Born on January 3, 2009, Bitcoin was presented by Satoshi Nakamoto as a new secure electronic monetary form capable of upsetting the concept of wealth to segregate those who do not have a PC to a state of poverty.
How a Bitcoin works
Everything revolves around software that constantly works to try to solve an algorithm sent from a remote server. All the PCs on which the mining is installed (identifies the production of Bitcoin) join together to create a pool. Whenever the pool manages to solve the algorithm, the server assigns 25 Bitcoins to the entire group. The amount is divided proportionally among all the PCs that participated in the operation. The earned coins are then stored in a digital wallet (a file stored on our PC).
The secrets, therefore, to generate digital currency are two:
- Having a PC;
- subscribe to a pool made by PC, possibly performing. The higher the quality of the PC, the shorter the time it takes to solve the algorithm.
Doubts and fear of Bitcoin
There are many perplexities that revolve around virtual currency:
although each exchange of currency is recorded on the official Bitcoin website, it is impossible to trace the identity of the sender and recipient. This is because no name and surname are associated with each purse. You don't need a registration or a document to create your virtual wallet. In this way it is, and would be, too easy for a criminal to use Bitcoin to buy drugs, weapons and so on.
some systems analysts have, therefore, identified Bitcoin as something big, behind which there could be a group of hackers who are trying to violate the security of the global computer system.
All theories that for now leave doubts and fears, but let's see how to create a Bitcoin, what we need is a powerful PC, the right software and an internet connection.
The digital wallet
We open our browser and go to the website www.bitcoin.org choose Spanish as the language and click on How to get started with Bitcoin and on the next page on Choose your wallet. In the section Software Portfolios we click on Bitcoin-Qt and then on download. We choose Download for Windows (exe).
At the end of the download we start the installation following the guided procedure. At the end we start the software and when the Windows security warning appears, we press Allow access.
The IBAN of Bitcoin
When the graphic interface of Bitcoin-Qt appears, let's move on to You will recive. Here is our address, a sort of IBAN that we can use to receive payments in the form of Bitcoin. The code is anonymous and unique. We click on Copy address.
Let's register on Deepbit
Let's go back to the browser and go to the website www.deepbit.net and click on Sign Up. We fill in all the required fields by providing a email address valid and one Password. We choose the option Proportional mode and confirm with Create new account. Let's log in and click on Create new worker. We compile Worker Login’s tail with a username and we provide a password. We confirm with Save settings. On the page that appears, we paste in the field Your bitcoin address for receiving the copied address (theIBAN of Bitcoin).
From the site guiminer.org we click on Download to download the file guiminer-20121203.exe. With a double click, let's extract the contents and execute the guiminer.exe file. Let's move to Language / Change language and select Spagnan. We confirm with OK and restart the software.
ATI or NVIDIA?
Let's move to the menu Fillet and click on New miner. If we have an ATI video card, we choose the item New OpenCL miner, if we have an NVIDIA instead, we choose a New CUDA miner. We assign a name and confirm with OK.
Da Server & Hosting, we select deepbit and we compile Email e Password with username e chiave create in Deepbit. We choose Bonarie da Device and check the boxes next to CPU Affinity. Let's start minting coins with Start the excavation: The PC must be connected to the Internet.
Our money in a file
When we have created at least 0.01 Bitcoin, the money will be automatically transferred to the purse. Our money will all be in one file. Let's go back to Bitcoin-Qt and let's move on Backup purse (in the menu Fillet). We indicate a name and confirm with Save.
How to buy online with Bitcoin
There are numerous stores that accept Bitcoin. One of them is bitelectronics, an American site that also ships to Spain. Suppose you have chosen a product to buy, all we have to do is indicate the quantity and click on Add to cart. We click on Checkout: we can complete the purchase procedure without registering the site. However, it is essential to provide a valid address for sending the ordered goods. We fill in all the fields and complete the purchase by clicking on Continue to next step.
We choose how to ship the item, to save money we can choose simple sending (Europe letter) which costs just 0.078 BTC. To rest assured, we entrust the shipment to a courier by selecting Europe Shipping. We confirm with Continue to next step.
The payment of the purchased goods must be made by selecting in the section Payment, BitPay clicking on your Continue to next step. We verify that our wallet is started (on the previous page). In the new Bitelectronics.net window, click on the button URI to start the automatic payment procedure. We follow the instructions and complete the whole operation.
How to convert Bitcoin to Euro
Let's go to the site www.mtgox.com and click on Sign up to start the registration process for the service. We provide a username and password and a valid e-mail address. We select from Currency the voice EUR and confirm with Submit.
We fill in all the fields that appear, making sure to enter our true identity. We also indicate from Country of residence the voice Italy and continue pressing once more Next.
The service also requires the sending of an identity document to choose between passport, driving license or identity card. We indicate in ID Number the document number and click on Choose Fillet to upload the scanned document itself. We continue on Next.
We finish the registration procedure on MtGox. We find ourselves in the management panel of our account. From here we can decide to buy new Bitcoins or proceed with the sale of those already in possession; in this case we click on Funding Options. Let's follow the steps shown on the screen to complete the funds transfer procedure. Then let's move to Sell bitcoins and compile Amount of BTC to SELL with the number of Bitcoins to sell. we just have to confirm with Sell Bitcoins.
Follow the current Bitcoin value in real time
Like all currencies, Bitcoin also suffers from ups and downs. Today one bitcoin is equivalent to € 103. However, if we want to stay up to date on the current value of the digital currency and understand when it is the right time to turn it into cash, let's go to the web page: goo.gl/F3DQeO.
Shops and stores that accept Bitcoin in Spain
Here is a complete list of online stores that accept Bitcoin in Spain:
- Cute seed
- Playing card shop