BTC Difficulty: 5,077,499,034,879
Faucet count: 155
Bitcoin and Its Possible Impact on Insurance
What is a Bong-Bitcoin, or ᵇTBC? It is 42.94967296 BTC.
42 is the answer to the universe. Coincidence?
What is Bitcoin? Bitcoin is a decentralized digital currency based on an open-source, peer-to-peer internet protocol.
Basically, bitcoins are "mined" by computer processing power by solving blocks, then adding them to the block chain. When a block is solved, bitcoins are harvested. Currently the reward is 25BTC, which halves every 210,000 blocks. The maximum number of bitcoins that can be harvested is 20,999,999.9769; the very last bits won't be mined until 2140. See the Controlled supply wiki page for more info.
The block chain is a register of every transaction on the bitcoin network. Every user downloads a copy of this register, so everyone verifies multiple times every transaction. The only way to verify the transactions is by solving the blocks. This way, no one can hack into a central server, for example, and steal financial information and money.
So people mine bitcoins. Bitcoins are spent back and forth, which adds to the transaction register. Blocks are solved, verifying transactions and adding to the chain, which releases more bitcoins, which people spend. It's a wonderful circle.
Watch the video for a better explanation:
Now, how to get free bitcoins? Check the Quick Start on the right or go to the Bitcoin faucets.
This "telephone" has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us.
Western Union internal memo, 1876
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