Frequently Asked Questions

Bitcoin & Blockchain

  • Bitcoin is a form of digital currency which is based on an open source code that was created and is held electronically. Bitcoin is a decentralized form of currency, meaning that it does not belong to any form of government and is not controlled by anyone.

  • Bitcoin was created by Satoshi Nakamoto, who published the invention on 31 October 2008 to a cryptography mailing list in a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”.

  • From a user perspective, using Bitcoin is extremely simple. Users can send money to your wallet and you can send money to other wallets on the Bitcoin network. This is how Bitcoin works for most users.

    Behind the scenes, these transactions are somewhat more complex. Every transaction is publicly shared on a ledger called the “block chain”.

  • Blockchain or “block chain” contains every single transaction ever made on the Bitcoin network, which gives complete transparency for each transaction and allows any computer on the network to verify its validity.

    • As payment for goods or services.
    • Purchase bitcoins at a Bitcoin exchange.
    • Exchange bitcoins with someone near you.
    • Earn bitcoins through competitive mining.
  • It’s fast, it’s cheap to use, it’s private, and central governments can’t take it away.

Cryptocurrency Market

  • Cryptocurrencies are digital assets which use cryptography and shared transaction ledgers to create a secure, anonymous, traceable and potentially stable monetary system.

    Bitcoin became the first decentralized cryptocurrency in 2009. 

  • The term “altcoin” is an abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin. 

    Altcoins are launched after the success of Bitcoin. To date, there are more than 900 altcoins available over the internet.

  • Yes. Since this is a new concept to most people, it will take some time to become widely accepted. This is where Bitcoin has been instrumental in paving the way for this new technology.

  • A cryptocurrency market or crypto market is the aggregation of buyers and sellers of cryptocurrencies. This is where digital assets, tokens and coins are bought and sold.

  • Cryptocurrency Trading is simply the exchange of cryptocurrencies. This means, you are able to buy and sell bitcoin and altcoins in the crypto market.

  • In the past, investors in cryptocurrencies have been ridiculously successful. As Bitcoin’s price continues to surge, the rollercoaster ride of cryptocurrencies could make you rich.

    Disclaimer: Please do not take this information as a professional investment advice.

  • Of course! Let’s admit the fact that some technologies will fail. There are also a lot of scam coins out there, so be careful. Like penny stocks that are just a company on paper, almost anyone can create a new cryptocurrency.

    In general, when it comes to investing, there’s one major rule that you should remember: “Never invest money you can’t afford to lose”.