7 Questions and Answers about Bitcoin and Other Cryptocurrencies

Cointral Marketing Manager
7 Questions and Answers about Bitcoin and Other Cryptocurrencies

Bitcoin, the king of cryptocurrencies, and other cryptocurrencies have attracted the attention of investors since 2009. Especially in 2017, cryptocurrencies, experiencing an extraordinary rise, managed to be the focal point of the investors. However, getting used to cryptocurrency, a new technology, was not so easy. In this article we will answer some of the most asked questions about Bitcoin, Ethereum, Litecoin and other cryptocurrencies. Have a pleasant reading.

1. What is Bitcoin? When did it come out?

In this world of digital, Bitcoin has emerged as a digital payment system that does not have any connection with any bank or official institution as in traditional systems. In 2008, it was announced with a white paper by an unidentified person or people named Satoshi Nakamoto.

2. Is Bitcoin Reliable?

The logic of Bitcoin is based on peer-to-peer digital money transfer. With the presence of Blockchain technology, it is capable of forming a decentralized structure. There are brokerage firms available just for trading.

3. Can cryptocurrencies be used for daily shopping?

Cryptocurrencies, becoming more common in recent years, are also used in our daily shopping. In fact, the first shopping was recorded as a pizza order. Previously, Deep Web, the deep side of the Internet, was used for illegal work. As of today, it has become a system used by many organizations. In the near future, it is inevitable that alternative payment methods will appear.

4) How do you exchange Bitcoin? Can it be cashed while on the rise?

You can do it any time you want to invest. You can buy and exchange Bitcoin and other cryptocurrencies at any time. You can buy and exchange Bitcoin with Cointral both in cash and by credit card. Click on the link for Bitcoin Acquisition guide with Credit Card.

5. What is Altcoin? What is the difference between Altcoin and Bitcoin?

Ethereum, Ripple, Litecoin, Dash, Tether, Cardano, Dogecoin, Monero, Tron and thousands of altcoins are traded on the market. Some of these altcoins have been able to gain a major market presence, some have entered the market to prove that the cryptocurrency universe is unnecessary, and some have quickly disappeared. Although Bitcoins and Altcoins are said to resemble each other, they have different graphics schemes.

6) How is Bitcoin Mining done?

To put it briefly, mining is done through computer systems. The total amount of Bitcoin production is determined as 21 million Bitcoin. Today, 17 million have been excavated. Bitcoin mining has now become more difficult, with 3-4 million remaining. Better systems should be built for this. You can even do Bitcoin mining in your own home, but you have to pay a big price.

If you want to learn more about Bitcoin mining, you can take a look at our article “What is Bitcoin Mining?”

7. Is Bitcoin illegal or legal?

You can also get more detailed information about this question in our article “6 Countries that legally accept Bitcoin” on our blog. Bitcoin is not officially accepted by many countries today, but it is not banned either. We don’t know what the future holds, but Bitcoin and other cryptocurrencies are increasingly gaining ground in our lives

Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.