BITCOIN: Everything You Need To Know!

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As a member of Bitlanders and the Film Annex network, you may have a lot of questions about Bitcoins, the method used to pay users on Bitlanders.

Below are a few brief points, sourced from the Bitcoins official website, the Bitcoin page on Bitlanders, and the Wikipedia article on the subject:

  • Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is a peer-to-peer payment network that is powered by its users with no central authority or middlemen.

 

  • Bitcoin is the first implementation of a concept called "crypto-currency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.

 

  • The first Bitcoin specification and proof of concept was published in 2009 in a mailing list by Satoshi Nakamoto.

 

  • Block Chain: The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain.

 

  • Transactions and Wallets: A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Wallets keep a 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.

 

  • As of August 2014 established firms that accept payments in bitcoin include Atomic Mall, Clearly Canadian, Dell, Dish Network, Expedia, Newegg, Overstock.com, the Sacramento Kings, TigerDirect, Virgin Galactic, and Zynga.

For more information on Bitcoins, you can also visit the Bitcoin page on Bitalnders here.



About the author

AhmedKhalifa

I am a writer/director. I directed a feature film, WINGRAVE, a Gothic/Supernatural thriller featuring a supernatural detective. I have also directed a short film, and a web series called THE WEAPON. I have written three published novels: BEWARE THE STRANGER, THE DIARY OF A DEAD YOUNG WOMAN, and EGYPTIAN GOTHIC.…

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