At this point, everyone has heard of Bitcoin and the power that it has. This cryptocurrency represents the future of online payments as it has vast potential and due to the advantages that it has over FIAT currencies, it makes them look obsolete.
Some of these advantages are instant transactions, user anonymity, but most importantly – the chance to make a profit. Although everyone is somewhat familiar with this cryptocurrency and what it does, there are still people that would like to know more. That is why we decided to answer some of the most frequently asked questions about Bitcoin. Let’s begin.
Where Do You Store Them?
Just like the physical credit/debit card stores your funds, Bitcoins also need a storage unit. These storage units are known as e-wallets. To access them, you need to own a private key. The private key is your passcode and you must make sure that you keep it a secret. Private keys should not be confused with public keys. Public keys are the keys that you use to complete certain Bitcoin transactions.
Where Do You Sell Them?
One of the most commonly asked questions about Bitcoins is where do you sell them to make a profit. The answer is trading sites. These platforms are more than just marketplaces. They have advanced softwares which can help you maximize your profits.
How? Let’s take Bitcoin Prime, one of the most popular and most reputable trading sites as an example. This platform has an advanced AI system that is able to collect all the data about Bitcoin from the market. After the data is collected, the AI system analyzes it and manages to predict Bitcoin’s future fluctuations with great precision.
That is the reason why this trading site has thousands of registered users from every corner of the planet. These users receive vital intel on when to sell their assets and maximize their profits, which is a great advantage in the process of trading Bitcoins.
How Do You Earn Bitcoins?
The second question that is connected to the process of making money with Bitcoin is how do you earn it? There are two ways. The most commonly chosen option is to mine it. You do this by solving complex puzzles. Each puzzle that you manage to solve will bring you Bitcoins. This may sound simple, but it is far from it. The solved puzzles are actually verified Bitcoin transactions. Each transaction made with Bitcoin is called a block, while the whole system of transactions is known as a blockchain.
The second way to earn them is simpler. All you have to do is go to trading sites and buy them, but if you are planning to re-sell it and make money, this way is far riskier as it cannot guarantee you a profit. Mining, on the other hand, is free.
Is The Network Secure?
Bitcoin’s network is extremely secure. Users gain a certain level of anonymity when they trade with Bitcoins, which increases their online security a lot. Not only that, but its security system is state-of-the-art. A good proof of that is the fact that Bitcoin has never been hacked in history.
Who is Its Creator?
The creator of Bitcoin goes by the pseudonym Satoshi Nakamoto. The interesting thing about this individual is that he is completely anonymous. No one knows his real identity. All that we know about him is that he created Bitcoin in 2008 and made the first transaction after he/she sold 10 Bitcoins to Hal Finney, in 2009.
There have been countless speculations as to who Satoshi is, but nothing has been confirmed yet, which is a wonder. Being fully off the grid these days is not an easy thing to pull off, yet Satoshi has done it.