Category: FAQ

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...

Where does Bitcoin get its value? 0

Where does Bitcoin get its value?

Bitcoins have value because they are beneficial and serve and under served segment of our world. They also have value because they can be used as stores of wealth and are limited in the amount that can be created. Bitcoins along with other Cryptocurrencies allow people to operate (ie. conduct...

What is Bitcoin? 0

What is Bitcoin?

Bitcoin is the first successful digital currency and payment system created by “Satoshi Nakamoto.” Satoshi Nakamoto is a pseudonym for the person or group of people that created it in 2008. Bitcoin is the very first decentralized electronic currency, meaning it is not managed by a single company or government....

What is a Cryptocurrency? 0

What is a Cryptocurrency?

A Cryptocurrency is a digital or computer based currency created using file encryption methods that control the generation of units of value (ie. the currency) as well as validate the transfer of funds, running individually of a reserve bank. Cryptocurrencies give individuals as well as business’ the ability to hold...