FAQ

FAQ

What is a Bitcoin?

Bitcoin is the world’s largest cryptocurrency and the father of all the different virtual currencies that you can find today. It was created in 2008 and has since then grown to the size it is today, being something that the mainstream public also knows about. Its popularity comes from the fact that it is not regulated by any sort of bank, but controlled by the people and its sophisticated coding, ensuring that there will only a certain amount of Bitcoins in circulation ever and that no more can be created.

What is a AltCoin?

An AltCoin is basically an Alternative Coin, which are all the other cryptocurrencies than the Bitcoin. This term covers over the more than 70 other cryptocurrencies that currently exist in circulation, all fighting to become the next Bitcoin. Just like with the Bitcoin, AltCoins are not regulated by any bank, but instead by the market.

What is Ethereum?

At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.

Is Ethereum similar to Bitcoin? Well, sort of, but not really.

Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While theBitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.

In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.

Is It Legal?

Owning and gambling with cryptocurrencies is completely legal in most countries, however there are a few countries around the world who has prohibited their citizens to own different coins. If you are not from India or China, then you will not need to worry about any legal issues from owning the cryptocurrencies, as the rest of the world has accepted them and started to work with the virtual currency and not against it.

Is It Safe?

Just like most other things online, cryptocurrencies are not 100% safe. However if you protect yourself by having a difficult password you don’t use other places, have a good antivirus program and take other safety precautions, then you will not have to worry about anything when you gamble with cryptocurrency online. The sites take all the necessary security measures as well, to ensure that hackers and other bad people will not be able to infiltrate their system and take any funds or data.

Are There Any Fees With Cryptocurrencies?

Yes and no. This all depends on which wallet you are using and which cryptocurrency you are sending. Should you use the official wallet of the cryptocurrency, there are usually no fees attached to sending money to a site or to another wallet, however if you use one of the large cryptocurrency wallets where you can buy and sell different cryptocurrencies, there is usually a fee of 0.20% of the amount you are sending to a site or another person.

Is It Possible to Buy Less Than 1 Coin?

Yes it is. Since the different coins all have different values, it has been made possible to buy fractions of a coin, fitting the amount of money that you want to spend. To give you an example, if 1 Bitcoin is worth $7,800 and you want to buy for $1900 worth of Bitcoins, you will receive 0.250BTC, which you can use to pay for goods, services, gamble or simply just to invest. The same goes for all other cryptocurrencies, making it possible for everyone to participate in the industry.

Where Can I Buy Bitcoins?

There are several different online sites where you can acquire Bitcoins, either by transferring funds to another person via their preferred payment method, or by mining it

Top