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.
Bitcoin and crypto-currencies in general can be difficult to understand by many. Even the tech-savvy have questions with this new breed of digital commerce. Part of the idea behind Neocash Radio is breaking down the idea into easy to digest and understand components. We are trying to make the topics available for all audiences.
Starting out we have a micro-podcast that simply explains how bitcoin works and how you can remain secure with your coins. This tutorial is meant for newbies so we try to avoid too much technical jargon. There is much to understand if you want to have all the information necessary to make an informed decision. If you want to have a better grasp on bitcoin and litecoin, take a listen to this micro-cast:
The next step in the process deals with wallets. Wallets, much like real life, hold your coins and serve as an address book for people you send coins to. This is where security really gets important. Your wallet, just like your physical wallet, must be protected from theft and there are a few ways to do this. If you are looking for information on how to set up a wallet online, on your computer, and on your smart phone take a listen to this micro-cast:
Finally in order to fully understand the entire bitcoin process you need to have an idea how the coins are created. You also need to understand how the ledger — or blockchain — is created and maintained. This is the fundamental core of the crypto-currencies. When an individual wants to send bitcoins to someone else what they are actually doing is broadcasting a message to the network, in effect saying, I am sending X coins to X address. Unlike credit cards and dollar transactions the exchange of bitcoins and litecoins is a one-way conversation. If you want to better understand mining, take a listen to this
We are always looking for better ways to explain these ideas and if you have an questions, comments, or suggestions please let us know. You can send me an email at jj AT neocashradio.com (replace the spaces and AT with @).
The future of money is being written each day and we are truly living in historic times. For much of human history money or currency was a physical instrument that one would have to carry with them to exchange for the good or service they wanted. Gold and silver serve as examples of money that has withstood the tests of time and still to this day are accepted as a store of value to be used in trade. Fiat currencies have dominated the recent decades as the defacto currency with the United States dollar leading the pack. With the advent of the internet and digital commerce we are seeing new and exciting changes in currency.
The internet has revolutionized how people communicate and share information. Mobile phones and wifi devices have put the sum of human knowledge in the palm of our hands, easily accessed from nearly anywhere with a cellular or wifi signal. These advancements in technology have permeated many facets of our daily lives and given rise to a new age of news, socializing, collaborating, and commerce.
Individuals and companies are coming up with new ways to harness the power of the internet for personal and commercial uses. Bitcoin is on the forefront of this new trend as people look for faster and easier ways to purchase goods and services over the virtual landscape. Not bound restrictions placed on physical currencies and not beholden to any government or institution, Bitcoin is the currency of user, by the user, for the user. No flag, no god, no government, in cryptography we trust.
The market loves Bitcoin with more and more outlets and stores accepting it. While not intended as a point of sale currency, innovative individuals have come up with ways to make person to person transactions easy and quick by adapting the ubiquitous smart phone to serve as a mobile wallet, scanner, and barcode display. More mobile apps are popping up to make Bitcoin monitoring and trading even easier.
Neocash Radio was created to chronicle and share information about alternatives to the US dollar and other government currencies. Bitcoin has become the king of the alt-currency market and after a slow but steady period of adoption we see the Bitcoin muscle flexing and markets across the globe are starting to take notice. One focus for Neocash Radio is making information about Bitcoin and similar currencies easy to understand. Toward that end we will be publishing several smaller podcasts, or micro-casts, that focus in on specific and fundamental topics.
Please navigate to the Podcast page and take a look at the tutorials and podcasts we have published. Feel free to copy, distribute and share these podcasts with your friends and family. The more individuals who use and trade with Bitcoin, the stronger and more valuable it will be come.
We are pleased to announce that the premier podcast on cryptocurrencies will be launching April 28th. We will discus issues that that are relevant to anyone who uses currency.