This is post is taken from the Frequently Asked Questions. One of the misconceptions about Bitcoin is that it has gotten too expensive. It is true that the price for 1 bitcoin has grown substantially over the year, but in order to participate in Bitcoin’s future growth, you don’t need to own whole bitcoins. You…
This is post is taken from the Frequently Asked Questions. This question should be discussed with the help of your financial advisor. Most likely your financial advisor will advise you stay away from bitcoin and the other cryptocurrencies. Some might say that you can put a small amount into bitcoin if you have a small…
This is post is taken from the Frequently Asked Questions. This is the $1 million dollar question. Or maybe we should say the 15.7 BTC question. No one knows this answer exactly. But you can almost say with certainty that over a long enough time frame, it will go up in fiat price. It is…
This is post is taken from the Frequently Asked Questions. When bitcoin was initially developed, it had no value. Eventually as people saw that it fit many of the definitions of a good money, it gained value and now is one of the most valuables assets in the world. Volatility goes both ways, up as…
This is post is taken from the Frequently Asked Questions. Bitcoin is a cryptocurrency in the sense that it too uses cryptography (the technology that the Internet uses for encryption) to create and protect the bitcoin tokens. Bitcoin is different than most in that it uses a consensus mechanism called proof of work. The other…
This is post is taken from the Frequently Asked Questions. One of the major campaigns going on against Bitcoin has been lead by Greenpeace and is funded by a competitor to Bitcoin. The claim is that Bitcoin’s energy usage is bad for the environment. First, how much electricity does bitcoin use? In 2021, it was stated that…
This is post is taken from the Frequently Asked Questions. When the bitcoin network was first turned on in 2009, there was no financial incentive to acquire bitcoin. In fact, a simple computer that anyone had at home was enough to “mine” hundreds of bitcoins. The cost to mine is the cost of the electricity…
This is post is taken from the Frequently Asked Questions. When you earn dollars or any other fiat currencies, you are exchanging your valuable time for a token that reflects the value of the work that you did. We exchange our contributions to society, our energy in an abstracted form, and earn money. This fixes…
This is post is taken from the Frequently Asked Questions. Bitcoin was released into the world by a pseudonymous person who goes by the name of Satoshi Nakamoto. Satoshi released the code so that anyone could run it. It has many of the same values that make gold good money, but since it is digital,…
This is post is taken from the Frequently Asked Questions. Early people bartered. Say you grow apples and your neighbor is a fisherman. You exchange a certain number of apples for his fish. However, what if you only have apples and your shoemaker only wants fish at the moment? You’d have to first exchange the…