Bitcoin – Time for Peer-to-Peer Virtual CryptoCurrency

Heard of Google Checkout or the Google wallet or even the oldage PayPal thing, good! But the time has changed for digital e-world. Now get paid for your computing power of your machine. Yes, it is Bitcoin, a peer-to-peer currency which works like all online payments and coins (if not, it will). There is no central authority like any central bank in this P2P virtual money transactions. Everything is aggregated and rewarded by the congregated computers or even the websites in the network.

Bitcoin is the first decentralized digital currency, transferred directly in P2P technology without the hurdles of banks and fees associated. A free open-source application called Bitcoin miner is needed to be installed and running into your machine. Mining acquires your computer’s computing power, hence if you have more CPU (more specifically GPU) power, there are more blocks generated which eventually gives you more bitcoins. However, there are few other methods, using 3rd party websites to generate bit coins.

You have been waiting a long for your computer mining the resources, but not yet able to generate any coins. Are you wasting the energy and increasing global warming using Bitcoins? Even tho’ official Bitcoin guys say no, the answer remains debatable.

Once installed & running, the Bitcoin client is assumed to create a wallet for you, which is  in your computer (be ware of hackers & crack friends who can still the file) and store amounts of Bitcoins in this wallet. You can get your first free Bitcoins from Bitcoin faucet. You need a good blend of hardware and software to mine the Bitcoins. TechSansar team suggest our general users only to utilize their idle computing cycles for mining activities. While you are computing or needing more CPU/GPU power stop Bitcoin client from mining as it will slow down your primary tasks.

Here is a good video regarding What and How Bitcoin?

If you are still confused about Bitcoins, get the Bitcoins FAQs here and generate free Bitcoins for you. While you can still donate some Bitcoins for us, here is our Bitcoin address: 1GM1wRjhRKkC19zkehMVkRyZiyzBFVEsFs

You can buy, use, sell, spend, donate or even invest on Bitcoin and associated online market. Here are some questions regarding Bitcoin which arise after writing this article.

• Can I Exchange Bitcoins for Cash? oh, sure.
• How much is a Bitcoin Worth? in terms of physical cash like a US dollar?
• How do you Use Bitcoin? Can I pay my webhost some coins to renew my account?
• How can I Buy/Shop/Invest/Donate Bitcoins? Dude, you must already been clear how fast the world grows. Come on, even we are interested. Our Bitcoin address is 1GM1wRjhRKkC19zkehMVkRyZiyzBFVEsFs
  
• Who is using Bitcoin? Are there other Bitcoin Users? Sure, go get them.

Things to note: Bitcoin is not Google Wallet – the latter is based on NFC technology which has nothing to do directly with P2P networks. Read more about Bitcoin debates in Ycombinator news.