It is best to finalize your account by clicking “finalize your account here!” at the bottom right of the screen.
Then you can set a user name and password don’t forget the password
Now you can click “open the faucet and get free bitcoins” answer a captha to prove you’re human, and you’re on your way to earn a millibit. How ever you might notice this is slow. To speed things along get a bitcoin address ready. In a septate tab you can go to a website like Fr33 Bitcoin and put in your address solve a captcha and it will say that you received something like 100 or 400 satoshis. Well on the way to a millibit. You can go to bitcoinker and get even more satoshis.
At this point you may notice that no satoshis are comming into your bitcoin address. This is mainly because the protocol rules won’t allow such small payments. Bitcoin fees make in impractical anyway. To keep track of your balance you can go to Microwallet.org put in your bitcoin address and view your balance. At this point you might want to click the button at the bottom to increase your withdraw limit. This will ensure that a whole millibit can be withdrawn at once. Receiving a larger payment can reduce fees later on when you spend the bitcoins.
When your at the micro wallet page, you might as well click the link to go back to Land of Bitcoin. The page that now shows will have several micro wallet faucets. You can click on “Ready to visit” for any of these and get a deposit in your micro wallet. If you revisit one of the two wallets above it’s possible that the faucet will not pay out. Usually, a faucet will only allow one payout over a certain time period. Land of Bitcoin keeps track of these time periods so you don’t have to manually keep track of which faucets will pay you and when. Play around with faucets and then you can play around with some small bitcoin payments.
If you found this useful and would like to donate, please send bitcoins to 13eRTNRfJhAXhr1wwSCv3gPMkeBbHPpofr
The past couple weeks have seen some drastic moves by the United States Government and the US Global Illicit Financial Team. Starting with the DHS blocking and seizing Dwolla accounts that were linked to Mt. Gox a little more than two weeks ago, the scene was set for more of the same. The crime in question: Money Laundering and not registering as a money-transmitting service.
This past week the witch hunt continued with Liberty Reserve being the next suspect. Liberty Reserve is a Costa Rica based online virtual currency service similar to PayPal. Founder, Arthur Budovsky, was arrested in Spain and was one of six indicted in connection with Liberty Reserve. The indictment included a ludicrous claim that the service laundered, “more than $6 billion in criminal proceeds” and was “one designed to help criminals conduct illegal transactions and launder the proceeds of their crimes” — essentially accusing most of the users of being involved in criminal activities.
Among the legitimate customers of Liberty Reserve is ePay Cards, a service that functioned like an online pre-paid Master Card or Visa. Mitver Holdings owns ePay Cards and has $28,000 USD tied up in Liberty Reserve accounts at the time of the shutdown. This is not a new territory for Mr. Budovsky, in 2006 he was found guilty for operating Gold Age from his Brooklyn, New York apartment. Started in 1999, Gold Age was one of the first independent e-gold exchangers.
Liberty Reserve is certainly getting a lot of press out of the shutdown but several other sites have also had their domain names seized this past week. Here is a list of other sites shutdown or seized:
Panama based Perfect Money is taking steps to protect itself from becoming a victim of the witch hunt by changing policies to restrict US residents from using their service. They put out this statement:
We bring to your attention that due to changes in our policy we forbid new registrations from individuals or companies based in the United States of America. This includes US citizens residing overseas. If you fall under the above mentioned category or a US resident, please do not register an account with us.
The Dollar / Bitcoin Portal
As we have talked about on the Neocash Radio podcast, efforts by the US government to halt the growth of Bitcoin have focused on points at which dollars are exchanged for the digital currency. This appears to be the primary tactic employed in the State’s strategy.
The Bitcoin network is largely unassailable due to it’s decentralized and distributed nature. With a total computer power leagues ahead of current super computers, there are few options to hinder the digital currency. While this latest trend does not bode well for the services that have existed for years, start-ups and recent Bitcoin based services like bitinstant and bitpay are stepping up to fill the newly created void.
Bitcoin Price Stability
The price of bitcoin across exchanges has remained on a steady upward climb the past two weeks regardless of the bad news generated by government intervention. Many articles and comments were made about how Bitcoin is maturing. I think it more accurate to say that the large number of recent adopters have become more confident in the digital currency.
The volume of trading at Mt. Gox has been trending downward since the $266.00 price point. What effect the most recent shutdowns have had is difficult to parse out. The Dwolla shutdown appears to have had some effect but exact numbers would be difficult to calculate. Mt. Gox remains the highest volume exchange in the marketplace with U.S. Dollars as the most used currency.
Other exchanges are growing and seemingly picking up some of the volume lost at Mt.Gox. BitStamp is one of the up and comers with recent days where it traded 50% the volume of Mt. Gox. BitStamp has also moved into second, overtaking BTC-e, for overall volume of USD trades according to the charts at BitcoinCharts.
Regardless of the recent government interventions Bitcoin markets and entrepreneurs are not deterred. Quite the opposite, Venture Capitalists are jumping to be a part of the next bitcoin business, Russian WebMoney is adding a bitcoin payment option for it’s 11 million users, and companies are coming up with innovate new exchanges. The future of Bitcoin is set to be fascinating and more importantly, functional.
It only makes sense when you consider the fact that Bitcoin grants the user a stronger position in terms of control over their money. Capital controls may not be a big thing in the United States but there are many countries who’s residents are looking for a better way to buy what they want and Bitcoin is offering a solution. Bitcoin is a truly international phenomenon, a universal currency devoid of dogma, duty or nationalism and it represents a dynamic change in human evolution. Bitcoin returns to the individual the power of money in a civilization ruled by money.
In episode 3 of the Neocash Radio podcast we had a chance to talk to Jon Holmquist from BitcoinStore.com. Jon told us about how in the first quarter of being in business BitcoinStore.com had $500,000.00 in sales proving that there is a market in selling electronics for Bitcoin. The store sells a large variety of electronics and offers a dollar price so you can compare it to other sites.
On February 16th, 2013, nearly two months before one bitcoin hit $266.00 in value, three brave entrepreneurs unveiled their Bitcoin Machine to the public. The venue was the 2013 International Young Americans for Liberty Conference held in Washington D.C. and the three early adopters were Zach and Josh Harvey, and Matt Whitlock of Lamassu BTC Ventures. One week later they debuted it at the 2013 Liberty Forum in New Hampshire and $5500 worth of Bitcoin was purchased, at the time bitcoin was rough $30.00 each.
The three returned to the development of the machine and while they fine tuned the design Bitcoin took off! On April 10th, 2013 at just after 12:00pm UTC bitcoin hit $266.00 in value and the world took notice! A week earlier the situation in Cyprus was heating up and the talk of the worlds first Bitcoin ATM started to happen. The press jumped on this story and soon Jeff Berwick was known as the Bitcoin ATM guy with quotes like, “we already have orders from 30+ countries”.
These sort of stories continue as the idea of a bitcoin ATM is exciting, this one is from May 3rd, 2013: San Diego May Get World’s First Bitcoin ATM. The press is hungry for Bitcoin news and it’s no wonder, Bitcoin is fast becoming the hip trend to jump on.
The Bitcoin Machine
Lamassu BTC pushed to finished their development and the rise of bitcoin only intensified the demand for a machine that could accept Dollars and vend Bitcoins. More recently exchange crashes, DDoS attacks, and bank account closings have caused some difficulty for consumers to get their money in and out of Bitcoin. The Bitcoin Machine will help with one of those problems leaving wire transfers and a variety of non-bank methods for changing your Bitcoin into Dollars.
The Bitcoin Machine is going through the final stages of testing and development in Manchester, NH. The machine is designed to be a counter-top unit kept indoors and under supervision. It works with the consumers smartphone camera and utilizes a QR code to relay wallet address information. As you can see from the photograph, some effort was put into making sure the device was not only secure and functional but also aesthetically pleasing. The company hopes to start taking pre-orders as early as this summer.
Neocash Radio had a chance to conduct a phone interview with one of the owners, Zach Harvey for Episode 3 of the podcast. We have packaged the interview in a stand-alone format for easy listening and sharing. Take a listen!
UPDATE BELOW. Reports are coming in that payment service Dwolla has been legally blocked from servicing Mt. Gox transactions. The Bitcointalk.org forum admin has supplied an image of his notice, posted below. The notice states that:
Due to recent court orders received from the Department of Homeland Security and U.S. District Court for the District of Maryland, Dwolla is no longer legally able to service Mutum Sigillum LLC’s [Mt. Gox] account.
UPDATE! I have received confirmation from Dwolla:
Thank you for your email. Yes, this is the case.
As of 12:13 PM on 5/14/2013, the U.S. District Court for the District of Maryland issued a “Seizure Warrant” for the funds associated with Mutum Sigillium’s Dwolla account (a.k.a. Mt. Gox). In light of the court order, procured by the Department of Homeland Security, Dwolla has ceased all account activities associated with Dwolla services for Mutum Sigillum.
The person or people claiming the name Satoshi Nakamoto solved a difficult problem. There was a certain amount of creativity required, and a simplistic beauty in the solution. Like many times when a elegant solution is announced, more problems become apparent. It is the very nature of solutions that they expand what people can think about and hence lead to more unanswered questions. In this way, the chain of discoveries progresses on.
Satoshi is not immune to this process of answers leading to more questions. We have seen the successful implementation of Bitcoin, which has led to more problems. One such problem is that fees for transactions are static and not dynamically adjusted as demand for block space or market conditions change. Another such problem is blockchain bloat, which every user that downloads the reference client experiences as they loose over seven gigabytes of free space on their hard drive. Another problem is that unsuspecting users get very small payments many times, these payments can’t be spent as they will not cover the fee of a transaction that will be several kilobytes in size. Of course, there is a viewpoint that these are not problems at all, but rather suboptimal solutions.
Markets reacted as expected today except for news broadcast by the CME group. As we discussed on our most recent podcast. Bitcoin market rose Monday morning in response to the opening of the legacy banking system. Somewhat surprising the rally seems to be led by buying with US dollars. Only moderate volume is reported on btcchina.com.
Gold buying in Asia seems to remain strong. The US paper gold markets took a little dip brought on by the CME group announcement of increased margin requirements on copper. This probably encouraged selling of gold to cover copper positions.
This is an exciting episode. Current issues are discussed including Coinlab and mtgox’s likely court battle, Max Keiser’s battle with the bankers, the proliferation of alternate chains. A breakdown of China’s state television broadcast involving bitcoin is discussed. Jerry even stops buy to discuss his well-meaning adventures on the bitcointalk.org forum. The uncertainty of the current economic state of the world including central banks reaction with Quantitative easing. It’s never a dull week when considering finance and bitcoin.
On Friday China Network Television aired a 25 minute report on bitcoin in China. This report included topics such as buying, mining, trading, buying and the price. There’s a point of sale transaction and even an American who explains how it’s easier to get US dollars in his account with bitcoin then with the traditional financial system.
After this exposure there has been a spike in search volume at the popular Chinese search engine Baidu. Reaching a level of over double the previous maximum. China now is the country with the most downloads of the bitcoin client in the past week. The full effect will not be felt until Monday or Wednesday of next week as the traditional banking system is slower to react. Bitcoin is currently trading at 720 Chinese Yuan about the equivalent of US$117 at BTC China. This is compared to the price of $112 at MtGox.