This way the led will blink when the digital pin is set as LOW.
I know this is not the usual manner to blink a led. I have in here some numeric digital display that share the positive pole and you control the segments by hooking them to ground. So this is the type of setup I will need to use to use the display.
Maybe it is and Im just not awared.
The way I knew to blink a led is by making it blink when digital pin is set as HIGH.
And thinking a little more about the scheme, the led is an diode so no drain when pin is set to HIGH.. I suppose. Didnt think about it lately. Im just returning to my amateur electronics after 1+ year... must put brain to work again.
It's exactly how you power common anode LEDs.
The AVR pins can source or sink a maximum (absolute - don't go near) of 40mA, up to a per-chip limit of about 200mA.
Your 1kohm resistor will keep the current (and the brightness) down.