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Bitcoin Uncovered: A Simplified Guide

by hotshed71

Welcome to our channel! In this video, we are breaking down the complex world of Bitcoin and making it accessible for everyone, whether you're a beginner or looking to deepen your understanding.

Join us as we simplify terminology like blockchain, mining, and wallets, and explore how Bitcoin fits into the future of finance. We'll provide a clear and easy-to-follow explanation to help you grasp the basics of this digital currency.

If you've ever been curious about Bitcoin but felt overwhelmed by the technical jargon, this video is for you! Watch till the end to gain a comprehensive understanding of Bitcoin.

Don't forget to like and share this video with anyone who wants to learn about Bitcoin in a simple and understandable way. Let's make the world of cryptocurrency more accessible together!

00:00:00 The Bitcoin Enigma
00:01:59 The Genesis of Bitcoin
00:02:47 The Mechanics of Bitcoin
00:04:51 Bitcoin's Rise to Prominence
00:06:48 The Impact of Bitcoin
00:08:53 Bitcoin's Challenges and Controversies
00:11:14 The Future of Bitcoin
00:13:21 Wrapping Up

 

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The upcoming Bitcoin halving explained

by hotshed71

Have you been informed about Bitcoin halving?

This is an event that takes place once every 4 years and we will explain to you its purpose and how it impacts Bitcoin. This article will provide you with all the information you need to know to understand halving and how to take advantage of it.

Exploring Bitcoin Halving – What is it?

The process of halving involves a cut in the reward given to miners for each block in half.

So, if a miner was previously receiving 6 BTC per block, after halving, they will receive 3 BTC instead.

It has been determined that a halving takes place every 210,000 blocks, which occurs approximately every four years.

Production of Bitcoins will end when the total amount of issued digital coins reaches 21 million. Currently, more than 19 million Bitcoins have already been mined, accounting for 91% of the total. During the halving, the amount of coin production is decreased by half.

When Satoshi Nakamoto created Bitcoin, they were presented with the difficulty of how to disseminate and produce coins. As a result of the idea behind Bitcoin, centralized alternatives were not considered an option. The solution to this dilemma was the mining process.

Payments using Visa or Mastercard are sent through their respective company's servers; however, this is not a feasible option for Bitcoin.

As a substitute, miners are employed to take on the role of carrying out and confirming transactions. They use their machines to compile transactions into blocks, which they then add to the blockchain, guaranteeing the decentralization, security, and trustworthiness of the Bitcoin network.

As a reward for their efforts, miners are given compensation for each block they add to the blockchain. This is how new coins are generated, which the miners may then put into circulation and use.

What is the purpose of halving?

To stop inflation, the concept of halving was devised by Satoshi Nakamoto in his White Paper about blockchain technology and cryptocurrency.

This idea is implemented in the Bitcoin source code, and the halving process is the center of this system. It helps to manage the rate of inflation as well as the production of new coins.

The emergence of halving can be attributed to the promotion of Bitcoin's progress. Central powers do not control its worth; only the demand of investors can affect the worth of the digital currency. Its value will be based on how useful it is in the moment.

The basis of the fresh crypto economic system was decentralization. To safeguard it, halving is essential. It is essential that the cryptocurrency is not held in the hands of initial purchasers and is shared throughout the digital sphere.

Experts believe that Bitcoin should be a rare asset. Its increased distinctiveness will lead to an increase in demand, which in turn will cause the price to rise (supply goes down, demand rises).

What is the timeline for the upcoming halving?

It is important to note that halving events take place every 4 years.

On the 28th of November, 2012, the first halving of Bitcoin occurred, reducing the number of coins received per transaction from 50 to 25. The cost of a single BTC at this time was $12.31.

The second halving event was recorded on the 9th of July, 2016, with the value of 1 Bitcoin increasing to $650.63.

The third halving happened on the 11th of May, 2020, with the cost of a single Bitcoin escalating to $8,700. Crypto experts are predicting 32 more halvings.

The following halving is predicted to take place in 2024, and the last one is scheduled for the year 2140.

What are the ways to make money from the Bitcoin halving event?

Analyzing Bitcoin's growth trend, it's easy to observe that after halving events, the asset's price climbs to a top point before then falling to a lower level, and the cycle continues.

The data demonstrate that every halving witnessed an upsurge in the worth of BTC. With only a year to go until the next one, many crypto-entrepreneurs are already in the process of preparing for it.

Although past occurrences might be able to assist us in predicting possible scenarios, it is not wise to entirely depend on them.

Since the previous halving, there have been several events that have influenced Bitcoin: increased media coverage, the ICO hype, the crypto apocalypse, the collapse of various crypto businesses, and the entrance of institutional investors.

It is important to be mindful of your investments during the halving period. Crypto traders who take risks can potentially benefit due to the high volatility of the crypto market.

To be successful, one needs to carefully analyze the situation, have faith in themselves, have a reserve of funds in case of a loss, and remain up-to-date on the rules of the market.

Summary

The conclusion of this paper can be summed up as follows.

Halving is a crucial part of Bitcoin's design. With it, the supply of the maximum of 21 million Bitcoins put forth by Satoshi Nakamoto will not be exhausted too quickly, giving the crypto world more time to develop and allowing for an increase in both the interest and transactions of Bitcoin.

As a result, it is apparent that Bitcoin was engineered to be of value, and with each halving, that value will be reduced.

The inflation of Bitcoin is managed by decreasing its production via halvings.

adBTC earn satoshis for viewing websites

by hotshed71

Updated 01/01/2021

adbtc is a paid to click website which pays you in bitcoin (satoshi's) for viewing websites, as I write this review the site states that there are 68 sites available, total amount 585 satoshis.

The average payout varies from between 4 satoshi to 50 satoshis, the payout amount varies depending on the length of ad you decide to view.

I have seen claims of 120 satoshis per click and earn up to 6000 satoshis in one day but have not seen anything like this so far.

There are 3 types of ads you can view

1 – Surf Ads
With these type of ads you click on a website , it will open in a new window but you do not have to stay on the website (which is unusual). The majority of the revenue and ads are of this format and the payout rate varies but you can skip if you wish.

2 – Autosurfing
Click on Autosurf and it will automatically go to the next next site to give to bitcoin for each website. Not many advertisers seem to use this and payouts are lower

3 – Surf in Active window
With this format you have to stay on the ad website to get your money . Once the time is up you need to click on the correct image to earn payment

Withdrawals

You can withdraw to Faucetpay and expresscrypto if you have more than 5000 satoshi, directly to a Bitcoin wallet if you have more than  20000 satoshi or you can transfer this to an advertiser balance.

You should be aware that transaction fees to a bitcoin wallet have risen dramatically since October 2020 so the microwallets maybe the best option. Here are the 2 recommended ones, you can pick one or two of them

Signup to faucetpay here

Signup to ExpressCrypto here

Advertising

This is something I have tried, as stated above you can transfer to an advertiser balance and run one of the ad formats mentioned earlier, I have tried this and the traffic is as stated and you can set the payout, limit the hits per day and various other factors.

Useful if you want to try and promote a crypto related site that you may own.

Referrals

You earn 10% per referral surfing earnings and 5% on what they spend on advertising. You can also buy referrals at a cost and as long as that person is earning you earn what they are earning, this is like a marketplace where the more the person is using the site the more expensive the referral would be to purchase

Conclusion

This is mots definetly a legit site, this is from many users and from my investigations I have only read good things about this site. The advertising worked as expected.

My withdrawals to date are as follows

Total paid out: 0.00103926 BTC

That is without regularly visiting the site and looking at ads – so potentially you can earn a lot more with more frequent usage.

You can sign up to adbtc here

 

 

What is Bitcoin : simple explanation

by hotshed71

You have probably heard of Bitcoin but you may not be completely sure what it is. That’s OK because by the time you have read through this guide you will know what it is and how you can make money with it.

Bitcoin is a cryptocurrency which is another term that you need to be familiar with. The other important thing that we will explain is the technology behind Bitcoin and most other cryptocurrencies which is blockchain.

Before we get into the details of Bitcoin, it is important that you understand what cryptocurrencies are and how they work.

What are Cryptocurrencies?

In basic terms a cryptocurrency is a medium for exchange online. A cryptocurrency has a number of cryptographical functions which are there to support financial transactions.

Most cryptocurrencies use the blockchain technology platform (more on this a little later) as it offers immutability, transparency and decentralization. Cryptocurrencies are not controlled by any central powers – not yet at least. This is deliberate because the whole idea of cryptocurrency and Bitcoin is that they provide immunity from government interference and control.

A cryptocurrency can be transferred from one person to another by using public and private keys. There are minimal processing fees involved with cryptocurrency transactions which are part of their appeal.

Usually financial institutions have high charges for any monetary transaction.

Cryptocurrencies were invented by accident. The inventor of Bitcoin, Satoshi Nakamoto, created a peer to peer electronic cash system and Bitcoin was a byproduct of this system.

Before this there had been numerous attempts to create a digital cash system but all had failed. The key to the success of Nakamoto’s system was that it provided a decentralized financial network rather than the established centralized system.

If you wanted to set up your own digital cash system you would need to create a payment network that provided three key things:

1. Accounts
2. Balances
3. Transactions

A problem that all payment networks face is “double spending”. This is all about preventing spending the same amount twice. Up until the creation of Nakamoto’s system this had always been achieved using central server balance records (this is still in existence today).

With a decentralized payment network there is no central server. Instead every single network entity or node has to perform its job properly.

They all need to have a list of transactions so they can monitor if future transactions are a “double spend” or valid. All of the peers of a decentralized payment network have to agree on everything – there has to be complete consensus.

If this doesn’t happen then the transaction will not take place. The problem was how to achieve this total consensus without a central server. Nakamoto figured this out.

The Transaction Properties of Cryptocurrencies

In order for a cryptocurrency system to work effectively there has to be a number of properties in place. These are: Immutable

After a cryptocurrency transaction is confirmed then it cannot be changed. Nobody in the world can change a cryptocurrency transaction not even presidents or monarchs. It is an immutable record. Basically if you send money to someone else that’s it. There is no turning back. So if you make a mistake or get scammed then you are stuck with the situation. You do not have the opportunity to reverse the transaction.

Pseudonymous

Cryptocurrency accounts and transactions have no connection to real world identities. You will receive a Bitcoin on an address which is a randomly seeming chain of about 30 characters. You can analyze the transaction flow but you can’t usually connect the transaction to a real person through the address.

Global Transactions at Speed

It doesn’t take long to propagate transactions and confirm them. Usually this all takes place in minutes. The network for cryptocurrency transactions is global so it doesn’t matter where the transaction originates and terminates.

High Security

The highest levels of transaction security are essential for a cryptocurrency network and to this end all funds are locked in a public key cryptography system. Only someone that has a private key can send cryptocurrency. This makes the system extremely secure.

No Permissions

A cryptocurrency system is a “permissionless” system. You do not require the permission of anyone or any authority to make a cryptocurrency transaction. There is no gatekeeper with a cryptocurrency system.

The Monetary Properties of Cryptocurrency

Now you know the transaction properties of cryptocurrency you need to understand the monetary properties. These are:

There is a Controlled Supply

Most cryptocurrencies have a limit on the number of tokens supplied. Taking Bitcoin as an example there will be a decrease of supply over time and experts estimate that the final number of Bitcoin tokens will happen around 2140.

Experts say that only 21 million Bitcoins will be the limit. To control the supply of cryptocurrency tokens a schedule is written in the underlying code.

Using this code you can approximately calculate today the monetary supply of a cryptocurrency for any given future date.

Bearer not Debt

With conventional or “fiat” money underwritten by a government, the bank account you hold is created by debt. All of the entries in your account are debts. It is really an IOU system.

A cryptocurrency is not a debt. There has been a lot of controversy over the launch of cryptocurrencies because they are a direct attack on the monetary policy of most nations. Governments or central banks cannot change cryptocurrencies.

Therefore they are immune to inflation and deflation caused by the manipulation of the monetary supply.

What is Bitcoin?

Bitcoin is a cryptocurrency and a virtual type of money. It’s really like having an online version of money or cash. You can use Bitcoin to purchase products and services and more and more vendors are accepting Bitcoin as a form of payment these days.

Some countries feel very threatened by Bitcoin and have banned it completely. There are no physical Bitcoin tokens.

You may have seen pictures of Bitcoins but these are fabrications. The worth of a Bitcoin resides in the private codes they have imprinted inside them. Every Bitcoin is just a computer file stored in what’s called a digital wallet.

We will discuss digital wallets in more detail in a later chapter. If you have a digital wallet then other people can send you Bitcoins or fractions of them.

You can also send Bitcoins or fractions to others using your digital wallet. Every Bitcoin transaction is recorded publically using blockchain technology.

This is a transparent network where anyone can trace the history of Bitcoin transactions. All records in the blockchain are immutable meaning that you cannot copy transactions, change the amount of Bitcoins owned or use Bitcoins that you don’t own.

There are several ways that you can purchase Bitcoins including:

• You can purchase them using your native currency through a cryptocurrency exchange
• You can sell products and services in exchange for Bitcoins
• You can use a Bitcoin ATM
• You can “mine” Bitcoins

The practice of mining Bitcoins has been going on for a while. In order to do this you will need high end computer equipment and lots of it. These computers perform complex algorithms to guess secret codes. If your computers guess right you get Bitcoins as a reward. We will not be recommending mining as a way of obtaining Bitcoins in this guide.

There are only a limited number of Bitcoins so the process of mining is now incredibly complex. You could spend years mining for Bitcoin and spend a great deal of money on computer equipment and electricity costs without earning any Bitcoins. You may be wondering why Bitcoins are so valuable.

When Bitcoin first started it had no value but in five years a single Bitcoin was worth around $1,000. At the time of writing a Bitcoin is worth around $8,000. Why this jump? Well there are a number of other things in life that have value.

Diamonds and gold are a good example. Bitcoins have value because people are willing to trade them for real products and services and also buy them for cash. People like the idea that any governments or central banks do not control Bitcoins.

They also like the fact that Bitcoin transactions are pretty anonymous. Yes there is a record of all Bitcoin transactions but very few include real world identities.

How you can acquire bitcoins

by hotshed71

With the growing popularity of Bitcoin came a number of different methods for acquiring them. In this chapter we will explain some of the most common methods for acquiring Bitcoins to bolster your investments.

Purchase Bitcoins

This is obviously the most simple and straightforward way to acquire Bitcoins. All you need to do is to use an exchange website such as Coinbase.com and in most cases you will be able to buy Bitcoins using your native currency.

Some cryptocurrency exchanges have country restrictions so you need to do your homework here to ensure that you can purchase in your country. There are some countries that have actually banned the buying and selling of Bitcoin so if this applies to you then you will need to find a creative way around this which is beyond the scope of this guide.

Sometimes a single Bitcoin can be worth around $10,000 so to make Bitcoin investment available to all most exchanges will sell fractions.

In fact a Bitcoin can be divided into 100 million units. Each of these units is called a “Satoshi” after the founder of Bitcoin.

We will give you our view on using cryptocurrency exchanges in the next chapter when we explain what you need to get started with Bitcoin investment. For now here is our view of the best cryptocurrency exchanges for Bitcoin:

Coinbase

Coinbase is probably the best known cryptocurrency exchange. If you have used a stock trading platform before then the interface of Coinbase will make sense to you. You can fund your Coinbase account using bank transfers from the US or with credit cards.

Basically you can exchange either US dollars or cryptocurrency that you have for Bitcoin. Each trade that you make with Coinbase will attract a small fee which at the time of writing this guide was 1.5% for Bitcoin purchases and 0.25% for transfers.

The biggest issue with Coinbase among the cryptocurrency community is that you have to provide a lot of personal information. Sometimes Coinbase will close accounts for a variety of reasons. There are people that believe the website has a tie in with some major banks and will not use it because of this.

Coinbase does everything by the book as far as that is possible. This means that there is much less chance of site closure than with other cryptocurrency exchanges.

Kraken

In 2011 Kraken was formed for the buying and selling of cryptocurrencies. You can by and sell Bitcoin on Kraken as well as other popular cryptocurrencies. A good feature of Kraken is that it has a number of currency pairings such as USD with Bitcoin, and it supports many more fiat currencies than Coinbase.

The fees are lower too. Kraken has a very good reputation in the cryptocurrency community. If you are interested in trading Bitcoin there are a number of good features such as margin trading.

The biggest criticism of Kraken is that the platform can be counterintuitive and confusing at times. As a newcomer to Bitcoin investing we do not recommend that you use Kraken first.

Once you have some experience under your belt then it is a great platform to migrate to.

Poloniex

Poloniex is a cryptocurrency exchange based in the United States that has a high volume of trades. The biggest problem with Poloniex is that it doesn’t accept fiat currency.

Once you have some Bitcoin you can use this exchange for trades as there is margin trading for more than 90 pairs.

Poloniex has very low fees typically below 0.25%. Unfortunately it has a pretty bad rap for customer support and it is not that easy to withdraw funds from the exchange.

They can also close your account for any reason which is not good.

Bittrex

This is a no fiat currency trading platform. Bittrex holds most of its funds offline in a similar way to Coinbase making it more secure. The customer service provided by Bittrex is very good but it is not as beginner friendly as some of the other exchanges.

A lot of beginners start with Coinbase but you will have to provide a lot of personal details with this exchange. If this doesn’t bother you then it is a good choice.

There are many cryptocurrency exchanges available. We recommend that you do your homework to see which support your country and suit you the best.

Cash Exchanges

Cash exchanges are an alternative to cryptocurrency exchanges. Here you can pay with cash for your Bitcoins and you will trade directly with the owner of the Bitcoins.

A good example is LocalBitcoins where you can trade in over 7,700 cities and 248 countries. You can buy and sell Bitcoins using this cash exchange.

Another alternative cash exchange for the buying and selling of Bitcoins is Wall of Coins. Most cash exchanges do not have expensive fees but sometimes you have to pay fees for successful trading.

We recommend that you use a cash exchange that provides an escrow service to protect your funds.

Other Cryptocurrencies for Bitcoin

If you happen to have other cryptocurrencies then you can trade these for Bitcoins pretty easily. One of the easiest places to do this is at ShapeShift.io. An account is not necessary to make a small trade.

All you need to do to exchange your other cryptocurrencies for Bitcoin is to enter the amount for trading or conversion, add your Bitcoin address and the refund address for your cryptocurrency.

It just takes a few minutes to exchange for Bitcoins.

Get Paid using Bitcoin

It is easy to be paid in Bitcoins. All that you need is your own wallet for Bitcoin and you can receive payments. You can get a free Bitcoin wallet at Coinbase or at Blockchain.com. It just takes an email address to get your wallet. Once your wallet is set up you can receive payments in Bitcoin.

You can generate a QR code and then send this to the person that you will receive the Bitcoin payment from.

There are a number of ways that you can be paid in Bitcoins and here are some of the most popular methods:

Carry out Work for Bitcoins

You will find a number of different types of work that you can perform in exchange for Bitcoins.

A lot of these are online and popular with freelancers across the world. When you are paid with Bitcoin you do not have to wait for a bank transfer which can take days to reach your account.

You can have your Bitcoins in minutes. Employers or customers like paying in Bitcoins too as they do not have to pay high transaction fees associated with bank transfers especially if their workers live in another country.

You can Sell Products and Services

Whether you own a conventional brick and mortar store or an online store you can receive payments from customers in Bitcoin. With the growth of Bitcoin there are bound to be customers that hold Bitcoin and see it as a forward thinking and convenient way to make payments.

It is easier for customers as well as they can just make the payment from their Bitcoin wallet. Of course you will receive the payment in Bitcoin pretty fast too. This is a win-win for you and your customers. If you have an online store there are a number of scripts or plugins you can use to accept payments via Bitcoin.

You must ensure that you set everything up correctly because you don’t want your payments ending up in someone else’s wallet. For a brick and mortar business you can start accepting payments via Bitcoin simply by printing the QR code of your Bitcoin wallet for customers to use.

A customer can use their smart phone to scan the QR code and then make the payment. Be sure to tell all of your customers that you accept Bitcoin as a means of payment. Add your details to Coinmap.org which will let Bitcoin users know that you take it as a form of payment. There are similar websites you can post to as well.

Why not use Bitcoin as a way of receiving tips?
This is easy to do online by setting up a Bitcoin payment gateway.

If you have a blog and provide useful content for example, some of your readers will be happy to send you a tip using Bitcoin.

Websites that Pay in Bitcoin

There are many websites available that will pay you in Bitcoins (usually small fractions) for completing certain tasks. Some of these tasks include:

• Completing surveys
• Downloading mobile apps
• Watching videos
• Play games online
• Click on ads
• Sign up for trial offers
• Shop online
• Answer questions
• Refer friends

Some of the websites just need the address of your Bitcoin wallet. Others will require you to create an account with them. You can perform most of these tasks in minutes and earn fractions of Bitcoins.

If you value your time then you may not be interested in doing this.

Bitcoin Faucets

Most people have not heard of Bitcoin faucets. What they do is to give away fractions of Bitcoins for free at specific times. This drives a ton of traffic as lots of people want these free Bitcoin fractions and sometimes these faucets take a long time to load. There are some Bitcoin faucets that just give away Satoshis. Other faucets require that you complete some small tasks to earn your Satoshis. Before you get too excited by Bitcoin faucets you need to know that they can steal a great deal of your time for fractions of Bitcoins.

Bitcoin Mining

We have mentioned how important Bitcoin miners are to the Bitcoin network. If miners didn’t exist then there would be no transactions or new Bitcoins created. Bitcoin miners can find Bitcoins which is their reward for their efforts. When Bitcoin first launched it was fairly common for Bitcoin miners to receive 50 Bitcoins when they mined a single block. But as every block was mined the number of available Bitcoins for rewards diminished.

Now you will get a lot less Bitcoins for mining. However, with the prices rising some people still see this as a worthwhile task. But Bitcoin mining is not an easy thing to do. You need some powerful computers to be a successful Bitcoin miner. It is now a lot more difficult to mine new blocks and solving the complex cryptographic functions is really tough. There is also a lot of competition in Bitcoin mining now making the task even more difficult.

These days most Blockchain miners work together in pools, and they split any rewards that they receive for their efforts based on the amount of work that their computers have done. It is not cheap to participate in Bitcoin mining these days. You need powerful computers to solve the cryptographic functions. Forget about using a high end desktop to perform Bitcoin mining.

You will have to invest in some serious hardware even to join a Bitcoin mining pool. It is recommended that you use an ASIC chip to have any success with Bitcoin mining. These chips and high end computers also consume a lot of power.

The other thing that you need is knowledge. To setup a Bitcoin mining system you will have to pay experts to do this. We are not saying that it is not possible to be successful with Bitcoin mining over the long term but you will have to make a significant investment to get started.

Choosing the right Bitcoin wallet

by hotshed71

Although the blockchain technology that underpins Bitcoin is very secure, one of the biggest weak points with Bitcoin is storage. Because Bitcoins have risen significantly in value over the years you will not be surprised to know that the number of cyber criminal’s intent on stealing Bitcoins has risen too. And these people are getting smarter and smarter.

They are creating bots that will scan online Bitcoin wallets and try and remove the Bitcoins in them. There have been several reports about cyber criminals emptying cryptocurrency exchange wallets over the years and the wallet holders never seeing their Bitcoins again. We want you to be shocked and concerned by this.

If you are going to be a successful Bitcoin investor then you need to hang on to your Bitcoins! It is essential that you keep your Bitcoins safe and fortunately there is a lot you can do to ensure this.

The type of Bitcoin wallet that you choose is crucial to the security of your Bitcoins. It is all about keeping your private key safe. Inside of your wallet your Bitcoins have an associated address which consists of your private key and public key. The public key is the actual address of the Bitcoin and your private key is the password that unlocks those Bitcoins.

It is essential that you keep your private key safe. If a cyber criminal gets their hands on your private key then they can transfer all of your Bitcoins to other accounts. And you know that once a Bitcoin transaction is verified and confirmed then there is no turning back.

People that are unlucky enough to have Bitcoins stolen from their wallets just have to accept it and get on with their lives.

You just cannot do anything to get your Bitcoins back. So let’s take a look at the different types of wallets and how you can provide the maximum protection for your private key.

Online Bitcoin Wallets

There is no easier way to get started with Bitcoin investing than to setup an online wallet. You can setup a free Bitcoin online wallet even if you have no Bitcoins right now. Cryptocurrency exchanges like Coinbase will provide you with an online wallet and you can get one at Blockchain.com as well.

When you are just starting out then an online wallet is a good thing to use. But you would not want to keep a sizeable Bitcoin inventory in an online wallet. Yes it is great that you can access your online wallet from anywhere in the world but so can thieves and cyber criminals! An online wallet is a “hot” wallet because all you need to access it is an Internet connection.

The problem is that most online wallets end up storing your private keys on their servers and if these get hacked you can say goodbye to your Bitcoins. The other issue is that servers can and do have technical problems and if they suffer a catastrophic issue then your private keys could disappear forever. Some online wallet platforms will limit or suspend accounts for terms of service infractions and you may even have your account shut down permanently and you lose your private keys.

We strongly recommend that if you have a significant amount of Bitcoins that you move them to a cold wallet which is offline. Don’t take the chance of not being in control of your Bitcoins. Online wallets are not all bad. Yes there are security and other risks but if you intend to make frequent Bitcoin transactions then they are useful.

You can hold a small amount of Bitcoins in your online wallet for those regular transactions and then move the rest to a more secure wallet.

Mobile Bitcoin Wallets

A mobile wallet is another form of hot online wallet. With a mobile wallet you can access it using your mobile device when you connect to the Internet. If you have a smartphone or tablet that you take around with you wherever you go then this is a very convenient type of Bitcoin wallet.

With a mobile wallet you can make Bitcoin payments to a vendor either online or offline.

If you have a Blockchain.com or Coinbase online wallet then there is a mobile counterpart synchronized to your main wallet. Despite being very convenient there are issues with mobile wallets.

Cyber criminals and hackers can still get hold of your private keys if they are saved on your mobile device or remote servers. A lot of people lose their mobile phones or have them stolen. Also a lot of mobile phones suffer damage.

If you don’t make copies of your private keys then you could potentially lose all of your Bitcoins in these scenarios. To get the best use out of a mobile wallet we recommend that you transfer just what you need to it from a more secure wallet.

Then if you lose your phone or it becomes unusable you will still have your private keys safely stored in the secure wallet.

Desktop Computer Bitcoin Wallet

Another choice for you is the desktop wallet. It is a much safer choice than an online or mobile wallet as you download an app for your computer or laptop and you store your private keys in it.

One of the most popular desktop wallets is Bitcoin Core. In our opinion this is not the most practical choice. The reason is that Bitcoin Core will actually download the complete blockchain so you will need at least 150 GB of spare disk space to make this work. The good news is that there are alternative desktop wallets that you can use which do not require you to download the blockchain for Bitcoin.

Instead they use simple payment verification (SPV) technology.

Some good examples are:

  • Electrum
  • Armory
  • Bither

Desktop wallets are simple to use and so much safer than online or mobile wallets. With a desktop wallet you can disconnect your computer from the Internet to prevent hackers from accessing your private keys.

While it is true that a desktop wallet does not have the convenience of an online wallet you will have control over your private keys. You can also make a backup in case your laptop or computer is stolen or becomes inoperable.

Paper Bitcoin Wallet

This may seem a strange thing to try and store your Bitcoins on paper as they do not seem to be a very good match. But paper wallets are another cold storage option as it is impossible for even the most competent cyber criminals to hack a piece of paper!

Of course if you do not take care of a paper wallet in the real world then people can steal it.

So if you choose this option then don’t leave it lying around. You also need to protect paper wallets from damage as well so use a water resistant container to store them. A paper wallet definitely does not have the convenience of an online wallet but they are a lot safer.

All you need to do is to print off your private and public keys and store the paper somewhere secure such as a safety deposit box. Paper wallets are a good long term option. You can store large amount of Bitcoins in your paper wallet and then have a few available in an online wallet for regular transactions. It is definitely one to consider.

Hardware Bitcoin Wallet

Most Bitcoin experts will tell you that the most secure types of Bitcoin wallets are hardware wallets. We agree and if you are serious about Bitcoin investing then we strongly recommend that you invest in a hardware wallet. They are not cheap but they are worth it.
The majority of hardware wallets will enable you to store other cryptocurrencies as well as Bitcoin.

A hardware wallet is usually in the form of a USB stick which you just insert into your computer when you want to make a Bitcoin transaction. Once you are done just remove the hardware wallet and then store it safely. A really good security feature with hardware wallets is the ability to create private keys offline.

You can carry your hardware wallet around with you wherever you go without the worry of having your private keys stolen. It is really easy to setup and use a hardware wallet. With most hardware wallets you can set a password and PIN code and even add recovery seed words to authenticate access and to recover any stored Bitcoins if you lose your hardware wallet or it stops working.

We recommend that you write down all of your security details for your hardware wallet just in case you forget them. Hide these details in a place that only you know about.

If these details fall into the wrong hands then you can lose all of your Bitcoins.

There is no chance of a hardware wallet being hacked so the only thing you have to do is to keep a backup of your security details in a safe place. At the end of the day you will probably want to use a combination of different wallets as you become a more serious Bitcoin investor. Hardware and paper wallets are the best choice for long term storage.

You can use a desktop wallet for medium term storage and an online wallet for those frequent short term Bitcoin transactions.

Bitcoin Glossary

by hotshed71

This quick glossary contains many of the terms used in relation to bitcoin. These terms are used throughout the book, so bookmark this for a quick reference.

address
A bitcoin address looks like 1DSrfJdB2AnWaFNgSbv3MZC2m74996JafV. It consists of a string of letters and numbers. It’s really an encoded base58check version of a public key 160-bit hash. Just as you ask others to send an email to your email address, you would ask others to send you bitcoin to one of your bitcoin addresses.
bip
Bitcoin Improvement Proposals. A set of proposals that members of the bitcoin community have submitted to improve bitcoin. For example, BIP-21 is a proposal to improve the bitcoin uniform resource identifier (URI) scheme.
bitcoin
The name of the currency unit (the coin), the network, and the software.
block
A grouping of transactions, marked with a timestamp, and a fingerprint of the previous block. The block header is hashed to produce a proof of work, thereby validating the transactions. Valid blocks are added to the main blockchain by network consensus.
blockchain
A list of validated blocks, each linking to its predecessor all the way to the genesis block.
Byzantine Generals Problem
A reliable computer system must be able to cope with the failure of one or more of its components. A failed component may exhibit a type of behavior that is often overlooked—​namely, sending conflicting information to different parts of the system. The problem of coping with this type of failure is expressed abstractly as the Byzantine Generals Problem.
coinbase
A special field used as the sole input for coinbase transactions. The coinbase allows claiming the block reward and provides up to 100 bytes for arbitrary data. Not to be confused with Coinbase transaction.
coinbase transaction
The first transaction in a block. Always created by a miner, it includes a single coinbase. Not to be confused with Coinbase.
cold storage
Refers to keeping a reserve of bitcoin offline. Cold storage is achieved when Bitcoin private keys are created and stored in a secure offline environment. Cold storage is important for anyone with bitcoin holdings. Online computers are vulnerable to hackers and should not be used to store a significant amount of bitcoin.
colored coins
An open source Bitcoin 2.0 protocol that enables developers to create digital assets on top of bitcoin blockchain utilizing its functionalities beyond currency.
confirmations
Once a transaction is included in a block, it has one confirmation. As soon as another block is mined on the same blockchain, the transaction has two confirmations, and so on. Six or more confirmations is considered sufficient proof that a transaction cannot be reversed.
consensus
When several nodes, usually most nodes on the network, all have the same blocks in their locally-validated best block chain. Not to be confused with consensus rules.
consensus rules
The block validation rules that full nodes follow to stay in consensus with other nodes. Not to be confused with consensus.
difficulty
A network-wide setting that controls how much computation is required to produce a proof of work.
difficulty retargeting
A network-wide recalculation of the difficulty that occurs once every 2,016 blocks and considers the hashing power of the previous 2,016 blocks.
difficulty target
A difficulty at which all the computation in the network will find blocks approximately every 10 minutes.
double-spending
Double spending is the result of successfully spending some money more than once. Bitcoin protects against double-spending by verifying each transaction added to the block chain to ensure that the inputs for the transaction had not previously already been spent.
ECDSA
Elliptic Curve Digital Signature Algorithm or ECDSA is a cryptographic algorithm used by Bitcoin to ensure that funds can only be spent by their rightful owners.
extra nonce
As difficulty increased, miners often cycled through all 4 billion values of the nonce without finding a block. Because the coinbase script can store between 2 and 100 bytes of data, miners started using that space as extra nonce space, allowing them to explore a much larger range of block header values to find valid blocks.
fees
The sender of a transaction often includes a fee to the network for processing the requested transaction. Most transactions require a minimum fee of 0.5 mBTC.
fork
Fork, also known as accidental fork, occurs when two or more blocks have the same block height, forking the block chain. Typically occurs when two or more miners find blocks at nearly the same time. Can also happen as part of an attack.
genesis block
The first block in the blockchain, used to initialize the cryptocurrency.
hard fork
Hard fork, also known as Hard-Forking Change, is a permanent divergence in the blockchain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. Not to be confused with fork, soft fork, software fork or Git fork.
hardware wallet
A hardware wallet is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device.
hash
A digital fingerprint of some binary input.
hashlocks
A hashlock is a type of encumbrance that restricts the spending of an output until a specified piece of data is publicly revealed. Hashlocks have the useful property that once any hashlock is opened publicly, any other hashlock secured using the same key can also be opened. This makes it possible to create multiple outputs that are all encumbered by the same hashlock and which all become spendable at the same time.
HD protocol
The Hierarchical Deterministic (HD) key creation and transfer protocol (BIP32), which allows creating child keys from parent keys in a hierarchy.
HD wallet
Wallets using the Hierarchical Deterministic (HD Protocol) key creation and transfer protocol (BIP32).
HD wallet seed
HD wallet seed or root seed is a potentially-short value used as a seed to generate the master private key and master chain code for an HD wallet.
HTLC
A Hashed TimeLock Contract or HTLC is a class of payments that use hashlocks and timelocks to require that the receiver of a payment either acknowledge receiving the payment prior to a deadline by generating cryptographic proof of payment or forfeit the ability to claim the payment, returning it to the payer.
KYC
Know your customer (KYC) is the process of a business, identifying and verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities.
LevelDB
LevelDB is an open source on-disk key-value store. LevelDB is a light-weight, single-purpose library for persistence with bindings to many platforms.
Lightning Networks
Lightning Network is a proposed implementation of Hashed Timelock Contracts (HTLCs) with bi-directional payment channels which allows payments to be securely routed across multiple peer-to-peer payment channels. This allows the formation of a network where any peer on the network can pay any other peer even if they don’t directly have a channel open between each other.
Locktime
Locktime, or more technically nLockTime, is the part of a transaction which indicates the earliest time or earliest block when that transaction may be added to the block chain.
mempool
The bitcoin Mempool (memory pool) is a collection of all transaction data in a block that have been verified by bitcoin nodes, but are not yet confirmed.
merkle root
The root node of a merkle tree, a descendant of all the hashed pairs in the tree. Block headers must include a valid merkle root descended from all transactions in that block.
merkle tree
A tree constructed by hashing paired data (the leaves), then pairing and hashing the results until a single hash remains, the merkle root. In Bitcoin, the leaves are almost always transactions from a single block.
miner
A network node that finds valid proof of work for new blocks, by repeated hashing.
multisignature
Multisignature (multisig) refers to requiring more than one key to authorize a bitcoin transaction.
network
A peer-to-peer network that propagates transactions and blocks to every bitcoin node on the network.
nonce
The “nonce” in a bitcoin block is a 32-bit (4-byte) field whose value is set so that the hash of the block will contain a run of leading zeros. The rest of the fields may not be changed, as they have a defined meaning.
off-chain transactions
An off-chain transaction is the movement of value outside of the block chain. While an on-chain transaction—usually referred to as simply a transaction—modifies the blockchain and depends on the blockchain to determine its validity an off-chain transaction relies on other methods to record and validate the transaction.
opcode
Operation codes from the Bitcoin Script language which push data or perform functions within a pubkey script or signature script.
Open Assets protocol
The Open Assets Protocol is a simple and powerful protocol built on top of the bitcoin blockchain. It allows issuance and transfer of user-created assets. The Open Assets protocol is an evolution of the concept of colored coins.
OP_RETURN
An opcode used in one of the outputs in an OP_RETURN transaction. Not to be confused with OP_RETURN transaction.
OP_RETURN transaction
A transaction type that adds arbitrary data to a provably unspendable pubkey script that full nodes don’t have to store in their UTXO database. Not to be confused with OP_RETURN opcode.
orphan block
Blocks whose parent block has not been processed by the local node, so they can’t be fully validated yet. Not to be confused with stale block.
orphan transactions
Transactions that can’t go into the pool due to one or more missing input transactions.
output
Output, transaction output, or TxOut is an output in a transaction which contains two fields: a value field for transferring zero or more satoshis and a pubkey script for indicating what conditions must be fulfilled for those satoshis to be further spent.
P2PKH
Transactions that pay a bitcoin address contain P2PKH or Pay To PubKey Hash scripts. An output locked by a P2PKH script can be unlocked (spent) by presenting a public key and a digital signature created by the corresponding private key.
P2SH
P2SH or Pay-to-Script-Hash is a powerful new type of transaction that greatly simplifies the use of complex transaction scripts. With P2SH the complex script that details the conditions for spending the output (redeem script) is not presented in the locking script. Instead, only a hash of it is in the locking script.
P2SH address
P2SH addresses are Base58Check encodings of the 20-byte hash of a script, P2SH addresses use the version prefix “5”, which results in Base58Check-encoded addresses that start with a “3”. P2SH addresses hide all of the complexity, so that the person making a payment does not see the script.
P2WPKH
The signature of a P2WPKH (Pay-to-Witness-Public-Key-Hash) contains the same information as a P2PKH spending, but is located in the witness field instead of the scriptSig field. The scriptPubKey is also modified.
P2WSH
The difference between P2SH and P2WSH (Pay-to-Witness-Script-Hash) is about the cryptographic proof location change from the scriptSig field to the witness field and the scriptPubKey that is also modified.
paper wallet
In the most specific sense, a paper wallet is a document containing all of the data necessary to generate any number of Bitcoin private keys, forming a wallet of keys. However, people often use the term to mean any way of storing bitcoin offline as a physical document. This second definition also includes paper keys and redeemable codes.
payment channels
A micropayment channel or payment channel is class of techniques designed to allow users to make multiple bitcoin transactions without committing all of the transactions to the bitcoin blockchain. In a typical payment channel, only two transactions are added to the block chain but an unlimited or nearly unlimited number of payments can be made between the participants.
pooled mining
Pooled mining is a mining approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power.
Proof-of-Stake
Proof-of-Stake (PoS) is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus. Proof-of-Stake asks users to prove ownership of a certain amount of currency (their “stake” in the currency).
Proof-of-Work
A piece of data that requires significant computation to find. In bitcoin, miners must find a numeric solution to the SHA256 algorithm that meets a network-wide target, the difficulty target.
reward
An amount included in each new block as a reward by the network to the miner who found the Proof-of-Work solution. It is currently 12.5 BTC per block.
RIPEMD-160
RIPEMD-160 is a 160-bit cryptographic hash function. RIPEMD-160 is a strengthened version of RIPEMD with a 160-bit hash result, and is expected to be secure for the next ten years or more.
satoshi
A satoshi is the smallest denomination of bitcoin that can be recorded on the blockchain. It is the equivalent of 0.00000001 bitcoin and is named after the creator of Bitcoin, Satoshi Nakamoto.
Satoshi Nakamoto
Satoshi Nakamoto is the name used by the person or people who designed Bitcoin and created its original reference implementation, Bitcoin Core. As a part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double-spending problem for digital currency. Their real identity remains unknown.
Script
Bitcoin uses a scripting system for transactions. Forth-like, Script is simple, stack-based, and processed from left to right. It is purposefully not Turing-complete, with no loops.
ScriptPubKey (aka pubkey script)
ScriptPubKey or pubkey script, is a script included in outputs which sets the conditions that must be fulfilled for those satoshis to be spent. Data for fulfilling the conditions can be provided in a signature script.
ScriptSig (aka signature script)
ScriptSig or signature script, is the data generated by a spender which is almost always used as variables to satisfy a pubkey script.
secret key (aka private key)
The secret number that unlocks bitcoin sent to the corresponding address. A secret key looks like the following:

5J76sF8L5jTtzE96r66Sf8cka9y44wdpJjMwCxR3tzLh3ibVPxh
Segregated Witness
Segregated Witness is a proposed upgrade to the Bitcoin protocol which technological innovation separates signature data from bitcoin transactions. Segregated Witness is a proposed soft fork; a change that technically makes Bitcoin’s protocol rules more restrictive.
SHA
The Secure Hash Algorithm or SHA is a family of cryptographic hash functions published by the National Institute of Standards and Technology (NIST).
Simplified Payment Verification (SPV)
SPV or simplified payment verification is a method for verifying particular transactions were included in a block without downloading the entire block. The method is used by some lightweight Bitcoin clients.
soft fork
soft fork or Soft-Forking Change is a temporary fork in the blockchain which commonly occurs when miners using non-upgraded nodes don’t follow a new consensus rule their nodes don’t know about. Not to be confused with fork, hard fork, software fork or Git fork.
stale block
Block that was successfully mined but that isn’t included on the current best block chain, likely because some other block at the same height had its chain extended first. Not to be confused with orphan block.
timelocks
A timelock is a type of encumbrance that restricts the spending of some bitcoin until a specified future time or block height. Timelocks feature prominently in many Bitcoin contracts, including payment channels and hashed timelock contracts.
transaction
In simple terms, a transfer of bitcoin from one address to another. More precisely, a transaction is a signed data structure expressing a transfer of value. Transactions are transmitted over the bitcoin network, collected by miners, and included into blocks, made permanent on the blockchain.
transaction pool
An unordered collection of transactions that are not in blocks in the main chain, but for which we have input transactions.
Turing completeness
A program language is called “Turing complete” if it can run any program that a Turing machine can run, given enough time and memory.
unspent transaction output (UTXO)
UTXO is an unspent transaction output that can be spent as an input in a new transaction.
wallet
Software that holds all your bitcoin addresses and secret keys. Use it to send, receive, and store your bitcoin.
Wallet Import Format (WIF)
WIF or Wallet Import Format is a data interchange format designed to allow exporting and importing a single private key with a flag indicating whether or not it uses a compressed public key.

Some contributed definitions have been sourced under a CC-BY license from the bitcoin Wiki or from other open source documentation sources.

15 Of My Favourite Bitcoin quotes

by hotshed71

“Bitcoin is unstoppable.” – Roger Ver

“You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust” – John McAfee

“Bitcoin is a very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets.” – Kim Dotcom

“Economists and journalists often get caught up in this question: Why does Bitcoin have value? And the answer is very easy. Because it is useful and scarce.” – Erik Voorhees

“The future of money is digital currency.” – Bill Gates

“Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access.” – Amir Taaki

“I trust bitcoin more than I trust my bank.” – Adam Draper

“Like the Internet, Bitcoin will change the way people interact and do business around the world.” – Erik Voorhees

“The main event isn't bitcoin. It's using the blockchain to disrupt other industries and Wall Street.” – Patrick M. Byrne

“Bitcoin is the currency of resistance.” – Max Keiser

“Bitcoin will do to banks what email did to the postal industry” – Rick Falkvinge

“Bitcoin totally strips away the State’s control over money.” – Roger Ver

“If you guys want proof Bitcoin is real, send them to me, I’ll cash them out and feed homeless people.” – Jason King

“We must continue to educate the masses and encourage savings in Bitcoin to truly drain the kleptocratic swamp ruling our financial system.” – Max Keiser

“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” – Nassim Taleb

ESP8266 module and OLED bitcoin ticker

by hotshed71

In this example we will display the price in USD of 1 bitcoin, the data is taken from coindesk's API and displayed on an oled display.

This is similar to our previous examples, you do not need to use a Wemos mini or the OLED shield below but this makes the project easier to build

Here is the oled shield for the Wemos mini

Here is the wemos mini

Code

[c]

#include <ESP8266WiFi.h>
#include <Wire.h>
#include <SFE_MicroOLED.h>
#include <ArduinoJson.h>

const char* ssid = “iainhendry”;
const char* pass = “iain061271”;
#define PIN_RESET 255 //
#define DC_JUMPER 0 // I2C Addres: 0 – 0x3C, 1 – 0x3D
String id;
String value;
String json;

MicroOLED oled(PIN_RESET, DC_JUMPER); // I2C Example

WiFiClient client;

// delay between updates
const unsigned long postingInterval = 60L * 1000L;
unsigned long lastConnectionTime = 0;

void setup()
{
delay(100);
Serial.begin(115200);
Serial.println();
Serial.println();
Serial.print(“Connecting to “);
Serial.println(ssid);
WiFi.begin(ssid, pass);
while (WiFi.status() != WL_CONNECTED)
{
delay(500);
Serial.print(“.”);
}
Serial.println(“”);
Serial.println(“WiFi connected”);
Serial.println(“IP address: “);
Serial.println(WiFi.localIP());

Serial.print(“Connecting to “);

oled.begin();
oled.clear(ALL);
oled.setCursor(0,0);
oled.display();
oled.clear(PAGE);
oled.clear(ALL);
oled.print(“Bitcoin price”);
oled.setCursor(0,1);
oled.print(“loading..”);
oled.display(); // Display what's in the buffer (splashscreen)
delay(50);

}

int check_connect = 0;

void httpRequest()
{
client.stop();

// if there's a successful connection:
if (client.connect(“api.coindesk.com”, 80))
{
Serial.println(“connecting…”);
client.println(“GET /v1/bpi/currentprice.json HTTP/1.1”);
client.println(“Host: api.coindesk.com”);
client.println(“User-Agent: ESP8266/1.1”);
client.println(“Connection: close”);
client.println();
lastConnectionTime = millis();
}
else
{
// if you couldn't make a connection:
Serial.println(“connection failed”);
}
}

void loop()
{
int cnt;

if (cnt++ == 10000)
{
cnt = 0;
if (check_connect++ == 50)
{
check_connect = 0;
if (WiFi.status() != WL_CONNECTED)
{
}
}
}

if (millis() – lastConnectionTime > postingInterval)
{
httpRequest();
unsigned int i = 0; //timeout counter
int n = 1; // char counter
char json[500] =”{“;

while (!client.find(“\”USD\”:{“)){}

while (i<20000)
{
if (client.available())
{
char c = client.read();
json[n]=c;
if (c=='}') break;
n++;
i=0;
}
i++;
}

StaticJsonBuffer<500> jsonBuffer;
JsonObject& root = jsonBuffer.parseObject(json);

String newjson = root[“code”];
String value = root[“rate”];
id = newjson.substring(9,12);

// value = newjson.substring(41,51);
oled.display();
oled.clear(PAGE); // Clear the display's internal memory
oled.clear(ALL); // Clear the library's display buffer
oled.setCursor(0,1);
oled.print(value);
oled.display();

id=””;
value=””;
}
}

[/c]

testing

You should see something like this on the oled display

esp8266 bitcoin ticker

esp8266 bitcoin ticker

Links

Here are some of the products I used

Smart Electronics D1 mini – Mini NodeMcu 4M bytes Lua WIFI Internet of Things development board based ESP8266 by WeMos

0.66″ inch For Wemos Oled 64X48 IIC I2C LCD OLED LED Dispaly Shield for Arduino Compatible For WeMos D1 Mini SSD1306 OLED Shield

An improved ESP8266 and Bitcoin price ticker example

by hotshed71

This is similar to our previous ESP8266 bitcoin example – Basic ESP8266 and bitcoin price example

We used the same Wemos board as in the previous example

In this example we use ArduinoJson library to parse the json response from coindesk. A better approach than the previous example

Again you will have to change the username and password for your wifi credentials

const char* ssid = “your username here”;
const char* pass = “your password here”;

Again we will display the results via the serial monitor

Code

Open the library manager and add support for the ArduinoJson library to the Arduino IDE

Copy and paste the following code into the Arduino IDE, build and program your board

[c]

#include <ESP8266WiFi.h>
#include <ArduinoJson.h>

const char* ssid = “your username here”;
const char* pass = “your password here”;

String id;
String value;
String json;

WiFiClient client;

const unsigned long postingInterval = 60L * 1000L;
unsigned long lastConnectionTime = 0;

void setup()
{
delay(100);
Serial.begin(115200);
Serial.println();
Serial.println();
Serial.print(“Connecting to “);
Serial.println(ssid);
WiFi.begin(ssid, pass);
while (WiFi.status() != WL_CONNECTED)
{
delay(500);
Serial.print(“.”);
}
Serial.println(“”);
Serial.println(“WiFi connected”);
Serial.println(“IP address: “);
Serial.println(WiFi.localIP());
delay(50);

}

int check_connect = 0;

void httpRequest()
{
client.stop();

// if there's a successful connection:
if (client.connect(“api.coindesk.com”, 80))
{
Serial.println(“connecting…”);
client.println(“GET /v1/bpi/currentprice.json HTTP/1.1”);
client.println(“Host: api.coindesk.com”);
client.println(“User-Agent: ESP8266/1.1”);
client.println(“Connection: close”);
client.println();
lastConnectionTime = millis();
}
else
{
// if you couldn't make a connection:
Serial.println(“connection failed”);
}
}

void loop()
{
int cnt;

if (cnt++ == 10000) {
cnt = 0;
if (check_connect++ == 50) {
check_connect = 0;
if (WiFi.status() != WL_CONNECTED) {

}
}
}

if (millis() – lastConnectionTime > postingInterval) {
httpRequest();
unsigned int i = 0; //timeout counter
int n = 1; // char counter
char json[500] =”{“;

while (!client.find(“\”USD\”:{“)){}

while (i<20000) {
if (client.available()) {
char c = client.read();
json[n]=c;
if (c=='}') break;
n++;
i=0;
}
i++;
}

Serial.println(json);

StaticJsonBuffer<500> jsonBuffer;
JsonObject& root = jsonBuffer.parseObject(json);

String newjson = root[“code”];
String value = root[“rate”];
id = newjson.substring(9,12);

Serial.print(“1 bitcoin = USD value : “);
Serial.println(value);

id=””;
value=””;
}
}

[/c]

 

Testing

Open the serial monitor and you should see something like this if everything goes to plan

Connecting to ****************
…………..
WiFi connected
IP address:
192.168.1.15
connecting…
{“code”:”USD”,”symbol”:”$”,”rate”:”9,692.3175″,”description”:”United States Dollar”,”rate_float”:9692.3175}
1 bitcoin = USD value : 9,692.3175

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