Bitcoin Malaysia and Blockchain Tech Information

Bitcoin and Blockchain, Bitcoin Exchange, Bitcoins Malaysia, Blockchain Malaysia

Download European Central Bank (ECB) report on Bitcoins

Download FBI report on Bitcoins

By on November 29, 2012

Download FBI report on Bitcoins here

Well, it contains most factually accurate information about Bitcoin (in fact, probably the most factually accurate information in a single report – the only glaring error is the statement (on page 14) that bitcoins will cease to be generated in 2033, clearly based on a misinterpretation of the famous money-supply graph) presented sensibly from a law-enforcement perspective, so I’d say it’s likely to be genuine. It strongly implies that the FBI don’t see Bitcoin itself as the problem, but rather the illegal activities that involve Bitcoin and are potentially made easier by it (which is exactly the sort of reasonable approach that (all jokes aside) one would expect from the FBI).

 

Bitcoin mining and block rewards

By on November 28, 2012

The database that keeps track of which addresses have how many bitcoins is stored in the form of a “block chain”, which is extended by one block roughly once every ten minutes. Each block contains all of the transactions that have taken place during that time, and when a block is added to the chain, it signifies a consensus among the Bitcoin network that those transactions took place at that time. As time goes on and more blocks are added on top of that block, the consensus solidifies, and after four to six blocks, any attempt to fraudulently change the transaction history to your own benefit becomes impractical because of all the work that has already been done overtop. Blocks can be created by any node on the Bitcoin network, and to regulate the rate of block creation, the network imposes constraints on the form that a valid block can take, with the result that it requires a lot of trial-and-error work to find a block that is valid – so much work that the entire network only manages to find one roughly once every ten minutes. That is a constant; there is an adjustable parameter called the “difficulty” which the network collectively manages to make sure that the actual block creation rate never strays far from that value.

Because creating (or “mining”) blocks is so crucial to the security of the Bitcoin network and yet so hard, the Bitcoin protocol includes a mechanism to encourage people to mine: every time a block is added, the miner who found the block is given 50 BTC as a reward. There is also another mechanism to encourage mining called transaction fees, which will grow in importance in the far future, but for now, the block reward is by far the largest financial incentive to encourage people to participate in the block creation process. The block reward also has another function; it the only way that new bitcoins come into existence. Any bitcoin that you send or receive was at one point somebody’s block reward.

New Scientist – Virtual economy looms as digital cash grows up article

By on November 27, 2012

New Scientist talks about Bitcoins this month. [26 nov 2012].
Printouts are here below:

What is New Scientist ?
Weekly science and technology news magazine, considered by some to be the world’s best, with diverse subject matter.

 

Another intro to Bitcoins #3

By on November 27, 2012

Forget most things you’ve heard. People discover BitCoin in a variety of ways, but usually pick up some sort of misconception like “BitCoin gives free money to people with computers” or “in order to use BitCoin I have to use a program that wastes electricity for nothing” along the way. Here is a good summary to help you understand BitCoin in general, by focussing on what BitCoin is and what problem it solves. These two things are not typically well explained on most websites, and it is difficult to appreciate just how effective a technology BitCoin is until they are understood.

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Bitcoin mining at 680 Million Hashes Per Second

By on November 20, 2012

 

When I first started bitcoin mining in August 2012, I had only 60 Million hashes (60Mh/s) running on a gaming laptop. Then I got myself a Radeon GPU that could output 220 Mh/s.

A good buy (NOV 2012) at a local Malaysian forum then got me the famous Radeon 5970 card that has dual GPUs with a max of 680 Mh/s. So, this will keep my bitcoin wallets loaded with about 0.07000000 BTC daily until the monster A2J and B2J bitcoin mining servers start rolling out in Dec 2012. ( you can pre-order the A2J and B2J servers here )

Meanwhile, the Bitcoin universe was delighted to learn that WordPress now accepts bitcoins for their premium services. It was covered all over the blog universe at CNET, Forbes, arstechnica and even PCWorld.

 

 

 

 

WordPress Site now accepts Bitcoins for premium services

By on November 19, 2012

This is big news and the price of bitcoins has increased by 3% since the news broke out last week! source: http://news.cnet.com/8301-1023_3-57550845-93/wordpress-begins-accepting-bitcoin-for-service-upgrades/

 

WordPress has announced it will begin accepting payment for upgrades via the controversial peer-to-peer currency Bitcoin, a move it promises will break down geographical and corporate boundaries.

While the popular blogging platform is a free service, it does offer paid upgrades such as custom designs and ad-free presentations. However, not everyone has access to those upgrades due to limits on traditional payment networks such as PayPal, which is blocked in more than 60 countries, notes Andy Skelton, code wrangler at WordPress parent Automattic.