Q: What exactly is Bitcoin and how is it different than regular money?A: Unlike regular money, such as USD, there is no central government that can manipulate cryptocurrency such as Bitcoin. Bitcoin is a shared worldwide currency that can be used by anybody in any country and it uses highly advanced cryptography technology to keep your funds secure. Additionally, transactions are anonymous, yet the transactions are all recorded on a public ledger for accountability.
Q: What does ‘decentralized’ mean and how does it benefit cryptocurrency?
A; Decentralized means that there isn’t one source of power that can manipulate the currency to their favor, such as how current governments in all countries are run. This benefits cryptocurrency because no politicians, government agencies, or any individuals can play around with artificial supply and demand, especially with Bitcoin, since it is limited to only 21 million total.
Q: What does it mean that transactions are public? Does that mean people know what I paid other people and what I paid for?
A: All of your transactions are recorded on a public ledger, however, fear not, because nothing related to your identity or purchase is included. The public ledger will simply include the unique wallet ID and transaction amount.
Q: What are the advantages of Bitcoin?
A: The advantages are endless, but in a nutshell, it is a revolutionary new financial technology that increases financial privacy, de-centralizes the system, and has the ability to provide you with incredible wealth if you choose to enter the industry.
Q: What are the disadvantages?
A: The biggest disadvantage is the possibility, although minimal, of cryptocurrency and Bitcoin not being accepted by the general public. If it does not gain the acceptance, then coins will lose its value as a currency. However, we strongly believe that is almost no chance of this happening.
Q: How will I know Bitcoin will survive?
A: You don’t – none of us do. Being involved in Bitcoin is like investing: there are no guarantees. So you simply have to do your research and decide for yourself if you want to be a part of this wave or not. Never risk more than you’re willing to lose.
Q: Is it like cash? Or an investment like stocks?
A: It’s kind of like both, which is awesome. It is like cash, in that you can use it to purchase goods and services. And it acts like stocks because it has public value, which can lead to the valuation of Bitcoin to appreciate. This means that the same amount of Bitcoin that you hold today, can be worth much more in the future.
Q: What is Bitcoin mining? Should I do it?
A: BItcoin mining is a technical process in which super-computers actively “mine” for Bitcoin and release more to be distributed into the ecosystem. A maximum of 21 million Bitcoin can be mined. Whether you should do it or not is up to you – perform your research on the full details of mining and you can figure it out for yourself.
Q: If I buy something with a Bitcoin, can I get a refund?
A: Sure, but that’s completely up to the vendor. Unlike credit cards, you cannot request a chargeback. So before you send your valuable Bitcoin to anyone, be sure you know who you are paying.
Q: Can you send Bitcoin between different countries?
A: You sure can! That is the beauty of Bitcoin, as there are no country restrictions. Even a 6-year-old boy from Russia can send Bitcoins to a 100-year-old grandmother in Costa Rica.
Q: Is it safe to participate in Bitcoin?
A: Yes, but you must take cautionary steps to ensure your safety. For example, you should always set up 2-factor authorization on your accounts if you keep your coins with an online third party. Additionally, some things to look into are: 1) Not sharing your account details with anybody, especially your pass-phrases, 2) Purchasing a physical cold storage, such as a Trezor, 3) Avoiding scams and hacks – if you have a bad feeling, just don’t do it.
Where to buy Bitcoin?
Q: What are the different ways to buy Bitcoins?
A: You can purchase it directly on exchange websites, such as LocalBitcoins and Coinbase.com. Or you can look for a local Bitcoin ATM (https://coinatmradar.com/).
Q: How do I avoid getting scammed when buying Bitcoin?
A: Choose a reputable website/service. For example, Coinbase has been around for a long time and is a legitimate company. If you use LocalBitcoins.com, then ensure you choose somebody with a high reputation.
Q: Why does Bitcoin have a bad reputation for scams and being used in the “dark web?”
A: Due to the anonymity of cryptocurrency, there will always be some bad eggs that do “bad things”. Just be smart, perform your due diligence, and you’ll be fine.
Q: Should I buy Bitcoin to use? Or as an investment?
A: That’s completely up to you and your needs. It can be both, but we suggest combining the two and getting as much Bitcoin as you can.
How to store and exchange Bitcoin?
Q: I’ve heard about people losing their Bitcoin because they forgot their passwords – what does this mean and how do I avoid it?
A: This was more common in the early days of Bitcoin because people did not take it as “real money”, so they weren’t as careful. Nowadays, if you use third parties to hold your Bitcoin, you’re typically fine as long as you can log into your accounts. However, if you have a lot of Bitcoin, it is always wise to keep it in your own hands, and not of a third party website, even if it is a trusted one. If you lock it up in an online vault, use websites like Blockchain.info, or use cold storage, ensure that you properly write down and store your phases in the correct order.
Q: Do I need to download a software in order to send Bitcoin?
A: Nope, you can just use a third-party website directly on the world wide web.
Q: What are the different ways to store my Bitcoin (software and hardware)? What are the advantages and disadvantages of both?
A: If you have a smaller balance, keeping your BItcoin online with companies such as Coinbase.com, Blockchain.info, or LocalBitCoins.com is perfectly fine. This makes your life easier.However, if you want to exercise extra precaution, you can purchase a hardware such as Trezor that will allow you to hold your own Bitcoin.
Q: Should I set 2-factory authorization when using an online account to store my Bitcoin?
A: 100%. In fact, set as many security settings as you can. Make sure you understand that the security setting is, just in case you accidentally lock yourself out of using your own Bitcoin. In fact, you should also set up 2-factory authorization on any email accounts you use related to your Bitcoin wallet for added security.
Q: What if I want to exchange Bitcoin back to my country’s currency?
A: No problem, websites like LocalBitcoins.com and Coinbase (select countries) will allow you to do this.
Q: How do I protect my identity in Bitcoin transactions?
A: Your identity and transaction is automatically anonymous, so you don’t have to worry. That’s the beauty of the cryptocurrency world.
How to make money with Bitcoin?
Q: What are the different ways to make money with Bitcoin?
A: If you have Bitcoin and want to grow it, we have a bunch of recommendations within GoldMailer.club that you can follow step-by-step. In fact, these are the exact steps Graham Frame is using to grow his Bitcoin wallet significantly, and as a member, this is your opportunity to follow him step-by-step.
Q: Can I sell products / services in Bitcoin?
A: You sure can. If you believe that Bitcoin will appreciate in value, then it is an excellent idea to start selling products / services in Bitcoin because not only can you capitalize on the cash value today, but you can bank (literally) on its future value.
Q: Is Bitcoin and the crypto market currently in a bubble? Is it about to burst?
A: Nobody can predict this, otherwise that person will become a billionaire. However, in our humble opinion, while there can be market corrections with the price and value of Bitcoin, this “bubble” will not burst to a point where Bitcoin will become worthless – we just do not see it happening. Bitcoin is a financial force that is taking over the world and in the long run, we only see it going up.