What is Coinjoin?
CoinJoin is the #1 SITE to learn about private banking using digital assets such as Bitcoin, Litecoin, Dash, and Ethereum. We bring you through a step by step process to help you build a private banking foundation that you have sole custodial ownership of. Unlike Coinbase which is quick to sign you up, take your CC info, and sell you fake digital currency. We show you how to get the REAL STUFF backed by a private key. This insures your safety, security and anonymousness. We are an educational platform where you can hire a consultant to help you enter the market safely and easily by setting up a secure private banking system to hold, store and spend/ accept your currencies with.
What is BITCOIN?
As referenced from “Mastering Bitcoin, unlocking digital cryptocurrencies” by Andres M. Antonopoulos
Bitcoin is a collection of concepts and technologies that form the basis of a digital money ecosystem.
Units of currency called Bitcoins are used to store and transmit value among participants in the bitcoin network. Bitcoin users communicate with each other using the bitcoin protocol “PRIMARILY VIA THE INTERNET, although other transport networks can be used. The bitcoin protocol stack, available as open source software, can be run on multiple computing devices, including laptops and smartphones, making the technology easily accessible.
Users can transfer bitcoins over the network to do just about anything that could be done with conventional currencies, including buy and sell goods, send money to people or organizations, or extend credit. Bitcoins can be purchased, sold, and exchanged for other currencies at specialized currency exchanges. Bitcoin in a sense is the perfect form of money for the internet because it is fast, secure, and borderless.
Unlike traditional currencies, bitcoins are entirely virtual. There are no physical coins or even digital coins per se. The coins are implied in transactions that transfer value from sender to recipient. Users of bitcoin own keys that allow them to prove ownership of transactions in the bitcoin network. Unlocking the value to spend it and transfer it to a new recipient. Those keys are often stored in a digital wallet on each user’s computer. Possession of the key that unlocks a transaction is only the prerequisite to spending bitcoins, putting the control entirely in the hands of each user.
Bitcoin is a distributed, peer-to-peer system. As such there is no “central” server or point of control. Bitcoins are created through a process called “mining,” which involves competing to find solutions to a mathematical problem while processing bitcoin transactions. Any participant in the bitcoin network (i.e., anyone using a device running the full bitcoin protocol stack) may operate as a miner, using their computers processing power to verify and record transactions. Every 10 minutes on average, someone is able to validate the transactions of the past 10 minuets and is rewarded with brand new bitcoins. Essentially bitcoin mining decentralizes the currency-issuance and cleating functions of a central bank and replaces the beed for any central bank with this global competition.
Simply put Bitcoin is a new digital currency which uses Blockchain Technolgy to verify transactions.
What is Blockchain?
It is a distributed ledger that is completely open to anyone. Once data is recorded inside blockchain it becomes impossible to change it. This makes it an incredibly sophisticated ledger for digital currencies such as Bitcoin.
What is a wallet?
A wallet digital application where crypto currencies such as bitcoin are stored. Some wallets have the ability to transfer or shape-shift from one coin to another. Most wallets hold multiple tokens. There are many types of wallets. See a list of different types of wallets below:
Full Node Wallet: A wallet where you control your private keys and host a full copy of the blockchain. Essentially every coin has an official wallet of this type and that can be found on the official GitHub of the site (there is often a link on the official website).
Custodial Wallet: Some wallets let you control your private keys, some are custodial (you don’t control your keys directly). Most exchange wallets are custodial wallets.
Desktop Wallet: The most common type of wallet. Typically an app that connects directly to a coin’s client.
Mobile Wallet: A wallet that is run from a smartphone app.
Online Wallet: An online wallet is a web-based wallet. You don’t download an app, but rather data is hosted on a real or virtual server. Some online wallets are hybrid wallets allowing encryption of private data before being sent to the online server.
Software Wallet: Any wallet that is software-based is a software wallet.
Hardware Wallet: Dedicated hardware that is specifically built to hold cryptocurrency and keep it secure. This includes USB devices. These devices can go online to make transactions and get data and then can be taken offline for transportation and security.
Paper Wallet: You can print out a QR code for both a public and private key. This allows you to both send and receive digital currency using a paper wallet. With this option, you can completely avoid storing digital data about your currency by using a paper wallet.
Coin-specific: A wallet that only works with a specific coin.
Network-specific: A wallet that can hold multiple tokens on a single network.
Universal: A wallet that can hold addresses from multiple coins.
What is a PRIVATE KEY?
A private key is the encrypted code used to secure the funds of a digital wallet where digital currencies are stored. This is the key to the vault.
In Bitcoin, a private key is a 256-bit number, which can be represented one of several ways. Here is a private key in hexadecimal – 256 bits in hexadecimal is 32 bytes, or 64 characters in the range 0-9 or A-F.
What is a PUBLIC KEY?
A public key is much like a drop box for mail. The individual who owns the private key can accept the funds through the public key from any wallet in the world. The public key is an open code for anyone to deposit funds and can only be accessed with the private key. Please send Dash to this address if you like this info:
What is a digital Currency?
A digital currency is a type of money that can be in digital form. Contrary to physical ink and paper rectangles fiat currencies or credit/debit cards.
What is Money?
Money is simply a ledger of debts. All good forms of money carry 7 characteristics.
1. Divisible (Each unit may be divided up into smaller amounts)
2. Recognizable (Universally understood as a form of energy that has value)
3. Transportable (Each unit can easily be transported without too much effort)
4. Fungible (Easily replaced by another unit of the exact same properties)
5. Durable (Does not fall apart or corrode overtime)
6. Scarce (Each unit has a limited supply which is not easily create-able so that people cannot create debts out of nothing)
7. Requires human Effort.
What controls the economy?
The American economy is completely controlled by central bankers and the Fed (Federal Reserve). This leaves an unbalanced regulated top down system wherein the general rule of thumb is that the government is incentivized to keep the GDP and other numbers at a certain level. The dollar is not backed with anything and it no longer has a limit to the amount of dollars printed. See how much debt the U.S has by clicking here:
What makes bitcoin so important?
Bitcoin is the first ever completely decentralized digital ledger that holds all the characteristics of a sound money. Including the fact that it is, recognizable, transportable, divisible, durable, fungible and last but not least, VERY scarce. It also requires human effort in that miners must be set up in order to keep the currency functioning. This is opening a way to new freedom within the capitalistic sector.
What is mining?
*Reference and recognition to Andreas M. Antonopolous*
Mining is the process by which new bitcoin is added to the money supply. Mining also serves to secure the bitcoin system against fraudulent transactions or transactions spending the same amount of bitcoin more than once, known as double-spend. Miners provide processing power(electricity) to the bitcoin network in exchange for the opportunity to be rewarded bitcoin.
Miners validate new transactions and record them on the global ledger. A new block, containing transactions that occurred since the last block is “mined” every 10 minuets on average, thereby adding those transactions to the blockchain. Transactions that become part of a block and added to the blockchain are considered “confirmed,” which allows the new owners of bitcoin to spend the bitcoin they received in those transactions.
What do people need to know about crypto currency?
It is the future or money as we know it.
What’s stopping crypto from becoming main stream?
Adoption will take time. Just as it took many years for humans to transition from horse and buggy to automobile. Be patient and stay ahead of the growth curve with CoinJoin.
What’s making the crypto market go up and down (Volatility)?
The definition volatility is: Liability to change rapidly and unpredictably. This is mostly caused by uncertainty during bull and bear markets. Everything is a perception. Green(Positve days) mean optimism and F.O.M.O . Fear Of Missing Out. Red(negative days mean F.U.D . Fear Uncertainty and Doubt.
When you can only value products / services to the dollar you will see to it that nothing can be free market and properly assessed. This is because one central power is responsible for the printing and controlling of the units of measure. Simply put, 1 bitcoin today might be worth 3.5k in dollar terms and in 5 years it might be 65k in dollar terms. However, regardless of what its worth in terms of dollars 1 btc is always worth 1 btc. Its TRUE realized value has yet to be discovered.
Have another question? To submit that you would like answered, Please feel free to E-mail CoinJoinShop@gmail.com or comment below and one of our expert Private Banking Specialists will be happy to answer it!