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Bitcoin FAQ

Bitcoin FAQ

24 Nov 2020

Reading Time: 1-2 minutes


At this point, most people have heard of Bitcoin through news articles and the big boom period in 2017. Still, very few really know anything about Bitcoin, which could lead to confusion about what Bitcoin is and how it works.

To help, here are the most frequently asked questions about Bitcoin:

1. What is Bitcoin?

Bitcoin is an online decentralised currency that people can buy, sell and mine.

2. Who invented Bitcoin?

We don't know the person or persons responsible for Bitcoins creation, we do know the pseudonym they use though. Satoshi Nakamoto is the name people use when referring to the creator of Bitcoin.

3. When was Bitcoin invented?

Bitcoin was invented in 2008 and released to the public in 2009

4. How much is Bitcoin worth?

Bitcoins overall worth is estimated to be $160.4 billion. To put that in perspective, Coca-Cola's net worth is only $80.83 billion.

5. How can I buy Bitcoin?

Bitcoin can be purchased from any crypto exchange site or app, although if you're a beginner, we recommend Coinbase. 

6. How can I store Bitcoin?

Any cryptocurrency you buy can be stored in a crypt wallet. Coinbase has one built into its site that you can use, or you can download one to keep on your PC. If you decide to download one, then we recommend Exodus. 

7. How can I sell Bitcoin?

Bitcoin can be sold and traded using the Coinbase site or any other repudiable exchange.

8. Can I make money with Bitcoin?

Yes, if you use the right strategy, then you can make money with Bitcoin.

9. What are the limits of Bitcoin?

Bitcoin has several limits, including a coin cap which is set at 21 million, after that no more will be created. The number of Bitcoins you can mine is also limited, and after every halving event, it gets harder.

10. What is a halving event?

The Bitcoin halving event is where the number of Bitcoins you get from mining is cut in half. This is done to boost Bitcoin sales and maintain its longevity which will keep people interested in mining. 

11. What will Bitcoin be worth in the future?

Bitcoin has a very bright future according to recent predictions. In fact, over the past year, Bitcoin has been going extremely well. However, there was a drip in May where it reached a year low of $7,993 AUD. After it recovered from this, it began to consistently increase. Today, Bitcoins price is $17,002 AUD.

12. What factors affect Bitcoins price?

Some of the factors that affect its price include the halving event, how many coins are left to mine and how much exposure to the media it gets. 

13. Do I have to buy a whole Bitcoin?

No, you don't have to buy an entire Bitcoin. You can even buy a very small percentage of Bitcoin. It will look something like 0.00003314 BTC.

Bitcoin is the biggest crypto on the market, and that doesn't appear to be changing anytime soon. With a spike expected in the next few years, it's a better time than ever to start investing. To keep track of Bitcoins price, click here and use our sites crypto tracker.

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