1. How to buy bitcoins?
There are two most popular ways: you can buy them online by exchange service, on the internet forum from other users, or also earn them by playing at the bitcoin market. After each transaction the user gets a link that has to be implemented in the cryptocurrency wallet of his/her choice.
2. What is the mine?
It is a place or a company organising the miners’ work where, by using advanced hardware, they mine bitcoins.
3. How to mine bitcoins?
The old method was making by computer with very good graphic card and super strong CPU. The technology is still developing itself, that is why special devices are needed.
4. What is the price of 1 BTC?
The exchange rate keeps changing, but you can always find the current exchange rate on our site.
5. What is a bitcoin?
It is virtual currency, cryptocurrency actually, that is characterized by speed of transaction. No political or economical control. It works on decentralized system, which makes it really safe.
6. Where can I pay with bitcoins?
There is no particular category yet. You can pay with bitcoins in places that have this payment option. Luckily, it has been getting very popular lately. You can pay with bitcoins on most of internet platforms that offer online services or product purchase. You can also check which places near you accept bitcoin payments on coinmap.org.
7. Can I lose my bitcoins?
Not literally, but it is somehow possible. Here are some ways:
- You can forget your wallet password. If you are a cryptography fan and you are a master in creating super strong passwords, be careful. Losing the password is losing the whole access. Since main idea of cryptocurrency is anonymity there is no institution that would have access to your wallet, verify your personal data and give the access back to you.
- Sending bitcoins to wrong wallet address. Always check the wallet address twice or even three times. If you send your bitcoins to address that belongs to someone you don’t know it is impossible to find it out – anonymity.
- Accidentally deleting. When you keep your bitcoins on your hard drive it actually can happen. If you realize it quickly you might use the system retrieve option. Anyway, always make backup copies.
8. How can I get bitcoins?
There are few ways to get bitcoins. First of all, you can buy them. You can buy them from a private user, on some kind of discussion group, and you can also buy bitcoin in the bitcoin exchange (e.g. BuyCoinNow). This is the most common and the safest way. You can also mine bitcoins by using the computing power of the special device needed for that. And you can win them in some kind of contest, get paid with bitcoins, get them as your birthday present… Oh, and, of course, you can steal bitcoins but we are strongly advising against.
9. What directly influences Bitcoin price?
There are some factors, but the most important one is buying on exchanges. During such transactions it is up to the buyer what price he is willing to give for bitcoin. Sellers sell to the highest bid price first, so this way the buyer is the one who decides on value of Bitcoin. Another factors are government regulations, news, miners, and shoppers.
10. How does the Bitcoin mining process work?
When people send each other bitcoins, they do it through the cryptocurrency system. It is important to keep the record of all those transactions, so not a single Satoshi gets lost. That’s basically miners’ job. Every few minute a list of transactions is collected into a block, which is added to the general ledger – block of chains, or simply, blockchain. What miners do is generally confirming the transactions and writing them into the blockchain. What they do is sharing their computing power.
11. Who can mine bitcoins?
Basically anyone. In the past it was popular to mine bitcoins by graphic card, and many people bought advanced hardware and mined bitcoins in their own private homes. Right now there are companies specialized in mining Bitcoin, and also, it is impossible to mine it with graphic card anymore. Right now special devices dedicated to mining only are on sale.