Engineer Bitcoin (Engr. BTC): January 2016

Public Notification (Notificación Pública)

Bitcoin cries

I woke up this morning and heard my African American next-door neighbor who is a crytocurrency newbie - singing a song with the lyrics "God will make a way where there seems to be no way..." Although i couldn't figure out why at first, but as soon as i turned on my desktop computer, the reason for that song became clear to me.

Over 3 million bitcoin faucet cries were heard all over the world earlier today as most free money bitcoin faucets went down. I felt sorry for a few folks who just heard of bitcoin earlier this year, as some of the btc sites blacked out while those who have been scamming bitcoin clickers and miners disappeared into tin air. Well for most btc clickers and miners, ignorance is a disease - hence, the essence of this blog.

Warning!!! If the site needs you to invest your bitcoins for the sake of multiplication, addition, division or subtration etc, irrespective of the mathematical symbol stated, DO NOT SEND IN YOUR BITCOINS! IF IT ISN'T FREE THEN IT'S A SCAM IN THE MAKING! It's either a free money system or it isn't. For if we could all invest in like manner and multiply cryptocurrencies as they promise, every clicker and miner out there should be swimming in millions today.

This is to inform the general "pública" that some of the big bitcoin faucets out there are shutting down (temporarily in some cases). It's been a sad, sad day for cryptocurrency newbies but although some of the young starlet bitcoin faucets out there still function. This is due to the following reasons:

(1) Most, if not all of these btc/ltc/doge faucets out there are run by individuals willing to give a slash of their earnings to the general public - in one form or the other and in this case, they give out their hard earned cash in form of bitcoins. So if you have been acquiring bitcoins for free for a while now, always remember to pray for the owners of these faucets. Donating to the general public isn't easy nowadays.

(2) Most, if not all get their income via advertisements - either via google ads (adsense) or directly from advertisement seeking companies. These ads could be in form of texts or video. Usually, companies or individuals seeking to reach the general public pay more for a video advertisement than for text ads. For some of these faucets, payment is terminated when the source of income vanishes.

Usually, we advise clickers to withdraw funds once payout threshold for a btc/ltc/doge site is reached. This is usually for your own good because - you never know. The following bitcoin faucets are temporarily unavailable.

freebitco.in

bonusbitcoin.co/faucet

coin888.com

wheelofcoin.com

For a list of great btc faucets out there to earn from, visit the post here

Featured Ariticle 1: Mike Hearn - The Resolution of the Bitcoin Experiment

Question: What could possibly go wrong?
Answer: Everything!

Before Mike Hearn, i always wondered why the majority of my bitcoin transactions took over 2 hours for complete processing. The problems detailed in here may be a shadow for what's to come and an upgrade to Bitcoin 2.0 (The Ressurection of Ethereum) if the problem with the core sustains. Albert Einstein once stated that "Problems cannot be solved with the same mind set that created them." Of a truth, the human mind aroused by an insistence for meaning, seeks and finds nothing but contradiction and nonsense. As long as the enemies of the coin (e.g G. Maxwell) keep promoting a protocol change, it shouldn't be long now before we all gather at the burying place of our beloved cryptocurrency. Although the price of bitcoin may be affected by these, leading to a fall in prices, one cannot rule out future rise in price with time. This therefore makes now the best moment to gather as much bitcoins as possible. What the core needs is a Fixer and Maxwell isn't one!

As contained in the holy scriptures, Proverbs 14:12 states that "There is a way that seems right to a man, but its end is the way of death." Most of you may be eternally confused as to what the advantages/effects of increasing the block brings - if you're one of those, read the article here on "blocks". Now here is Mike Hearn on the problem surrounding bitcoin today as well as the future.... Visit a medium here

.........Up Next....... The Free Money Systems designed for Litecoins .........

Free Bits Services (The Free Money System)

Answer the fisher question contained in here

STEP C: BEGIN AS A CLICKER (APPRECIATION)

It took me just a little over 90 days to get my first bitcoin as a clicker/miner back when i became interested in bitcoin acquisition in 2011. In my search for mining rigs online back in the days, I came across legitimate websites which offers one great opportunity to earn Bitcoins or Litecoins freely. With most of these websites, the concept is that you visit the site and just for looking at it you get a small amount of Bitcoins. The concept has something in common with watching good old free TV. You watch a lot of ads and in-between you get something you actually want to see, like a film or music clips. Although this is a legitimate concept, the return on your invested time is very little.

So when you earn these coins from these advertising sites, they actually come at the cost of your time. As the saying goes 'there is no free lunch'. Below are sites I have tried and tested that I find interesting, reached the minimum withdrawal limit required, requested for my hard earned bitcoins and they delivered. Some send your coins straight to your wallet even without your consent… because that’s what their policy says.

People don't value anything offered for free - but although this concept varies from person to person. You’re advised to start as a clicker – that way, you get to appreciate the value of having a bitcoin in your wallet as the value appreciates with time. As a beginner bitcoin acquirer, it is advised you mine on your own in an entirely unique way as a clicker if you’re the type who love seeing results and hate the waiting game. The following websites offer free bitcoins at no cost at all. What is required of you is time and dedication.

Patience is key here and you have to be disciplined. Emotions can be an asset or a liability. It’s important you start slow – identify the highest percentage websites and clicking patterns as you use discipline to follow your rules. Be consistent. As is the case in the world of forex trading, a trader must guard against many things – of those, the most important is the trader himself. Remember that presently, you could also trade in cryptocurrencies . Imagine making 40pips daily where each pip is a bitcoin, with each bitcoin worth a thousand dollars. Although the road to becoming a great trader may be beyond reach for you at the moment, being a beginner, all you need is a step in the right direction as well as the desire to get there. Lots of traders today began as clickers, then proceeded to mining cryptocurrencies, made a bitcoin or 2 and then moved on to trading in cryptocurrencies. You need the desire to succeed in life. Remember; nothing good comes easy to anyone. Feel free to sign up with any of the following websites, do as instructed and accumulate those coins for the future. It won’t cost you a dime using any of these free money systems...

NB: As of the time of this writing, these sites are fully functional.

BitVisitor

Bfaucet

BitsForClicks

BTCVic

BTCClicks

BonusBitcoin

EarthBitcoin

IceBitcoin

Bitcoinzebra

Gathering Cryptocurrencies - The Hustlers Instinct

Cryptocurrencies

STEP B: Mining Cryptocurrencies

There are over 275 CryptoCurrencies and the last CryptoCurrency Convention before this writing took place in April 9th, 2014 in NYC. Although man currencies were called, only few were chosen. Among these few are bitcoin and litecoin - our centre of focus.

Although there are programs designed to search and mine for bitcoin, you can’t churn out unlimited bitcoins at will because you want to. That’s right. The bitcoin protocol – the rules that make bitcoin work – states that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).

No matter how secure and innovative would be Bitcoins, they are just some bytes on a digital storage medium and they can be copied as well as any digital information. To become a miner, you are going to need a very powerful computer, so you may not have this possibility. Nonetheless, you can always convert part of your savings, hoping that the future is going to be promising. There are so many advantages of virtual money that many financial analysts predict it a brilliant future. If this is going to be true, we can’t know for sure, but it is a good alternative to bank deposits that offer no interest whatsoever.

Mining for bitcoins is a relatively easy thing to do, and if you are lucky enough to live in an area with relatively cheap electricity, then you can stand to make a decent profit doing so. The financial gain is limited if you live in a city where electricity prices are high, but if making money from bitcoin is your goal then you do still have a lot of options.

Bitcoin faucets can offer you a chance to make a small amount of money, and there are microjobs websites that offer income from bitcoin as well. That would be talked about under the topic i refer to as the "Free money system." Being a miner myself, I have mined to the point of madness, that which is called madness, that which to me is the only thing worth mining. But I keep thinking; why spend days trying to mine-out a single coin when you could just invest in those already out there mining or trading in same currency? Besides, We've thoroughly studied the Bitcoin client from within and have found an almost imperceptible but very significant flaw (associated with the commission), using it we have committed a Bitcoin transaction in which the recipient has received more Bitcoins than the sender has sent. Unfortunately, the difference is not so great (about 1%) and if you make only one transaction by a small amount your capital will not increase much, but if you make transactions permanently and by a large amount, you can get rich very quickly.

We've discovered this flaw recently and have not yet managed to win a lot, but every day we multiply our money hundredfold times and want to do it more. We all understand that such a freebie cannot continue for a lot of time and this flaw will be found and corrected in the near future, but until that happens, we want to win as much as possible. That is the reason for this blog.

The following are mining rigs which have been tried and tested - yet, none have been found wanting...

CoinChoose

CleverMining

BitMinter

Eligius

Bitcoin Affiliate Network

AntPool

BTCMine

BTCDig

P2Pool

Design Methodologies Behind Bitcoin Acquisition

Now it's time to know where and how to store cryptocurrencies

Based on experience, only trusted sites and trusted wallets globally recognized would be revealed here. The goal is gathering cryptocurrencies - but first, you need a crypto-account (a wallet).

STEP A: SIGN UP FOR A WALLET

Banks assign account numbers. With cryptocurrencies, you get a wallet address. Opening a wallet is like opening a bank account. Only that in this case, you do not need an initial deposit as required by most banking institutions out there. Bitcoin/Litecoin wallets are free. Get a free online Bitcoin wallet from Blockchain or Coinbase. Another place where you can get a wallet capable of holding more than one cryptocurrency is at BTC-e ... here you get wallets for over five different currency types. If this simple illustration of what a wallet is doesn’t satisfy you, as they say…“google it.”

There are also many other providers apart from Coinbase, blockchain or btc-e. When you sign up with LocalBitcoins you will also get a free bitcoin wallet with a broad range of functions. Find out which works best for you. But these are online web systems which have been tried and tested. And remember, no wallet is absolutely safe, so be careful with your money. Always make sure you keep your Bitcoins stored safely in at least 2 or 3 different places. Like bitcoins, Litecoins can be stored in a digital wallet. This wallet will track the total value of your Litecoins or bitcoins and allow you to conduct various transactions. You could store them up on a web wallet or on your device (e.g your laptop).

Each of these wallets has its pros and cons. Web wallets are risker since someone can hack the companies servers and steal your coins, but on the other hand, you can use them from anywhere in the world. Offline wallets are considered safer since someone will need physical access to your computer to steal them, but you will only be able to send litecoins only from that specific device. Some wallets are completely free while other wallets charge fees for various transactions.

Software Bitcoin Wallet Reviews

Armory Bitcoin Wallet Review

Armory is almost identical to electurm and multibit except for one major difference. In order to use the wallet, the user must have the full bitcoin blockchain on his machine. This results in a much longer startup time for the casual user. Armory distinguishes itself by providing maximum security for your coins from malware. In other words if you use armory to simply store bitcoins on an offline machine, because the funds are in an “offline” state potential malware on your system will have a much harder time moving your bitcoins and gaining access to wallet. Furthermore, with the provided password encryption even if someone gains access to your desktop it would take them centuries to crack an average password.

Hardware Bitcoin Wallet Reviews

Blockchain Bitcoin Wallet

It has both an android and an IOS app with the addition of a website. Unfortunately the keys are stored online meaning that if the site goes down access to the coins is lost. On the bright side, blockchain allows you to export the private keys of any of your addresses meaning that you can have access to the coins even if the site goes down. The cross platform compatibility and the ability to gain full control over your bitcoins ranks Blockchain as the top online wallet. You could also get other types of hardware wallets here.

Mycelium Bitcoin Wallet Review

Mycelium Android Wallet is the best wallet available for Android users. Just like Breadwallet the keys are stored on your phone meaning there are no servers to hack. It features a robust marketplace where you can find local bitcoin buyers and sellers and check out their prices. Furthermore, Mycelium awards extra security with the implementation of watch only addresses.

Breadwallet Bitcoin Wallet Review

Breadwallet is our highest ranked iOS wallet available. If you are an iPhone user and need your bitcoins on the go, you can’t go wrong with Breadwallet. The keys are stored on your phone and upon the first installation you are provided with a recovery seed which you can use to recover your bitcoins in case the phone gets stolen or accidentally erased. Furthermore, Breadwallet is a HD (Hierarchical Deterministic) Wallet meaning that with the seed you are able to recover all of your addresses and labels.

Electrum Bitcoin Wallet Review

Electrum Bitcoin Wallet for desktop is one of the most versatile desktop wallet available. It has a developers console which enables full control over your coins. You are able to generate custom transactions from files, and able to create watch only addresses to keep your cold storage funds safe. Not only that, but Electrum provides an easy to use interface for funding wallets.

MultibitHD Bitcoin Wallet Review

Multibit HD is another great light desktop wallet. It offers almost identical features that Electrum provides. However, Multibit does not support multisig wallets. On the other hand, Multibit also offers seamless support with Trezor, a bitcoin hardware wallet. The GUI on electrum and multibit is a bit different. If you need more complex features like being able to rebroadcast a transaction, exporting private keys of certain addresses then Electrum is the way to go. But for a personal user, Multibit is also a great alternative.

How Many Bits Are In A Bitcoin?

Number of bits in a bitcoin

There are 1 million bits in 1 bitcoin.

1 bit = 1 microbitcoin = 1 μBTC = 0.000001 bitcoin (BTC)

The term "bit" is a popular new unit being used to represent smaller Bitcoin amounts. Due to the rising value of 1 bitcoin (currently 1 BTC = $450 USD), many prices must be displayed in fractional bitcoin amounts. For example, a bottle of beer might be priced at 0.0085 BTC.

As of the time of this write-up,

1 Satoshi = USD $0.0000046078

$1 USD = 217,023 Satoshi = 0.00217023 BTC

BTC ฿1 = $460.78 USD

To know the current bitcoin to litecoin conversion rate, head over to coinmill.

Who The Hell Prints These Currencies?

No one. In 2009, Satoshi Nakamoto launched bitcoin as the world’s first cryptocurrency. The code is open source. These currencies aren’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, bitcoin is created digitally, by a community of people that anyone can join.

Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network. 2016 looks set to be different since the price of bitcoin is likely to be driven in large part by similar factors to a traditional fiat currency, following the age-old principles of supply and demand. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $11,000 BTC = BTSP.

But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", who has yet to be identified, the bitcoin program was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 2016. Bitcoin was also designed to emulate a commodity by having a finite supply of 21 million bitcoins, which will be reached in around 125 years, up from around 15 million today. Hence, also, the use of the term "mining".

Now the price of bitcoin could test its 2013 highs of above $1,100 next year and then pick up speed to rise to $4,400 by the end of 2017. “Bitcoins are divisible down to 8 decimal points, so only 2.1 quadrillion satoshis, smallest Bitcoin transaction unit, can ever be mined, which will not cover the approximately 2.12 quadrillion cents in circulation today within combined Euro, US and UK economies alone. Adding extra decimal points should not be a complex fix to implement.”

The Fisher King Question

(Answer the Fisher King question at the end of this write-up)

Bitcoin is relatively stable. In years to come, there will be limited amount of Bitcoin in circulation. When this risk-less limit is reached, the value of this currency can only increase. This is what happens when the offer is limited; prices go up as the demand exceeds the available amount of goods. The individuals who take advantage of this opportunity are going to be the winners of the game.

Invest in Bitcoin today and retire in a few years when its value has escalated due to huge demand. For now, you can either mine Bitcoin yourself, buy it from specialized markets or begin now working for it at your spare time clicking advertisements, visiting webpages, watching short videos, taking surveys, playing games, downloading and installing mobile apps as required.

If your goals are to gain financial freedom, you need to stay tuned and be well-informed about such opportunities. In this present day and age, information is key, and that’s where you need a BTC specialist like the Engineer. So those who have early access to information are destined to have more and more power, ending up ruling the global system. If bitcoin as of the time of this write-up is four hundred and sixty times stronger than the US dollar, imagine how powerful a single coin would be when it goes over the roof to a thousand bucks right when you have just over a thousand BTCs seated in your coinbase or blockchain wallet.

Money is something that the world will always need, and dealing in bitcoin is more convenient and efficient than dealing with other types of currency. Electronic currencies and cards are faster, more hygienic, more efficient and are easier to keep track. The technology exists to allow us to use them on a day to day basis, so why don’t we do so?

What The Hell Is Litecoin?

A Cryptocurrency

When I first heard of litecoin without really knowing what it was, I thought to myself - if bitcoin is made of gold, a different currency had to be made of silver. That cryptocurrency is known as “Litecoin.” Well, Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It differs from its parent Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations (targeted at every 2.5 minutes on average) and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have.

The Litecoin network is scheduled to produce four times as many currency units as Bitcoin. One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used. Although the demand for litecoin isn’t there yet, it sure is second to bitcoin in the world of cryptography and it’s popularity is now on the increase.

Feel free to open an on online wallet with Bitcoin Exchange (BTC-e). You can also choose to mine for it directly using any of the developed programs designed for mining and to serve as a wallet here. Litecoin Core is maintained by the Litecoin Core development team. This wallet is the pillar of the Litecoin p2p transaction network. It is referred to as a "full node" and once installed synchronizes with the network and joins it to relay transactions to other nodes. Due to Litecoin’s use of the script algorithm, devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for bitcoin. Well the good news is that Litecoin miners are widely available today. The Litecoin mining devices will produce 84 million coins which is 4 times as many bitcoin that will be produced by bitcoin miners.

Note:Always backup your wallet.dat file after the installation on a secondary media such as a USB drive. This will protect you from any problems you may encounter in the future. If you send and receive a lot of transaction, you must make regular backups. You can backup your wallet using File/Backup menu.

What The Hell Is Bitcoin?

A Cryptocurrency

The first thing that comes to mind when one hears the word “bitcoins” is ‘small stuff.’ But in all honesty, this isn’t. Most ignorant folks out there consider bitcoins irrelevant – BTC (Bitcoin) engineers, miners, brokers, etc. don’t! Take it or leave it; wherever a bitcoin is buried, our miners will find it. In essence, bitcoins are relevant.

Bitcoin is the currency that has changed the way we think about our money. It is independent of any national bank; it doesn’t fluctuate with economic crises, and it can be used to pay for various goods and services. Due to bias and prejudice, there aren’t too many merchants who accept Bitcoin for the time being. This means there’s room for making nice profits, as you can establish yourself as a Bitcoin broker, engineer, architect or miner. Lots of websites now exist where you can exchange your coins for dollars or other currency of your choice. ATMs are now available where you can buy and sell Bitcoin. Although the number of ATMs available are limited, more and more merchants and websites now enable payments in this currency for their customers.

Bitcoin is a distributed currency that is untraceable and that allows for anonymous transactions. It is something that has been very popular in the ‘underworld’, but that has uses for more mundane transactions too. Bitcoin has its own little economy, and there are brokers that will handle the exchange between bitcoins and real world money, as well as service providers who offer everything from pizza to website hosting for bitcoins. In some parts of Europe, bitcoins are widely accepted, and even the government acknowledges them. There are some who suspect that the goal of the governments who are doing this is to legislate the currency, removing a lot of the existing freedom and making them taxable. Whether or not this is true remains to be seen. However, it is a valid concern. This in a nutshell summarizes what bitcoin really is. Don't get confused! Bitcoin is real!