WeBitcoin: Beginner and How to Guide: Bitcoin Millionaire

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<span style="font-family: "arial" , "helvetica" , sans-serif;">Where did Bitcoin come from? Even though it is only five years old it already has a unique story. </span><span style="font-family: arial, helvetica, sans-serif;">The idea for Bitcoin came from a developer named Satoshi Nakamoto. That was the name on the original paper that laid out the technical aspects of the new project – but it was a pseudonym. The real identity of Satoshi Nakamoto is still unknown.</span><br />
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<span style="font-family: arial, helvetica, sans-serif;">Read More: </span><span style="font-family: arial, helvetica, sans-serif;"><a href="http://webitcoin.blogspot.com/2016/03/how-does-bitcoin-work.html" target="_blank">How Does Bitcoin Work?</a></span><br />
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<img alt="History of Bitcoin" border="0" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjErNn3ADbRee63dfznPG_iZIuwPUYNZg5syuuGV4qrVqo_qmPILUSt-FMN2hLEc1xBXk84j4C1v_7RCMNtw4fgQk4jvJTBeo1Kr-ewVcicYUMbtphTw_5nBuLwZ8bxwKyU3CTW7YFr9aM/s400/History+of+Bitcoin.jpg" title="History of Bitcoin" width="400" /></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The original paper was written in October 2008. The nine-page paper briefly touches on each of the major aspects of the system that Satoshi envisioned, as well as naming this new “Peer-to-Peer Electronic Cash System” with the moniker that it uses today: Bitcoin.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">After the paper was published, Satoshi created the first software program to begin mining (the process of creating Bitcoin). In January 2009, Satoshi mined the first set of Bitcoin, named the Genesis block. Shortly after, he announced the project to a group of cryptography experts, many of whom were a part of the “cypherpunk” movement. Satoshi developed many of the ideas of Bitcoin from previous cypherpunk works. Initially, this group of computer experts approached Bitcoin as an interesting hobby, discussing how the system may or may not work, and how governments may react to it.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">It wasn’t until the beginning of 2010 that Bitcoin was used for real-world transactions. By this time, a larger community of developers had reviewed the code – along with Satoshi – and released version 0.2, improving the client. The first Bitcoin transaction for a physical good occurred on May 21, 2010, when a Bitcoin user named Laszlo purchased a pizza worth $25 – for 10,000 Bitcoins! This transaction spawned the famous “Bitcoin Pizza Index,” which continually updates the price of that first pizza (as of the writing of this book, worth over $1.2 million).</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Bitcoin community slowly grew over 2010. Mt. Gox, the largest Bitcoin exchange, was founded, and made it easier to buy and sell Bitcoin. The price eventually reached parity with the US Dollar in February 2011, and soon after began rising rapidly.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">This rapid rise was primarily a result of increased media attention. Several new sites began covering Bitcoin, and average internet users began buying them. Also, news of “The Silk Road” began to emerge. This hidden website allowed users to buy and sell illegal merchandise – mostly drugs – using Bitcoin for security and anonymity.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">This newfound attention, and scrutiny, drove the price higher still, reaching a high point of $31 in June 2011. But this rapid price increase would soon deflate. The largest exchange, Mt. Gox, had their database compromised by hackers. This led to some large-scale thefts of Bitcoin totaling in the hundreds of thousands of dollars, which shook confidence in the new currency. The price dropped dramatically, and many wrote off Bitcoin as a failure.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">But Bitcoin wasn’t finished, and it slowly began to build more users and followers over the next year. By the end of 2012, there were more users than ever before, and more businesses began accepting Bitcoin as payment for goods and services. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">2013 was truly the breakthrough year for Bitcoin. Starting the year around $13, the price began rapidly increasing as Bitcoin received more news coverage than ever before. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Well-known internet brands began accepting Bitcoin, such as Wordpress and Reddit. New users came into the market quickly, and because it isn’t easy to obtain new Bitcoins, the demand outstripped supply and prices rose further. By April 10th, the price was a staggering $266 per Bitcoin.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">That price soon collapsed when Mt. Gox again had technical problems, this time due to a long lag time for placing orders. New buyers panicked when the price began dropping, and the flood of sell orders dropped the price down to $55 in a few days.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">After this last bubble, the price has slowly increased and remained much more stable. This is likely due to the increased acceptance of Bitcoin from merchants, and the new services that continue to pop up to make obtaining and trading Bitcoin easier.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">As of the writing of this book (June 2013), the total number of Bitcoin transactions has nearly reached eighteen million, and the market cap (number of Bitcoins times price) is over $1 billion. It isn’t known exactly how many people use Bitcoin, but estimates are typically between 100k and 200k, and growing rapidly.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">In absolute numbers, the United States has the most Bitcoin users, but per capita, Scandinavian countries have the most users. The most rapidly growing adopters of Bitcoin are now – at least temporarily – the Chinese, after several reports on Bitcoin hit their mainstream media. Because of the necessity for having a computer and internet infrastructure, we have yet to see developing countries use Bitcoin frequently.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><a href="http://webitcoin.blogspot.com/2016/03/how-to-buy-bitcoin-with-credit-card-and.html">Read Next: How to Buy Bitcoin with Credit card and Cash</a></b></span></div>
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History of Bitcoin

Where did Bitcoin come from? Even though it is only five years old it already has a unique story. The idea for Bitcoin came from a develop...

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<span style="font-family: Arial, Helvetica, sans-serif;">Is it possible to make money with Bitcoins? Well there is no better way to validate the concept of wealth generation by owning bitcoin than to look at the New Rich List. These are just a few people who have made fortunes almost overnight. The list is not exhaustive and if you believe as many pundits do that the value of Bitcoin could reach $10,000 then you still have time to join the list yourself.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Meet Charlie Shrem a bitcoin millionaire</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">As a college senior in 2011, Shrem started investing in Bitcoin. Soon after, the Bitcoin service Shrem was using crashed, and he lost his bitcoins. Shrem and Gareth Nelson, a friend he met online, had similar frustrations with the length of time it took to buy and sell Bitcoin on exchange sites. They started BitInstant, a more user-friendly company that charged a fee for users to purchase and make purchases with bitcoins at over 700,000 locations, providing temporary credit to speed up transactions.Initially a side project, BitInstant soon needed to grow, at which point Shrem received a $10,000 loan from his mother. Shortly thereafter, BitInstant received $125,000 from angel investor Roger Ver, and, in the Fall of 2012, $1.5 million from a group of investors led by Winklevoss Capital Management. By 2013, BitInstant was processing approximately 30% of all Bitcoin transactions.BitInstant was in operation from September 2011 until July 2013. At the Bitcoin 2013 conference in San Jose, California, Shrem spoke about the challenges facing Bitcoin companies and the need for them to comply with regulations, as well as the challenges of properly</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><i>And they became Rich with Bitcoins</i></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Number one on the new rich list · Charlie Shrem: A mere 23 years old lad, and the CEO of BitInstant, which is in the service of transferring cash to Bitcoins, Shrem came to know about Bitcoins during his Brooklyn College days in 2011. · He did not mine for coins, but instead bought these electronic currencies over a digital currency exchange called Tradehill. Initially, he bought 500 Bitcoins at $3 to $4</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Shrem is featured in The Rise and Rise of Bitcoin, a documentary directed by Nicholas Mross that explores the origins and development of Bitcoin. It premiered at the 2014 Tribeca Film Festival.Shrem participated in a panel discussion following the screening. Since being released from 24-hour house arrest in May 2014, with the conditions that he must abide by a curfew, remain in New York City and wear a GPS monitoring device,Shrem has been speaking at Bitcoin industry events, working as a business development consultant for payments startup Payza, and advising two Brooklyn Holiday Inn hotels on preparations to accept Bitcoin for payment </span><span style="font-family: Arial, Helvetica, sans-serif;">explaining the value and mainstream potential of Bitcoin. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">He has described himself as a Bitcoin purist, who believes in Bitcoin as a technology that will help the world by allowing citizens to protect their money without banks and other traditional financial institutions. Shrem is a founding board member of the Bitcoin Foundation, founded in 2012 with a mission to standardize and promote Bitcoin. He was formerly vice chairman, resigning after his</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Meet Jered Kenna a bitcoin millionaire</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Jered Kenna: This 30 year old happens to be the CEO of Tradehill Bitcoin exchange. The story goes that by accident, while wiping his computer clean, he deleted 800 Bitcoins in 2010. Well, that might seem scary, but, believe it or not, it was not a very big deal for him (although the commodity lost is worth around ten thousands of dollars)! In fact, he was one of the initial investors of Bitcoin, purchasing his first lot of 5,000 coins at 20 cents per coin. Today, he is recognized amongst the foremost global </span><span style="font-family: Arial, Helvetica, sans-serif;">authorities across the globe. According to Jered, the investment trend in Bitcoin has shifted from people spending around $500 to people dishing out amounts as high as $1 million.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Meet Roger Ver Bitcoin Jesus a bitcoin millionaire</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Roger Ver: Aged 34, Roger Ver, is a former politician and an investor. Soon after the launch of Bitcoin, Ver became interested in and started to gain ample knowledge about this cryptocurrency. He is sort of an angel investor in a number of Bitcoin startups. He has the peculiar habit of giving away coins for free, and is therefore aptly called "Bitcoin Jesus" by Charlie Shrem. Roger has served as the full time CEO of MemoryDealers.com, directly employing about 30 people, and serving happy </span><span style="font-family: Arial, Helvetica, sans-serif;">customers around the world. Over the last decade, under Roger's leadership, Memory Dealers has grown to become a world leader in the used Cisco memory and networking equipment industry. In early 2011 Roger discovered Bitcoin, the most important invention in the history of the world since the internet. MemoryDealers became the first mainstream business to accept bitcoins as payment, and Roger has since become the most prolific Bitcoin related startup investor.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Meet the winklevii brothers bitcoin millionaires</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A lot of people laughed at Tyler and Cameron Winklevoss when they announced that they had acquired $11 million worth of bitcoins. The announcement came on April 11 2013, the day after the virtual currency hit a record high of $266 and then plummeted to $120. Over the next few days, it would fall as low as $50, cutting the value of the brothers' bitcoin stake in half. But since then, their investment has paid off big-time. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">A source close to the </span><span style="font-family: Arial, Helvetica, sans-serif;">Winkelvoss brothers says they haven't sold any of their Bitcoins since April 2013. Bitcoins are now worth $660, almost six times the $120 the New York Times quoted in its April 11 2013 story. So that $11 million worth of bitcoins is now worth around $66 million. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">But the Winklevii may have done even better than that. The Times reported that the brothers "began dabbling in bitcoin in 2012 when the dollar value of a single coin was still in the single digits." If they bought bitcoins at the July 2012 price of $9, each one is now worth 70 times what they paid for it.</span></div>

The New Bitcoin millionaire Rich List

Is it possible to make money with Bitcoins? Well there is no better way to validate the concept of wealth generation by owning bitcoin tha...

History of Bitcoin

The New Bitcoin millionaire Rich List

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