Posted on 04/04/2013 8:41:34 AM PDT by djf
Bitcoin is a type of "virtual currency" developed by an Opensource organization.
Using them requires downloading some software and synchronizing the databases, a very lengthy process, taking perhaps a day or more.
AFAIK from what I read, when Bitcoin was started, the "value" of a bitcoin was about 5 cents.
Current quotes for the value of a bitcoin come in at around $135 USD.
So I am intensely curious to know if any FReepers have ever successfully acquired a wallet, synchronized their DB's, and started acquiring/earning/spending bitcoins!
In a sense, we have that already.
Something like 97% of the “wealth” in this country isn’t in cash - it’s in Savings and checking accounts, Stocks, Certificates of deposit, 401(k)s..
If the grid goes down, for many if not most people, what you got is whatever you got stuffed under your mattress, or coins lost in your couch. That’s it!
**UPDATE**
After I finished the downloading and backup of the Bitcoin DB, I started the installation of Litecoin on another machine. This was about 9 PM.
The Litecoin DB finished downloading about 2 AM. So at 5 hours, it is MUCH, MUCH faster than Bitcoin.
And coming in at a bit under a gigabyte, the Litecoin DB is smaller, more compact and concise.
Think Mobile. Think apps on your cell phone where you keep your wallet and wave it in front of a Coke machine to get a can!
I have started mining on Litecoin, coming in at about 490 h/s.
All donations accepted!
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