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How to Create a Bitcoin Online Wallet using Blockchain.info

Step 01

Go to blockchain.info and click “Wallet” on the top menu. Blockchain.info is a simple, straight forward way to create a bitcoin online wallet.

Step 01 - Create a Bitcoin Online Wallet Coastalbitcoin.com

Step 02

Click “Start a New Wallet”. Also on this page is a video to help explain bitcoin, watch it when you have the time.

Step 02 - Create a Bitcoin Online Wallet Coastalbitcoin.com

Step 03

Enter an email address and password. This is where you can start adjusting your own level of security. Use your everyday email address for less security. Use a new gmail address with 2-factor authentication for a bit more security. Create a new password you have never used before, more than 10 digits long with numbers, letters, and special characters. Remember this is money, so keep it safe and do not lose this info. 

Step 03 - Create a Bitcoin Online Wallet Coastalbitcoin.com

Step 04

Write down the “Wallet Recovery Mnemonic”. Keep it separate from your password. This is incase you lose your password. 

Step 04 - Create a Bitcoin Online Wallet Coastalbitcoin.com

 

 

Step 05

Note your identifier, this is like a username. In the settings menu you can setup an alias, so you do not have to enter the identifier on a new computer or a fresh browser setting. Your browser will save the identifier, if you clear your cache or cookies (manually or auto) you will need to re-enter your identifier or alias.

Step 05 - Create a Bitcoin Online Wallet Coastalbitcoin.com

 

 

Step 6

Congratulations! You now have a bitcoin online wallet. Note the “This is Your Bitcoin Address” along with an associated QR code. This is where you get bitcoin sent to, like at a bitcoin ATM machine. It is long, copy and paste it to an email, send it to yourself and friends. Text it from your email to your phone. Don’t try to verbally read it out to someone. You will make a mistake. Or, scan the QR code. Double check your addresses prior to sending bitcoin. If you send bitcoin to the wrong address, you will not get it back. Check out coastalbitcoin.com, cheers!

Step 06 - Create a Bitcoin Online Wallet Coastalbitcoin.com

Virginia Beach Bitcoins

Bitcoin in Hampton Roads!

Check out the article the Virginia Pilot did about Bitcoin in Hampton Roads.

Bitcoin in Hampton Roads: Currency is finding footing

http://hamptonroads.com/2014/05/bitcoin-hampton-roads-currency-finding-footing

Trevor Scribner, clad in T-shirt and shorts, looked like any other customer when he went to Doumar’s Cones and Barbecue last week and shook hands with Thad Doumar at the counter.

He had come to persuade the general manager of one of Hampton Roads’ oldest restaurants – whose founder is said to have invented the ice cream cone – to embrace a newer invention: bitcoin. A decentralized, Internet-based monetary system, bitcoin uses a digital currency and has begun to build a network of users across the globe, especially overseas.

Doumar wore an orange cap, a crisp white shirt and a tie with letters vertically spelling the Norfolk diner’s name and ending in a large ice cream cone. He told Scribner he knew a little about bitcoin from news reports.

Recently that news hasn’t been good. Coverage has focused on bitcoin fraud, bitcoin-funded criminal activity, the drop in the currency’s value and the crash of Mt. Gox, the Tokyo-based bitcoin exchange that lost its customers’ holdings earlier this year.

None of that has dampened Scribner’s faith. “I’m of the mindset that I think it’s going to change everything,” he told Doumar.

In Hampton Roads, a number of bitcoin believers like Scribner are trying to spread the word and expand the community of followers. They want more businesses to accept bitcoin, so users will have more places to spend their bitcoins, and the currency will ensconce itself in customary consumer culture.

These bitcoin disciples aren’t necessarily technology nerds or aggressive investors. Some are in the military and believe that bitcoin is a safer, off-the-grid place to park their money. Others are small-business operators or buttoned-up corporate types keeping an eye on its progress.

Scribner’s family business, which sells portable oxygen equipment for travelers, now takes bitcoin, and he recently started reaching out to local restaurants to urge them to accept it.

Scribner explained the nuances to Doumar: It’s free to access the network. All a retailer or restaurant needs is an Internet-based checkout system to process bitcoin payments and convert them to dollars.

He helped Doumar, whose great-great-uncle founded the business, establish an online bitcoin account in his cramped back office. Then, Scribner walked to the front counter, where Doumar stirred up a fresh limeade for him. The $2.15 drink cost him 0.00511914 bitcoin.

Doumar returned to the office and checked his account, which showed the new transaction. “I love it!” he exclaimed.

And with that, a 109-year-old business became the first Virginia restaurant, according to one bitcoin resource, to accept bitcoin.

Scribner left the drive-in with plans to bring a “We Accept Bitcoin” sticker for the front window and get the business started with an online system to process bitcoin payments.

“I’m so excited!” he shouted as he reached his pickup.

___

THE MINER

Describing Tom Flake as a bitcoin miner is a little like calling Steve Jobs a phone maker. Like Jobs, the father of the iPad and iPhone, Flake is a visionary.

He co-founded BCause LLC, a Virginia Beach company that mines bitcoin, but that’s just the tip of the bitcoin ’berg for Flake.

Bitcoin mining is an encryption process that makes each bitcoin transaction verifiable mathematically. The encryption is fundamental to bitcoin, making it more secure than credit cards or cash, Flake explained.

No one can “pull” bitcoin from the system the way a merchant can take a payment with the swipe of a plastic card or a thief can steal cash. The holder of bitcoin must “push” the money where he wants to spend it.

BCause operates out of the data center of Utility Scale Computing, Flake’s other company, which provides computer processing for outside clients.

Flake opens a metal cabinet that holds eight BCause computers, among 13 total in the room. Blasted with air conditioning and a bank of fans, the computers can process an impossible-to-comprehend amount of data: 1.2 million petaFLOPs. A petaFLOP is a thousand trillion floating-point operations per second.

“In the aggregate, they comprise one of the most powerful supercomputers in the state of Virginia,” Flake said. “This is a number that’s outside most people’s realm of experience.”

Another 20 computers are on order, because bitcoin mining depends on this processing power to churn through numbers day and night. The miners that invest in all this machinery contribute to the value of bitcoin. The more bitcoins are mined, the harder they are to extract. The creators of the bitcoin system capped the amount that could enter circulation at 21 million bitcoins.

Flake and partners are looking to expand into bitcoin investment banking and options trading, similar to the stock exchanges of Wall Street.

Options would allow an investor to gamble on the future value of bitcoin. An investment bank could offer financing, say, for a developer that wants to fund construction of a new building with bitcoin.

“All the services that exist around any currency will have to exist around bitcoin,” he said. “We believe that’s inevitable.”

Despite the volatility of the price of bitcoin – after its launch in January 2009, it rose above $1,000 late last year before settling around $450 now – Flake considers it no less stable than the dollars we know and trust. Inflation causes the value of currency to deteriorate over time, which is why a loaf of bread costs more today than it did 10 years ago.

“People have this illusion that their paycheck is always the same,” he said. “The reality is you can’t eat money. So the paycheck is only good for the things that it’ll buy, and the things that it’ll buy change in price on a daily basis.”

Flake has a business and math degree from Old Dominion University and a master’s in business administration from the College of William & Mary. In addition to his other companies, he runs the Peninsula Technology Incubator in Hampton, which launched BCause.

Flake, 48, doesn’t just believe in bitcoin as currency. He considers it an antidote to the “brain drain” plaguing Hampton Roads, which loses young adults who leave the area for high-tech careers. Bitcoin-related development could turn the region into the Silicon Valley of cybercurrency, he said.

“If we want to be a center of innovation,” Flake said during a lunch with fellow believers in March, “we need to innovate, not follow.”

___

THE LAWYER

Some people are scared of bitcoin. They aren’t sure what it’s about and can’t hold it in their hands. Existing only in cyberspace, it seems underground, sinister.

They’ve heard about bitcoin theft and illicit drug activity on one of the early bitcoin trading sites, Silk Road. They’ve heard about criminals using bitcoin to launder money. Or they’ve heard about the Ponzi schemes built on bitcoin investment.

Cullen Speckhart, an attorney for the Virginia Beach firm Wolcott Rivers Gates, coined a word to represent such concerns: Bitcuprolaminophobia.

It’s riff on cuprolaminophobia, the fear of coins.

Speckhart, 33, is her firm’s expert on bitcoin. And she’s helping navigate the legal landscape for companies including BCause.

It’s not easy, because even the regulators don’t agree on what bitcoin is. A virtual currency would fall under one type of oversight, for money transmitters. But the IRS has deemed bitcoin an asset, not a currency.

Some states, like New York, have begun to develop market rules and regulation for cybercurrency trading. At the same time, courts across the country are deciding on bitcoin-related cases, building a grassroots form of regulation.

“The law about bitcoin is going to develop out of the disputes that people have,” Speckhart said. “Watching the law evolve this way is sheer beauty for me.”

Speckhart is fascinated with finance. At Georgetown University, she studied economics and later worked for an investment firm on the derivatives desk, assessing risk, before turning to law.

“I love money and how it works itself around the economy,” she said. “If you think of the economy like the human body, money is the blood and the veins.”

Speckhart’s clients include many banks, which she represents in bankruptcy cases as creditors. She doesn’t see bitcoin as a rejection of the traditional financial system, just a new way to maneuver within it.

“I would tell people to approach it as a scientific innovation,” she said. “People need to keep an open mind.”

___

THE PROMOTER

In March, Scribner met Flake and Speckhart for the first time over lunch at Stan’s American Bistro in Virginia Beach. He helped Speckhart set up a bitcoin address and “wallet” on her smartphone through the website BlockChain.info, which gives access to the public ledger, or block chain, where all bitcoin transactions are recorded.

“Let me log in and I’ll throw you some satoshis,” Scribner told Speckhart, referring to the smallest denomination of bitcoin, like a penny is to a dollar, named for the supposed creator of bitcoin, Satoshi Nakamoto. Not even bitcoin diehards are sure whether Nakamoto is a single person or a group of developers.

Scribner, who is 33 and a bit of a techno-junkie, got interested in bitcoin as a hobby. Then he realized the business benefits. For a small company like his family’s, Advanced Aeromedical, credit card processing fees hurt the bottom line. The major payment network processors, such as Visa and MasterCard, can take a cut of 3 percent or more, plus a flat rate for each transaction.

Bitcoin offers an alternative without such a middleman. Bitcoin payments cost 1 percent or less to process through companies such as Coinbase, which allows a business to accept bitcoin and converts the currency back into U.S. dollars.

To Scribner, bitcoin is the financial equivalent of Napster, the now-defunct online music trading system. Users could share digital song files and musicians could reach listeners without the need for a record label. Through bitcoin, individuals trade money without the need for a bank-issued check, credit card or cash.

Scribner has made it his mission to convert a restaurant or bar where he and fellow members of the Hampton Roads Bitcoin Meetup group can gather and spend their bitcoins. He has visited numerous businesses, handing out a brochure he made under a new logo and educational website, CoastalBitcoin.com.

Until Doumar’s, it was not an easy sell.

“I don’t think the owners would be interested in bitcoins,” Keali’i Canino, general manager of Zeke’s Beans & Bowls, told Scribner when he arrived at the Virginia Beach café on a recent morning.

“What is it actually? I’ve never heard of it,” said Roy Clemenz, Zeke’s barista.

After his usual explanation, Scribner ordered a coffee. “Are you doing cash or card for it?” Clemenz asked.

“Well,” Scribner replied, taking out his wallet, “if you don’t take bitcoin …”

Carolyn Shapiro, 757-446-2270, carolyn.shapiro@pilotonline.com

Coastal Bitcoin

Washington State Recognizes Bitcoin as Money

From Reddit/rBitcoin  by user FliedenRailway

Washington State Recognizes Bitcoin

There are many different digital currencies being used over the internet, the most commonly known being Bitcoin. In Washington, digital currency is included in the definition of “Money” in the Uniform Money Services Act (UMSA), chapter 19.230 RCW

Washington State Government Page on Money Transmitters and Currency Exchangers: http://www.dfi.wa.gov/cs/money-services-providers.htm

This is pretty big news in the world of Bitcoin. This is the type of legal framework that other states will base there regulations on regarding Bitcoin. User FliedenRailway suggests this government action could be the result of people applying for a money transmitter license to put a Bitcion ATM somewhere in Washington. Any recognition of Bitcoin by a state agency as being a valid form of money is ultimately a positive thing for Bitcoin.

Coastal Bitcoin

Internet Raises $30,000 In Dogecoins To Send Jamaican Bobsleigh Team To The Winter Olympics

photo credit Shaun Botterill /Allsport

Buzzfeed via Reddit

Over 26million DOGE had been donated at the time of writing – which at the current value of Dogecoin is worth over $33,000. Although due to the potential volatility of Dogecoin’s value – which could have seen the amount raised drop dramatically if the price crashed – the fundraising team (which includes Dogecoin co-creator Jackson Palmer) have cashed out in order to convert “to a more stable currency”

Dogecoin is the newest digital currency to sweep the the internet. It started out as a joke meme and has done nothing but grow into something pretty incredible. Check out Dogepay.com for up to date pricing on how much Dogecoin is worth. The dog is cute. Such moon. Such awesome.

Speaking of Dogecoin, here are some doge gifs I made over christmas. Such moon!


What you can buy with Bitcoin

What you can buy with Bitcon

What can you buy with Bitcoin?

Here is a great article on from the Wall Street Journal.

My favorite part of the article:

“Brooklyn Pizza. If you’re looking for pizza in the Fort Greene neighborhood of Brooklyn, N.Y., and have bitcoin in your {digital) wallet, stop in at Lean Crust Pizza. Store owner Daniel Lee is a bitcoiner, and two of his other businesses in the borough — Greene Ave. Market and Oxford Kitchen — also take bitcoin.”

Who doesn’t like pizza. Pizza was actually one of the first items purchased with Bitcoins. From Bitcoin History: May 22 User Laszlo was the first to buy pizza with Bitcoins agreeing upon paying 10,000 BTC for ~$25 worth of pizza courtesy of jercos. What can you buy with Bitcoin?

Click here for the whole story at the Wall Street Journal via Reddit.

Welcome to Coastal Bitcoin

Just Starting Up

Virginia Beach BitcoinThanks for stopping by Coastal Bitcoin. We are located in Virginia Beach, VA and we are excited to show all the local businesses everything about Bitcoin as well as other digital currencies. Bitcoin is money for the internet age, it is the future of how people will deal with finance. It’s a social network that will change the world. We want to help business in Virginia Beach and Hampton Roads learn all about Bitcoin.

2014 – The year of Bitcoin

The beginning of 2014 has started with Overstock.com accepting Bitcoin as payment. The biggest online retailer to do so. Patrick Byrne the CEO of Overstock.com tweeted, “After 21 hours on @overstock.com, we’ve had 780 #Bitcoin orders that accounted for $124,000 in sales. Wow!” Source Twitter via Reddit. There are numerous online businesses accepting Bitcoin as payment. This digital currency is being adopted by more businesses everyday, we want to help the local businesses in Tidewater tap into a growing market. Bitcoin is for everybody and it is not going away.

We are excited about Bitcoin in 2014. Our goal is to educate as many people in town about it and get more people to actually buy and sell things with it. Let us know how we can help you figure out Bitcoin or get your business to start accepting Bitcoin.

Thanks!