Frequently Asked Questions
HOW DID BITCOIN START?
Satoshi Nakamoto is a name you will hear associated with bitcoin because this is the name used by the unknown person or people who designed bitcoin in 2009.Read the "white paper" associated with bitcoin here.Click here to see a brief history of bitcoin.It was initially designed to be a decentralized "peer to peer" currency meaning you can send digiital currency to others without the use of a bank or intermediary,See more information on bitcoin under tab getting started.
HOW DO I GET STARTED?
The first step is to learn about cryptocurrency.Before you begin ANY investment, you need to understand what you are investing in, why you are investing and be prepared for the risks involved.Don't worry, you don't need to understand everything about blockchain or Bitcoin so don't let that deter you.After you have done some research, you will be ready to deposit money into an exchange and start your first purchase.Honestly, it takes some time to understand all of the facets of crypto, so don't get discouraged.See Getting Started
IS A BITCOIN AN ACTUAL COIN?
No.This may seem like a very obvious answer to some people, but if you've never been involved in cryptocurrency you may have no idea.Bitcoin is defined "as a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank".To learn more about what Bitcoin is, you can find some great resources in my links section.
IS BITCOIN THE ONLY CRYPTOCURRENCY?
No.There are a a number of crypcurriencies to invest in; actually hundreds.Not all coins are good and backed by honest technology.As with anything else, people are looking to get rich quick by creating new coins without any real backing or technology.There are, however, a number of GREAT coins to invest in which will give you great returns.I will give you the information so that you can do your own research and decide whether or not you want to invest in a certain coin or not.If you want to see some coins and how they are broken down by category, click here.
DO I HAVE TO BUY AN ENTIRE BITCOIN AT A TIME?
No. I think this may be one of the biggest misconceptions about Bitcoin. You do not have to buy an entire Bitcoin. You can invest as little or as much as you want. You can invest $10 or $10,000. I would suggest starting small if you are new. A bitcoin is made up of increments known as satoshis. You will learn more about this in getting started.
CAN I SPEND MY CRYPTOCURRENCY LIKE OTHER CURRENCIES?
Yes.There are a number of businesses that accept Bitcoin and other cryptocurrencies as a form of payment.More and more businesses are being added all of time.See a link in resources./links on some locations where you can spend your cryptocurrency.
IS INVESTING IN CRYPTOCURRENCY SAFE? I'VE HEARD A LOT IN THE MEDIA ABOUT PEOPLE GETTING THEIR COINS STOLEN AND EXCHANGES BEING HACKED.
Like any investment, there are risks.Because you are in charge of your own cryptocurrency, you do need to take extra precautions to make sure your accounts are kept safe.Unlike traditional investing and banks, you are normally not insured by the FDIC (with the exception of certain exchanges who may insure a part of your USD). If your crypto is stolen from you, it is usually considered gone. We live in an age where most of what we do is done online and can be subject to hacking and fraud.If you follow some basic rules and are FULLY informed, you should not have any problems. Unfortunately, if you don't do your part, you are subject to hacking and theft as with anything else.That's why I created this website.see resources for how to k eep your crypto safe.
CAN I INVEST EVEN THOUGH I HAVE NO TECHNICAL EXPERTISE OR TRADING EXPERIENCE?
YES! You do not have to be a blockchain expert or a professional trader to invest in cryptocurrency.You do, however, need to research and keep up to date on what is going on.After all, it is your money.As with anything, if you are going to invest your money, you should have a basic understanding of what you are investing in and be willing to monitor it as you would any other investment. You will want to learn to read charts eventually.I am a prime example.I did have trading experience with equities, but had NO idea what Bitcoin was.Today, less than a year later, I've created a website to help you learn.If I can do it, anyone can do it.Don't be intimidated.
WHAT IS MY FAVORITE PART OF TRADING CRYPTO?
The Best part about trading crypto is....it never closes.Trading is open 24 hours a day, 7 days a week, 365 days a year.Exchanges are always open for trading (unless they are undergoing maintenance).Unlike traditional stocks, there are no day trading restrictions .if you are willing to pay the fees associated with the trade, trade as much as you like.You will, however notice that certain hours of the day are more active for price movement, and that's usually late at night into early morning.When the regular stock market closes, crypto is still open.