Bitcoin Malaysia and Blockchain Tech Information

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

Another intro to Bitcoins #3

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.


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:


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.

3 new Stores and Restaurants in Berlin accepting Bitcoins

By on November 16, 2012

While some countries or users are still skeptical about using Bitcoin (BTC) in business transactions, a person in Germany is starting to promote the widespread use of BTC as a new merchant system.

Joerg Platzer of Room 77, a restaurant that has become the epicenter of the Bitcoin community in Berlin (Germany), announce last week, the Bitcoin Kiez, a project to get a large number of businesses to accept BTC in Berlin’s Graefekiez district. (source bitcoin magazine).

Bitcoin Kiez has announced its first three participants:

  • Primo Maggio – as Rooom77′s Joerg Platzer describes it, “original Italian food at its best.” This restaurant features a wide variety of homemade sandwiches, antipasti, pasta and desserts, as well as a unique selection of drinks. It places a large emphasis on high-quality ingredients, writing on its website: “everyone who wants to share in our philosophy on good food are cordially invited to come to Primo Maggio on a journey of discovery. In our kitchen and our bar we allow only products which we stand behind. Our customers should only receive what we would take for ourselves, not only when we want to satisfy our hunger, but also our taste buds”.
    Add: Primo Maggio
    Graefestraße 10
    10967 Berlin, Germany.
  • Fabelhaft Bar – features some of the best cocktails in Berlin. As one review describes it, “entering the one-room space is like stepping into a gothic castle crossed with an underground bordello, with requisite fin-de-siècle lamps and old candles softly glowing above funky mismatched chairs, each casting soft shadows against the mostly barren and crumbling stone walls. Mondays through Thursdays, unkempt barflies mix with artsy expats and laid-back locals to exchange jokes and talk politics over cold brews or fresh cocktails, including the popular Moscow Mule made with cucumber, vodka, ginger ale, and hand-ground ginger.”
    Add: Fabelhaft Bar
    Schönleinstraße 6
    10967 Berlin, Germany.
  • Vinyl Living Room Longplayer – a small and cozy used record store that is popular as a hangout spot for DJs even outside of Berlin. The shop features a large selection of hip-hop, funk, soul and jazz records and also some reggae, rock and punk, and many of the records that can be found there are difficult to find anywhere else. Although there is no food to buy here, it’s located on the Graefestraße almost right across the street from Room 77 itself.
    Add: Vinyl Living Room Longplayer
    Graefestraße 80
    10967 Berlin, Germany.


Bitcoins 101 by Mashable

By on November 8, 2012

Here’s what Mashable wrote about bitcoins [source]

Bitcoin is a peer-to-peer decentralized digital currency. It differs from traditional, government-backed currencies in that there is no central issuer, and there are no middlemen involved for various transactions.

Back in 1998, the concept of crypto-currency was described by Wei Dai on a cypherpunks mailing list. Crypto-currency is an electronic currency that relies on cryptography to regulate functions such as value and counterfeit protection. Bitcoin is the first implementation of that idea. Its protocol was published in a white paper by Satoshi Nakamoto in 2008. In 2009, Nakamoto released the first Bitcoin client and issued the first Bitcoins.

The supply of Bitcoin is regulated not by a central bank, but by software. The original rationale behind Bitcoin was to create a type of electronic currency that was anonymous, secure and independent from governments or other central authorities.

While still a nascent currency, various organizations such as WikiLeaks, the Internet Archive and the Free Software Foundation accept donations in Bitcoin. Moreover, thousands of smaller merchants accept payment using Bitcoin.


Bitcoin Mining: How Bitcoins Are Created


With a traditional fiat currency (think the U.S. dollar or the Euro), a central bank (like the Federal Reserve) issues currency. That’s not the case with Bitcoin.


Instead, coins are generated using a process called mining. Think of mining as a lottery. Computers connected to the network (known as miners) aim to find the solution to a certain mathematical problem. If they successfully solve the problem, a new block is created. Until December 2012, the value of each block is 50 BTC (Bitcoins). Every four years, the value of solving a block is lowered.


Mining was designed to be a resource-intensive process. In the early days of Bitcoin, users used traditional computers to mine for different blocks. Today, miners often use high-powered graphics cards and machines designed specifically for optimal Bitcoin mining. Moreover, there are networks of computers that work together in various pools to find blocks.


The more powerful your system, the greater the chance that mining will produce a new block. As a result, there are individuals and groups that invest in computer equipment designed to mine more efficiently. They are betting that the cost of the equipment (as well as the resulting electricity) will be offset by the value of the Bitcoins themselves.


The Bitcoin system is designed so that the difficulty of uncovering a block can be increased or decreased. This keep the output of the currency more consistent.


Bitcoin Exchanges: Buying and Selling Bitcoins


One of the basic tenets of Bitcoin — and all crypto-currency — is the absence of a central banking authority. That doesn’t mean, however, that there aren’t entities that exist in the same way.


In the Bitcoin world, these are known as exchanges. These exchanges allow people to buy and sell Bitcoins with one another. The major Bitcoin exchanges include Mt. Gox (the largest Bitcoin exchange), CryptoXchange and Intersango.


The most popular exchanges allow users to buy and sell Bitcoins using local currencies. For some, this can be a profitable source of arbitrage and big trades can impact the overall value of the larger Bitcoin economy.


Many of these exchanges also act as eWallet’s for users to store their Bitcoins. This is convenient because it offers an easy way to buy and sell from an exchange account, however, it can be risky because if the exchange is hacked, the eWallets can be stolen.


This has happened to a number of large Bitcoin exchanges in the past — with hackers absconding with thousands of Bitcoins. You can read more about eWallets and what to watch out for before using one in this Wiki article.


Users can also store their own wallets on a local computer, USB drive or even print out a wallet address for offline safe-keeping.


Using Bitcoin


A small number of real-world and online establishments accept Bitcoin as a form of payment. It’s important to understand that like any other currency, the value of Bitcoin fluctuates all the time. At the time of this writing, Mt. Gox values a BTC at ~$10.75 USD — however that could fluctuate up or down, depending on the Bitcoin market as a whole.


Some shops that accept Bitcoin may accept less than market rate (depending on current exchange values) in order to obtain more Bitcoins. Others can adjust their pricing depending on overall values.


Many in the Bitcoin community use the currency to trade or barter with one another. At forums such as, users post messages of what they are willing to buy or sell with Bitcoin.


Because Bitcoin is like cash, the onus is often on the buyer to trust that the seller won’t run off with Bitcoins without providing a product or service. It’s similar to the early days of eBay, where community reputation can act as a voucher for who to trust and who to ignore.


The anonymous nature of Bitcoin means that the currency can also be used for seedier business transactions. The online marketplace Silk Road has been described as “the of illegal drugs.” Silk Road sellers sell illegal drugs such as LSD, heroin and marijuana.


Buyers conduct all transactions using Bitcoin. The hidden nature of the marketplace (it uses the Tor network to hide traffic) coupled with the technology around Bitcoin makes it ideal for drug transactions.


Is This the Future?


Some see Bitcoin as a future type of currency. While it’s a stretch to see a decentralized currency gaining mass adoption, many of the ideas involved with Bitcoin, especially when it comes to online transactions and distributed computing for security could be used with existing fiat currencies.


The Royal Canadian Mint’s MintChip project carries on many of the same ideas as Bitcoin, but in a way that is backed by the mint itself. The MintChip project is still in its infancy but if it works, it could shape the future of Canadian currency.



By on November 6, 2012

Eligius Mining Pool is offline

By on October 18, 2012

I did a check after lunch and I saw that the Eligius Mining Pool was offline. I thought my router had gone haywire but the stat site did not even load. Their site then came online about an hour later but my mining clients still could not connect to the mining site at