FAQs About Bitcoin
Bitcoin is a digital currency that is being used increasingly all over the world.
What is bitcoin?
What is bitcoin mining?
Bitcoins can only be created as a reward for payment processing work, called mining, where users collectively offer their computing power to verify and record all transactions into a public ledger, called the blockchain.
How to buy bitcoin
As bitcoin continues to gain popularity, there still remains one of biggest hurdles for adoption from the early days – Buying your first bitcoins. There are several methods you can use acquire bitcoins. See seven(7) ways to get bitcoin.
Who is Satoshi Nakamoto
Satoshi Nakamoto is the pseudonym used by a people or group of people who invented Bitcoin. Satoshi developed the original protocol and the blockchain technology that underlies bitcoin, Satoshi’s real identity is unknown.
Legality of Bitcoin & cryptocurrency
Bitcoin and other cryptocurrency is a new technological innovation that has not yet been fully implemented into the legal framework of many countries across the globe. There are many legal aspects of Bitcoin and cryptocurrency in general to consider.
How to store your bitcoins?
There are many ways of bitcoin storage and many different types of wallet software. Storing bitcoins does not involve storage of actual bitcoins per se, but involves the safe storage of the private key to the wallet addresses. How to create a bitcoin wallet with blockchain.
how is the price of cryptocurrency defined?
Cryptocurrency is a new revolutionary type of currency. Like any other currency or unit of account, they only have value because people think it has value. Some currencies are backed by gold; others are backed by nothing but hot air. Read what makes bitcoin valuable here and about its supply and demand here
Cloud Mining firms promise big profits, but is cloud mining a risky investment?
Cloud Mining are services which claim to host bitcoin mining hardware which mines bitcoins. Someone then purchases a certain amount of mining power from the company who then pay out a certain amount based on the bitcoins mined. However, many of these companies are ponzi schemes, therefore you must do your due diligence before investing.
Why do you need a paper wallet?
One of the challenges facing bitcoin’s adopters around the globe is storage. How exactly are you supposed to keep your bitcoins secure if you plan on keeping a significant amount in one wallet? Well, the answer for most will be a paper wallet.
What are the benefits of using bitcoin as a payment system?
Bitcoin offers many advantages over traditional banks. It allows sending payments internationally without concern for currency conversion, it allows transaction confirmation within 10 minutes typically, and transactions cannot be reversed once made.
What are the differences between bitcoin and the traditional banking system?
The traditional banking system works on regular Fait money. The U.S Dollar is the reserve currency, and can be printed at will as/when needed, the supply is not ‘capped’. Bitcoin works in a fundamentally different way to the fait system.
