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As a new user, you can get started with Virtacoin without understanding the technical details. Once you've installed a Virtacoin wallet on your computer or mobile phone, it will generate your first Virtacoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once.
Works everywhere, anytime
Security and control over your money
What is it?
VirtaCoin is a decentralized crypto-currency, like bitcoin. In fact, it is based on the bitcoin codebase, so it works almost exactly like bitcoin.
Attention VirtaPay Users
All VirtaPay balances have been transferred to VirtaCoin. VirtaPay users: follow these steps to get a VirtaCoin wallet and import your balance.
Download a Wallet
To get started, download a wallet for your operating system...
VirtaCoin Belongs to You
VirtaCoin is "owned" by everyone who holds the currency. It is up to the VirtaCoin community to collectively contribute and make VirtaCoin what you want it to be. How you contribute depends on your skills, abilities and available time. Please consider helping in one or more of the following areas...
Forums – VirtaCoin needs places for the community to gather and discuss issues and ideas. You could set up a forum, become a moderator, or even just contribute your ideas and opinions on a VirtaCoin community forum.
Exchanges – If you would like to exchange your VirtaCoin for bitcoin, for other crypto-currencies, or even for fiat currency, please contact crypto-currency exchanges and follow their procedures to ask them to list VirtaCoin.
Solo Mining – To earn more VirtaCoin and contribute computing power to securing the VirtaCoin network, you can try solo mining.
Mining Pools – If you have the knowledge, you can create a mining pool. This helps large groups of people to work together and share in the mining rewards, while helping to secure the VirtaCoin network.
Developers – If you are a programmer, or know someone who is, you can help to maintain and improve VirtaCoin by working on the open source VirtaCoin Project on GitHub.
Bitcoin provides a new approach to payments and, as such, there are some new words that might become a part of your vocabulary.
You can be your own bank
Many third party APIs
The simplest of all payment systems
A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.
Bit is a common unit used to designate a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC). This unit is usually more convenient for pricing tips, goods and services.
Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today."
bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT.
A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining.
The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending.
BTC is a common unit used to designate one bitcoin.
Confirmation means that a transaction has been processed by the network and is
highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a single confirmation can be considered secure for low value transactions, although for larger amounts like $1000 USD, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction.
Cryptography is the branch of mathematics that lets us create mathematical
proofs that provide high levels of security. Online commerce and banking already uses cryptography. In the case of Bitcoin, cryptography is used to make it impossible for anybody to spend funds from another user's wallet or to corrupt the
block chain. It can also be used to encrypt a wallet, so that it cannot be used without a password.
If a malicious user tries to spend their bitcoins to two different recipients at the
The hash rate is the measuring unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical operations for security purposes. When the network reached a hash rate of 10 Th/s, it meant it could make 10 trillion calculations per second.
Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. As a reward for their services, Bitcoin miners can collect transaction fees for the transactions they confirm, along with newly created bitcoins. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done. Not all Bitcoin users do Bitcoin mining, and it is not an easy way to make money.
Peer-to-peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Bitcoin, the network is built in such a way that each user is broadcasting the transactions of other users. And, crucially, no bank is required as a third party.
A private key is a secret piece of data that proves your right to spend bitcoins
from a specific wallet through a cryptographic signature. Your private key(s) are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin wallet.
A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of Bitcoin, a Bitcoin wallet and its private key(s) are linked by some mathematical magic. When your Bitcoin software signs a transaction with the appropriate private key, the whole network can see that the signature matches the bitcoins being spent. However, there is no way for the world to guess your private key to steal your hard-earned bitcoins.
A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin
network. The wallet actually contains your private key(s) which allow you to spend
the bitcoins allocated to it in the block chain. Each Bitcoin wallet can show you the total balance of all bitcoins it controls and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant.
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