Bitcoin currency code for euro

euro (EUR) Bitcoin (BTC) exchange rate

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Simply download the source code for an existing cryptocurrency—say bitcoin—change the name, and modify a few variables like the size of the block reward. Then announce it to the world. An experienced computer programmer should be able to do it in an hour or two. Better yet, there are any number of automated websites that, after prompting for desired features like the currency name or block size, can generate the necessary code in a few seconds.

Whether these cookie-cutter currencies are destined to reach the same level of success as traditional currencies like the dollar or the yen is a different matter. Bitcoin currency code for euro succeed, a newly-introduced currency must be accepted by most residents of a nation. Broad acceptance has typically required careful planning, time, and energy on the part of the issuer.

Although Europeans began using euro banknotes inthe idea for the euro is said to have been sparked as early as when Gustav Stresemann, in an attempt to heal the rift between France and Germany after the divisive Treaty of Bitcoin currency code for euro, asked the League of Nations: Through the rest of the s, members were obliged to bring their currencies within a narrow trading band relative to each other, until January 1, when the exchange rates were all frozen.

The euro was born. Banks now offered both local and euro-denominated deposits, but physical euros would not be introduced until January 1, To prepare Europeans for this cash rollout, shopkeepers began to affix euro prices to their wares along with legacy currency prices.

A terrific quantity of notes and coins also had to be manufactured, a process that occupied European printers and mints for over four years. A copy of the popular cryptocurrency dogecoin which features a dog as its mascotStalwart bucks took just a day or two to create. Weisenthal is by no means exceptional. New cryptocurrencies like Stalwart bucks are popping up every day bitcoin currency code for euro so.

The website Map of Coinsfor instance, tracks existing and defunct cryptocoins. Among them is Bitcoin, the poster child of the cryptocurrency movement. All other cryptocurrencies are variations on the theme. So far, bitcoin has not reached bitcoin currency code for euro point at which it is giving central bank money like the euro a serious run for its money. Far from having achieved general acceptance, bitcoin usage bitcoin currency code for euro confined to a small band of tech geeks, hobbyists, and anarchists.

Widely-used currencies do not simply come to life with a flip of the switch. Several key features determine whether a currency can achieve true lift-off. The best way to understand Bitcoin is by comparing it to two familiar types of money; government-issued cash banknotes and coins and bank deposits.

Let us first consider the property of being digital; then we will address what it means to be a bearer instrument. Banknotes and coins are physical objects and, as such, they can only be passed hand-to-hand. Deposits, on the other hand, are immaterial book entries residing on a central database maintained by a bank manager. When deposits were first introduced hundreds of years ago, accounts were represented in a big paper ledger.

The parties to a transaction had to walk to the bank and tell their banker bitcoin currency code for euro accounts in the ledger to debit and credit.

The invention of the signed check made it possible to issue those instructions via a paper notice. Sometime in the latter 20th century this entire process was digitized. Like deposits, bitcoins are represented on computers by strings of 1s and 0s.

Information on how to update bitcoin balances is broadcast digitally over the Internet. Unlike physical money like banknotes, bitcoins and deposits can be transferred very rapidly over large distances, making both of them a good medium for Internet payments.

Bitcoin is also like cash. Both are bearer instruments. Because identification is not necessary to prove ownership, bearer instruments preserve the anonymity of buyers. This is a useful feature. When people want to purchase things that society frowns upon, anonymity is a way to escape censure.

Another nice feature of a bearer instrument like bitcoin currency code for euro is that once it passes from one hand to another, an irrevocable transfer of ownership has occurred. Compare this to a check payment: If the check bounces due to insufficient funds, the book seller is short-changed.

Because a banknote can never bounce, cash payments are riskless for all parties to a transaction. Likewise for bitcoins; once the Bitcoin protocol has ensured that the coins are not counterfeits, then the transaction is final. Contrast this to a bank deposit. A bank manager can always refuse to allow certain individuals to open an account, or, if the account is already open, they can prevent that account from receiving or disbursing funds.

So bitcoin can be thought of as a hybrid. It provides the digital capabilities of a deposit while replicating the anonymity, censorship resistance, and finality offered by cash. Bitcoin, however, is not the first hybrid. One of the brightest, a cryptographer named David Chaum, came up bitcoin currency code for euro a scheme called eCash. Chaum viewed it as his duty to provide individuals with a means of payment that protected their personal data from financial institutions and merchants.

As Internet usage grew, eCash looked sure to break into the mainstream. Several banks would sign up to trial the product in the s, including Deutsche Bank. Netscape and Microsoft were bitcoin currency code for euro to be interested in commercializing eCash.

In the end it failed to gain a foothold, perhaps because credit cards succeeded in becoming a sufficiently trustworthy form of payment over the Internet.

Because Nakamoto designed bitcoin with its precedents in mind, it is worth exploring how eCash worked. To buy something, customers simply transferred the coin to the merchant who accepted eCash. One problem with digital cash, however, is that it is very simple for users to replicate. This is called the double-spending problem. Banknotes are not susceptible to double-spending. Thanks to constantly evolving security features like watermarks and holograms, it is difficult to make cost-effective replicas.

Chaum solved the double spending problem by having the issuing bank maintain a database of the serial numbers of all already-spent coins. The bank would check its database to ensure that the coin had not been spent. If the number was there, the coin was not spendable, otherwise the transaction was free to proceed. InFlorida oncologist and self-taught coder Douglas Jackson opened E-Gold, a service that offered customers fully-backed gold deposits transferable over the Internet.

These were not strictly bearer money since the customer had to open an account in order to be able to own e-gold. In practice, however, e-gold offered a degree of anonymity since it was easy for users to set up accounts using pseudonyms. E-gold would limp on untilwhen Jackson was indicted on charges of money laundering, conspiracy, and operating an unlicensed money transmitting business. Satoshi Nakamoto was privy to these early failures and wanted to design a system that bitcoin currency code for euro their weaknesses while preserving the anonymity, finality, and censorship resistance of bearer money.

The Bitcoin protocol is designed so that it has no central points of control. There is no third-party database to record serial numbers so as to ward off double-spending attacks. Earlier attempts at digital money did not attempt decentralization because the technology had not yet been proven. Rather than hosting music on a central server, Napster provided a directory that allowed users to connect to a network of peers who had songs available for download on their personal computers.

Because there were millions of nodes it was difficult, though not impossible, for authorities to censor the network. While lawsuits eventually forced Napster to shut down, subsequent file sharing services like Bit Torrent sprung up in its place.

Take the task of determining whether transactions are legitimate. The bitcoin network takes a different approach. Every bitcoin transaction that has ever been made is recorded. When two people exchange bitcoins, they announce the details of this transaction to the network of nodes. These nodes, which are located all over the world, independently cross reference the bitcoins used in the transaction against their version of the blockchain to ensure that they are legitimate.

If the coins are counterfeit, or double-spent, they will not have any linkage to the historical record and the transaction will be ignored. The first node to reach clarity about the validity of a transaction broadcasts their answer to the entire network, thus allowing each node to update its version of the blockchain in preparation for verifying the next bitcoin currency code for euro of incoming transactions.

Ensuring that the multitude of nodes is storing identical versions of the blockchain is a tricky affair. Because the system is distributed, not all nodes are directly connected to each other. Frictions like network lag impede the fast flow of communications across the network. Consider what might happen if one set of validated transactions is broadcast by a node at the exact same time that another node declares a second set of transactions.

As this information gets transmitted through the network, a node in one part of the world—say Canada—might receive the first set while another node—say in China—receives the second set.

If so, these nodes will effectively be running different versions of the blockchain. Nakamoto devised a simple rule to ensure that these conflicts are resolved: In this scenario, bitcoin currency code for euro next set of transactions to be broadcast will be appended to either the Chinese or Canadian version of the chain, making one longer than the other. All nodes using bitcoin currency code for euro short version immediately abandon it and adopt the longer chain, network consensus being reestablished.

How can bitcoin users be sure that history is not rewritten and balances maliciously re-allocated to a thief? Government regulation and legal systems add a secondary layer of protection. Preventing malicious rewrites is a bitcoin currency code for euro problem with bitcoin because everyone who participates in the bitcoin network is allowed to retain their anonymity. At no cost, a thief can quickly deploy a team of dummy nodes that can, if their output is large enough, fool the remaining honest nodes into propagating a false longest chain that redistributes coins to the thief.

In sacrificing all central points of control, Nakamoto achieved his design goal of decentralization but simultaneously condemned the price of bitcoins to be permanently unhinged. Unlike eCash, e-Gold, or banknotes, all of which are stable because the issuing bank promises to manage the value of these instruments relative to some external price or index, Bitcoin has no central issuer. To protect against dummy nodes, the process of updating the blockchain has been designed to require bitcoin currency code for euro expense of energy.

This feature sets a high bar for thieves.

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Transaction time litecoin values

People on forums and chat groups sometimes ask how they can exchange Bitcoins a decentralized digital electronic currency for Euros, and vice versa. I had the occasions to do such trades during the last months, and I will relate my experience with various exchanges.

Bitcoin Central is an exchange owned and operated by the French Paymium company, also the owners of Paytunia and InstaWallet.

You can also place an order which may be filled later by a seller if you are unsatisfied with the current offerings. If you want to sell Bitcoins instead, you can send them to your account, and sell them to someone willing to buy. You can then cash out your Euros for a 0. There are no trading fees. So far, this service worked flawlessly for me in both directions. However, cashing out Euros can take a few days because Paymium must manually approve the transfers and they may take up to 48 hours to do so.

Also, the liquidity in the exchange is low, possibly because of the lack of an API that would allow trading bots to engage in arbitrage. The spread between buying and selling prices can sometimes be as high as 1. It is hard to say that the current web site has an attractive design.

Fortunately, Paymium is working on it and a new version should be available soon. Bitcoin is very similar to Bitcoin Central, but offers a better user interface. According to the site notice, it is owned and operated by Simon Hausdorf in Bremen Germany. SEPA credit transfers through their Polish bank account are free in both directions, and there are no trading fees.

Gox redeem codes labelled in United States Dollars. Bitmarket is a peer-to-peer exchange where users can put their Bitcoins into an escrow and publish a sell order. If another user wants to buy the Bitcoins, he accepts the sell order, and both users receive each other contact information. The buyer also automatically receives the seller bank account information so that it can start the SEPA credit transfer without delay. Once the money has been received by the seller, he can ask the site to release the Bitcoins stored in the escrow, and the buyer can withdraw them.

This is the site where I placed most of my buy orders. All the mail exchanges with the sellers have been very courteous and efficient. When you register, the site asks for some references to assert if you are trustworthy enough to participate.

If the buyer pretends to have done the SEPA credit transfer, and the seller tells he never received it, the site would have to judge whether the Bitcoins placed in the escrow must be released to the buyer or sent back to the seller, so they are trying to limit the probability of those messy situations happening. As soon as they receive the euros on their bank account, you can either validate the transaction immediately to get the advertised rate, or you can wait up to 24 hours in case you feel the price of a bitcoin is going down.

All in all, I was very satisfied with this service. It is fast, it is easy to use, and you get a fair market price. Users are authenticated using PGP , and rate each others through a web of trust system.

Trades are proposed through the gribble bot , and users contact each other and agree to trade. This system, which is both low tech as no automatic order matching is attempted and high tech users must know how to use software such as GnuPG in order to trade , works remarkably well. However, many scammers attempt to take the identity of trusted users, and some victims who forget to check that their pal is properly authenticated end up sending money or Bitcoins to complete strangers who disappear immediately after.

They list users willing to buy or to sell Bitcoins along with the proposed price which can be a formula based on other exchanges rates , as well as the minimum and maximum amount of Euros acceptable for one transaction.

Other users will be able to list the offers sorted by geographical proximity. Once you find an offer you like, Localbitcoins. If you agree to the deal, you can then setup a meeting and exchange cash for Bitcoins. However, Bitcoins may take some time to transfer from one address to another. To allow for quick transactions, Localbitcoins. At the same time, the seller receives a secret release code. When both meet and Euros change hands, the seller activates the escrow release by entering his secret release code on the web site, or send it via SMS.

Right away, the Bitcoins are sent from the escrow to the buyer, and both users receive a confirmation bearing the secret verification code. This clever way of doing things allows the buyer to check the release code even if he does not have a mobile phone or an internet connection handy: Also, the seller instead may not to have a mobile phone or an internet connection: I bought some Bitcoins near a subway entrance in Paris, and met a nice guy and had a pleasant conversation.

The site has the potential to go viral, and to become one of the preferred way to exchange Bitcoins for cash in well populated areas. This free service is developed by Kangas Bros. Innovations , from Finland. As you can see, there are many easy ways to exchange Bitcoins for Euros and vice versa , from completely centralized systems to peer-to-peer ones.

Please enable JavaScript to view the comments powered by Disqus. Do not expect a reply to your email. Beware of retries in XBee modules. Bitcoin Bitcoin is very similar to Bitcoin Central, but offers a better user interface. I have had a good experience with this site.

Bitmarket Bitmarket is a peer-to-peer exchange where users can put their Bitcoins into an escrow and publish a sell order.

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