I have more questions!
... And here you will find answers.
Below we collect some of the most frequent questions and answers that, in addition, serve to extend the guide and satisfy those curious minds that still want to learn more about Bitcoin.
- Where to buy Bitcoin?
In this same web, I have an entry where it explains where to buy bitcoins since they will also give us 10 dollars free of bitcoins if we buy 100 euros or more. A good way to start our investment, with profits.
- Does it really work?
Yes! The best way to see it is to try it. Remember that using Bitcoin costs nothing and there are some pages that give cents and allow you to test. I think I'm not wrong if I say that most people who now use Bitcoin were very skeptical when they heard about the concept for the first time. An experience is worth a thousand words.
- Does any bank or state have control over my bitcoins?
Never. If you have read our guide, you will know that only the person who knows the private address can have control over the funds in that address. This is guaranteed by an irreversible mathematical function known as "Hash". Who knows the private address will be able to generate the public address. But on the contrary, who knows the public address will not be able to access the private address in any way.
- When was Bitcoin created?
The Bitcoin system was devised by a person known as Satoshi Nakamoto on January 3, 2009 as a safe, decentralized and free alternative to traditional fiduciary currencies. Nobody knows the real identity of Satoshi, because it is a pseudonym, but the information that he published has been studied exhaustively and the result of its implementation is Bitcoin.
It is important to remember that the operation of Bitcoin is 100% free, open and fair. No one, not even the creator, can cheat. In fact, Satoshi was only the person who devised the concept and has no more or less control than any of us, because no one can control Bitcoin in a forced or artificial way.
- I've heard that I can mine bitcoins. What is mining?
The name "mine" is simply a nod to the times when mining gold was popular. Actually, a miner is someone who runs a program on their computer and helps verify Bitcoin transactions by including them in an unalterable record.
This process requires a fairly high computing power, but in exchange for this expenditure of resources and electricity, the miner is rewarded with some new bitcoins that are injected into the economy and the fees for the transactions that they verify. In this way it is possible to introduce new bitcoins to the market in a predictable manner until some day the maximum limit of 21 million is reached. In addition, the difficulty of mining bitcoins is self-regulated so that it is only possible to "find" new bitcoins every 10 minutes. If we do not have a very powerful computer, mining bitcoins is practically useless and nothing profitable.
If, on the other hand, you have a powerful team or you have enough money to invest in a powerful team, then you may be interested in learning more about Bitcoin mining.
- Is Bitcoin a stable currency?
The value of Bitcoin is able to fluctuate like any other currency. In this way it self-regulates without the artificial control of any State or institution and allows to represent the real state of the Bitcoin economy. At present, the currency shows a clear upward trend, that is, it is slowly gaining value over time. Also its stability has been increasing over the years.
These two characteristics are favorable for people around the world: Those who already have a strong currency and want to start using Bitcoin, as well as people who live in countries with a weaker currency and conducive to inflation. In fact, in times of economic instability, it may be a good idea to save a portion of our money in bitcoins, since it completely eliminates the risk of a playpen and our savings will be safe from rampant inflation and price increases.
- Are Bitcoin transactions totally anonymous?
No, but it is possible to achieve total anonymity. The Bitcoin system, by default, is a pseudonymous system. This means that, unless you say it publicly, nobody knows to whom the addresses that send or receive transactions belong.
To achieve true anonymity, we must use a different address for each transaction and shield our connection through an anonymization program.
- Could you describe Bitcoin in four words?
Mathematically precious and revolutionary.
This is not going to like the banks.
I'm sure they're going to ban it. To stop Bitcoin, it would be necessary to close the Internet. If you can not stop someone downloading dozens of Gigabytes of audiovisual material, you will not be able to stop anyone from communicating a simple transaction of several miserable Kilobytes.
There is another possible way to attack the Bitcoin system, but it is extremely difficult to do. To do this, an alleged attacker should accumulate more than the total current computational strength of the miners and thus achieve 51% of the transaction verifications. Since this attacker would have more than half the force, he would be able to block legitimate transactions and paralyze the system. Our money would never disappear, but as long as this attack lasted we would not be able to make transactions.
What is the cost of such a feat? Today, doing something like this would cost hundreds of millions of dollars a day. In addition, the difficulty of making such an attack increases rapidly over time, because the more popular Bitcoin is more difficult would be to surpass the sum of all computing power of all miners in the world.
The most likely to happen is a campaign of media disinformation. And against something like this there is the Internet and pages like this one.
- Is Bitcoin a pyramid scam?
Absolutely. When the Bitcoin still had a very small value and was so new that very few people used it, their demand was low, their economy reduced and therefore also their value. As it became increasingly popular, its value increased and those who already had Bitcoins saw their savings multiply. This is simply the result of the growth of the Bitcoin economy, the increase in its demand and its value. Many see in this the reward to those who took a very great risk by investing, in their time, in something so new.
- I am a person who does not know much about computers. Can I use Bitcoin?
Yes! In this guide we like to explain and share some details about the operation of Bitcoin that you really do not need to know in order to use it. However, we believe that knowledge is power and that it is good to offer simple explanations that go beyond mere superficial knowledge.
Although you have no idea of cryptography, math, free software or peer to peer systems, you can use Bitcoin without any problem. Simply open your favorite Bitcoin application and send and receive bitcoins with complete convenience.
- I am a person who does not know much about computers, but I love viruses and Trojans, my email password is 12345, I give it to all my friends and I have not read the guide because reading is boring and I hate to inform myself. Can I use Bitcoin?
Yes, but we do not recommend it. We also do not recommend using any type of online banking, services such as paypal or make any purchase online.
- ¿Puedo usar Bitcoin para mandar dinero a mis familiares que están en la otra punta del mundo?
Sí. Costo de la transferencia: Medio centavo de dólar sin importar la cantidad enviada. Aunque posiblemente sea necesario pagar alguna tasa en el mercado de intercambio si se desean cambiar los bitcoins a moneda local. La página web Bitstamp.net, por ejemplo, cobra un 0.5% por cambiar bitcoins a Dólares y viceversa. Y luego cobra 0.90€ por mandar el dinero a cualquier cuenta de la Unión Europea.
- I have the private address, but not the public address. Can I access my bitcoins?
Yes! Remember that whenever you have the private address you can access your bitcoins. The public address is generated from the private address, so it is really the only thing you need to have. Simply import your private address in any Bitcoin application so that it tells you what the public address is.
- I am using a Bitcoin application and I know my public addresses, but I do not know where the private addresses are stored.
The entire set of public and private addresses is called "Portfolio". Portfolios are usually stored by Bitcoin programs in one of their folders and may vary from program to program. However, any good program should always offer you the possibility of exporting your portfolio in the form of a file called "wallet.dat" or something similar.
If you listed your portfolio, as we recommend in the Security chapter, then this file will also be encrypted and you can only import or decrypt the person who knows the passphrase (password). Inside this file are stored all your public addresses and private addresses. Depending on the format, and as long as it is not encrypted, you can even open it with a text editor (notepad or similar) and have a look or point your private addresses on a piece of paper.
- I have a computer with GNU / Linux, can I generate an address through the terminal without using any Bitcoin application?
Yes! You can generate a very secure private address using the real randomness device called / dev / random. The entropy offered by this device is superior to that of other devices or pseudo-random processes. To generate a private address you must execute the following command: «od -An -N32 -xw / dev / random». This will generate a 64-digit private key in hexadecimal. This format is supported by most Bitcoin applications and you must import it without spaces.
- Curiosity: What is the maximum number of addresses that can exist?
The public address is the shortest of the two addresses and has a length of 160 bits or, which is the same, a decimal number of 49 digits. In comparison, the number of atoms on the earth is approximately 1x10 ^ 50 (a number of 51 digits) that we can represent as a 166-bit binary number. If we make the division of 2 ^ 160 between 2 ^ 166, we will discover that there is a Bitcoin address for every 64 atoms on earth. If some day that number falls short, it would be possible to increase its length.