I wrote a python script to collect the most frequently asked questions on the Bitcoin search results and answered all of them in this massive blog post.
What is a Bitcoin?
According to the Bitcoin whitepaper, Bitcoin was designed to be a Peer-to-Peer Electronic Cash System. Bitcoin was designed to allow online payments to be sent directly from one party to another without going through a financial institution.
Can Bitcoin be converted to cash?
Yes, there are many ways to convert your Bitcoin to cash. The best way is to just reverse the process you use to buy Bitcoin in the first place. You can use Bitcoin Exchanges, Bitcoin ATMs, P2P exchanges, etc
Can I invest $100 in Bitcoin?
Yes, you can buy Bitcoin in small parts because it is divisible, you can buy as little and as much of Bitcoin as you want.
How are bitcoins mined?
Bitcoins are mined using special hardware called ASIC miners. These miners delegate resources or pool together in order to solve complex math problems and the first miner to do so gets rewarded new Bitcoins every 10 minutes.
What is cryptocurrency?
A cryptocurrency is a broad term to define a digital payment solution and or a medium of exchange using the blockchain technology.
What is bitcoin mining?
Bitcoin mining is the process of solving complex math problems and getting the privilege to be the one validating transactions in a given block.
How to buy bitcoin?
There are many ways to buy Bitcoin. You can use a Bitcoin Exchange to convert fiat money into Bitcoin. Use Bitcoin ATMs to convert cash into Bitcoin.
What is cryptocurrency mining?
Different cryptocurrencies have a different process of mining. Usually, the mining process involves updating the digital ledger to validate transactions.
How does bitcoin work?
Bitcoin uses blockchain technology to maintain a shared ledger to allow peer to peer transfer of Bitcoin.
Is Coinbase safe?
Unlike other crypto exchanges, Coinbase has never been hacked. They also have insurance on their hot wallets.
What is POA?
Proof of authority is a type of blockchain algorithm with a different consensus mechanism than the most popular proof of work. It uses a reputation based consensus algorithm.
How to buy bitcoins with PayPal?
PayPal currently allows you to buy Bitcoins in certain countries. You can get started by either downloading the PayPal app or registering an account.
How do cryptocurrencies work?
Different cryptocurrencies have different working process. Most of them are used to facilitate peer to peer transfer of value.
What are bitcoins used for?
Bitcoin was designed to be used as a digital currency and a form of Peer-to-Peer Electronic Cash System.
Where to buy bitcoins?
There are many places to buy Bitcoin. You can use a Bitcoin Exchange to convert fiat money into Bitcoin. Use Bitcoin ATMs to convert cash into Bitcoin.
How to invest in bitcoin?
You can use the many exchanges to invest in Bitcoin, the most prominent are Coinbase, Voyager and Binance.
How does blockchain work?
A blockchain is a public database or ledger that is maintained by a distributed set of users. All transactions are recorded and added to a block which is self-updated through different consensus mechanisms the most popular one being proof of work.
How to setup a bitcoin wallet?
Setting up bitcoin wallet differs based on which wallet you’ve chosen. The most common procedure is as follows:
1. Simply download a Bitcoin wallet of your choice.
2. Generate a new seed and store it in a secure location.
3. Generate a new wallet and you’re done.
What is a Bitcoin wallet?
A bitcoin wallet is an easy to use application that stores your private key and generates a public key to receive your Bitcoin easily.
Who is Satoshi Nakamoto?
Satoshi Nakamoto is an unknown person or group of people who use the pseudonym in the Bitcoin Whitepaper as its inventor.
Is Bitcoin safe?
Bitcoin is inherently safe, there has never been compromise in the Bitcoin network or confirmed double spend. Most problems are usually caused by the end user.
How to earn bitcoin?
You can earn Bitcoin by participating in the proof of work consensus mechanism by providing hardware resources to mine it. There are also places where you can earn Bitcoin by completing jobs, tasks or surveys.
What can Bitcoin buy?
You can buy plenty of things with Bitcoin. The adoption of Bitcoin among ecommerce stores is rapidly rising.
How to get a Bitcoin address?
You can generate a Bitcoin wallet by downloading a Bitcoin wallet. An address is basically a public key where other users can send you Bitcoin.
What is BTC?
BTC is a short form of Bitcoin. It is often used as a ticker symbol in exchanges.
Is Bitcoin mining legal?
Bitcoin mining laws depend on which country you live in. Basically if your country bans bitcoin, there is a high chance that mining is also banned there.
How does Bitcoin make money?
Bitcoin doesn’t make money in itself. It’s a decentralized peer-to-peer vehicle of transferring value.
How many Bitcoins have been mined?
As of 15th February 2021 18,629,518 Bitcoins have been mined out of a total of 21,000,000. This means at this time 88.711% of Bitcoins have been mined already.
What is Bitcoin made of?
Bitcoin isn’t a physical thing so it has no physical constitution.
How many Bitcoins are left?
As of 15th February 2021 2,370,482 Bitcoins are left to be mined. That means around 11.289% of Bitcoins are left.
Why use Bitcoin?
Bitcoin provides an alternate way to pay for goods or services. Bitcoin was designed to allow online payments to be sent directly from one party to another without going through a financial institution.
What does Bitcoin mean?
Bitcoin is the name of a digital currency and a form of Peer-to-Peer Electronic Cash System
What is iota?
IOTA is a cryptocurrency specifically designed for the Internet of Things (IoT) sector. Its digital ledger enables transactions between machines and IoT devices.
How are Bitcoins generated?
Bitcoins are generated by miners who are rewarded for maintaining the integrity of the Bitcoin Ledger.
Which country uses Bitcoin?
At the moment none of the countries use Bitcoin officially. Bitcoin is being mined by a few countries.
Is Bitcoin legal?
The legality of Bitcoin depends on which country you reside in.
How does Bitcoin trading work?
Bitcoin is traded on exchanges by simply providing a platform to connect buyers and sellers. You simply exchange Bitcoin for another asset or fiat or vice versa.
How to own Bitcoins?
You can use software or hardware wallets to self-custody your Bitcoins.
Can I make money with Bitcoin?
Bitcoin is a volatile asset, it can make you money and it can lose value within minutes. Understand what you are investing into before you buy Bitcoin with an intent to make money.
How to find Bitcoin?
You can use publically available Bitcoin blockchain explorers to find Bitcoin and Bitcoin transactions.
What is a mining pool?
A mining pool is a joint effort of multiple Bitcoin or crypto miners to combine their efforts and claim the block reward.
How do Bitcoin transactions work?
The transfer of value between two individuals using Bitcoin makes use of Blockchain technology.
Where to sell Bitcoin?
The best place to sell Bitcoin is usually the same place you bought it from. Simply reverse the process.
What is litecoin?
Litecoin is a fork(clone) of Bitcoin. It is nearly identical to Bitcoin.
If you feel like I haven’t justice to some answers, feel free to leave a comment below. Also if you feel like I am missing any other most common question, feel free to mention in the comments below as well.