1.What is Bitcoin?
Bitcoin is a cryptocurrency, a form of electronic cash.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries. It is powered through blockchain technology.So that means people can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
2.What is a Bitcoin address?
A Bitcoin address is a unique identifier that serves as a virtual location where the cryptocurrency can be sent,it is a long string of 26-35 numbers and letters that acts similarly to an email address. The address enables the bitcoin blockchain to recognize when bitcoins are sent and received. These addresses can be used by anybody, from single individuals to businesses to multiple people accessing the one address if desired. It is also considered more secure not to re-use addresses but rather to use a unique address every time you send and receive bitcoins. This increases the privacy of your transactions to a degree and helps in avoiding public tracking of your funds.
3.How do I get started with Bitcoin?
The most common place to buy Bitcoin is through online exchanges,such as Coinbase,it is one of the world's largest Bitcoin trading platforms,and its subsidiary GDAX are considered trustworthy options.
1.Create an account and set up a wallet.
2.Buy bitcoins for three ways: Buy bitcoins from a person - you can purchase bitcoins through person-to-person marketplaces and pay with cash (in person or deposit), bank transfers, money wires, PayPal, and other methods. Buy bitcoins from an exchange/outlet - exchanges and outlets is essentially on online service that either facilitates transactions between users (exchange) or sells their own accrued bitcoins directly to customers (outlet). You'll need to create an account and have your identity verified before you can use an exchange or outlet. Buy bitcoins through an ATM - you can purchase bitcoins from a physical Bitcoin ATM using cash, though many bitcoins are one-directional and only allow you to either buy bitcoins or trade them for cash.
3.Send and Receive Bitcoin.
Open your software wallet and click on the "Send" tab, or use the "Trade|Send Bitcoin" option under your wallet's menu.
Type in the destination address for your intended recipient's wallet. You can type it by hand, copy and paste it from your system clipboard, or drag and drop the recipient's QR code.
Choose a label so that you can track your bitcoin transaction.
Type in the value you want transferred in the "BTC" box.
Review the details to ensure that you have entered the correct information.
Click "Send" to complete the transfer.
Once completed, the transfer is not reversible. It can take around one hour for the transaction to be confirmed by the Bitcoin network, but you and the recipient will instantly be able to see that the transaction was completed.
4.What is the advantage of using Bitcoin?
Easy to Use in Any Situation - It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows its users to be in full control of their money.
Choose your own fees- There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending.
Fewer risks for merchants - Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information.
Security and control - Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods.
No Paperwork-Anyone, from any country, of any age can accept Bitcoins within minutes. There is no ID card, passport or proof of address that all conventional banks required to open an account. All you need to do to start sending and receiving Bitcoins is to download a Bitcoin Wallet program and generate a Bitcoin Address.
5.Why Trust Bitcoin?
Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.
6.What is the difference between Bitcoin and Bitcoin cash?
Bitcoin Cash was created after a hard fork in the Bitcoin blockchain and implemented an increased block size of 8 MB with a goal of confirming transactions even faster and including more transactions into each block. As such, Bitcoin (BTC) and Bitcoin Cash (BCH) are now two entirely separate currencies.Bitcoin cash should not be sent to bitcoin addresses, and vice versa.