Thursday, March 20, 2014

A little about Bitcoin

As an aspiring entrepreneur, you always dig in to new ventures. As of 2014, with a number of initial investors, we started LiteBanc, a cryptocurrency mining farm.

As I begin writing about this project (as much as I can, since I tend to slack off on the writing...), I will start off by the basics and work my way into our current project. There are hundreds of forums that you can read about this industry so I'll be very simple and basic.

For details, you can go to ; ; or Reddit to obtain a lot of information.

I'm sure you've heard of Bitcoin by now. It's been all over the news. LiteBanc trades and mines a form of currency called cryptocurrency (i.e. Bitcoin) by using methods of cryptography and solve algorithms to obtain these specific coins, hence we are "mining". Following this new type of currency, enthusiasts created a special exchange to trade these coins similar to FOREX in which we actively trade to profit from other forms of cryptocurrency. Confused yet?

So what exactly is cryptocurrency? Well, for starters, its a virtual currency that is not regulated by any banks or government and moved or traded by a decentralized market. There is no physical form, like a dollar bill, and is based on cryptography. The first cryptocurrency that started trading was Bitcoin back in 2009 and by present day, there are many different alternatives to bitcoin (i.e., Litecoin, Dogecoin, Namecoin, etc).

To give you an example of why this digital currency took off by storm, Bitcoin when it first came out was worth practically a fraction of a dollar (the first ever trade was $1.00 = 1200+ BTC). The coins value took off on news about this so-called digital coin and once the demand picked up the value of these coins skyrocketed to highs of $1200 for one single coin. Today, 1 BTC is worth about $660. Those that were able to mine or purchase in the 1000's between 2010 and 2011 are millionaires, mind you, without paying a single penny in tax. Aside from the risk factor and other security issues that will be mentioned throughout my project, this simply creates a whole new world in global currency and will likely change the industry in the future.

So to put it all together, it's money you print out that is not taxable and able to purchase real goods or change to real currency with it. A scam? that's what you might think, but there's a whole different depth that goes into this and fortunately, a lot of big investors (Google Venture, Y Combinator, Reddit, Fortress, Winklevoss Bro, etc.) and global CEO's (Charles Branson, Patrick Byrne, Lars Seier Christensen, etc.) are liking the idea.

About LiteBanc

LiteBanc is a boutique cryptocurrency mining company that mines the most productive Altcoins to benefit the ROI of the company. The trading arm of the company then micromanages the coins on specific cryptocurrency exchanges to ultimately hold onto Litecoin or Bitcoin.

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