FAQ

What is Bitcoin

Bitcoin is the world’s leading digital currency or cryptocurrency. It allows peer-to-peer payments online with no central authority (like a central bank). As a digital currency, there are no coins or notes – everything is electronic.

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Who is Satoshi Nakamoto? As Bitcoin continues to enjoy wild fluctuations in value due to its relatively high volatility, the inventor of the cryptocurrency remains a mystery till today.

Read about: Satoshi Nakamoto

Where can I use Bitcoin? A growing number of businesses accept Bitcoin, many of which are high profile. Among the most high profile are:

  • Microsoft
  • CheapAir.com
  • Subway
  • Reddit
  • Bloomberg.com

Read about Places you can use Bitcoin

How can I buy Bitcoin? There are essentially two ways to buy Bitcoins – on exchanges or directly from other sellers on online marketplaces. The best place to go are exchanges, which our site seeks to rate on a regular basis. Different exchanges offer different terms, so be sure to shop around.

Once you’ve purchased some Bitcoins, you’re going to need somewhere to store them: A Bitcoin wallet (see below).

Read about: How to buy and use Bitcoin?

What is a Bitcoin Wallet? Even if there aren’t physical coins and notes for Bitcoin, you’ll still need a wallet. The wallet provides security for your Bitcoins. There are different types of wallet, which essentially break down as:

  • A multisig wallet that uses several keys to provide protection to the wallet
  • An online based wallet service
  • A software wallet, which you can download to your computer’s hard drive

All of the three variables are very safe but not 100% so. However, look at this way: even the internet banking provided by your bricks and mortar bank isn’t 100% safe.

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How can I sell Bitcoin? Selling Bitcoins is pretty much the same process as buying them, with the only difference being that you’re taking the other side of the transaction. Ideally, you could use a Bitcoin ATM if there’s one relatively nearby. Otherwise, online services such as BitQuick, CoinBase and Circle allow efficient payments for Bitcoins online, providing escrow systems so that both sides of the transaction are satisfied.

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How safe is Bitcoin? Bitcoin is very safe and becoming safer all the time. The fact that the technology that underpins it, Blockchain technology, is currently being developed by investment banks for their in-house transactions tells you everything.

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What’s the difference between Bitcoin and the Blockchain? Bitcoin is the currency…Blockchain is the technology that makes it all possible. So, while Bitcoin is just the most well-known digital currency (or “cryptocurrency”), Blockchain is the technology that allows all of those digital currencies to function.

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Is Bitcoin legal where I live? Here’s the thing; because Bitcoin is a digital currency, the only governments that tend to ban it are those that fear it has the potential to replace their own currency (they give different reasons, but this is essentially the motive behind banning it in most countries). That said, the government of South Korea is preparing to ban Bitcoin too. The full list of countries to have banned Bitcoin reads as follows:

  • Algeria
  • Morocco
  • Bolivia
  • Ecuador
  • Kyrgyzstan
  • Bangladesh
  • Nepal

Read about: Bitcoin legality

Will I have to pay tax on Bitcoin? Governments in many countries have begun to see the potential in raising tax revenue from Bitcoin traders. So far, the countries which Bitcoin can definitely be taxed (although you should check your country’s tax code to confirm) are:

  • The United States
  • United  Kingdom
  • European Union
  • Israel
  • Singapore
  • Japan
  • Norway
  • Australia

Read about: Paying taxes on bitcoin

Is there a way to ensure the safety of my Bitcoins? As mentioned above in the “How safe is Bitcoin” section, Bitcoin is very safe but for the more security conscious out there, the best way is to store Bitcoins in a hardware Bitcoin wallet, which isn’t connected to the internet. Hardware wallets like the Trezor or Ledger Nano S are relatively cheap and easy to set up.

Read about: How to protect and keep bitcoins safe?

How quickly can Bitcoin be converted back to my local currency? There are now enough exchanges to ensure that Bitcoin is very liquid indeed. It shouldn’t take more than a couple of hours to convert your Bitcoin back into regular currency (including the confirmation wait).

Read about: How to convert bitcoin back to my local currency?

Can I mine my own Bitcoin? Yes, you can. You’ll just need a supercomputer and lots of patience.

Read about: How to mine your own Bitcoins?

I’m looking to invest – How safe an investment is Bitcoin? Bitcoin isn’t a safe investment; it’s a high-risk, high-reward asset. It could well provide an interesting minor part of your investment portfolio if it was combined with treasuries, corporate bonds and other safer investments.

Read about: How to invest in bitcoin?

What are the transaction fees involved in Bitcoin trading? Transaction fees vary, but are typically anywhere between $10 and $30.

Read about:  Current bitcoin transaction fee

Is Bitcoin anonymous? Let’s put it this way – Bitcoin is more anonymous than any other type of money transaction. Although there are ways and means of getting around its anonymity (hacking, for instance), Bitcoin users create anonymous addresses and identities and don’t disclose them to other users. As such, it’s sometimes referred to as being ‘pseudo-anonymous.’

Read about: How to buy bitcoins anonymously?

Best way to buy bitcoins in the UKvBitcoin has been in the headlines recently more than ever, and due to the rapid advancement of the cryptocurrency sector, more people than ever are interested in getting to know how to buy and sell Bitcoin in the United Kingdom. It is worth noting that buying bitcoin in the UK is very similar to buying bitcoin in the US.

Read about the Best ways to buy bitcoins in the UK

How to Buy Bitcoin with Credit Card? Credit cards, unlike other businesses and instruments, are not blocked by the major companies from being used to buy Bitcoins. How and where can you buy Bitcoin with a credit card?

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How to buy Bitcoin with PayPal? At first glance, it would seem Paypal and Bitcoin are made for each other. Paypal is a well-organized platform which was designed for transferring money simply and quickly over the Internet without the use of financial emissaries. Bitcoin is a means of exchange that is specially designed to work outside the financial mainstream.

Read about: How to buy Bitcoin with PayPal

What is Bitcoin Cash? Since its inception almost nine years ago, Bitcoin is now as strong as ever. As it stands now, it is not only the world’s first digital currency, but also the most stable, expensive, and popular.

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What is Ethereum?

 

Although the blockchain technology is commonly associated with Bitcoin, it has many other applications that go way past cryptocurrencies. Bitcoin is in fact, only one of several hundred applications that use blockchain technology today.

Read about: Ethereum cryptocurrency

Who created Ethereum? An anonymous developer (or group developers) came up with a new way to send value over the internet in 2008, and that innovation is what is now globally known as bitcoin.

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How to Buy Ethereum? Ethereum aims at becoming a unique blockchain solution for all, a global computer that will one-day transform most of the services currently in existence. The Ethereum network allows anyone to develop decentralized apps and generally make use of the network, as long as they own Ethereum’s native cryptocurrency, called Ether.

Read about: How to buy Ethereum

How to sell Ethereum? After you’ve gathered some Ether, either through mining or buying the tokens, there will probably be a point in time when you’ll decide to sell ethereum, which makes it a crucial task for you to learn how to sell ethereum.

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Guide on Ethereum Wallets: So, what is an ethereum wallet? Basically, an ethereum wallet is a software that lets you store your Ether, conduct transactions efficiently and check your balance anytime you need to.

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What is Ripple?

Interoperability has been a major challenge facing Bitcoins and most altcoins since the introduction of digital currency to the commercial world. As a result of the flaw in most cryptocurrencies to expedite settlements across different countries and in different currencies, users have to pay exorbitant transaction fees.

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Key Differences Between Ripple and Bitcoin – Cryptocurrencies and Blockchain are an indispensable part of our modern life, and people often get lost in the diversity of digital assets that are present in the market. Bitcoin is still the most popular cryptocurrency. However, Ripple is on the rise as well, as it keeps gaining popularity among cryptocurrency enthusiasts and investors all over the world.

Read about: Differences between Ripple and Bitcoin

How to buy Ripple (XRP)? Ripple is a global payment system which expedites the international transfer of any currency within seconds. The Ripple network has rendered the old system of monetary transfer via Western Union or SWIFT obsolete.  Currently, Ripple is centered solely on operating with banks, giving them a cost-effective and more efficient way to send real-time payments globally.

Read about: How to buy Ripple?

A beginner’s guide to Ripple (XRP) Are you concerned about where to store your Ripple coins? or you want to learn how to open ripple wallet? How to buy ripple wallet? This handy guide will help you go about it, and also answer all the questions you might have regarding ripple wallet.

Read about: Ripple wallets