Two Satoshi!

With bitcoins once reaching over a thousand dollars, they have quite a few interesting divisions to note, the smallest of which is: The Satoshi. Named after the mysterious and anonymous founder, the Satoshi is the nickname for the smallest division of a bitcoin which is .00000001 . Currently I have two pending transactions in my bitcoin wallet both of which are one satoshi each, and I am at a complete loss as to why! I think its almost counter productive to send that a small amount of BTC as the fee I think is higher than that. Bitcoins transaction fees are fairly small to my knowledge but have a fairly complex system of rules Oh well, hopefully it goes though, and if not, its not even  a cent lol.

Just for fun I think this is how transaction fees work :

148*I + 34*O + 10

This answer is in bytes. “I” is the number of inputs and “O” is the number of outputs. There is also a one byte variation for addresses that starts with 0x80

The transaction fee is for each KByte of the transaction, and 0.0001 BTC per KByte is the fee. Naturally the transaction size is rounded up to the next Kbyte.

Bitcoins!!

So, lately I have been obsessed with BITCOINS! Recently people when people ask me what I did last weekend I respond, making bitcoins! Often times this results in some confusion on their part, then they will ask, What are bitcoins?

I attempted to mine some of this bitcoins. It didn't work. But I was still driven to get them. This is one of the videos that inspired me to try:

I setup an mining rig on my laptop and soon saw, I would never see a bitcoin like this. The amount of shares produced by my humble laptop’s gpu would never amount to anything recognized by the pools. But I didn’t give up! I then moved on to promotion sites as a source of bitcoin. I used www.bestfreebitcoin.com/‎ as a guide and used bitcoinvistor.com to try to get some coin. To do so, the website directs you to an advertisers’ sites and gives you a small about of BTC. In fact it is measured in μBtc. At this point I was like, whatever, I don’t know what that means, I just want COINS ( it means one millionth of a BTC or .000 001))!  So I looked a ton of sites. I mean like a 100 or some maybe, and I finally passed the 60 μBtc threshold they have for payment. I eagerly waited in anticipation of a big payout. The next day it came, and….. It was .08 cents! I wasn’t too sad, I mean, it was free and all.

I also learned that .08 value was actually overstated! They used MtGox market value of BTC in the valuing of my BTC, which isn’t accurate. Following the security breaches of the market, that site has fallen out of favor and is no longer used, meaning other sites like bitstamp are more correct and also valued my BTC at a whole penny less. Talk about being short changed.