FAQs about Bitcoin, the Blockchain and Cryptocurrencies
Bitcoin is a type of cryptocurrency. It’s also an asset and a payment platform with digital ledger that spans the world, combining global transactions onto a single system.
In countries with hyperinflation, Bitcoin has become a viable payment method.
Bitcoin can also move fluidly across borders without intermediaries.
Unlike FIAT currencies that need to get converted from USD to Euros to Yen, Bitcoin is just Bitcoin.
The blockchain is a digital ledger that records transactions publicly or privately and sequentially. Through encryption and decentralization, the blockchain creates trust. With Bitcoin’s blockchain, anyone can see all transactions.
Now, there are several different blockchains such as Ethereum. Bitcoin is the oldest and longest blockchain, containing the greatest number of transactions. Bitcoin can be used to buy and sell goods and services. People in Venezuela and Zimbabwe use Bitcoin as money since their national currencies have collapsed.
Bitcoin is a volatile investment with the ability to go to zero, like every other FIAT currency. Bitcoin was made by some anonymous person of group of people called Satoshi Nakamoto.
A Bitcoin address is a digital string of 26 numbers and letters you need to send and receive Bitcoin.
You can get an address by creating one all by yourself on your computer.
You can use BitcoinPaperWallet, VanityGen and several other platforms. QR codes can transmit the long string of characters from a screen to a device.
You can buy, sells and trade fractions of a Bitcoin, called Satoshis.