Bitcoin – An Introduction for Beginners

Ever since its inception in 2009, many a person has asked the question; what exactly is Bitcoin? Here’s the quick, dumbed-down and easy answer – Bitcoin is the Internet’s form of currency or money. Just like every country has its own version of money, Bitcoin is the Internet’s version of money. That being said, let’s get to the slightly more technical part of exactly what Bitcoin is all about.

Bitcoin is often referred to as crypto-currency and that is quite essentially what Bitcoin is all about. We use the word crypto-currency for a simple reason; Bitcoin is basically a cryptographic protocol that creates unique bits of digital possessions that can be spent only once and are tradable from one person to another. Bitcoins are not simply unique in nature because they are a digital form of currency, rather every Bitcoin also has a unique digital signature, similar to the serial number on physical currency notes. This is the feature that ensures every Bitcoin is spent only once, making double-spending an impossibility.

Now, to the next part – How are Bitcoins made? A more appropriate question would be, how are Bitcoins mined? Yes, that’s what the process of Bitcoin creation is called, mining. Bitcoins are mined through the use of an open-source computer program that solves a complex mathematical problem in an effort to create a ‘block’, which are actually encrypted Bitcoin transactions. You receive Bitcoins for every such problem you solve and the transactions are permanently recorded into a public ledger that is referred to as the ‘blockchain’. And by public ledger, we mean that the transactions are open to view by anyone and everyone. However, an important factor to keep in mind is that only the transactions are publicly available. The entity or person behind the transaction retains its privacy, making Bitcoin a pseudonymous form of currency. Essentially, your transactions are public but you retain your privacy behind a string of numbers and letters.

Bitcoin mining is also characterized by a few important factors such as processing power requirements and increasing difficulty with progression. Confused? Here’s the explanation. In order to mine Bitcoins, you require a computer to process math problems, the solution of which helps you earn Bitcoins. However most common computers are not equipped with the kind of processors that can easily compute these problems. So most people resorts to either buying specialized machines that are created for the sole purpose of mining, or rig up several computers in order to collectively achieve the processing power required to mine Bitcoins. Another characteristic of Bitcoin mining, is that it gets progressively harder to mine them. The complex problems that the computer is required to solve get increasingly harder as more and more Bitcoins are created. Therefore, each problem you solve, is replaced by an even harder problem that requires either more time to solve or more processing power. Additionally, the amount of Bitcoins rewarded are periodically cut in half.

There is also a limit to the total amount of Bitcoins that can be mined. This limit is 21 million Bitcoins; once these many Bitcoins have entered circulation, Bitcoin mining will stop completely.

Now, you must be asking yourself, what is the point of spending this much processing power, time and money into mining Bitcoins? The answer is simple. When Bitcoin was first introduced, by pseudonymous creator, Satoshi Makamoto, they were worth initially worth USD 0.30 per Bitcoin. This number maintained a fluctuating path of highs and lows to settle at USD 380 to USD 682 per Bitcoin, varying from exchange to exchange.

Bitcoin is currently viewed as a digital currency with massive positive implications for the future by some people, while others maintain it is unsafe economically unviable and the future of Bitcoin will end in a pitfall. As to who is right, only time can tell.

By: Vipin Jain

eCommerce Website Design Tips #3

3. Avoid Using Excessive Bells and Whistles

Just because you can add animations, video footage, sound effects, and other eye-catching effects to your site. That doesn’t mean they’re necessary or beneficial. Focus on the very best way to communicate your particular sales message and educate people about your product using the simplest and quickest methods possible. Don’t use three paragraphs of text, for example, if the same information can be conveyed in a single photograph.

If you’re going to use special effects, make sure this added content won’t distract visitors, waste their time (while they’re waiting for a useless animation to load), or confuse them. Effects are great for entertainment-oriented websites or games, but when people are trying to learn about a product or make a purchase, they want the process to happen efficiently.

eCommerce Website Design Tips #2

2. Make Sure Your Site IS Easy to Navigate

If you confuse your potential customers, you lose them. With a click of their mouse, they’ll be off surfing to another site, probably your competitor’s. No matter where on your site visitors happen to be, it should be obvious to them where they should go next or how they can quickly return to where they just were. If they’re looking for something specific on your site, such as your product’s technical specifications or your company’s return policy, they should be able to find that information intuitively and quickly.

eCommerce Website Design Tips #1

1. Keep the Site’s Design Visually Simple

The fonts, type styles, text colors, background colors, photographs, and other graphic elements you incorporate into your site contribute to its overall appearance. Your goal is to create a professional and appealing look for your site by customizing the template you’re working with. Putting too much information on a page, using test that’s too small of difficult to read, or utilizing a color scheme that’s not visually appealing detract from the experience your visitors have. If you look at some of the most successful ecommerce sites such as Amazon.com, Target.com or Apple.com. You’ll notice their layout is extremely simple, inviting, and visually appealing. While you never want to copy another site exactly, you can take design ideas from other sites and incorporate them into your own with proper customization.

E-commerce Solutions / What is Open Source?

The term applies to open source software whose source code is freely available. Instead of building a customer base, the most popular open source projects to attract a community of users and developers contributing to the project and technical assistance to each other informally and new users. The community has a strong influence on the evolution of the product, including architecture, functionality and licensing.

Therefore this means that the team GetOn.com, using open source software is not only able to complete the look of your store, but also functionality. We can concentrate on building your solution unique Internet business without the concern of expensive and proprietary software licenses to support hassle. Read the rest of this entry »

Magento – Customization and development services

Are you looking for your own web-based showcase? You do not want to invest too much money and especially time for a custom display case for yourself that can cause to develop your business needs? Magento is the solution for you.

What is Magento?
Magento is an e-commerce open source web application framework that was launched 31st March 2008. It was created by Varien with a specific purpose and was built on blocks of code Zend Framework.

Magento is a real e-commerce solution with terrible word-class features to help you put your own online store in minutes and is of better quality and depth than other options. Magento offers two versions – a community edition that is essentially free to all Open Source OSL 3.0 license and an Enterprise edition, which has a cost. Although there are differences in the terrible cost of these versions, if you are looking to set up their own web-based showcase low-cost and Avoid the painful process of developing from scratch Magento is right choice system for you. Read the rest of this entry »

Follow Us on Twitter


Categories


Get a Quote

Recent Posts



Top Posts



  • Popular Tags



  • Archives



    WANT TO SETUP AN ONLINE BUSINESS?
     CONTACT US FOR A QUICK QUOTE
    © 2002-2010 All rights reserved Konstant Infosolutions.Pvt. Ltd.