Frequently asked questions about Bitcoin

❓ When was Bitcoin invented?
Bitcoin was invented in 2009. The concept behind this cryptocurrency was, however, written in 2008. [Edit]
❓ Who is Satoshi Nakamoto?
Satoshi Nakamoto is the pseudonym of the person or group of people believed to have invented Bitcoin. The true identity of this person or people is unknown. [Edit]
❓ Why is Bitcoin so popular?
Bitcoin was the first cryptocurrency to be launched. It is accepted on many cryptocurrency exchange platforms. It is also considered more stable compared to other cryptocurrencies. [Edit]

❓ How to buy Bitcoin?
You first need to create a Bitcoin wallet, then select a cryptocurrency exchange. Register on the bitcoin exchange and verify your identity, then choose your preferred payment method. You can pay via your bank account or through your credit or debit card. [Edit]
❓ Is there a minimum amount to invest in Bitcoin?
Ideally, there is no minimum amount needed to invest in bitcoin. Some platforms may, however, set a minimum amount to invest if you want to buy bitcoin. [Edit]
❓ Can you buy Bitcoin with PayPal?
Yes, you can buy Bitcoin with PayPal. You’ll need to create a PayPal account then deposit money into your PayPal wallet. On Your PayPal account, go to Finances and click Crypto. [Edit]
❓ What are the most popular Bitcoin Exchanges?
The five most popular Bitcoin exchanges include Coinbase, Gemini and Binance, CEX.io and Coinmama. Other well-known bitcoin exchanges include Kraken, FTX and KuCoin. [Edit]

❓ Why are the Bitcoin transaction fees so high?
Bitcoin transaction fees vary depending on the volume of people transacting on the network and the size of the transaction. The rise in bitcoin transaction fees happens when many people try to transact in the network. [Edit]

❓ How to create a Bitcoin wallet?
There are lots of ways to create a bitcoin wallet and many types of wallets you can choose. You can use an exchange wallet which you get after signing up on a Bitcoin exchange platform. You can also create an outside wallet such as a mobile wallet that you access with a mobile app and a hardware wallet or desktop wallet on your PC. [Edit]

❓ How does Bitcoin mining work?
Bitcoin mining refers to the process of solving complex mathematical calculations to produce new bitcoins. The mining process is costly and highly complicated, and it requires you to solve a complex equation in the system. [Edit]
❓ How long does it take to mine a Bitcoin?
The time it takes to mine a bitcoin depends on the hardware you use, the mining difficulty score and whether you choose to mine alone or with a team of miners. If you want to mine alone, it can take you a year or more to acquire one bitcoin. [Edit]
❓ What does it cost to mine a Bitcoin?
It can cost you approximately $7000 to $11,000 to create a single bitcoin. You may need to invest in a powerful computer hardware system that can solve those complex math problems. [Edit]

❓ Is Bitcoin anonymous?
No, Bitcoin is not anonymous, but it is pseudonymous. You don't exactly need to use your real name to transact via Bitcoin. Your transactions can, however, be linked to your real identity. [Edit]

❓ Is Bitcoin a scam?
No, bitcoin is not a scam. It is a legit cryptocurrency legal in most developed states, including the United States, the U.K. and Japan. [Edit]

❓ How does Bitcoin work?
Bitcoin operates as a decentralized currency, meaning you can deposit and transfer funds from one account to the next without passing through an intermediary such as a bank. Transactions pass through a blockchain network and are registered on a public ledger that anyone can see. [Edit]

The unofficial FAQ - Bitcoins

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