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      "author": "steemitboard",
      "body": "Congratulations @fasttack! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@fasttack/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@fasttack) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=fasttack)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "There is a process called “mining”, utilizing which it’s possible to actually obtain bitcoins, in an analogy with natural resources. Mining is not a hugely profitable and, many believe, wholly justified activity, yet there is a slim chance to earn something due to growth of bitcoin exchange rate. It used to be a little easier at earlier stages of bitcoin development, yet many enthusiasts continue to resort to mining. They can mine individually or unite in miners’ pools, to increase their collective computing capabilities necessary to mine bitcoins. To do that they install specialized software, that allows them to perform in essence a transformation of data into a bit line using special algorithm.![images (2).jpeg](https://cdn.steemitimages.com/DQmZKoYn2mimbvEzaTGmjupfHj1bcSr417bkBN87zuWSPWh/images%20(2).jpeg)",
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      "body": "Bitcoin is sometimes called currency of the future, but that is true only to an extent. While technologically this sort of assumption makes total sense, it remains to be seen when all countries of the world are ready to grant bitcoin the status of legally recognized currency. In Germany bitcoin is a recognized unit of account, the US Treasury recently classified bitcoin as a commodity, and Canada installed bitcoin ATMs. Yet in other countries, such as Russia and Thailand, bitcoin is outlawed completely. Rickard Falkwinge, Swedish IT entrepreneur, recently predicted a surge of bitcoin popularity by 2019, citing several examples of an average 10-year period separating introduction of a technology from mass acceptance of its use, like file sharing (from 1989 to 1999), blogging (1994 to 2004) and video streaming (2004 to 2014).![download.jpeg](https://cdn.steemitimages.com/DQmWm4GBUPmvhqeZtM47rC47ALeUKbx2YjK5FHas3yc88rT/download.jpeg)",
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      "body": "Public interest in bitcoin grows steadily, as evidenced by equally steady growth in actual bitcoin transactions. Bitcoin is often compared to “virtual gold”, i.e. to something that becomes valuable mostly due to being in high demand. The difference is that actual gold has a physical form that can be interacted with while bitcoin remains completely virtual. It’s only a matter of convention, though; ac![images (1).jpeg](https://cdn.steemitimages.com/DQmYBcxWArUQwhcftNofG9frgKtvBrv5zDUffLr9jFPJz9j/images%20(1).jpeg)tual coins can be easily pressed if necessary",
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      "body": "![images.jpeg](https://cdn.steemitimages.com/DQmXCoWE7HSNASJkmufq98CqM6x1s2qrs8K2yiS3s4xv7yU/images.jpeg)\nBitcoin is virtual money present in the Internet that you can use to pay with, pass along to others or exchange for physical money. BitCoin is also the name of the computer network through which all bitcoin operations are performed, the cryptocurrency system that operates currency with the same name. A bitcoin transaction is in essence a process of exchanging encrypted data. The main feature of BitCoin is its lack of single administrative engine, the pros and cons of which will be inspected closer further on. The unit that stores bitcoin information is called a wallet.\n\nMaximum total emission of bitcoin is not going to expand beyond the number of 21 million. By the beginning of the year 2014 there have been 14 million bitcoins already in circulation. There is an official graph created which established, based on the statistics of bitcoin increase, the epochal date of creation of the last, 21-million-th bitcoin",
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      "body": "![download.jpeg](https://cdn.steemitimages.com/DQmWm4GBUPmvhqeZtM47rC47ALeUKbx2YjK5FHas3yc88rT/download.jpeg)Mistakes of DigiCash had been taken into account; the BitCoin network was created specifically to function without a single administrative body, so the cryptocurrency is decentralized. All further work concerning development and administration of the network is being undertaken by a British-based developer Gavin Andresen.\nSome computing gurus believe that bitcoin is the most significant breakthrough in computer-based technologies, the result of years and years of research in cryptography and hard work by thousands of scientists. Let’s take them at their word at this point and move on from history of bitcoin to a better understanding of its nature",
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      "body": "![download.jpeg](https://cdn.steemitimages.com/DQmWm4GBUPmvhqeZtM47rC47ALeUKbx2YjK5FHas3yc88rT/download.jpeg)\n\nThe principle of cryptography behind bitcoin goes back to 1990s and the research of David Chaum, founder of DigiCash and International Association for Cryptology Research. DigiCash sought to establish and develop protocols for electronic money transactions, but their approach was still centralized and therefore traceable. In 1998 DigiCash declared bankruptcy and its founder left the company.\n\nChaum’s pioneering work was further developed and carried on by many researchers who remain unseen and unknown. Then, in 2009, the term cryptocurrency was introduced to the public, at the same time the BitCoin network was first launched. BitCoin was the brainchild of Satoshi Nakamoto. The name is there, but the actual person bearing it remains incognito; there are numerous speculations about Nakamoto’s identity, who, according to various sources, might actually be European, Australian, or in fact a whole team of developers, hiding behind a single makeshift name. The fact of the matter is that the BitCoin network had been in development from 2007 to 2009, and then its founder Nakamoto allegedly left the project after its launch.",
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      "body": "Cryptocurrency is decentralized; there is no single center to collect or process data on its operations, everything is processed separately in various points which makes it impossible for state institutions (banks, courts, tax agencies and so on) to monitor data, interfere with transactions, trace participants, withdraw funds and perform other controlling and restricting functions. All funds are accessible only to direct parties of the transaction, via personalized keys. All information on all bitcoin transactions is open source, except for owner’s identity; to properly identify the owner one would need to gather a lot more additional information then is required to perform a bitcoin transaction. The uppermost level of total bitcoin emission is a point agreed upon and regulated by the development team of the network!![download.jpeg](https://cdn.steemitimages.com/DQmWm4GBUPmvhqeZtM47rC47ALeUKbx2YjK5FHas3yc88rT/download.jpeg)![images.jpeg](https://cdn.steemitimages.com/DQmXCoWE7HSNASJkmufq98CqM6x1s2qrs8K2yiS3s4xv7yU/images.jpeg)",
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      "body": "![images.jpeg](https://cdn.steemitimages.com/DQmXCoWE7HSNASJkmufq98CqM6x1s2qrs8K2yiS3s4xv7yU/images.jpeg)\nTo get a grasp of what bitcoin is all about let’s get a handle of its basics first – what is, exactly, this thing called cryptocurrency? To put it simply, what we call cryptocurrency is electronic payment means which do not involve neither physical objects of recognized monetary value nor virtual equivalents of the money gathered on accounts of actual banks. It is virtual money you can not touch or see that is distributed and operated on virtually, through the Internet.",
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