Category Archives: Bitcoin

21 Bitcoin’s Mining Computer

21 Inc has recently made a new Bitcoin computer that has multiple functions.  The 21 Bitcoin computer can mine Bitcoins, it can be a digital store on the web, pay people for sharing your links, rent out any internet of things hardware and buy and sell bitcoins.  The 21 computer has a lot of abilities thanks to the fact it has a full data center backend and a mining chip built on top of a raspberry pi.  Note that the bitcoin mining chip inside is quite small and will not make a lot of money for the user.  The idea for including a mining chip is that the user will spend micro payments on internet services.

The 21 Inc computer

 


As with every new Bitcoin technology, I am always excited to see how it develops and how it is used.  With this computer there are many possibilities, this computer helps spread Bitcoin and the power that comes with it.  These computers could be everywhere, a raspberry pi could be put in all sorts of things helping to grow the Bitcoin network or even fuel other internet of thing applications.  It would be very cool to see every major home appliance having a small Bitcoin computer like this inside of it, powering a decentralized network.

Denarium – Physical Bitcoins Review

Yesterday some Denarium physical Bitcoins came in the mail all the way from Finland.  One of my goals relating to Bitcoin was to obtain some “physical” Bitcoins, which I can now cross of my checklist.  Getting my hands on physical Bitcoins have been somewhat of a challenge.  Until very recently I only knew about one way to get physical Bitcoins, and even they were very hard to get.  At one point they were shut down because the U.S goverment considered them to be an unlicensed money transmitter.  Now it is very easy to get your hands on physical Bitcoins thanks to Prasos Oy, a Finnish company that also runs one of the largest Finnish exchanges.

The Coins

I really love the Denarium coins, the coins are very detailed.  What I like about the design is that it is that there is not too much detail but at the same time not a lot of space.  The coins are pretty light, they are made out of brass.  Brass was chosen because a major factor in the design of Denarium coins are the price.  There are two different coins, which you can buy loaded with Bitcoin or buy an empty coin.  The bigger coin, 1/10 and you can buy it for 38$ and comes with Bitcoins loaded inside.  The other size is 1/100 and you can buy it for 12$ and comes with Bitcoins inside.  If you don’t want to buy the coins with Bitcoins inside them, perhaps  you want to load them yourself ; have no fear you can.  The unloaded versions are cheaper than their loaded counterparts, better for someone who has their own coins already.  The price is very nice, they are not expensive and they look great.  I showed them to a few other people, and they asked me to get them one and because they are not super expensive I definitely will be ordering more.

 

How to access your funds

Step 1

Make your you have already activated yours coins, otherwise the Bitcoins will not be sent to your coins.

Step 2

Next step is to peel off the secure hologram from the back of the coin enter the private key into your wallet of choice.  I used Mycelium for ease of use (they are my wallet of choice).

Step 3

Once the private key is added to your wallet to can spend your money.  If you want to use your coin as a receive only wallet you can, just don’t remove the hologram/don’t lose the private key.

Room for improvement

Not much needs to be said here.  The plastic case holding the coins arrived damaged, no big deal to me but others may care about that (I am assuming it happened in shipping, they did come from Finland after all).  I would love to see a larger variety of physical coins, different sizes and different weights (I like heavier coins for some reason).  Another feature I would like to see, which is tough to think about is a hologram that does not cause the back of the coin to “look” bad.  I know this is a security feature and it worked as it was designed but after removing the hologram one side has residue from the coin left over.

My thoughts

Denarium coins are awesome, I will be ordering more in the future.  It is easy to load the coins with Bitcoin and easy to take them off.  They make a great gift as they don’t cost a  lot yet don’t feel cheap.  Thanks Denarium for sending me these two coins, I’m happy that its easy to buy coins.  Before I never even bothered to purchase physical Bitcoins because they were hard to get your hands on (or at least that’s what I thought).  Another great Bitcoin product to add to my slowly but ever-growing collection.

 

Bitnet

As cool as Bitcoin is, the majority of the population don’t use it for multiple reasons.  As time goes by, more and more services come out that make the Bitcoin ecosystem a better place.  One such example is Bitnet, a tool that makes accepting Bitcoin easier for merchants. Bitnet allows merchants to instantly accept a transaction without waiting for the transaction to be confirmed across the network.  One could say that the confirmation delay is a negative to using Bitcoin, but people can’t use that as an excuse to not use Bitcoin because now there is no wait time.  To make sure that the transaction will really happen, Bitnet analyses the transaction to make sure it is real.  And to furthermore protect the merchants, if a transaction never gets sent to the merchant, Bitnet will pay the merchant.


I wish I had my own small business so I could accept Bitcoin and take advantage of all sorts of awesome services and tech that are now available. Bitnet makes accepting Bitcoin for merchants a lot easier, without having to wait the network to confirm a transaction; merchants can sleep safe knowing that they were not ripped off.


Update: Now Bitnet has been acquired by Uphold.

My new Bitcoin Project

So I am going off to college this year and thought it would be really cool and fun to get Bitcoin going in the town that I am going to school in (Burlington Vermont).  My first goal is to get the government of Vermont to allow a Bitcoin atm in Burlington.  There was an earlier attempt to get a Bitcoin atm, but unfortunately the government of Vermont put an end to it.  I was told that they were worried about taxes being paid, so getting the government to allow Bitcoin atms should be one of the first goals.  Eventually if that obstacle is overcome I plan on reaching out to local businesses and explain to them the benefits of Bitcoin (which they hopefully decide to use).  Then a Bitcoin atm could be installed in a business to make Bitcoin a more accessible service.  This is my current plan, for one of my college projects.

Bitdeals.io

There are many benefits to using Bitcoin, one of them is that some merchants offer discounts if you pay in Bitcoin.  This is because with Bitcoin, there are miniscule fees for sending money, and its also a lot faster and secure.  For many merchants it is easier to use Bitcoin because they don’t have to pay a fee for every transaction and its quicker.  As using Bitcoin is easier, safer and cheaper than using a credit card, many merchants offer discounts if you pay with Bitcoin.  Bitdeals makes it easy to find deals for places that accept Bitcoin.  As more companies accept Bitcoin, the list at Bitdeals will grow.  Hopefully Bitcoin becomes the regular currency of the U.S and even the world.

Deposit USD into your Circle account

Circle is a great way to purchase Bitcoin, my prefered service because its quick and easy to use.  Recently they have added a new feature that lets you store USD in your Circle account.  If you want you don’t even have to turn USD into Bitcoin.  If you want to, you can keep your money in USD and use Circle as a efficient and secure system of transferring money.  All of your money is insured so even if someone hacked your account, you wont lose any money.


I love this new feature and can’t wait for it to roll out to my account.  Now I essentially have an ultra secure bank account without any fees.  Because money is sent as Bitcoin not USD, there are no horrible waiting times to deal with.  And if someone does not want to deal with  Bitcoin, they can keep it in their account as USD without having to worry about the fluctuation of the price.  The team behind Circle is really doing a great job, it makes me wonder what other plans they have.  I cant wait to find out!

 

Bitsim

What is it?

Bitsim is a secure token that lets any mobile phone become a Bitcoin wallet.  The chip goes in the same slot that the sim card goes in, you can use your phone like normal because it leaves room for the sim card.  Bitsim has a huge amount of potential, “There are over 7 Billion SIMs out there in the world that we can address with BitSIM, the opportunity is huge.” (Bitsim).

My Thoughts

As always when I see a new piece of Bitcoin tech, I immediately want to get one to mess around with it.  A small secure chip such as Bitsim can help spread Bitcoin all over because it lets any phone with  a sim port become a wallet.  Just insert the chip, there are no cables or adapters needed, so you can leave it in and never have to worry about it.  This makes using Bitcoin extremely easy because when you have your phone your Bitcoin wallet is with you, all while being super secure.  With Bitsim you phone becomes an ultra secure Bitcoin wallet.