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12 Jan '13, 1am

The Case for the Bitcoin Cryptocurrency, by J. McG.

The Case for the Bitcoin Cryptocurrency, by J. McG.

In Bitcoin, blocks are the files that contain all the transactions. The first time a user downloads the app there will be tens of thousands of blocks to load. However, once these blocks are loaded, a user just has to load the recent transactions. On a average day, there are about 200 blocks to load. The app is fully synched when all blocks have been loaded. The green check mark reflects the app is in sync. The units of currency are called bitcoins (BTC). Bitcoins have value because work is needed for its creation. Bitcoins are mined. The mining is done virtually by miners throughout the world with computers that have fast central processing units (CPU) and powerful graphics processing units (GPU). However, the average users can just buy bitcoins through various exchanges and sites located on the web just as one would buy gold or silver coins. One of the main benefits of Bi...

Full article: http://beforeitsnews.com/survival/2013/01/the-case-for-th...

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