Monthly Archive: March 2016

Are Bitcoins worth buying? 0

Are Bitcoins worth buying?

Are Bitcoins worth buying? Well it all depends on what your objectives are. There are many reasons to own Bitcoin and any of the various other Cryptocurrencies currently available. In the following article we will suggest some of the different reasons and elaborate on their benefits. Remember these are not...

The Future of Bitcoins 0

The Future of Bitcoins

The Future of Bitcoin is vast and ever expanding. The carrier of this growth is the Blockchain and Bitcoin is but one application that can run on the Blockchain. At this moment Blockchain technology is rocking the Fin Tech world. In this article we will be discussing not only the...

What are Bitcoins? 0

What are Bitcoins?

What are Bitcoins? To answer this question we will draw on the definition provided by Wikipedia, then we will break it down and explain each section. According to Wikipedia… “Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto who published the invention in 2008 and released...

What is Bitcoin Mining? 0

What is Bitcoin Mining?

Mining is the active process of using the computational power of a computer to secure BTC transactions by keeping a record of every Bitcoin and/or Altcoin transaction. These are then recorded as a part of the decentralized ledger, known as the Blockchain. Miners maintain the consistency, completeness, and immutability of...

Where do I keep my Bitcoins? 0

Where do I keep my Bitcoins?

Bitcoins and Altcoins are kept in Wallets. These Wallets store information that is necessary to transact the coins. It is important to note that Wallets do not actually hold the coins, they hold the certificate or proof of your holdings. There are different types of Wallets. Wallet types consist of...

How much are Bitcoin transaction fees? 0

How much are Bitcoin transaction fees?

Not all transactions require a fee. However, fees that are charged are based on the data storage size of the transaction, which is dependent on the number of inputs that will be used. Paying a fee may speed up the transaction process because miners will process these transaction first.

Can Bitcoins be divided into smaller units? 0

Can Bitcoins be divided into smaller units?

Bitcoins can be divided into smaller units giving Bitcoin what is known as divisibility. The smaller units are represented as mBTC or millibitcoin, µBTC or microbitcoin and Satoshi.  Satoshi is the smallest unit of division at 0.00000001 Bitcoin.

How do I get Bitcoins? 0

How do I get Bitcoins?

Bitcoins can be acquired by purchasing them directly from one of the many exchanges. Bitcoin is also known as a P2P currency, meaning that you are able to buy and trade them with other people directly. The safest way is through a reputable exchange. These exchanges allow you to buy...

What are Bitcoin Blocks? 0

What are Bitcoin Blocks?

A Block is similar to a folder on a computer. This folder contains all the transactions in a 10 minute period. Each block is locked at the end of the 10 minutes and stacked on the previous one, so to speak. This creates a chain of blocks also known as...

How are Bitcoins created? 0

How are Bitcoins created?

New Bitcoins are produced by the network via the procedure known as mining. The actual process of mining is essentially a race to solve complex mathematical equations, where mining nodes or computer systems function to resolve formulas on the network. Bitcoins are granted each time a node locates the solution...