Folks,
Just a few words in defense of Bitcoins. Bitcoins are becoming very popular
globally. You do not need to invest in thousands of dollars' worth of
bitcoins in order to have access to a small quantity. As a matter of fact,
although it is a little too late, you needed to only purchase about $14.98
worth of bitcoins to take advantage of the promo that the Writelog folks
were offering.
A little research would have led you to a relatively easy process of
purchasing a small quantity of the Peer 2 Peer currency with as much risk as
any of your other online banking/credit card transactions. If you
participate in any e-commerce at all, you are at risk of losing your money
or identity theft. This includes any and all secure websites that you
exchange banking or credit card information. In other words, you are at no
further risk of losing your identity or money by using bitcoins then you are
with any other means.
The process is two step. You establish a very very secure identity with a
trusted bitcoin broker such as "coinbase" https://www.coinbase.com/home .
You just cannot log in and establish an account as the process is very
secure and takes about 6 days to confirm that you in fact are whom you claim
to be. Once that is established you buy bit coinage up to 2000.00 per day.
The transaction is secure and it is maintained and the purchased bitcoins
are stored in a wallet or virtual vault. After purchasing bitcoins, you
still must wait about 24 hours for the website (coinbase) to report the
transaction was valid and the "bitcoins or fraction thereof" were
transferred to the coinbase vault. Customer funds are stored offline.
Sensitive customer data is not present on any of the company's servers.
Data, once moved off line, is split with redundancy, AES-256 encrypted, and
copied to FIPS-140 (FederalInformationPublishingStandards) USB drives and
paper backup. Drives and paper backups are moved around geographically and
stored in safe deposit boxes.
Now that you have your bitcoin you can spend it in many world places. A 2
step verification must take place to spend the funds. You typically send
bitcoins to an address that is provided for you. The transaction does not
happen immediately but over a period of time (usually 24 hours) this is
insurance that you transferred bitcoins to the intended recipient. The
second step of verification involves a security ap that runs on your phone.
This ap (Authy) is generating a random 7 digit token every 20 seconds and
must be used to validate your transaction.
This is just a small overview, probably a bit confusing but in actuality
harder to talk about and describe than it really is.
I am happy to have had the experience to learn about this "Virtual Peer to
Peer" method of exchanging value. Last checked, the bitcoin was worth
about 382.00 for one.
I received good value in my Writelog purchase and enjoyed the learning
process.
Joe K8FC
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