Bitcoin faq

FREQUENTLY ASKED QUESTIONS​

What is bitcoin?​

Bitcoin is a peer-to-peer electronic payment system called a cryptocurrency. It’s not issued by the government and does not require using a bank; instead it’s decentralized, open-source computer software running on thousands of nodes around the world handling the bitcoin transactions. Anybody can use this innovative system to pay anyone, anytime, without any friction.

How do I use my cryptocurrency?

You can now easily make a payment to a friend or business via your smartphone app. Open your wallet app, scan the QR code of your desired recipient, type in the amount in either $USD or BTC, and hit send. Voila!

The transaction is immediately signed, broadcast and placed in the queue for “mining” which is also known as confirmation. You have made a payment which will be recorded on the bitcoin blockchain, a public ledger permanently showing all historical transactions and viewable by anyone. Visualize your transaction on blockchain.info.

How do I store my cryptocurrency?

Store your bitcoin on a paper or electronic or wallet. Each wallet has two sides: a public key (for deposits) and a private key (for spending). Don’t ever show or give your private key to anyone! To conveniently use bitcoin, consider installing an encrypted software wallet on your smartphone. Use a trusted wallet software developer such as CoPay, Coinomi or Edge.

Obtain your first bitcoin via a cryptocurrency exchange, such as LUXOLO, where you exchange US dollars for cryptocurrency. Receive your bitcoin or litecoin as a deposit via your wallet’s public key. The funds you receive will be visible instantly on your smartphone wallet.

Looking for more?

Bitcoin.org
The official site of the Bitcoin Foundation, a non-commercial, non-profit community of bitcoin core developers.

Bitcoin 101 Glossary from Brave New Coin
A constantly updated glossary of most modern words and phrases related to cryptocurrency.

CoinCenter
“The leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency and decentralized computing technologies like Bitcoin and Ethereum.”

Bitcoin Simplified

Why The Heck Do We Need Bitcoin?

By popular demand, we’ve created this concise, easy to read booklet to help you understand bitcoin. It’s so simple, even your 8-year old will get it. Satisfaction guaranteed or we’ll send you a free bitcoin bumper sticker.