As a consequence of our bankers ripping us off for so many centuries (I think we can trace it as far back as the Jews having to pay taxes to the temple in silver temple coins with they could only obtain at a bad exchange rate) the world is fast turning to Crypto Virtual Currencies like Bitcoin or Litecoin now the fastest growing currencies in the world.
Questions I Have Been Asked
1) How do I get Started ?
-You can start by accepting Bitcoins or Litecoins as payment to do that the best way is to download a bitcoin and/or litecoin walet for your desktop or Android phone (not available for Iphones and interly safe).
bitcoin.org
How to setup a bitcoin wallet https://www.youtube.com/watch?v=c9TitxtxNZ4
litecoin.org
How to setup a liteoin wallet https://www.youtube.com/watch?v=tAKM_1J5a5c
2) What is the difference between litecoins and bitcoins
-The hashing algorithm (Scrypt) is CPU-friendly, meaning that having powerful GPU doesn't let you mine fast.
-The difficulty of the blocks is set so they would be mined about every 2,5 minutes, instead of 10 which primes litecoin as the best over the counter crypto currency since you would not like to wait 10mins to pay for a donut :)
- Total litecoins that will ever be mined = 84 million Vs 20 million Bitcoins (both can be fractionated to 8 decimals)
-Still possiblñe to mine litecoins with small mining computer.
3) How do I mine bitcoins ?
Don't bother mining Bitcoins unless you have free electricity, want to invest 4000 Euros or more in hardware.
As for litecoins its still viable check these links for more information:
http://www.reddit.com/r/litecoin/comments/1nfml0/best_litecoin_mining_rig/
http://www.cryptobadger.com/build-your-own-litecoin-mining-rig/
Do not buy and old Bitcoin Asci mining rigg to mine Litecoins it will not work.
4) How do I buy or sell bitcoins or litecoins
-Face to Face meeting with someone who needs to buy or sell bitcoins using your wallet application.
-Using online trading platforms like
http://vaultofsatoshi.com
http://mtgox.com/
https://coinbase.com/
https://www.bitstamp.net/
5) How safe is it to leave bitcoins on my laptop ?
-Think of your wallet as a real wallet, how much money would you leave in it before you store it in a physical safe ? well its the same I personally never keep more than a 100 Euros worth of Bitcoins in my wallet. At which point it is better to back up the wallet to two usb drives (one could fail) and put them in a safe place erasing the wallet on the computer and wiping the free memory.
-Do not inform anyone of how many bitcoins you have realize that now you are your own bank.
6) How to promote bitcoins and litecoins
-Share your knowledge with your friends
Other resources of interest
http://www.newrepublic.com/article/115086/tor-snowden-and-battle-over-bitcoin
http://www.reuters.com/article/2013/12/11/us-china-bitcoin-idUSBRE9BA0B020131211
http://edition.cnn.com/2013/12/10/business/will-bitcoin-replace-paypal/
