I’ve been digging into BIP38 (https://en.bitcoin.it/wiki/BIP_0038) quite a bit lately and using an old abandoned code project as a foundation to build a Trustless Bitcoin Escrow System. BIP38 is all about encrypting private keys (if you don’t want to look it up). 🙂
You can check out the system here – http://bitcoincontract.net/
Right now feel free to test things out. Once I work out all the kinks I’ll move the site over to an SSL cert and tweak a few more things.
As I wrote the other day, I had won an Android tablet from DailyDoge.org in one of their recent giveaways. As a way to pass on the Doge spirit, I said that I would be giving away 75,000 Doge. So I made five 10,000Doge paper wallets and one 25,000Doge paper wallet. My goal was to see how many unusual or non-techie people I could get to take my Doge money. I had a blast yesterday (and it had nothing to do with being my birthday yesterday). Here’s what has happened with my giveaways so far:
A great part about being a part of a community is that everyone benefits in the community when everyone participates. One of the reasons why Dogecoin has taken off and been so successful during these past 4+ weeks is that a strong community has been formed that supports and strengthens the crypto-currency. The Jamaican bobsled team has been sponsored by the community, people have tipped and gifted hundreds of thousands of Doge to other community members, and websites and business have sprung up overnight that support the “Doge way of life”. UPDATE: The tipping and gifting is over 1 million Doge on Reddit alone and this doesn’t include all the fundraising events that the Doge community has undertaken.
So yesterday I wrote a simple introduction to Bitcoins and Litecoins. Last night while following the BCS National Championship (which it turns out I really only needed to tune in the last few minutes of the game) I came across a ton of other virtual currencies. There are so many programmers/copycats who are trying to cash in on the bitcoin craze.
You probably have heard of bitcoins before. You may have also heard of this virtual currency within the confines of illegal activities. Bitcoins are nothing more than a decentralized digital currency. That means that no government/country controls the currency. Bitcoins are digital coins you can send through the internet. So what would the advantages be of using a digital currency like bitcoins?
- When you transfer bitcoins, the transaction is directly between the sender and the receiver. There is no middle man required.
- This direct transaction concept drops the fees much lower. In fact, you can specify the fee (which helps process the transaction which we’ll talk about later).
- You can send the payment across physical country lines without any complications.
- No big-bad bank can freeze your “bank account”. Now, it’s important to point out that it is possible (if you are doing illegal activities and getting paid with bitcoins) the police/agency who will arrest you may impound or take your computer hardware into evidence…. which is like freezing your bank account.
- No limits or special requirements to get started.