Frequently Asked Questions

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What is Bitcoin?

Bitcoin is a special type of digital money.

Who runs Bitcoin?

Bitcoin is not run by a bank or government. It’s operated by anyone who wants to volunteer or participate.

Can I spend Bitcoin?

Yes - You can use Bitcoin at any place that accepts it. This is growing daily.

Can I swap it for USD/EUR/GBP, etc?

Yes, you can trade Bitcoin for other types of money. But - after learning more about Bitcoin and Fiat, you may not want to.

Can I buy bits of a bitcoin?

Yes, just like there are 100 cents in a dollar, there are 100,000,000 fractions of a Bitcoin, called Satoshis - pronounced "SAH-Toe-Shes".

Where does Bitcoin get it's price?

Bitcoin gets it's price just like stocks/shares and commodities (like gold) - It's price is "market-driven".

This is sometimes referred to "Supply and Demand".

• The demand depends on how many people want to buy Bitcoin, and at what price they are willing to pay.
• The supply depends on how many people are willing to sell their Bitcoin, and at what price they are willing to sell.

<aside> 💡 Learn more about what why people from around the world Buy Bitcoin:

Why People Buy Bitcoin

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How is Bitcoin different to fiat money?

Bitcoin is different in a number of ways, including some key aspects:

• Bitcoin’s total supply is known - 21 Million, and it’s emission is predictable.
• Governments or central banks can not make changes/print more as they like.
• Third parties are not required for transactions, and
• Third parties can not interfere with it.

We see the effects of central banks printing when we see the prices of groceries, housing, and fuel go up; beyond inflation, it’s through this fundamental debasement of the currency that your purchasing power is being eroded.

<aside> 💡 Learn more about the network:

The Bitcoin Network

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Are Bitcoin transactions anonymous?

No. Bitcoin Transactions can be seen on the "Blockchain", a list of all previous transactions. Because transactions occur between Bitcoin accounts, it is possible to infer or guess the owner of an account if enough information is known.

Can someone make counterfeit Bitcoin?

No - Bitcoin can not be counterfeited.

<aside> ⚠️ There are some who try to pass off copies of the code with slight changes as being Bitcoin, or “The next bitcoin”.

Just as there is Gold and Fool’s Gold, there is Bitcoin, and then there is everything else.

</aside>

Reference Documents

• Bitcoin Whitepaper The original document released describing the Bitcoin Network’s mechanics.

This page is provided free of charge, and always under development.

<aside> 🙏 Thank you for visiting.

If I’ve got something wrong, you have some new information, or you want to send me feedback, please get in contact via Twitter - @bayanimills

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