A Bitcoin is a new form of electronic money, a “cryptocurrency.”
It’s the world’s first decentralized currency. There is no issuing authority such as the Federal Reserve Central Bank.
Bitcoins can be transferred with the click of a button, and there are no transaction or processing fees to transfer Bitcoins to anyone.
There are no reversals or chargebacks allowed with Bitcoins.
Bitcoins can be as anonymous as you want them to be, and they’re only identified with your Bitcoin address.
On January 9th, large Internet retailer Overstock.com began accepting Bitcoin for online purchases. Bitcoin users buy digital money and load it onto a virtual wallet then can purchase any product on Overstock.com and get it shipped to them without ever needing to enter their credit card information.
One Bitcoin was about $0.22 back on December 8, 2010, today one Bitcoin is equivalent to $867.3 USD.
How do you get Bitcoins? You can “mine” them or buy them. See How to Mine Bitcoins: TechCrunch
How it works is you purchase bid packs with Bitcoin currency to bid to win more digital Bitcoin currency.
uBIDUP is a lowest-unique bid auction, so in order to win you must be the the bidder who has placed the lowest, unmatched bid. To win in a lowest-unique auction, you have to be the only bidder to guess the lowest-unmatched prize in each auction and maintain the spot until the auction ends.
” Our goal is to make the game enjoying and fair for all.For example, a unique bid auction might run as follows:
Value Number of bids Comment 0.01 35 0.02 12 0.03 4 0.06 1 Winner 0.07 1 0.08 0 0.09 34
In above scenario winner is player who bid 0.06. This player will receive a winning price.”-uBIDUP.com
I was unable to login to the website to check out how much each bid pack purchase costs, but will update this as I get more information.
Earlier last year penny auction site RidetheBubble.com introduced Bitcoin auctions, today the site seems to be out of business.
Want to learn more about Bitcoins?
Check out this free course on Udemy: Bitcoin or How I Learned to Stop Worrying and Love Crypto.
The Official Intro Website for the Bitcoin
A Good PDF Describing the Bitcoin
The Official Bitcoin FAQ
The Official Bitcoin Website
Great Interview about the Bitcoin
What do you think of Bitcoins and other forms of digital currency? Would you spend your Bitcoins to win more Bitcoins?
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