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FAQ

Frequently Asked Questions

1What Is Bitcoin?
Bitcoin is the first digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros – they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
2What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
3Is Bitcoin Safe to use?
Yes, the only loss of Bitcoin is human error. If you make a mistake in the amount you send to the destination wallet its pretty much all that can go wrong. The Wallet addresses are very complex and if there is an error in the destination address the transaction wont take place.
4Where can i buy Bitcoins?
You can buy Bitcoins on exchanges or from individuals on sites like: www.bitx.co.za www.altcointrader.co.za www.ice3x.co.za www.localbitcoins.com Or you can simply mine Bitcoin.
5What is Bitcoin Mining?
Well, with paper money a government decides when to print and distribute more money, with Bitcoin there is no central government instead, miners use special software to solve math problems (verifying transactions and decrypting Blocks of newly released Bitcoin) and are issued a certain number of bitcoins in exchange.
6Is Bitcoin Mining Profitable?
Yes it is. With the Bitcoin price that constantly gains in value the Bitcoin you mine every day become worth more every day that passes as the Bitcoin value increases. Bitcoin gained over 270% in value between 2015 and 2016.
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