frequently
asked questions

General

What is Bitcoin?
Bitcoin is the world's first cryptocurrency, a form of electronic cash. It is the first decentralized digital currency: the system works without a central bank or single administrator.
How does Bitcoin work?
A transaction is a transfer of value between Bitcoinwallets that gets included in the block chain. Bitcoinwallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.
Is Bitcoin really used by people?
Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. The mathematical field of cryptography is the basis for Bitcoin's security.
What are the advantages of Bitcoin?
The 6 main advantages of Bitcoin
  • Mobile payments the easy way. Bitcoin on mobile cell phones allow you to paywith a simple two steps: first scan then pay.
  • Control over your money. Bitcoin transactions are highly secured.
  • Everywhere and anytime.
  • Sending international payments – fast and cheap.
  • Choose your own fees.
  • Protect your identity.
  • Comments.
Why do people trust Bitcoin?
In the world of cryptocurrency, Bitcoin has come out as the clear winner in terms of value, trust and reliability. While the market for cryptocurrency can still fluctuate dramatically over short spans of time, it is becoming far more stable as the months pass. However, with the rapidly changing nature of Bitcoin prices, it would be reasonable to expect that this type of currency would be quite difficult to trust. The reality, though, is that people are still flocking to Bitcoin as a form of currency for the numerous benefits and investment opportunities that it presents. There’s just a few simple reasons that Bitcoin has been able to thrive, and the majority of them are easy enough for almost anyone to understand.
Is bitcoin completely virtual?
Bitcoin has become increasingly accepted by the general public and part of mainstream culture. Many new or potential users have questions about how it works and the security of this digital currency. Many people do not understand exactly how a completely digital currency can be a viable banking and payment method. Although it is almost completely virtual, it functions similarly to other forms of online banking or payment.

Security

Is Bitcoin secure?
The Bitcoin network and currency has proven to be secure, functional, and efficient. The technology used to build Bitcoin is mathematically secured by the laws of the universe, and is constantly being improved upon by the open-source community. The software is actively inspected, and audited by this growing community.
Hasn't Bitcoin been hacked in the past?
The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed. The more such issues are discovered, the more Bitcoin is gaining maturity.
Could users collude against Bitcoin?
Apparently, changing the Bitcoin protocol is not that easy. A bitcoin client must comply with the same rules as everyone else in order to enforce any rules. Double spending or spending bitcoins without a valid signature is not possible, therefore it isn’t possible to generate bitcoins out of thin air, spend another user’s bitcoins, or corrupt the network.
Why do I have to wait for confirmation?
It's basically waiting to be picked up by a Bitcoin miner and entered into a block oftransaction on the Blockchain . Until it is picked up it's considered an “unconfirmedtransaction” or a “pending transaction”. A new block of transactions in added tothe Blockchain every 10 minutes on average.
How much will the transaction fee be?
The minimum fee necessary for a transaction to confirm varies over time and arises from the intersection of supply and demand in Bitcoin's free market for block space.[3] On the supply size, Bitcoin has a maximum block size(currently one million vbytes) that limits the maximum amount of transaction data that can be added to a block.
What if I receive a bitcoin when my computer is powered off?
Bitcoins are not stored locally on your computer, because bitcoin transactions are really just an list item on a giant ledger of transactions that have occurred throughout the history of bitcoins. Every single time a bitcoin is generated or moved, this public ledger is updated.

Transactions

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