FAQ

FAQ

What is blockchain technology?

Blockchain is simply a ledger or a database. It can be a database of virtually any recordable information. In simple words, blockchain store data in “blocks” and “chain” them together to form a cohesive, unbroken record of that particular information.

 

Why use a blockchain?

Blockchain technology offers new tools for authentication and authorization in the digital world that prevent the need for numerous centralized administrators. As a result, it facilitates the creation of new digital relationships. By formalizing and securing new digital relationships, the blockchain revolution is posed to create the backbone of a layer of the internet for transactions and interactions of value.

 

What is a distributed ledger?

Distributed Ledgers are a dynamic form of media. They have properties and capabilities that go far beyond static paper-based ledgers. A distributed ledger is a database held and updated independently by each participant or node in a large network. The distribution is unique. Records are not communicated to different nodes by a central authority. They are instead independently constructed and held by every node. Every single node on the network processes every transaction, coming to its own conclusions and then voting on those conclusions to make certain the majority agree with the conclusions.

 

Blockchain Crowdfunding

Blockchain crowdfunding is set to be a game changer. It decentralizes the funding model and works by allowing start-ups to create their own digital currencies and sell them. Further, it allows to raise funds from early investors. The investors have the possibility to make money if the value of their cryptographic shares increases. It removes any intermediaries between the backers and the start-up. It has the potential to breakthrough new blockchain platforms as it will give the blockchain community a new way to fund its own projects. It suits the anarchistic blockchain enthusiasts as well, hence allowing them to avoid traditional funding methods.

 

What is Bitcoin ?

Bitcoin is a form of digital currency used to secure and instant transfer of value anywhere in the world. It is not controlled or issued by any bank or government. It is an open network which is managed by its users. Bitcoin improves the existing payment methods which were not designed for the internet era.

 

How can I buy Bitcoin?

Firstly, sign up for a bitcoin wallet. Download the app on site like Blockchain.info or mobile app like Bitcoin Wallet for Android, then fill in with the basic information. You can use traditional payment method such as credit card, bank transfer, or debit card to buy bitcoin on a bitcoin exchange.

 

How can I sell bitcoin?

Selling bitcoins is not much different from buying bitcoins. Find a Bitcoin exchange or a trading partner that will pay you with your desired payment method is the first step. From there, you can complete a trade to sell your bitcoins.

 

What are Bitcoin Wallet?

Bitcoin wallet is a software program where bitcoins are stored. Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins. It gives ownership of the Bitcoin balance to the user.  The Bitcoin wallet comes in many forms; desktop, mobile, web and hardware are the four main types of wallets.

 

What is Bitcoin Mining?

It is the process of adding and verifying new transaction records to the bitcoin blockchain (distributed public ledger). It includes all past transactions. During this process, new bitcoins are released from the remaining unmined pool of 21 million total bitcoins.

How Bitcoin Mining works?

Miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency. It also creates an incentive for more people to mine. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin as it ensures fairness while keeping the Bitcoin network stable, safe and secure.