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General questions

General questions

What is cryptocurrency?
What is blockchain?
Who created bitcoin?
What are the benefits of bitcoin?
Is Bitcoin Anonymous?
Where to buy bitcoin in Ukraine?
How to sell bitcoin?
How to cash out bitcoin?
How to get bitcoin for free?
What happens if I receive bitcoins when my computer is turned off?

What is cryptocurrency?

The term “cryptocurrency” was first usedin 2011 in a Forbes publication, after which it became widely known. The asset exists only in digital format and has nothing in common with paper notes.

Cryptocurrency is not tied to the economy of any country and is not issued by the bank. It is impossible to limit or regulate currency, and its rate is formed by the market.

Moreover, this currency is anonymous. This means that, using crypto, there is no need to provide your personal data. All that is required is signs in your e-wallet address.

One of the main advantages is direct transactions. You do not need to contact intermediaries, centers or third parties to perform certain actions. And this allows you to instantly transfer large amounts with a minimum commission.

What is blockchain?

The concept of cryptocurrency is closely related to blockchain. Blockchain is a decentralized database in which records and information about transactions are stored.

The data is not hosted on a specific server, but is divided into nodes. Blockchain is supported by miners who receive a reward in the form of crypto money. For each block of data recorded on the blockchain, the miner receives a reward proportional to his contribution.

Blocks are separate cells in which data is recorded, and they are all interconnected. You can immediately imagine the chain, in fact, from which the name comes.

Each next block is associated with the previous one through a hash of records. To fix a separate block, you must first rewrite the entire chain, which, given the diversification of data, is impossible. Due to this, cryptocurrency and its transactions are considered safer than banking.

Who created bitcoin?

The anonymous author who gave the world the first cryptocurrency called himself Satoshi Nakamoto. But since 2008, the true identity of the creator has not been figured out. Perhaps it was a development group or a lone computer genius who wished to remain anonymous.

The laurels of the Bitcoin “founding father” haunted many. In 2018, another applicant appeared. Australian businessman Craig Wright said that he is the legendary Satoshi Nakamoto.

As evidence, the Australian presented a digital signature, which was made on the first transactions. The international community has ambiguously reacted to Wright’s appeal.

Gavin Andersen said that he trusted the words of the businessman, since he provided exhaustive evidence. Some prominent figures in the crypto industry also believed.

Further proceedings in the case did not lead to anything, because Wright failed to answer basic questions at a public hearing and was simply disgraced. Therefore, it’s still unknown who created Bitcoin.

What are the benefits of bitcoin?

Bitcoin has quite a lot of advantages:

  • Transactions without limits. Cryptocurrency can be sent anywhere in the world almost instantly. In this case, you do not need to look for intermediary banks that will conduct the operation.
  • Choosing your own commission. When receiving bitcoin, a commission is not charged, and when sending it is possible to specify your own fee for miners. The commission is absolutely independent of the amount of the transfer, but has an impact on its speed.
  • Risk reduction for businessmen. Transactions are safe, irreversible and do not contain personal data of the sender and recipient. This eliminates the fraudulent schemes used for fiat money.
  • Security. Without the knowledge of the user, no one can access his digital assets. This eliminates the risk of theft of funds.

Is Bitcoin Anonymous?

Bitcoin allows you to send payments using a high level of confidentiality compared to electronic payment systems or bank transfers. However, BTC is not anonymous, although tracking the sender or receiver is extremely difficult.

To ensure the total security of users, special mechanisms have been developed, and even more IT solutions are now in development.

But for now, you need to regularly clean your browser’s cache, use a proxy or VPN, and also disable cookies. And of course, personal data should not be stored on a working or public PC.

These simple tips will make using BTC almost 100% anonymous and secure.

Where to buy bitcoin in Ukraine?

There are three ways to acquire bitcoin in Ukraine:

  • cryptocurrency exchanges;
  • cryptocurrency exchangers;
  • through intermediaries.

When using the first method, please note that it is recommended to cooperate exclusively with popular exchanges in order to avoid problems. In addition to the need to confirm your identity exchanges have another minus — commission for replenishment and withdrawal of funds.

Buying bitcoin with the help of exchangers has several advantages. One of the main is the speed of the operation: the exchange takes place within 30 minutes. When buying on a crypto exchange, the process will take from 3-4 hours to 2-3 days. For such an exchange a reasonable market rate is offered. Therefore, most users prefer this method.

Personal contacts are the most risky option. In addition to commonplace fraud, you can stumble upon robbers. Therefore, we recommend exchanging exclusively through trusted partners.

How to sell bitcoin?

First of all, you need to choose the desired method of sale — online oroffline. Both options have both advantages and disadvantages.

Of course, selling online is more common. In this case, the transaction is concluded directly through the service, which acts as a guarantor of fulfillment of obligations during the exchange. But among online exchangers, there are also unscrupulous services, so we recommend choosing a site from the list of known monitoring sites, for example, by Bestchange.

In addition, you can sell bitcoin by registering on a cryptocurrency exchange. In this case, the exchange acts as an intermediary who makes an automatic transaction after the deal is done. But at the same time you will have to face account verification and pay a commission, both for depositing and withdrawing funds.

You can sell bitcoins offline both through the exchanger and through intermediaries. At the same time, be vigilant, as having received a tempting course, you run the risk of stumbling on scammers.

BUYBank combines the advantages of the above methods: a branch in the center of Kiev for exchange with cash, a good course for online exchange, the right of our customers to confidentiality. And at the same time, we are ready to close the exchange as soon as possible!

How to cash out bitcoin?

There are two main ways to withdraw cryptocurrency. Let’s consider the strengths and weaknesses of each of them.

  • Cryptocurrency exchange. To cash out cryptocurrency, you should exchange it for fiat, and then withdraw from your account. This option is quite convenient and reliable. But on the other hand, it requires verification of the account, a considerable commission is charged, there may be restrictions on the volume and possibly a long wait for approval from the exchange.
  • Exchanger services. With their help, you can also withdraw funds to the card. A clear advantage is the exchange rate, but there are restrictions on the amounts. Our exchanger offers the best exchange rate on the market and fast transaction processing speed. Another important fact is that the company has a real office. This underlines the high level of reliability of the exchanger service.

How to get bitcoin for free?

Of course, there exist ways to get bitcoin completely free. There are such sites like bitcoin faucets, which offer cryptocurrency conditionally free of charge.

The reward is paid in Satoshi. This is the smallest part of bitcoin, equal to one hundred millionth BTC. The main income comes from referrals that register and operate on a faucet.

Basic tasks are captcha solving, viewing ads, surfing sites. The economic feasibility of such work is doubtful, since the monthly income will be about 3-4 dollars.

Very often, the cost of effort and time, unfortunately, does not pay off. Satoshis that are accumulated on the accounts of these services can be blocked, and the site may simply disappear. Be attentive and careful.

Sure, there are options like gifts from friends. That method was developed to thank the authors who create fascinating articles, photographs and any other content.

What happens if I receive bitcoins when my computer is turned off?

If you received bitcoins when the computer is turned off, and now you absolutely do not know what to do, do not worry. When you open an electronic wallet, you will see that all cryptocurrency is there.

It is worth saying that the receiving of bitcoins does not depend on the operation of your computer. They are added to a special registry located on all devices that are part of the network.

When the wallet program starts, new transactions will be downloaded, and bitcoins will appear. The longer you did not open the wallet, the more time it will take to update the data.

The quality of the Internet and its bandwidth are also important. Information flows through nodes, the number of which is limited. Therefore, it is recommended to update the application with a stable, high-speed Internet.