FAQ - CRYPTOKNOWLEDGE

Frequently Asked Questions

What is Cryptocurrency?

Cryptocurrency is a type of exchange that uses encryption to secure transactions and control the creation of new currency units.
Cryptocoins are a subset of digital coins. Bitcoin was created in 2008, opensource in 2009 and became the first decentralised Cryptocoin to be openly traded in 2010.

What is Bitcoin?

Bitcoin (also commonly referred to as BTC or XBT) is different than any currency that you have used before, so it's important to understand some key points.
Bitcoin is a virtual/digital currency which operates independently of any central bank. Bitcoins can be used to buy goods and services and can be traded among individuals and businesses. Over the past few years Bitcoin has become a hot commodity due to its volatility and demand.

The benefits of Bitcoin include:
Very low transaction fees
Faster transactions than bank processing
Send money to anyone in the world at any given time ( Never closed for holidays )
Send and receive Bitcoins using any mobile device with internet
There’s no central authority for Bitcoin thus not affected by economic or political pressure
Bitcoin transactions do not share personal information as such protects against identity theft
Bitcoin transactions protect merchants as Bitcoin transactions can not be reversed and can be verified using the public ledger
Your Bitcoin can be backed up and secured to protect your money

What is Trading?

Financial trading consists of buying or selling an underlying amount in a financial market with the intention of earning a speculative profit.
You buy something with the intention of being able to sell it for a higher price or with the intention of buying again later for a lower price.
Example: You buy low and sell high, and then you buy again when the currency goes down.

How do I buy Bitcoin and other Cryptocurrencies?

There are so many Exchanges available in the market. At least a new one every month who offer you the service of being able to buy/sell/trade bitcoin other cryptocurrencies all in the one platform. We've provided an Easy Step by Step Guide on How to Buy, Store and Trade Bitcoin, which provides some useful tips and recommendations for Exchanges that are secure, licenced and regulated.

What is a Bitcoin or Cryptocurrency Wallet?

Before you buy or sell Bitcoin (or any other cryptocurrency) you’ll need a wallet. A Bitcoin wallet stores your funds and functions much like an online bank account. It stores your Bitcoin and allows you to send and receive them as well.

How do I get a Bitcoin or Cryptocurrency Wallet?

There are so many providers of bitcoin wallets and other cryptocurrency wallets. We've provided an Easy Step by Step Guide on How to Buy, Store and Trade Bitcoin, which provides some useful tips and recommendations for wallets.

What is the Blockchain?

The Blockchain is the platform upon which Bitcoin and other cryptocurrencies are built on. It is decentralised and is open to all i.e. like a public ledger. Transactions are verified and added to this public ledger or blockchain and thereafter cannot be modified nor deleted, and are permanently recorded.

What is Bitcoin Mining?

Bitcoin mining is the process by which transactions are verified and added to the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining.

SlideShow Basics for Bitcoin & Cryptos

Simple yet informative presentation of slides providing you with all things bitcoin, blockchain, cryptography and more. Feel free to share to your family, friends and social media networks. This is a work in progress.

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