Thu. Sep 19th, 2019

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Frequently Asked Questions About The Bitcoin Evolution

3 min read

One of the most spoken about currencies across the globe these days is Bitcoin which has been through lots of ups and downs since it has been launched. There are hundreds of questions that people have in their hearts and minds as far as these Cryptocurrencies are concerned and the biggest issue is that they do not have people who can answer their questions. Here below are 6 most frequently asked questions about Bitcoin that may help you.

  • Is Bitcoin for Real –

A lot of people across the globe have this question where they ask is Bitcoin evolution scamWell, the answer to the question is “NO” Bitcoins are 100% real and are being used worldwide and even companies are looking for Bitcoins and have their own Bitcoin Mining Units who work 24/7 to get bitcoins for companies. You will get more in detail from the bitcoin evolution and you will know each and everything that is important for a person to know about these coins.

  • Which Bank deals with Bitcoins –

Well, Bitcoin is a cryptocurrency hence there is no centralized bank that deals with these coins as this is available on the net and can only be traded online as there is no physical existence of these coins. Everything with bitcoins happens online and you need to be really good with software’s and computer operations if you want to own these coins.

  • Can Bitcoins be traded only with Bitcoins –

You cannot trade one Bitcoin for another Bitcoin as the value of both the Bitcoins will be the same so where is the profit if you do this. So if you want to trade your Bitcoins you need to use your own Bank account to transfer money to the account of the person who will be giving or selling you the Bitcoin. Make sure that you know the person who is selling you these coins.

  • What is a Blockchain –

Blockchain is basically a Public Distributed Ledger that records the transactions made using cryptocurrencies through network nodes available online. This is a must as far as trading cryptocurrencies are concerned as there is no centralized bank governing the transactions. This comes to use especially when a dispute arises about the ownership of a Bitcoin where the final owner is the person whose name is mentioned on the Blockchain.

  • Can a person steal a Bitcoin-

A bitcoin cannot be stolen however the ownership of a bitcoin may get transferred from one person to another without the former one knowing anything about the ownership transfer. You need to be very careful of the bitcoins that you have and make sure that you save them using passwords that no one knows.

  • Are there any brokers involved in Bitcoins sales and purchases –

There are no intermediaries as far as Bitcoins sales and purchases are concerned so there is no chance for a person to become a broker for bitcoin trading. In fact, if a person has bitcoins or knows someone who owns bitcoins they will themselves want to buy it as all know the worth of these coins.

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