Bitcoins is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Bitcoins are sent easily through the Internet, without needing to trust any third party.

BITCOIN ON THE DARK WEB:

Bitcoin has been the de facto currency of the Dark Web – the ‘hidden’ Internet accessible only by Tor – since the pioneering marketplace Silk Road, the ‘eBay of drugs’, arrived in 2011.

But just how much do we know about these new underground economies? Who is buying and selling – and what? Here’s what available data can tell us about bitcoin on the Dark Web.

According to the FBI, Silk Road made a total of $1.2bn between 2011 and 2013. The marketplace is widely understood to be the first ‘killer app’ for Bitcoin, and drugs still make up a large proportion of transactions made using the digital currency today.

TRANSACTIONS:

Are irreversible by design

Are fast Funds received are available for spending within minutes.

Cost very little, especially compared to other payment networks.

The supply of  Bitcoins is regulated by software and the agreement of users of the system and cannot be manipulated by any government, bank, organization or individual. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) to miners who help secure the network.

Bitcoins is the currency of the Internet: distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoins. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoins, you can be your own bank.

HOW DOES BITCOIN WORK?

A Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included Bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.

HOW CAN I GET BITCOINS?

There are a variety of ways to acquire Bitcoins:

Accept Bitcoins as payment for goods or services.

You can buy Bitcoins from Bitit Coinbase, Cubits, CoinCorner, BIPS.gif BIPS Market, Circle, or Celery.

The most common way to buy Bitcoins are the Bitcoin Exchanges

There are several services where you can trade them for traditional currency.

You can also buy Bitcoins using Bitcoin ATMs that are locally in your area.

Find someone to trade cash for Bitcoins in-person through a local directory.

Participate in a mining pool.

If you have a lot of mining hardware, you can solo mine and attempt to create a new block (currently yields 25 Bitcoins plus transaction fees).

Visit sites that provide free samples and offers.

WHAT’S THE CURRENT TOTAL NUMBER OF BITCOINS IN EXISTENCE?

Current count. Also see Total  Bitcoins in circulation chart

The number of blocks times the coin value of a block is the number of coins in existence. The coin value of a block is 50 BTC for each of the first 210,000 blocks, 25 BTC for the next 210,000 blocks, then 12.5 BTC, 6.25 BTC and so on.

WHAT IS A BITCOIN AND HOW ARE THEY TAXED?

Here in the image it is clearly explained that how bitcoins are taxed.

bitcoins

[click on the image to zoom]

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