BITCOIN & BLOCKCHAIN

Original Post: 1 January 2018. Updated 23 January 2018.
NOTE: This section is still in progress. I will add as much information without getting too technical so that you can understand the basics of how it works. I am by no means an expert and still learning myself. 

NORMYIP.COM is very pleased to announce the recent decision to accept cryptocurrency in either BITCOIN or ETHEREUM for all artwork that is shown in this website. Pricing will be shown in US dollars. 

MY BITCOIN PUBLIC ADDRESS: 1HboEowjhpeHzu28akvYqNYAGVx28TRKcz

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What is Bitcoin?
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. (Source: Wikipedia)

 

What is the Blockchain?
A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. The Harvard Business Review describes it as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.(Source: Wikipedia)

How are Bitcoin and Blockchain related?
Bitcoin is one of the first applications using the Blockchain technology. An analogy would be like how email is an application of the internet. Certainly, email is not the only thing you can do using the internet. It is only one of many applications. Likewise, Bitcoin or cryptocurrency is only one of many applications that have been created using the Blockchain. For a comprehensive article that explains a little about the history of how Bitcoin and how it has evolved to where it is now is a post by Fergus O’Sullivan at Cloudwares.

Making Payments using Bitcoin or Ether (another cryptocurrency)?
1) You will need to obtain a wallet to hold your Bitcoins. There are many kinds of wallets available on the market. Some are more secure than others. Many people have several types of wallets: one for everyday daily transactions, and another wallet that is for keeping larger quantities of currency.
2) You need to purchase some Bitcoins to place in your wallet. You can purchase Bitcoins from an exchange such as CEX.IO or Coinbase (not available in Hong Kong) using a credit card.
3) You can then make payments to me using your wallet.