Bitcoin is an innovative payment network and a new kind of money & it is the simplest way to exchange money at very low cost. Bitcoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
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CryptoTab Browser is a free lightweight browser empowered with additional functionality for Bitcoin mining. It can be personalized according to your wishes with thousands of available extensions to extend the browser’s functionality and make your browsing experience fast and comfortable. CryptoTab is the world's first browser with built-in mining feature. It lets you earn cryptocurrency just by visiting sites, watching videos or chatting online. Try new CryptoTab Browser with improved mining algorithm, mine up to eight times faster compared to Google Chrome extension.
Requirements
- CryptoTab Browser
- 24/7 Good Configuration Computer
- Good Internet / Network (Obviously)
- Free Time
How to earn ?
First of all go to This Download & register for an account and Start Bitcoin Mining.
Links
-- Downlaod CryptoTab Browser
-- Sign UP for CoinBase (Free BitCoin Wallet Address)
WHAT IS BITCOIN?
Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
How does Bitcoin work?
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin, you can consult the dedicated page and the original paper.
Who created Bitcoin?
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Satoshi’s anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi’s influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.
Who controls the Bitcoin network?
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
Is Bitcoin really used by people?
Yes. There is a growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.
How does one acquire bitcoins?
As payment for goods or services.
Purchase bitcoins at a Bitcoin exchange.
Exchange bitcoins with someone near you.
Earn bitcoins through competitive mining.
While it may be possible to find individuals who wish to sell bitcoins in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys bitcoins with PayPal, and then reverses their half of the transaction. This is commonly referred to as a chargeback.
How difficult is it to make a Bitcoin payment?
Bitcoin payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient’s address, the payment amount, and pressing send. To make it easier to enter a recipient’s address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology.
What are the advantages of Bitcoin?
Payment freedom - It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money.
Very low fees - Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants’ bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.
Fewer risks for merchants - Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
Security and control - Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
Transparent and neutral - All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable.
What are the disadvantages of Bitcoin?
Degree of acceptance - Many people are still unaware of Bitcoin. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
Volatility - The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.
Ongoing development - Bitcoin software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still offer no insurance. In general, Bitcoin is still in the process of maturing.
Why do people trust Bitcoin?
Much of the trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.
Can I make money with Bitcoin?
You should never expect to get rich with Bitcoin or any emerging technology. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.
Bitcoin is a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Bitcoin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Bitcoin requires entrepreneurship. There are various ways to make money with Bitcoin such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.
Is Bitcoin fully virtual and immaterial?
Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Bitcoin can be used to pay online and in physical stores just like any other form of money. Bitcoins can also be exchanged in physical form such as the Casascius coins, but paying with a mobile phone usually remains more convenient. Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Bitcoin users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual.
Is Bitcoin anonymous?
Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash. The use of Bitcoin leaves extensive public records. Various mechanisms exist to protect users’ privacy, and more are in development. However, there is still work to be done before these features are used correctly by most Bitcoin users.
Some concerns have been raised that private transactions could be used for illegal purposes with Bitcoin. However, it is worth noting that Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Bitcoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, Bitcoin is also designed to prevent a large range of financial crimes.
What happens when bitcoins are lost?
When a user loses his wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
Can Bitcoin scale to become a major payment network?
The Bitcoin network can already process a much higher number of transactions per second than it does today. It is, however, not entirely ready to scale to the level of major credit card networks. Work is underway to lift current limitations, and future requirements are well known. Since inception, every aspect of the Bitcoin network has been in a continuous process of maturation, optimization, and specialization, and it should be expected to remain that way for some years to come. As traffic grows, more Bitcoin users may use lightweight clients, and full network nodes may become a more specialized service. For more details, see the Scalability page on the Wiki.
Is Bitcoin legal?
To the best of our knowledge, Bitcoin has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as Bitcoin exchanges.
Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.
Is Bitcoin useful for illegal activities?
Bitcoin is money, and money has always been used both for legal and illegal purposes. Cash, credit cards and current banking systems widely surpass Bitcoin in terms of their use to finance crime. Bitcoin can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.
Bitcoin is designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime. For instance, bitcoins are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Bitcoin transactions are irreversible and immune to fraudulent chargebacks. Bitcoin allows money to be secured against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures.
Some concerns have been raised that Bitcoin could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established. The use of Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems, and Bitcoin is not likely to prevent criminal investigations from being conducted. In general, it is common for important breakthroughs to be perceived as being controversial before their benefits are well understood. The Internet is a good example among many others to illustrate this.
Can Bitcoin be regulated?
The Bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use. Attempting to assign special rights to a local authority in the rules of the global Bitcoin network is not a practical possibility. Any rich organization could choose to invest in mining hardware to control half of the computing power of the network and become able to block or reverse recent transactions. However, there is no guarantee that they could retain this power since this requires to invest as much than all other miners in the world.
It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction’s laws. In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.
What about Bitcoin and taxes?
Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bitcoin.
What about Bitcoin and consumer protection?
Bitcoin is freeing people to transact on their own terms. Each user can send and receive payments in a similar way to cash but they can also take part in more complex contracts. Multiple signatures allow a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This allows innovative dispute mediation services to be developed in the future. Such services could allow a third party to approve or reject a transaction in case of disagreement between the other parties without having control on their money. As opposed to cash and other payment methods, Bitcoin always leaves a public proof that a transaction did take place, which can potentially be used in a recourse against businesses with fraudulent practices.
It is also worth noting that while merchants usually depend on their public reputation to remain in business and pay their employees, they don’t have access to the same level of information when dealing with new consumers. The way Bitcoin works allows both individuals and businesses to be protected against fraudulent chargebacks while giving the choice to the consumer to ask for more protection when they are not willing to trust a particular merchant.
How are bitcoins created?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.
The Bitcoin protocol is designed in such a way that new bitcoins are created at a fixed rate. This makes Bitcoin mining a very competitive business. When more miners join the network, it becomes increasingly difficult to make a profit and miners must seek efficiency to cut their operating costs. No central authority or developer has any power to control or manipulate the system to increase their profits. Every Bitcoin node in the world will reject anything that does not comply with the rules it expects the system to follow.
Bitcoins are created at a decreasing and predictable rate. The number of new bitcoins created each year is automatically halved over time until bitcoin issuance halts completely with a total of 21 million bitcoins in existence. At this point, Bitcoin miners will probably be supported exclusively by numerous small transaction fees.
Why do bitcoins have value?
Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin’s value comes only and directly from people willing to accept them as payment.
What determines bitcoin’s price?
The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls. There is only a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because Bitcoin is still a relatively small market compared to what it could be, it doesn’t take significant amounts of money to move the market price up or down, and thus the price of a bitcoin is still very volatile.
Can bitcoins become worthless?
Yes. History is littered with currencies that failed and are no longer used, such as the German Mark during the Weimar Republic and, more recently, the Zimbabwean dollar. Although previous currency failures were typically due to hyperinflation of a kind that Bitcoin makes impossible, there is always potential for technical failures, competing currencies, political issues and so on. As a basic rule of thumb, no currency should be considered absolutely safe from failures or hard times. Bitcoin has proven reliable for years since its inception and there is a lot of potential for Bitcoin to continue to grow. However, no one is in a position to predict what the future will be for Bitcoin.
Is Bitcoin a bubble?
A fast rise in price does not constitute a bubble. An artificial over-valuation that will lead to a sudden downward correction constitutes a bubble. Choices based on individual human action by hundreds of thousands of market participants is the cause for bitcoin’s price to fluctuate as the market seeks price discovery. Reasons for changes in sentiment may include a loss of confidence in Bitcoin, a large difference between value and price not based on the fundamentals of the Bitcoin economy, increased press coverage stimulating speculative demand, fear of uncertainty, and old-fashioned irrational exuberance and greed.
Is Bitcoin a Ponzi scheme?
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from profit earned by the individuals running the business. Ponzi schemes are designed to collapse at the expense of the last investors when there is not enough new participants.
Bitcoin is a free software project with no central authority. Consequently, no one is in a position to make fraudulent representations about investment returns. Like other major currencies such as gold, United States dollar, euro, yen, etc. there is no guaranteed purchasing power and the exchange rate floats freely. This leads to volatility where owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a payment system with useful and competitive attributes that are being used by thousands of users and businesses.
Doesn’t Bitcoin unfairly benefit early adopters?
Some early adopters have large numbers of bitcoins because they took risks and invested time and resources in an unproven technology that was hardly used by anyone and that was much harder to secure properly. Many early adopters spent large numbers of bitcoins quite a few times before they became valuable or bought only small amounts and didn’t make huge gains. There is no guarantee that the price of a bitcoin will increase or drop. This is very similar to investing in an early startup that can either gain value through its usefulness and popularity, or just never break through. Bitcoin is still in its infancy, and it has been designed with a very long-term view; it is hard to imagine how it could be less biased towards early adopters, and today’s users may or may not be the early adopters of tomorrow.
Won’t the finite amount of bitcoins be a limitation?
Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a limitation because transactions can be denominated in smaller sub-units of a bitcoin, such as bits - there are 1,000,000 bits in 1 bitcoin. Bitcoins can be divided up to 8 decimal places (0.000 000 01) and potentially even smaller units if that is ever required in the future as the average transaction size decreases.
Won’t Bitcoin fall in a deflationary spiral?
The deflationary spiral theory says that if prices are expected to fall, people will move purchases into the future in order to benefit from the lower prices. That fall in demand will in turn cause merchants to lower their prices to try and stimulate demand, making the problem worse and leading to an economic depression.
Although this theory is a popular way to justify inflation amongst central bankers, it does not appear to always hold true and is considered controversial amongst economists. Consumer electronics is one example of a market where prices constantly fall but which is not in depression. Similarly, the value of bitcoins has risen over time and yet the size of the Bitcoin economy has also grown dramatically along with it. Because both the value of the currency and the size of its economy started at zero in 2009, Bitcoin is a counterexample to the theory showing that it must sometimes be wrong.
Notwithstanding this, Bitcoin is not designed to be a deflationary currency. It is more accurate to say Bitcoin is intended to inflate in its early years, and become stable in its later years. The only time the quantity of bitcoins in circulation will drop is if people carelessly lose their wallets by failing to make backups. With a stable monetary base and a stable economy, the value of the currency should remain the same.
Isn’t speculation and volatility a problem for Bitcoin?
This is a chicken and egg situation. For bitcoin’s price to stabilize, a large scale economy needs to develop with more businesses and users. For a large scale economy to develop, businesses and users will seek for price stability.
Fortunately, volatility does not affect the main benefits of Bitcoin as a payment system to transfer money from point A to point B. It is possible for businesses to convert bitcoin payments to their local currency instantly, allowing them to profit from the advantages of Bitcoin without being subjected to price fluctuations. Since Bitcoin offers many useful and unique features and properties, many users choose to use Bitcoin. With such solutions and incentives, it is possible that Bitcoin will mature and develop to a degree where price volatility will become limited.
What if someone bought up all the existing bitcoins?
Only a fraction of bitcoins issued to date are found on the exchange markets for sale. Bitcoin markets are competitive, meaning the price of a bitcoin will rise or fall depending on supply and demand. Additionally, new bitcoins will continue to be issued for decades to come. Therefore even the most determined buyer could not buy all the bitcoins in existence. This situation isn’t to suggest, however, that the markets aren’t vulnerable to price manipulation; it still doesn’t take significant amounts of money to move the market price up or down, and thus Bitcoin remains a volatile asset thus far.
What if someone creates a better digital currency?
That can happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn’t change fundamental parts of the protocol.
What is Bitcoin mining?
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.
How does Bitcoin mining work?
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the block chain.
The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.
Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.
Isn’t Bitcoin mining a waste of energy?
Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Bitcoin, their total energy consumption is not transparent and cannot be as easily measured.
Bitcoin mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners choose to stop their activities. Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. An optimally efficient mining network is one that isn’t actually consuming any extra energy. While this is an ideal, the economics of mining are such that miners individually strive toward it.
How does mining help secure Bitcoin?
Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
What do I need to start mining?
In the early days of Bitcoin, anyone could find a new block using their computer’s CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit BitcoinMining.com for more information.
Is Bitcoin secure?
The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin’s most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
Hasn’t Bitcoin been hacked in the past?
The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed. The more such issues are discovered, the more Bitcoin is gaining maturity.
There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Bitcoin itself being hacked, nor imply inherent flaws in Bitcoin; just like a bank robbery doesn’t mean that the dollar is compromised. However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money, and to reduce the general risk of theft and loss. Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions.
Could users collude against Bitcoin?
It is not possible to change the Bitcoin protocol that easily. Any Bitcoin client that doesn’t comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins without a valid signature. Therefore, It is not possible to generate uncontrolled amounts of bitcoins out of thin air, spend other users’ funds, corrupt the network, or anything similar.
However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure for some changes to be adopted. Because Bitcoin only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow. As a general rule, it is hard to imagine why any Bitcoin user would choose to adopt any change that could compromise their own money.
Is Bitcoin vulnerable to quantum computing?
Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don’t yet exist and probably won’t for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users.
What if I have more questions about Bitcoin?
Three great places where you can get your questions answered are the BitcoinTalk Forum at BitcoinTalk.org, the Bitcoin sub-reddit at Reddit.com/r/bitcoin and Bitcoin Stack Exchange at Bitcoin.StackExchange.com.
At the beginning I have to tell that you surely have to attentively pro-honor all material in my tutorial. All earnings depend on your luck and the computer. If you have free time, you easily will be able to earn more money, just create your twinks for it.
What is CryptoTab Browser?
CryptoTab Browser is a free lightweight browser empowered with additional functionality for Bitcoin mining. It can be personalized according to your wishes with thousands of available extensions to extend the browser’s functionality and make your browsing experience fast and comfortable. CryptoTab is the world's first browser with built-in mining feature. It lets you earn cryptocurrency just by visiting sites, watching videos or chatting online. Try new CryptoTab Browser with improved mining algorithm, mine up to eight times faster compared to Google Chrome extension.
Features
Blazing fast and lightweight browser
Built-in mining features CryptoTab
User-friendly customizable
interface
Sync everything across multiple devices
The 2-in-1 solution, browse and mine at the same time with ease
Sync your browser data on multiple devices
Built-in mining algorithm with speed adjustment
10-level referral network system
Payouts straight to BTC wallet at any time
Get more than 1 BTC! Develop the network and get your rewards!
Requirements
- CryptoTab Browser
- 24/7 Good Configuration Computer
- Good Internet / Network (Obviously)
- Free Time
How to earn ?
First of all go to This Download & register for an account and Start Bitcoin Mining.
Links
-- Downlaod CryptoTab Browser
-- Sign UP for CoinBase (Free BitCoin Wallet Address)
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What is CryptoTab Browser?
CryptoTab Browser is a free lightweight browser empowered with additional functionality for Bitcoin mining. It can be personalized according to your wishes with thousands of available extensions to extend the browser’s functionality and make your browsing experience fast and comfortable.
How is CryptoTab Browser different from other popular browsers?
CryptoTab Browser is one-of-a-kind software developed specifically for mining Bitcoins. It has a built-in mining algorithm allowing you to simply browse the web and earn Bitcoins right in your account. What is more, as a CryptoTab Browser user, you are able to participate in our referral program, where you can invite friends, promote CryptoTab Browser through social media and get additional earnings.
How can I install CryptoTab Browser?
CryptoTab Browser is available on our website https://get.cryptobrowser.site/en.
Please follow these few simple steps to get started.
Download the installation file.
If prompted, click Run or Save.
If you chose Save, double-click the download to start installing.
Start CryptoTab Browser
Once installed, you will be offered to sign in with your Google Account to import your settings, including bookmarks, favorites, history and saved passwords, from your current browser, or make CryptoTab Browser a default browser for your convenience.
How to make CryptoTab Browser my default browser?
On your computer, click the Start menu.
Click Settings
Open your default apps:
Original version: Click System Default apps.
Creators Update: Click Apps Default apps.
At the bottom, under "Web browser," click your current browser.
In the "Choose an app" window, click CryptoTab Browser.
To easily open CryptoTab Browser later, add a shortcut to your taskbar:
On your computer, open CryptoTab Browser.
In the Windows taskbar at the bottom, right-click on CryptoTab Browser.
Click Pin to taskbar.
What OS is required to install CryptoTab Browser?
CryptoTab Browser is available for Windows and Mac OS - based PCs.
Do you have a mobile version of browser available?
CryptoTab Browser is currently available for desktop (Windows and Mac). The mobile version is available here https://play.google.com/store/apps/details?id=com.cryptotab.android.
What if I accidentally delete CryptoTab Browser or my computer stops working?
We recommend you to press Login and sign in your Facebook or Google account right after the installation. After that your Bitcoin balance and referral network will be automatically saved. To access your account on a new device, you will need to download CryptoTab Browser, press Login and sign in with your Facebook or Google account.
User account
How can I login to CryptoTab Browser user account?
You can login to CryptoTab Browser via your Google account, Facebook, Twitter or VK. Please make sure to login and authorize right after installation, so that none of your data is lost if you reinstall your computer or login from another device.
How to store all your data in CryptoTab Browser?
To keep your data safe, please login to CryptoTab Browser via your Google account, Facebook, Twitter or VK. This way no referrals or earnings will be lost in case you reinstall your computer or login from another device.
How to move from CryptoTab to CryptoTab Browser with my data?
Login to CryptoTab Browser via your Google account, Facebook, Twitter or VK. This way no referrals or earnings will be lost in case you reinstall your computer or login from another device.
How to restore my mining data and referral database?
Your mining data and referral database are safe as long as you are authorized and have previously logged in to CryptoTab Browser with one of your social network accounts. If not, your data will not be recovered, unfortunately.
Can I use my CryptoTab Browser account on multiple devices?
Yes, it’s possible. Just install CryptoTab Browser and login using one of your social network accounts to authorize. When it’s done, you can access your CryptoTab Browser account from any device you want.
History & activity
How to clear my browsing data?
If you sync a type of data, deleting it on your computer will delete it everywhere it's synced. It'll be removed from other devices and your Google Account.
On your computer, open CryptoTab Browser.
At the top right, click More.
Click More tools -> Clear browsing data.
Choose a time range, like last hour or all time.
Select the types of information you want to remove.
Click Clear browsing data.
How can I delete my CryptoTab Browser browsing history?
If you don’t want a record of webpages you’ve visited using CryptoTab browser, you can delete all or some of your browsing history. Deleting your browsing history will take effect on all devices where you’re signed in to CryptoTab Browser.
On your computer, open CryptoTab Browser.
At the top right, click More.
Click History -> History.
On the left, click Clear browsing data. A box will appear.
From the drop-down menu, select how much history you want to delete. To clear everything, select All time.
Check the boxes for the info you want CryptoTab Browser to clear, including "browsing history".
Click Clear browsing data.
How to clear cookies in CryptoTab Browser?
You can choose to delete existing cookies, allow or block all cookies, and set preferences for certain websites.
Clear all cookies
If you remove cookies, you'll be signed out of websites and your saved preferences could be deleted.
On your computer, open CryptoTab Browser.
At the top right, click More -> Settings.
At the bottom, click Advanced.
Under "Privacy and security", click Content settings.
Click Cookies.
Under "All cookies and site data", click Remove all.
Confirm by clicking Clear all.
How do I manage saved passwords?
If you enter a new password on a site, CryptoTab Browser will ask to save it. To accept, click Save.
To see the password that will be saved, click Preview.
If there are multiple passwords on the page, click the Down arrow. Choose the password you want remembered.
If your username is blank or incorrect, click the text box next to "Username." Enter the username you want remembered.
Sign in with a saved password
On some websites, if you save a password to CryptoTab browser, you'll be automatically signed in when you visit that website.
On your computer, go to a site you've visited before.
In a sign-in form, click the username field.
From the list, choose the sign-in info you want to use.
See, delete, or export saved passwords
You can see or delete passwords at any time:
On your computer, open CryptoTab Browser.
At the top right, click More -> Settings.
At the bottom, click Advanced.
Under "Password and forms", click Manage passwords.
See, delete, or export a password:
See: To the right of the website, click Preview. If you lock your computer with a password, you'll be prompted to enter your computer password.
Delete: To the right of the website, click More -> Remove.
Export: To the right of "Saved Passwords", click More -> Export passwords. To clear all your saved passwords, clear browsing data and select "Passwords".
Stop saving passwords
By default, CryptoTab browser offers to save your password. You can turn this option off or on at any time.
On your computer, open CryptoTab Browser.
At the top right, click More -> Settings.
At the bottom, click Advanced.
Under "Password and forms", click Manage passwords.
Turn the setting off.
How to import bookmarks and settings into CryptoTab Browser?
To import bookmarks from most browsers, like Chrome, Firefox and Safari:
On your computer, open CryptoTab Browser.
At the top right, click More -> Bookmarks.
Select Bookmarks and then Import Bookmarks and Settings.
Select the program that contains the bookmarks you'd like to import.
Click Import.
Click Done.
Mining features
How to set up a mining account?
Open CryptoTab Browser, find CryptoTab icon on the toolbar and click on it. In the opened mining screen you should find "settings" item in the right drop-down menu. There you can link CryptoTab Browser to your social network account. It will save your data and earnings in case of clearing browser's cache, reinstallation of operational system or computer crash. It is highly recommended!
How to activate mining?
Right after installation, you need to open your browser and click on CryptoTab icon in the right upper corner. In the opened window, you will be able to turn mining On and adjust your mining speed. You will be mining as long as your browser is open and mining mode is on. Surf the Internet the way you normally do and earn Bitcoins!
How can I increase mining speed?
You can adjust your mining speed in the left bottom corner of CryptoTab Browser window for best results.
Mining is blocked, what can I do?
In case you see a warning that mining is blocked, is means your account is terminated. This can happen if CryptoTab Browser terms of use are violated in any manner and your account will not be recovered, unfortunately.
Can I mine cryptocurrencies other than Bitcoin?
In fact, CryptoTab software is mining Monero(XMR) and then converts them to Bitcoins in accordance with the current exchange rate, that is why your balance is displayed in BTC.
At the moment, this is the only cryptocurrency we offer as it’s the most popular one, but we keep working on new alternatives for you and will update you as soon as new coins are available for mining with CryptoTab Browser.
What kind of resources CryptoTab Browser uses to mine Bitcoins?
CryptoTab Browser is designed to use only the unused resources of your computer. This way it can run without interfering with your normal computer usage.
I am mining for 10 minutes, but the stats are not updated!
At this time we are not able to display real-time data, so the stats are updated several times an hour. Please be patient and wait a while until numbers are updated and you will see how many Bitcoins you and your referrals have mined.
How can I make mining working non-stop?
With CryptoTab Browser running, you will be mining Bitcoins as long as your browser window is open and mining mode is on. At the same time, you can always increase your mining results if you participate in our referral program and invite as many friends as you can to install CryptoTab Browser. You will get additional commission from their mining activity and boost your earnings.
Should I always keep mining mode active?
Not necessarily, it only depends on how much you are willing to earn. The more friends you invite using your personal referral link, the more Bitcoins you mine.
In addition, if you are interested to boost your earnings from mining, you can buy traffic to your personal referral link from global advertising platforms and traffic exchange networks like Google Adwords, Yahoo, Adcash, PropellerAds, Adsterra and many others. This will help you maximize your payouts significantly.
Payment information
Do you really send Bitcoins to your customers?
No doubts. We do make payments and we are transparent on this. All transfers of funds are confirmed in Bitcoin’s blockchain transaction database and available to check. You can find it in our payment journal. Let’s grow and make money together!
Why you pay in Bitcoins?
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since then, over 4,000 altcoin (alternative coin) variants of Bitcoin have been created.
It continues to be the most valuable and leading cryptocurrency at present. That is why we pay you in Bitcoins.
Can I get paid in Bitcoins only or any other cryptocurrencies?
As of now, we can only pay you in Bitcoins and in order to do so, you will need a Bitcoin wallet. A Bitcoin wallet is a piece of software that contains the “keys” and the address that allows you to send and receive bitcoins.
In addition, if you want to convert Bitcoins to any other cryptocurrency you like, you can create a wallet in any trading platform that supports Bitcoins like Bittrex (https://bittrex.com), a global leading blockchain trading platform, accept your Bitcoins to your trading platform wallet and exchange Bitcoin to other cryptocurrency.
How to create a Bitcoin wallet?
Please always remember to use reliable services only when it comes to transactions. There are several well proven providers like Blockchain you can use to create a Bitcoin wallet. We recommend you use the blockchain wallet due to its ease of use, simplicity and popularity.
Please go to https://www.blockchain.com/wallet#/signup and press “Create Wallet”.
You will be asked for an email address that will be used to verify your identity each time you try to open your wallet (optional) and a password. It’s important to use a password as strong as you can think of with more than 10 characters, low and uppercase letters, numbers and symbols.
When finished, you will be asked to write and store a phrase that will be used to get access to your wallet if you forget your password. This is important because there is no way to recover it if you lose your password.
Once created and verified through the confirmation email, you are set to open it and start operating with bitcoins. To do it you have to introduce the identifier included in the mail and the password.
How can I withdraw Bitcoins?
To withdraw your Bitcoins, you will be asked to login with one of your social network accounts. This is requested for security reasons to protect your access and make it possible to recover your ID, if needed.
Then, please go to CryptoTab Browser menu (icon in the form of three horizontal lines) and choose Withdraw BTC. Enter your Bitcoin wallet address that you would like your Bitcoins to go to and the amount you want to withdraw.
When can I request a withdrawal?
You need to earn at least 0.00001 BTC which is our minimum amount for withdrawing. It won't take long and you can probably reach this amount right on the first day! And it will take even less time if you invite friends to your mining network.
How long it will take to process my requested payment?
We are currently processing payments twice a day in a manual mode. Due to the increasing number of payments, we are going to switch to automatic payment mode soon. You can find the history of recent payments in the journal
How do I boost my earnings of Bitcoins?
The best way to earn more Bitcoins is to invite as many friends as possible through your personal referral link and motivate them to lead their friends. The bigger referral network you develop, the more income you get, and it will grow exponentially. Our referral network includes up to 10 levels of friends. Please find more details on how exactly the referral program works in our next section «What is referral program?» or read more using the following link: https://cryptobrowser.site/boost.
I have lost my earnings and referrals, what should I do?
It seems you have reinstalled your computer or switched to new operating system.
If you have previously logged in to CryptoTab Browser with one of your social network accounts, then you will be able to login on any other computer and all the data, including the amount of Bitcoins mined and referrals, will be saved.
In case you have not previously authorized your access with your social network account, your data will not be restored, unfortunately.
Referral program
What is referral marketing?
Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously.
Referral marketing is a process to encourage and significantly increase referrals from word of mouth, perhaps the oldest and most trusted marketing strategy. This can be accomplished by encouraging and rewarding customers, and a wide variety of other contacts, to recommend products and services from consumer and B2B brands, both online and offline.
Online referral marketing is the internet-based, or Software as a Service (SaaS) approach, to traditional referral marketing. By tracking customer behavior online through the use of web browser cookies and similar technology, online referral marketing can potentially increase brand awareness, referrals and, ultimately, revenue. Many platforms allow organizations to see their referral marketing return on investment (ROI), and to optimize their campaigns to improve results. Many of the newest systems provide users with the same experience whether they are on a desktop or mobile device. Offline referral marketers sometimes use trackable business cards. Trackable business cards typically contain QR codes linking them to online content for sale while providing a way to track that sale back to the person whose card was scanned.
How does your referral program work?
Our referral program is a way of getting more and more people to make referrals to our CryptoTab software. All you need to do is to refer as many friends as you can through your personal referral link available in CryptoTab Browser. If your friend uses your link and installs CryptoTab Browser, both you and your friend will be rewarded and you will get additional income from your friend’s mining activity.
How can I get more referrals?
There are many ways of how you can get more referrals and boost your mining results. The more active and initiative you are, the higher are your chances of earning big money.
Share your personal referral link to your friends and let your friends share it further, spread knowledge in social networks you use every day. If you happy with our software and service, tell your friends how much you like CryptoTab Browser and recommend it highly.
In addition, if you are interested to boost your earnings from mining, you can buy traffic to your personal referral link from global advertising platforms and traffic exchange networks and your income will grow very fast.
Where can I see the list of my referrals?
Please open CryptoTab Browser window and find information about your referrals in the bottom right corner. You can check how big your referral network is, how many referrals you brought in and see the amount of referrals on each level.
You can copy your personal referral link there and start inviting new people anytime. The more referrals you have, the more you earn!
How much can I earn from different referral levels?
The amount of your earnings depends on how many referrals you brought in and how often you shared your personal referral link in social networks.
Our referral program includes up to 10 levels of friends. You can see a breakdown below describing your commission from friends’ mining activity by level:
Level Earnings
1st Level 15%
2nd Level 10%
3rd Level 5%
4th Level 3%
5th Level 2%
6th Level 1%
7th Level 0.5%
8th Level 0.25%
9th Level 0.125%
10th Level 0.0625%
Can I buy visitors to my referral link?
Sure, you can. Feel free attract more people and buy visitors to your personal referral link from different social networks and global ad networks like Google Adwords, Yahoo, Adcash, PropellerAds, Adsterra, etc.
You should always remember that any kind of CryptoTab Browser promotion with email marketing and newsletters, as well as blog and forum spam techniques and unauthorized distribution of any kind, is strongly prohibited.
What should I know before promoting CryptoTab Browser?
Please read CryptoTab Browser terms of use (https://cryptobrowser.site/terms/) carefully to learn more about promotion techniques and strategies. Remember that any kind of CryptoTab Browser promotion with email marketing and newsletters, as well as blog and forum spam techniques and unauthorized distribution of any kind, is strongly prohibited and may result in termination of software use privileges or of any agreement between you and us.
How can I promote CryptoTab Browser?
Share your personal referral link to your friends and let your friends share it further, spread knowledge in social networks you use every day. If you happy with our software and service, let your friends know and recommend it highly.
In addition, if you are interested to boost your earnings from mining, you can buy traffic to your personal referral link from global ad networks. The more active and initiative you are, the higher are your chances of earning big money!
Partnership dashboard
What is CryptoTab Affiliate?
CryptoTab Affiliate program was specifically developed to let you earn money by inviting people to use CryptoTab Browser. We designed our partnership dashboard so it’s as easy to use as possible and so that you can make some money by spreading the word about the best mining browser software on the market.
In order to proceed, simply sign in to CryptoTab Affiliate using one of your social network accounts and start sharing promo materials right away.
What are promo materials and how should I use them?
Promotional materials are a great way to advertise CryptoTab Browser in social media and generate more referrals. Remember you can always check your mining activity, referrals and earnings in your dashboard.
To get started with CryptoTab Browser promotion, please follow to Links and Promo sections on the top on CryptoTab Affiliate window.
Links section is where you can find your personal referral link. All you need to do is to copy this URL and share it to your friends via social network accounts. You can refer as many friends as you want and grow you referral network constantly to increase your earnings. Also, you can create additional referral links to track different traffic sources and metrics to better understand conversion rate.
Promo section is where you generate creative landing pages, banners and images for social media sharing. And all can be done in one click!
Should I generate additional referral links?
Yes. If you want to have more than one personal referral link, you can create additional links to track different traffic sources and metrics to better understand conversion rate.
How to generate banners and landing pages?
It’s very simple. You are free to choose among a variety of creative landing pages and different size banners to promote CryptoTab Browser. All you need is to copy and share it to your friends is social media.
---------- About Bitcoin ------------- See Latest BitCoin Rate : Click Here
---------- About CryptoTab Browser -----------
What is CryptoTab Browser?
CryptoTab Browser is a free lightweight browser empowered with additional functionality for Bitcoin mining. It can be personalized according to your wishes with thousands of available extensions to extend the browser’s functionality and make your browsing experience fast and comfortable.
How is CryptoTab Browser different from other popular browsers?
CryptoTab Browser is one-of-a-kind software developed specifically for mining Bitcoins. It has a built-in mining algorithm allowing you to simply browse the web and earn Bitcoins right in your account. What is more, as a CryptoTab Browser user, you are able to participate in our referral program, where you can invite friends, promote CryptoTab Browser through social media and get additional earnings.
How can I install CryptoTab Browser?
CryptoTab Browser is available on our website https://get.cryptobrowser.site/en.
Please follow these few simple steps to get started.
Download the installation file.
If prompted, click Run or Save.
If you chose Save, double-click the download to start installing.
Start CryptoTab Browser
Once installed, you will be offered to sign in with your Google Account to import your settings, including bookmarks, favorites, history and saved passwords, from your current browser, or make CryptoTab Browser a default browser for your convenience.
How to make CryptoTab Browser my default browser?
On your computer, click the Start menu.
Click Settings
Open your default apps:
Original version: Click System Default apps.
Creators Update: Click Apps Default apps.
At the bottom, under "Web browser," click your current browser.
In the "Choose an app" window, click CryptoTab Browser.
To easily open CryptoTab Browser later, add a shortcut to your taskbar:
On your computer, open CryptoTab Browser.
In the Windows taskbar at the bottom, right-click on CryptoTab Browser.
Click Pin to taskbar.
What OS is required to install CryptoTab Browser?
CryptoTab Browser is available for Windows and Mac OS - based PCs.
Do you have a mobile version of browser available?
CryptoTab Browser is currently available for desktop (Windows and Mac). The mobile version is available here https://play.google.com/store/apps/details?id=com.cryptotab.android.
What if I accidentally delete CryptoTab Browser or my computer stops working?
We recommend you to press Login and sign in your Facebook or Google account right after the installation. After that your Bitcoin balance and referral network will be automatically saved. To access your account on a new device, you will need to download CryptoTab Browser, press Login and sign in with your Facebook or Google account.
User account
How can I login to CryptoTab Browser user account?
You can login to CryptoTab Browser via your Google account, Facebook, Twitter or VK. Please make sure to login and authorize right after installation, so that none of your data is lost if you reinstall your computer or login from another device.
How to store all your data in CryptoTab Browser?
To keep your data safe, please login to CryptoTab Browser via your Google account, Facebook, Twitter or VK. This way no referrals or earnings will be lost in case you reinstall your computer or login from another device.
How to move from CryptoTab to CryptoTab Browser with my data?
Login to CryptoTab Browser via your Google account, Facebook, Twitter or VK. This way no referrals or earnings will be lost in case you reinstall your computer or login from another device.
How to restore my mining data and referral database?
Your mining data and referral database are safe as long as you are authorized and have previously logged in to CryptoTab Browser with one of your social network accounts. If not, your data will not be recovered, unfortunately.
Can I use my CryptoTab Browser account on multiple devices?
Yes, it’s possible. Just install CryptoTab Browser and login using one of your social network accounts to authorize. When it’s done, you can access your CryptoTab Browser account from any device you want.
History & activity
How to clear my browsing data?
If you sync a type of data, deleting it on your computer will delete it everywhere it's synced. It'll be removed from other devices and your Google Account.
On your computer, open CryptoTab Browser.
At the top right, click More.
Click More tools -> Clear browsing data.
Choose a time range, like last hour or all time.
Select the types of information you want to remove.
Click Clear browsing data.
How can I delete my CryptoTab Browser browsing history?
If you don’t want a record of webpages you’ve visited using CryptoTab browser, you can delete all or some of your browsing history. Deleting your browsing history will take effect on all devices where you’re signed in to CryptoTab Browser.
On your computer, open CryptoTab Browser.
At the top right, click More.
Click History -> History.
On the left, click Clear browsing data. A box will appear.
From the drop-down menu, select how much history you want to delete. To clear everything, select All time.
Check the boxes for the info you want CryptoTab Browser to clear, including "browsing history".
Click Clear browsing data.
How to clear cookies in CryptoTab Browser?
You can choose to delete existing cookies, allow or block all cookies, and set preferences for certain websites.
Clear all cookies
If you remove cookies, you'll be signed out of websites and your saved preferences could be deleted.
On your computer, open CryptoTab Browser.
At the top right, click More -> Settings.
At the bottom, click Advanced.
Under "Privacy and security", click Content settings.
Click Cookies.
Under "All cookies and site data", click Remove all.
Confirm by clicking Clear all.
How do I manage saved passwords?
If you enter a new password on a site, CryptoTab Browser will ask to save it. To accept, click Save.
To see the password that will be saved, click Preview.
If there are multiple passwords on the page, click the Down arrow. Choose the password you want remembered.
If your username is blank or incorrect, click the text box next to "Username." Enter the username you want remembered.
Sign in with a saved password
On some websites, if you save a password to CryptoTab browser, you'll be automatically signed in when you visit that website.
On your computer, go to a site you've visited before.
In a sign-in form, click the username field.
From the list, choose the sign-in info you want to use.
See, delete, or export saved passwords
You can see or delete passwords at any time:
On your computer, open CryptoTab Browser.
At the top right, click More -> Settings.
At the bottom, click Advanced.
Under "Password and forms", click Manage passwords.
See, delete, or export a password:
See: To the right of the website, click Preview. If you lock your computer with a password, you'll be prompted to enter your computer password.
Delete: To the right of the website, click More -> Remove.
Export: To the right of "Saved Passwords", click More -> Export passwords. To clear all your saved passwords, clear browsing data and select "Passwords".
Stop saving passwords
By default, CryptoTab browser offers to save your password. You can turn this option off or on at any time.
On your computer, open CryptoTab Browser.
At the top right, click More -> Settings.
At the bottom, click Advanced.
Under "Password and forms", click Manage passwords.
Turn the setting off.
How to import bookmarks and settings into CryptoTab Browser?
To import bookmarks from most browsers, like Chrome, Firefox and Safari:
On your computer, open CryptoTab Browser.
At the top right, click More -> Bookmarks.
Select Bookmarks and then Import Bookmarks and Settings.
Select the program that contains the bookmarks you'd like to import.
Click Import.
Click Done.
Mining features
How to set up a mining account?
Open CryptoTab Browser, find CryptoTab icon on the toolbar and click on it. In the opened mining screen you should find "settings" item in the right drop-down menu. There you can link CryptoTab Browser to your social network account. It will save your data and earnings in case of clearing browser's cache, reinstallation of operational system or computer crash. It is highly recommended!
How to activate mining?
Right after installation, you need to open your browser and click on CryptoTab icon in the right upper corner. In the opened window, you will be able to turn mining On and adjust your mining speed. You will be mining as long as your browser is open and mining mode is on. Surf the Internet the way you normally do and earn Bitcoins!
How can I increase mining speed?
You can adjust your mining speed in the left bottom corner of CryptoTab Browser window for best results.
Mining is blocked, what can I do?
In case you see a warning that mining is blocked, is means your account is terminated. This can happen if CryptoTab Browser terms of use are violated in any manner and your account will not be recovered, unfortunately.
Can I mine cryptocurrencies other than Bitcoin?
In fact, CryptoTab software is mining Monero(XMR) and then converts them to Bitcoins in accordance with the current exchange rate, that is why your balance is displayed in BTC.
At the moment, this is the only cryptocurrency we offer as it’s the most popular one, but we keep working on new alternatives for you and will update you as soon as new coins are available for mining with CryptoTab Browser.
What kind of resources CryptoTab Browser uses to mine Bitcoins?
CryptoTab Browser is designed to use only the unused resources of your computer. This way it can run without interfering with your normal computer usage.
I am mining for 10 minutes, but the stats are not updated!
At this time we are not able to display real-time data, so the stats are updated several times an hour. Please be patient and wait a while until numbers are updated and you will see how many Bitcoins you and your referrals have mined.
How can I make mining working non-stop?
With CryptoTab Browser running, you will be mining Bitcoins as long as your browser window is open and mining mode is on. At the same time, you can always increase your mining results if you participate in our referral program and invite as many friends as you can to install CryptoTab Browser. You will get additional commission from their mining activity and boost your earnings.
Should I always keep mining mode active?
Not necessarily, it only depends on how much you are willing to earn. The more friends you invite using your personal referral link, the more Bitcoins you mine.
In addition, if you are interested to boost your earnings from mining, you can buy traffic to your personal referral link from global advertising platforms and traffic exchange networks like Google Adwords, Yahoo, Adcash, PropellerAds, Adsterra and many others. This will help you maximize your payouts significantly.
Payment information
Do you really send Bitcoins to your customers?
No doubts. We do make payments and we are transparent on this. All transfers of funds are confirmed in Bitcoin’s blockchain transaction database and available to check. You can find it in our payment journal. Let’s grow and make money together!
Why you pay in Bitcoins?
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since then, over 4,000 altcoin (alternative coin) variants of Bitcoin have been created.
It continues to be the most valuable and leading cryptocurrency at present. That is why we pay you in Bitcoins.
Can I get paid in Bitcoins only or any other cryptocurrencies?
As of now, we can only pay you in Bitcoins and in order to do so, you will need a Bitcoin wallet. A Bitcoin wallet is a piece of software that contains the “keys” and the address that allows you to send and receive bitcoins.
In addition, if you want to convert Bitcoins to any other cryptocurrency you like, you can create a wallet in any trading platform that supports Bitcoins like Bittrex (https://bittrex.com), a global leading blockchain trading platform, accept your Bitcoins to your trading platform wallet and exchange Bitcoin to other cryptocurrency.
How to create a Bitcoin wallet?
Please always remember to use reliable services only when it comes to transactions. There are several well proven providers like Blockchain you can use to create a Bitcoin wallet. We recommend you use the blockchain wallet due to its ease of use, simplicity and popularity.
Please go to https://www.blockchain.com/wallet#/signup and press “Create Wallet”.
You will be asked for an email address that will be used to verify your identity each time you try to open your wallet (optional) and a password. It’s important to use a password as strong as you can think of with more than 10 characters, low and uppercase letters, numbers and symbols.
When finished, you will be asked to write and store a phrase that will be used to get access to your wallet if you forget your password. This is important because there is no way to recover it if you lose your password.
Once created and verified through the confirmation email, you are set to open it and start operating with bitcoins. To do it you have to introduce the identifier included in the mail and the password.
How can I withdraw Bitcoins?
To withdraw your Bitcoins, you will be asked to login with one of your social network accounts. This is requested for security reasons to protect your access and make it possible to recover your ID, if needed.
Then, please go to CryptoTab Browser menu (icon in the form of three horizontal lines) and choose Withdraw BTC. Enter your Bitcoin wallet address that you would like your Bitcoins to go to and the amount you want to withdraw.
When can I request a withdrawal?
You need to earn at least 0.00001 BTC which is our minimum amount for withdrawing. It won't take long and you can probably reach this amount right on the first day! And it will take even less time if you invite friends to your mining network.
How long it will take to process my requested payment?
We are currently processing payments twice a day in a manual mode. Due to the increasing number of payments, we are going to switch to automatic payment mode soon. You can find the history of recent payments in the journal
How do I boost my earnings of Bitcoins?
The best way to earn more Bitcoins is to invite as many friends as possible through your personal referral link and motivate them to lead their friends. The bigger referral network you develop, the more income you get, and it will grow exponentially. Our referral network includes up to 10 levels of friends. Please find more details on how exactly the referral program works in our next section «What is referral program?» or read more using the following link: https://cryptobrowser.site/boost.
I have lost my earnings and referrals, what should I do?
It seems you have reinstalled your computer or switched to new operating system.
If you have previously logged in to CryptoTab Browser with one of your social network accounts, then you will be able to login on any other computer and all the data, including the amount of Bitcoins mined and referrals, will be saved.
In case you have not previously authorized your access with your social network account, your data will not be restored, unfortunately.
Referral program
What is referral marketing?
Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously.
Referral marketing is a process to encourage and significantly increase referrals from word of mouth, perhaps the oldest and most trusted marketing strategy. This can be accomplished by encouraging and rewarding customers, and a wide variety of other contacts, to recommend products and services from consumer and B2B brands, both online and offline.
Online referral marketing is the internet-based, or Software as a Service (SaaS) approach, to traditional referral marketing. By tracking customer behavior online through the use of web browser cookies and similar technology, online referral marketing can potentially increase brand awareness, referrals and, ultimately, revenue. Many platforms allow organizations to see their referral marketing return on investment (ROI), and to optimize their campaigns to improve results. Many of the newest systems provide users with the same experience whether they are on a desktop or mobile device. Offline referral marketers sometimes use trackable business cards. Trackable business cards typically contain QR codes linking them to online content for sale while providing a way to track that sale back to the person whose card was scanned.
How does your referral program work?
Our referral program is a way of getting more and more people to make referrals to our CryptoTab software. All you need to do is to refer as many friends as you can through your personal referral link available in CryptoTab Browser. If your friend uses your link and installs CryptoTab Browser, both you and your friend will be rewarded and you will get additional income from your friend’s mining activity.
How can I get more referrals?
There are many ways of how you can get more referrals and boost your mining results. The more active and initiative you are, the higher are your chances of earning big money.
Share your personal referral link to your friends and let your friends share it further, spread knowledge in social networks you use every day. If you happy with our software and service, tell your friends how much you like CryptoTab Browser and recommend it highly.
In addition, if you are interested to boost your earnings from mining, you can buy traffic to your personal referral link from global advertising platforms and traffic exchange networks and your income will grow very fast.
Where can I see the list of my referrals?
Please open CryptoTab Browser window and find information about your referrals in the bottom right corner. You can check how big your referral network is, how many referrals you brought in and see the amount of referrals on each level.
You can copy your personal referral link there and start inviting new people anytime. The more referrals you have, the more you earn!
How much can I earn from different referral levels?
The amount of your earnings depends on how many referrals you brought in and how often you shared your personal referral link in social networks.
Our referral program includes up to 10 levels of friends. You can see a breakdown below describing your commission from friends’ mining activity by level:
Level Earnings
1st Level 15%
2nd Level 10%
3rd Level 5%
4th Level 3%
5th Level 2%
6th Level 1%
7th Level 0.5%
8th Level 0.25%
9th Level 0.125%
10th Level 0.0625%
Can I buy visitors to my referral link?
Sure, you can. Feel free attract more people and buy visitors to your personal referral link from different social networks and global ad networks like Google Adwords, Yahoo, Adcash, PropellerAds, Adsterra, etc.
You should always remember that any kind of CryptoTab Browser promotion with email marketing and newsletters, as well as blog and forum spam techniques and unauthorized distribution of any kind, is strongly prohibited.
What should I know before promoting CryptoTab Browser?
Please read CryptoTab Browser terms of use (https://cryptobrowser.site/terms/) carefully to learn more about promotion techniques and strategies. Remember that any kind of CryptoTab Browser promotion with email marketing and newsletters, as well as blog and forum spam techniques and unauthorized distribution of any kind, is strongly prohibited and may result in termination of software use privileges or of any agreement between you and us.
How can I promote CryptoTab Browser?
Share your personal referral link to your friends and let your friends share it further, spread knowledge in social networks you use every day. If you happy with our software and service, let your friends know and recommend it highly.
In addition, if you are interested to boost your earnings from mining, you can buy traffic to your personal referral link from global ad networks. The more active and initiative you are, the higher are your chances of earning big money!
Partnership dashboard
What is CryptoTab Affiliate?
CryptoTab Affiliate program was specifically developed to let you earn money by inviting people to use CryptoTab Browser. We designed our partnership dashboard so it’s as easy to use as possible and so that you can make some money by spreading the word about the best mining browser software on the market.
In order to proceed, simply sign in to CryptoTab Affiliate using one of your social network accounts and start sharing promo materials right away.
What are promo materials and how should I use them?
Promotional materials are a great way to advertise CryptoTab Browser in social media and generate more referrals. Remember you can always check your mining activity, referrals and earnings in your dashboard.
To get started with CryptoTab Browser promotion, please follow to Links and Promo sections on the top on CryptoTab Affiliate window.
Links section is where you can find your personal referral link. All you need to do is to copy this URL and share it to your friends via social network accounts. You can refer as many friends as you want and grow you referral network constantly to increase your earnings. Also, you can create additional referral links to track different traffic sources and metrics to better understand conversion rate.
Promo section is where you generate creative landing pages, banners and images for social media sharing. And all can be done in one click!
Should I generate additional referral links?
Yes. If you want to have more than one personal referral link, you can create additional links to track different traffic sources and metrics to better understand conversion rate.
How to generate banners and landing pages?
It’s very simple. You are free to choose among a variety of creative landing pages and different size banners to promote CryptoTab Browser. All you need is to copy and share it to your friends is social media.
WHAT IS BITCOIN?
Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
How does Bitcoin work?
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin, you can consult the dedicated page and the original paper.
Who created Bitcoin?
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Satoshi’s anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi’s influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.
Who controls the Bitcoin network?
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
Is Bitcoin really used by people?
Yes. There is a growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.
How does one acquire bitcoins?
As payment for goods or services.
Purchase bitcoins at a Bitcoin exchange.
Exchange bitcoins with someone near you.
Earn bitcoins through competitive mining.
While it may be possible to find individuals who wish to sell bitcoins in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys bitcoins with PayPal, and then reverses their half of the transaction. This is commonly referred to as a chargeback.
How difficult is it to make a Bitcoin payment?
Bitcoin payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient’s address, the payment amount, and pressing send. To make it easier to enter a recipient’s address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology.
What are the advantages of Bitcoin?
Payment freedom - It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money.
Very low fees - Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants’ bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.
Fewer risks for merchants - Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
Security and control - Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
Transparent and neutral - All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable.
What are the disadvantages of Bitcoin?
Degree of acceptance - Many people are still unaware of Bitcoin. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
Volatility - The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.
Ongoing development - Bitcoin software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still offer no insurance. In general, Bitcoin is still in the process of maturing.
Why do people trust Bitcoin?
Much of the trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.
Can I make money with Bitcoin?
You should never expect to get rich with Bitcoin or any emerging technology. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.
Bitcoin is a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Bitcoin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Bitcoin requires entrepreneurship. There are various ways to make money with Bitcoin such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.
Is Bitcoin fully virtual and immaterial?
Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Bitcoin can be used to pay online and in physical stores just like any other form of money. Bitcoins can also be exchanged in physical form such as the Casascius coins, but paying with a mobile phone usually remains more convenient. Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Bitcoin users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual.
Is Bitcoin anonymous?
Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash. The use of Bitcoin leaves extensive public records. Various mechanisms exist to protect users’ privacy, and more are in development. However, there is still work to be done before these features are used correctly by most Bitcoin users.
Some concerns have been raised that private transactions could be used for illegal purposes with Bitcoin. However, it is worth noting that Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Bitcoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, Bitcoin is also designed to prevent a large range of financial crimes.
What happens when bitcoins are lost?
When a user loses his wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
Can Bitcoin scale to become a major payment network?
The Bitcoin network can already process a much higher number of transactions per second than it does today. It is, however, not entirely ready to scale to the level of major credit card networks. Work is underway to lift current limitations, and future requirements are well known. Since inception, every aspect of the Bitcoin network has been in a continuous process of maturation, optimization, and specialization, and it should be expected to remain that way for some years to come. As traffic grows, more Bitcoin users may use lightweight clients, and full network nodes may become a more specialized service. For more details, see the Scalability page on the Wiki.
Is Bitcoin legal?
To the best of our knowledge, Bitcoin has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as Bitcoin exchanges.
Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.
Is Bitcoin useful for illegal activities?
Bitcoin is money, and money has always been used both for legal and illegal purposes. Cash, credit cards and current banking systems widely surpass Bitcoin in terms of their use to finance crime. Bitcoin can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.
Bitcoin is designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime. For instance, bitcoins are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Bitcoin transactions are irreversible and immune to fraudulent chargebacks. Bitcoin allows money to be secured against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures.
Some concerns have been raised that Bitcoin could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established. The use of Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems, and Bitcoin is not likely to prevent criminal investigations from being conducted. In general, it is common for important breakthroughs to be perceived as being controversial before their benefits are well understood. The Internet is a good example among many others to illustrate this.
Can Bitcoin be regulated?
The Bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use. Attempting to assign special rights to a local authority in the rules of the global Bitcoin network is not a practical possibility. Any rich organization could choose to invest in mining hardware to control half of the computing power of the network and become able to block or reverse recent transactions. However, there is no guarantee that they could retain this power since this requires to invest as much than all other miners in the world.
It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction’s laws. In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.
What about Bitcoin and taxes?
Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bitcoin.
What about Bitcoin and consumer protection?
Bitcoin is freeing people to transact on their own terms. Each user can send and receive payments in a similar way to cash but they can also take part in more complex contracts. Multiple signatures allow a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This allows innovative dispute mediation services to be developed in the future. Such services could allow a third party to approve or reject a transaction in case of disagreement between the other parties without having control on their money. As opposed to cash and other payment methods, Bitcoin always leaves a public proof that a transaction did take place, which can potentially be used in a recourse against businesses with fraudulent practices.
It is also worth noting that while merchants usually depend on their public reputation to remain in business and pay their employees, they don’t have access to the same level of information when dealing with new consumers. The way Bitcoin works allows both individuals and businesses to be protected against fraudulent chargebacks while giving the choice to the consumer to ask for more protection when they are not willing to trust a particular merchant.
How are bitcoins created?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.
The Bitcoin protocol is designed in such a way that new bitcoins are created at a fixed rate. This makes Bitcoin mining a very competitive business. When more miners join the network, it becomes increasingly difficult to make a profit and miners must seek efficiency to cut their operating costs. No central authority or developer has any power to control or manipulate the system to increase their profits. Every Bitcoin node in the world will reject anything that does not comply with the rules it expects the system to follow.
Bitcoins are created at a decreasing and predictable rate. The number of new bitcoins created each year is automatically halved over time until bitcoin issuance halts completely with a total of 21 million bitcoins in existence. At this point, Bitcoin miners will probably be supported exclusively by numerous small transaction fees.
Why do bitcoins have value?
Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin’s value comes only and directly from people willing to accept them as payment.
What determines bitcoin’s price?
The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls. There is only a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because Bitcoin is still a relatively small market compared to what it could be, it doesn’t take significant amounts of money to move the market price up or down, and thus the price of a bitcoin is still very volatile.
Can bitcoins become worthless?
Yes. History is littered with currencies that failed and are no longer used, such as the German Mark during the Weimar Republic and, more recently, the Zimbabwean dollar. Although previous currency failures were typically due to hyperinflation of a kind that Bitcoin makes impossible, there is always potential for technical failures, competing currencies, political issues and so on. As a basic rule of thumb, no currency should be considered absolutely safe from failures or hard times. Bitcoin has proven reliable for years since its inception and there is a lot of potential for Bitcoin to continue to grow. However, no one is in a position to predict what the future will be for Bitcoin.
Is Bitcoin a bubble?
A fast rise in price does not constitute a bubble. An artificial over-valuation that will lead to a sudden downward correction constitutes a bubble. Choices based on individual human action by hundreds of thousands of market participants is the cause for bitcoin’s price to fluctuate as the market seeks price discovery. Reasons for changes in sentiment may include a loss of confidence in Bitcoin, a large difference between value and price not based on the fundamentals of the Bitcoin economy, increased press coverage stimulating speculative demand, fear of uncertainty, and old-fashioned irrational exuberance and greed.
Is Bitcoin a Ponzi scheme?
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from profit earned by the individuals running the business. Ponzi schemes are designed to collapse at the expense of the last investors when there is not enough new participants.
Bitcoin is a free software project with no central authority. Consequently, no one is in a position to make fraudulent representations about investment returns. Like other major currencies such as gold, United States dollar, euro, yen, etc. there is no guaranteed purchasing power and the exchange rate floats freely. This leads to volatility where owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a payment system with useful and competitive attributes that are being used by thousands of users and businesses.
Doesn’t Bitcoin unfairly benefit early adopters?
Some early adopters have large numbers of bitcoins because they took risks and invested time and resources in an unproven technology that was hardly used by anyone and that was much harder to secure properly. Many early adopters spent large numbers of bitcoins quite a few times before they became valuable or bought only small amounts and didn’t make huge gains. There is no guarantee that the price of a bitcoin will increase or drop. This is very similar to investing in an early startup that can either gain value through its usefulness and popularity, or just never break through. Bitcoin is still in its infancy, and it has been designed with a very long-term view; it is hard to imagine how it could be less biased towards early adopters, and today’s users may or may not be the early adopters of tomorrow.
Won’t the finite amount of bitcoins be a limitation?
Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a limitation because transactions can be denominated in smaller sub-units of a bitcoin, such as bits - there are 1,000,000 bits in 1 bitcoin. Bitcoins can be divided up to 8 decimal places (0.000 000 01) and potentially even smaller units if that is ever required in the future as the average transaction size decreases.
Won’t Bitcoin fall in a deflationary spiral?
The deflationary spiral theory says that if prices are expected to fall, people will move purchases into the future in order to benefit from the lower prices. That fall in demand will in turn cause merchants to lower their prices to try and stimulate demand, making the problem worse and leading to an economic depression.
Although this theory is a popular way to justify inflation amongst central bankers, it does not appear to always hold true and is considered controversial amongst economists. Consumer electronics is one example of a market where prices constantly fall but which is not in depression. Similarly, the value of bitcoins has risen over time and yet the size of the Bitcoin economy has also grown dramatically along with it. Because both the value of the currency and the size of its economy started at zero in 2009, Bitcoin is a counterexample to the theory showing that it must sometimes be wrong.
Notwithstanding this, Bitcoin is not designed to be a deflationary currency. It is more accurate to say Bitcoin is intended to inflate in its early years, and become stable in its later years. The only time the quantity of bitcoins in circulation will drop is if people carelessly lose their wallets by failing to make backups. With a stable monetary base and a stable economy, the value of the currency should remain the same.
Isn’t speculation and volatility a problem for Bitcoin?
This is a chicken and egg situation. For bitcoin’s price to stabilize, a large scale economy needs to develop with more businesses and users. For a large scale economy to develop, businesses and users will seek for price stability.
Fortunately, volatility does not affect the main benefits of Bitcoin as a payment system to transfer money from point A to point B. It is possible for businesses to convert bitcoin payments to their local currency instantly, allowing them to profit from the advantages of Bitcoin without being subjected to price fluctuations. Since Bitcoin offers many useful and unique features and properties, many users choose to use Bitcoin. With such solutions and incentives, it is possible that Bitcoin will mature and develop to a degree where price volatility will become limited.
What if someone bought up all the existing bitcoins?
Only a fraction of bitcoins issued to date are found on the exchange markets for sale. Bitcoin markets are competitive, meaning the price of a bitcoin will rise or fall depending on supply and demand. Additionally, new bitcoins will continue to be issued for decades to come. Therefore even the most determined buyer could not buy all the bitcoins in existence. This situation isn’t to suggest, however, that the markets aren’t vulnerable to price manipulation; it still doesn’t take significant amounts of money to move the market price up or down, and thus Bitcoin remains a volatile asset thus far.
What if someone creates a better digital currency?
That can happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn’t change fundamental parts of the protocol.
What is Bitcoin mining?
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.
How does Bitcoin mining work?
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the block chain.
The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.
Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.
Isn’t Bitcoin mining a waste of energy?
Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Bitcoin, their total energy consumption is not transparent and cannot be as easily measured.
Bitcoin mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners choose to stop their activities. Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. An optimally efficient mining network is one that isn’t actually consuming any extra energy. While this is an ideal, the economics of mining are such that miners individually strive toward it.
How does mining help secure Bitcoin?
Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
What do I need to start mining?
In the early days of Bitcoin, anyone could find a new block using their computer’s CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit BitcoinMining.com for more information.
Is Bitcoin secure?
The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin’s most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
Hasn’t Bitcoin been hacked in the past?
The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed. The more such issues are discovered, the more Bitcoin is gaining maturity.
There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Bitcoin itself being hacked, nor imply inherent flaws in Bitcoin; just like a bank robbery doesn’t mean that the dollar is compromised. However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money, and to reduce the general risk of theft and loss. Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions.
Could users collude against Bitcoin?
It is not possible to change the Bitcoin protocol that easily. Any Bitcoin client that doesn’t comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins without a valid signature. Therefore, It is not possible to generate uncontrolled amounts of bitcoins out of thin air, spend other users’ funds, corrupt the network, or anything similar.
However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure for some changes to be adopted. Because Bitcoin only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow. As a general rule, it is hard to imagine why any Bitcoin user would choose to adopt any change that could compromise their own money.
Is Bitcoin vulnerable to quantum computing?
Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don’t yet exist and probably won’t for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users.
What if I have more questions about Bitcoin?
Three great places where you can get your questions answered are the BitcoinTalk Forum at BitcoinTalk.org, the Bitcoin sub-reddit at Reddit.com/r/bitcoin and Bitcoin Stack Exchange at Bitcoin.StackExchange.com.
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