Ps. Be the first of your friends to try out BitCoin... the digital currency for the digital age. Author: Kevin Davies ÂŠ 2013 The BitCoin Companion e:firstname.lastname@example.org feel Free to distribute
About Kevin Davies With a long and successful career in Electronics and Computing, I came across BitCoin in December 2012. An open source crypto currency, now in its fourth year of operation. I took a lot more notice of BitCoin in April 2013 when Cyprus went through it's financial troubles. Investors in Cyprus wanted somewhere safe to place their cash, selecting BitCoin as their currency of choice. This had the effect of pushing up their value. The trading price of BitCoin shot up. Since then BitCoin has continually enjoyed a steady increase in value and now trades around the $400 mark. In May 2013, I built my first BitCoin production system and in July took on our current R&D site at PearTree. Having gone through a period of extensive research and development, starting with GPU, FPGA, ASIC, progressing to Blade and Jupiter technology as they became available, not forgetting computers from the small RaspBerry Pi to Tower servers all running on Linux, mainly Ubuntu. We now have a stable platform and business model to grow and expand, increasing our production levels substantially. Available for Consultancy and Support from 0.48BTC. Resources: blockchain.info blockchain.info/wallet blockchain.info/wallet/wallet-faq bitpay.com www.coindesk.com bitcoincharts.com coinbase.com bitcoin.org Sponsoring our local charity Riding for the Disabled â€“ www.rda.org.uk
Author: Kevin Davies ÂŠ 2013 The BitCoin Companion e:email@example.com feel Free to distribute