There are many new systems emerging. The following is one of the most simple and streamlined that I have seen so far. It is in place and working and using a type of online interface that people are used to.
I have just signed up so I shall be exploring and reporting on how it works.
If for some reason the Banking System offs-me like they did Qadaffi and Syria for wanting their own independent form of monetary exchange, then know that I died well… and lived even better.
“When I dare to be powerful, to use my strength in the service of my vision, it becomes less and less important whether I am afraid.” -Audre Lorde, 60’s Blackl, female activist
Bitcoin is one of the first implementations of a concept called crypto-currency, which was first described in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
These are the basic features of any Bitcoin-like network.
- Bitcoins can be transferred between arbitrary nodes on the network.
- Transactions are irreversible.
- Double spending is prevented by using a block chain.
- Transactions are broadcasted within seconds and verified within 10 to 60 minutes.
- Transactions can be received at any time regardless of whether your computer is turned on or off.
These rules are enforced collectively by the network. While they will not change for Bitcoin, other digital currencies using Bitcoin’s technology may change them to suit their needs.
- Hard limit of about 21 million Bitcoins.
- Bitcoins are divisible to 8 decimal places yielding a total of approx. 21×1014 currency units.
- Transactions are cheap, and mostly free (Transaction fees).
Features of the Bitcoin network
The network has been running for more than 45 months yielding to some impressive security features.
- Long block chain (more than 204.000 blocks) with lots of processing power securing transactions.
- Only one major incident (fixed in August 2010).
===================================== “Click HERE for more detailed instructions and/or any of the links above:”
-Captain Lakota, New Earth Army
Kauai Base Commander
Kingdom of the Hawaiian Islands
Ambassador to US Homeland Security