Asianconnect bitcoin exchange Asked Questions Find answers to recurring questions and myths about Bitcoin. Is Bitcoin really used by people?
How difficult is it to make a Bitcoin payment? What are the advantages of Bitcoin? What are the disadvantages of Bitcoin? Can I make money with Bitcoin? Is Bitcoin fully virtual and immaterial? What happens when bitcoins are lost?
Can Bitcoin scale to become a major payment network? Is Bitcoin useful for illegal activities? What about Bitcoin and consumer protection? Doesn’t Bitcoin unfairly benefit early adopters? Won’t the finite amount of bitcoins be a limitation? Won’t Bitcoin fall in a deflationary spiral? Isn’t speculation and volatility a problem for Bitcoin?
What if someone bought up all the existing bitcoins? What if someone creates a better digital currency? Why do I have to wait for confirmation? How much will the transaction fee be? What if I receive a bitcoin when my computer is powered off? What does “synchronizing” mean and why does it take so long? Isn’t Bitcoin mining a waste of energy?
How does mining help secure Bitcoin? What do I need to start mining? Hasn’t Bitcoin been hacked in the past? Is Bitcoin vulnerable to quantum computing? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.