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Thread: Donate Bitcoins

  1. #1
    NG Forum N00biE MintySyrup's Avatar
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    Default Donate Bitcoins

    I think Donating Bitcoins would be awesome. You guys should look into it!
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    NG PosTing SluT
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    Can you elaborate on what a Bitcoin is? I have never heard of that term before.

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    NG Forum MastER Giggles's Avatar
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    [FONT=sans-serif]"Curtsey of Wiki"
    Bitcoin
    (
    sign: ; code: BTC or XBT[8]) is a cryptocurrency where the creation and transfer of bitcoins is based on an open-sourcecryptographic protocol that is independent of any central authority.[9] Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.[10] The concept was introduced in a 2008 paper by a pseudonymousdeveloper known only as "Satoshi Nakamoto", who called it a peer-to-peer, electronic cash system.[1][11][12][13][/FONT]

    [FONT=sans-serif]The processing of Bitcoin transactions is secured by servers called bitcoin miners. These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using peer-to-peerfilesharing technology.[2] In addition to archiving transactions, each new ledger update creates some newly minted bitcoins. The number of new bitcoins created in each update is halved every 4 years until the year 2140 when this number will round down to zero. At that time no more bitcoins will be added into circulation and the total number of bitcoins will have reached a maximum of 21 million bitcoins.[1][14] To accommodate this limit, each bitcoin is subdivided down to eight decimal places; forming 100 million smaller units called satoshis.[4][/FONT]
    [FONT=sans-serif]In August 2013 Germany's Finance Ministry subsumed Bitcoins under the term "unit of account"—a financial instrument—though not as e-money or a functional currency.[15]Although bitcoin is promoted as a digital currency, many commentators have criticized bitcoin's volatile exchange rate, relatively inflexible supply, high risk of loss, and minimal use in trade.[16][17][18][19][20][/FONT]
    [FONT=sans-serif]Bitcoins have been associated with illegal online activity such as money laundering.[21][/FONT]

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    NG Forum N00biE MintySyrup's Avatar
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    https://www.youtube.com/watch?v=FizcEl4lgtk

    Here is just a little intro into Bitcoins.
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    I have short Bitcoin story. Part of my job is IT at my company. One day someone brought in their personal laptop and said it was getting really hot. So I checked into it, installed Speedfan to track the temperature and to make sure the fan was operating at normal speeds. Normally I would have checked the CPU performance and running processes first but it didn't occur to me right away. When I did check, I noticed the CPU was at a consistent 100% and one process that was the culprit. I have seen this with malware before but upon researching found it to be a bit more specific.

    Turns out the laptop had become infected and became part of a Bitcoin Botnet. His poor little Dell laptop was working itself to death to earn Bitcoins for someone somewhere.

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    Ok so , Bitcoins are a currency I figured that. Next question, why does NG need to get bitcoins how are they going to be used in the community and what kind of safety. Other than Snaps Post can we see in security. I don't get how this would improve anything but hey I'm not the one you need to convince.

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    NG Forum N00biE MintySyrup's Avatar
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    Why does NG need them? I don't want to say that you guys need them, I just think it would be awesome for you guys to have another way to donate. I know it wont be the most popular way to make payments, but I just think it might help others out with making payments. With safety, I mean I don't know anything other to say than its safe.
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    NG Administrator adamnp's Avatar
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    I am actually looking into this currently....Not sure if we will adopt it though, there is tons of illicit activities performed on the service..

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    NG Forum N00biE MintySyrup's Avatar
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    Quote Originally Posted by adamnp View Post
    I am actually looking into this currently....Not sure if we will adopt it though, there is tons of illicit activities performed on the service..
    Yes, and there is a ton of illicit activities preformed with any currency.
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    NG Forum ReGulaR Pygo_Bite_Me's Avatar
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    I still don't understand this bit coins thing. Do they have any real value?

 

 
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