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Bitcoin: Frequently Asked Questions (FAQs)

Frequently asked questions about Bitcoin. This is an ongoing list of FAQs.

Where can I buy Bitcoin ?

It depends where are you located. There are tons of platforms through which you can buy bitcoins but here I would recommend just two of them. If you live in any of these countries, I would recommend to use Coinbase. For all others, you can buy them from cex.io.

I can't afford Bitcoin, how can I invest?

You don't need to buy a whole coin. Each Bitcoin has 1 Million bits. You can buy a fraction of it i.e. upto 0.00000001 of a coin.

What is "Bitcoin mining" ?

Its a process through which new Bitcoins are created. Its a complicated and decentralized mathemetical process. If you want to know more about this. You can more details about the Bitcoin protocol here.

What I can buy with Bitcoin?

You can buy anything from a cup of coffee to a real estate with Bitcoin. Check this out https://purse.io/shop. All the items you see here can be bought with Bitcoins.

How can I mine a Bitcoin?

Individually you can't but together you can. At the moment, it takes more power than the power consumes by whole Denmark per day to mine a single bitcoin. You can install any third party softwares that does the mining in a distributed fashion.

How many Bitcoins are there?

There are a total of 21 million Bitcoins that can ever be mined. Only 16 million are mined so far, out of which, 30% are lost forever.

Where to keep my Bitcoins?

You can keep them on your mobile device or computer. I would recommend to store them in a passowrd protected USB.

What factors are driving the price of Bitcoin?

Its price is purely based on demand and supply.

Is Bitcoin a bubble?

I don't know. Time will tell, but at the moment its demand keeps on increasing. Hence it's price as well.

Is Bitcoin legal?

It depends on its usage.