06
Jun

About BlakeBitcoin

About BlakeBitcoin and Cryptocurrency:

BlakeBitcoin is a type of cryptocurrency which are innovative new types of digital money. They allow for instant peer-to-peer transactions online (send money directly to your family and friends), borderless payments (cryptocurrency can be used in every country), and fraud protection (transactions are verified and recorded), making them easy and safe to use.

Cryptocurrencies such as BlakeBitcoin are open-source, and no individual or government can own or control them. Since they operate without central authority, they are not subject to the political or economic turbulence of countries. Cryptocurrencies derive their value from their user base; as the demand for a currency increases, so does the price. There is only a limited number of each cryptocurrency in circulation, and new coins are usually created at a predictable and decreasing rate.

At Blake Games, we use a form of cryptocurrency called BlakeBitcoin which is similar to Bitcoin. It differs from Bitcoin in that it uses a different underlying encryption algorithm called blake256r8. The blake256r8 algorithm is shared by 5 other cryptocurrencies named Blakecoin, Photon, Electron, Lithium, and Universalmolecule.

BlakeBitcoin will allow you to compete with or against your friends and family in video game tournaments and send near-zero cost payments to anyone in the world. You will be able to use BlakeBitcoins to purchase upgrades online, or you can download your BlakeBitcoin to your computer so they are yours to keep.

Below are instructions for getting started:

  1. Download BlakeBitcoin wallet. You can see the excellent tutorial by SidGrip on how to set it up. Once you’ve installed the wallet on your computer, it will generate a BlakeBitcoin address (similar to an email address) for you to share with people in order to send or receive payments.  It is very important to encrypt your wallet with a password.  Otherwise, viruses can steal your coins by copying your wallet file.
  2. To encrypt your wallet, go to Settings -> Encrypt Wallet on your wallet software.  Make sure you remember the password. Nobody can recover it for you if you lose the password.
  3. Need to check your balance? This can be done in the block chain, which is a shared public balance book. All completed transactions are listed there, and new transactions are verified against the balance of the owner.  You can check the BlakeBitcoin blockchain with explorers such as the one here:  BlakeBitcoin Explorer
  4. How do I know if my transactions are safe? Each wallet has a secret piece of data which is used to sign transactions, proving that they come from the rightful owner. This signature also prevents the transaction from being altered at any point. Then, through a verification process called mining, the transaction is confirmed and posted to the public ledger.