Bitcoin donations

[Tomek]

Hello,

In order to bring more light, and more cash, to SOTT, I though that it could be a good idea if we could accept bitcoin donations.

But what is bitcoin, exactly ?

Bitcoin is a decentralized electronic cash system that uses peer-to-peer networking, digital signatures and cryptographic proof so as to enable users to conduct irreversible transactions without relying on trust. Nodes broadcast transactions to the network, which records them in a public history, called the blockchain, after validating them with a proof-of-work system. Users make transactions with bitcoins, an alternative, digital currency that the network issues according to predetermined rules. Bitcoins do not have the backing of and do not represent any government-issued currency.

The Bitcoin network came into existence on 3 January 2009 with the issuance of the first bitcoins. In the same month the creator, Satoshi Nakamoto (thought to be a pseudonym), released the original Bitcoin client as open-source software. Prior to the invention of Bitcoin, electronic commerce systems could not securely operate without relying on a central authority to prevent double-spending. Nakamoto sidestepped this requirement for Bitcoin by employing a proof-of-work approach in a peer-to-peer network to reach consensus between peers on the validity of transactions. Bitcoin is a relatively new project under active development. As such, its developers caution that users should treat it as experimental software.

In short, Bitcoin is a peer-to-peer, encrypted electronic currency, the closest equivalent of small change on Internet. No central authority is regulating the rate or the quantity of bitcoins circulating. It might allow people who really wants to keep anonymous while supporting SOTT to make donations, and since bitcoin is kinda trendy, it might also give to SOTT some visibility amongst the crypto-freaks community on internet.

Bitcoin is not a funny money : a bitcoin is currently worth 6.5$ on the largest exchanger, Mt. Gox _https://mtgox.com/

More infos on the official website, _http://bitcoin.org/

 

[Tomek]

Bitcoin is not a funny money : a bitcoin is currently worth 6.5$ on the largest exchanger, Mt. Gox _https://mtgox.com/

1 BTC is now worth 70$, and more and more people are accepting bitcoins as donation or as a purchase method (Wikileaks, Wordpress, MEGA, and lately NaturalNews.com). When you consider how information is processed SOTT.net it is not impossible that some people want to remain discreet if they wish to support the site.

Technically, you only have to download the client software Bitcoin-Qt and publish the address of your wallet (which appears in the client) in the Donate section. To transfer bitcoin donations in dollar or euro, it is then easy to exchange on platforms like Mt.Gox. If WorldPay or Paypal blocks your accounts in the future, you'll still have you bitcoin wallet to receive donations.

For a comprehensive guide, see _https://www.weusecoins.com/