Dot BIT domains are based on the virtual currency Namecoin.Namecoin itself is based on the popular cryptocurrency Bitcoin.Namecoin includes all the features of Bitcoin and adds an option to store key-value records in the Blockchain.This feature allows for the registration of decentralized domain names and identities.Namecoin is the first fork of Bitcoin, created in 2011.Thus, Namecoin offers the first alternative domains of a new generation with the extension “.BIT”.The idea of an alternative DNS zone is not new.The first attempts started with the OpenNIC project in 2000.This created a new DNS zone with alternative domains.The problem is that it is centralized as well as a main zone ICANN.The idea behind Dot BIT domains is to solve the problem with centralization.This is achieved by using Bitcoin's Blockchain technology.Nowadays, Dot BIT domains are included in OpenNIC's DNS.One of the main concepts of Namecoin is that users own their domains, like with Bitcoin, in which users are the owners of their currency.

In this way, there is no company or government that can seize, stop or censor domains from the Dot BIT zone.Blockchain technology warrants that only the holder of a private key owns a given domain.The key must be kept secure in "cold" storage.Dot BIT domains don't belong to the main zone of ICANN.That's why most systems cannot open them by default.We expect changes when the Internet becomes more decentralized.Then devices will communicate with each other, not with a centralized database, as it is now.It is hard to predict how exactly systems will resolve all new crypto domains in the future, but here are some techniques that work for .BIT today: The best option is to change the default DNS servers of your system with OpenNIC's.Thus, you will be able to open all standard domains plus .BIT, including other decentralized domains like .emc, .coin, .lib, and .bazar ... How to change your DNS settings with OpenNIC's.The easiest way to open Dot BIT domain is to add a proxy DNS extension at the end.

Thus, every device and browser can resolve domains, for example, nx.bit.surf.You can use a browser extension to open .BIT domains in your browser.Such extensions are PeerName (our extension), FreeSpeechMe (Firefox) and MeowBit (Windows).Note that some extensions need time to download all Blockchain data.After that, it will work correctly.Applications like nmcontrol and ncdns provide an opportunity to run your own DNS server using Namecoin's Blockchain data.Thus, you will be completely independent and have 100% trust in your data.bitcoin plugin firefoxYou can even make your DNS server public, to be used by your friends or other users.man denies bitcoinNamecoin also has the Lightweight / SPV client, based on BitcoinJ / libdohj, so you can look up names without downloading all the Blockchain data.ethereum download wallet

The okTurtles Foundation provides solutions for secure browsing of all domains, including Dot BIT.It uses an authentication mechanism called DNSChain.The goal is to make MITM-free communications possible for everyone.You can use a public DNSChain server or run your own.Namecoin is also used as a domain name system of the ZeroNet network.If you have a ZeroNet website, just send us the public key and we can point your Dot BIT domain to it.We can also store identities in the chain of Namecoin.yuri bitcoinThe name of the project is NameID.ethereum sends delayedIts idea is to upgrade the popular OpenID protocol.bitcoin preco hojeThus, instead of relying on Facebook or Google for your identity, you can have full control of it by NameID.bitcoin block difficulty

The project is in an initial phase but is fully functioning.Reserve your own niche in the system.You can log into all OpenID enabled sites with it.Your online identity will always be safely stored in Blockchain of Namecoin.The idea is to be able to log in anywhere with just one click and the same nickname and without the need for a password.Register Your .BIT Domain NowAs Bitcoin’s price continues to rise recently we’ve been getting a lot of emails from people who are asking if it’s better to mine Bitcoins or to buy them.bitcoin billionaires clubLast year, when Bitcoin was initially covered due to the crisis in Cyprus, many people took up the “hobby” of home mining.awesome bitcoin faucetAt that time (April 2013) it was still possible to generate a nice amount of Bitcoins through mining at home with your CPU or even a graphics card.

But since then mining has become much more difficult and today it’s almost impossible to mine at home without investing a substantial amount of money.The question remains – if you had $10K to invest in Bitcoins today, would it be better to just buy Bitcoins with this money or use it to get mining equipment and mine them.Well if you’re going to buy Bitcoins that’s an easy answer.At today’s exchange rate you can get somewhere around 25BTC (I use CoinLlama to calculate the best possible price).So now the question remains can we beat this in the long run by mining.Of course there is no simple answer to this since the question to is Bitcoin mining profitable depends on many variables such as electricity cost, the increase in mining difficulty etc.But for the purpose of this post I will assume that I live in Louisiana USA (this is the lowest cost per Kilowatt you can find in the US today).Since most of my money will be spent on my mining rig it’s important to choose wisely.The problem with many mining companies is that their products are out of stock most of the time and they create pre-orders, here is an example form KnCMiner.

I don’t like this method since it’s just calling for trouble (e.g.After searching some more online I found this pretty powerful 2TH/s Bitcoin miner from Bitmain which seems to be in stock.Now I’ll head up to my Bitcoin mining calculator and drop in the numbers, the only problem is that there are 2 variables which I’ll have to guess.The first is how much will the Bitcoin mining difficulty increase over time.The second is what will be Bitcoin’s exchange rate once my money runs out.Fortunately since I’m only comparing mining to buying and not testing for overall profitability I have no need for the second variable – meaning, I only want to see if I can get more than 25 Bitcoins through mining.I will used up $8750 to buy 7 Antminer S4-B2 miners.On checkout I can choose to host my miners in a hosting center in China.This is probably recommended since it will allow me to avoid storing and cooling the miners myself (they are very hot and loud).Another option would be to host and ship the miners directly to me.

Seeing as the shipping costs would be ~$825 I may prefer to ship my miners directly to the hosting center (~$277 shipping cost).Even though the electricity cost in Louisiana (~$0.0977/KW/Hour) is lower than the hosting farm ($0.12/KW/Hour) I still prefer to ship the miners to the hosting center.Hosting price per day – $4.587 Electricity cost – $0.12/KW/Hour = $2.88/KW/Day So now that I’m all set it’s time to see how many Bitcoins I can get out of these babies.My daily expenses add up to $7.467 which mean I can run these miners for 130 days before I run out of money.I’ll put all of the variables into a Bitcoin mining profitability calculator and try to figure out how much BTC I’ll be able to generate.The result….well it depends :) since some variables need to be guessed different calculators will show different results.However NONE of the calculators I used showed that I will make more than 25BTC through mining.Most calculators suggested I’ll make around 23BTC (almost head to head with buying Bitcoins) and some suggested I’ll make as little as 10BTC.

I can’t say which ones are more accurate since many guesses are taken into account with these calculators.Keep in mind that there’s also a time factor where you get the money 4.5 months after you’ve made your initial investment.I guess if you’re looking at mining as a long term investment than perhaps it can generate you more coins in the long run but it’s also much more risky.First of all miners can break down, and even if you host them somewhere accidents do happens.Also there’s no way to know how high or low will the Bitcoin mining difficulty reach so numbers can change drastically.If you want an immediate winner than I’d definitely go with buying Bitcoins instead of mining them.Keep in mind that this post was mainly theoretical and there’s a lot of hassle and unexpected events I didn’t take into account (shipping delays mainly), but it should give you an idea about what to take into account before jumping into Bitcoin mining.About Latest Posts Latest posts by Ofir Beigel (see all) [Review] Changelly VS ShapeShift– The “Instant” Cryptocurrency exchanges “Bitcoin and Ethereum…both soon obsolete” – James Ricakrds | $2623.69 “Why Bitcoin Can’t Serve As A Currency” – Seeking Alpha | $2345.56