2021-10-20 08:34:16
What is Bitcoin?
It is a new form of money that works really well on the Internet.
Can I send a dollar to anyone anywhere in the world?
Yes. Bitcoin works really well on the Internet.
Can I send $100 million?
Yes, it can easily handle a sum of that magnitude.
How much would a $100 million transaction cost me?
around $0.2 - $5 depending.
Does it have its currency code like USD or RMB?
Yes, it's currency code is BTC. (May possibly changed to XBT in the future)
Does an organisation or the government owns the Bitcoin?
No, it is not owned or controlled by any organisation, government or company.
So can I send money to anyone on the Internet?
Yes. You don't even have to know who they are. You just send it to their "Bitcoin address", kind of like an email address.
Do people have more than one Bitcoin address?
Yes. The most private way to use Bitcoin is to never re-use an address. Your Bitcoin wallet will take care of this for you.
Where do I get a bitcoin wallet?
There are lots of bitcoin wallets available for desktop and mobile devices.
Is using bitcoin completely anonymous?
No. But it's very hard to track the transactions. It's kind of like cash, the police or government can probably still do it if they need to.
What's the "block chain"?
It is the large database that contains all the transactions ever made using Bitcoin. New transactions are gathered up into a group called a block. Each new block references the one before forming a chain.
What is Bitcoin mining?
The process of adding a block in a blockchain is done by many computers, also known as miners. These miners solves the Cryptographic algorithm and in rewards gets the bitcoin so new bitcoins is created every at every block.
Is Bitcoin kind of like BitTorrent?
Yes. They both uses a similar approach to sharing the big database file.
So it's called "mining" because you're digging up bitcoins?
That's the analogy. You could extend it a little to say that Bitcoin is a digital element that is rarer than gold.
What is 1mBTC?
a thousandth of a bitcoin and is called a milli (like millimeter). 1µBTC is a millionth of a bitcoin and is called a mike (like micrometer).
The smallest unit (remember the 8 decimal places) is called a Satoshi after the inventor of Bitcoin: Satoshi Nakamoto.
Why the anonymity?
As a guess it could be that as an anonymous figurehead Satoshi can do no wrong. Or perhaps Satoshi felt that the project was sufficiently developed to hand it over to others to take forward.
Why the 21 million bitcoin limit?
Bitcoin has been designed as to increase its value over time, so it has a strictly limited money supply.
Could it crash to zero tomorrow?
There is that possibility. Nobody knows. It is a big economic experiment.
What is the easiest way to buy Bitcoin?
Thru many of the online bitcoin exchanges you can easily found on the internet. Coinbase (coinbase.com luno.com) are the popular ones.
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