MYCRYPTOCOIN•BITCOIN 2.0

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Are you a newbie in FINANCIAL-ECONOMY 2.0 ? Read this first ...

https://markethive.com/group/cryptocoin/blog/financial-education-20--blockchain--bitcoin--currency

Frequent Questions (www.coinify.com)

1 - How do I store my Bitcoin safely?

Small to medium amounts: We recommend you use a wallet on one of your existing devices where only you can access your funds. Please see our guide for opening a Bitcoin Wallet.

â€¨â€¨Large amounts: For even more security, we recommend buying a dedicated device, for instance a smartphone, that you use only for storing Bitcoin. You will keep the device offline at all times except when you use it for transferring Bitcoin.

2 - Can virtual currencies be abused for criminal purposes?

Like any currency or technology, Bitcoin can be used for illicit transactions.

However, quantitative studies indicate that the extent to which virtual currencies have been used for illicit purposes is no greater than for national currencies.

Lightspeed Venture Partners estimate that 0.5% of all Bitcoin transactions are used for trading illicit drugs. On the other hand, the United Nations estimate that the illegal drug trade constitutes 0.9% of world GDP. While these two numbers are not directly comparable, there does not seem to be any reason to suspect that virtual currencies are used for illicit purposes any more than traditional currencies.

Furthermore, the anonymity aspects of Bitcoin have been greatly exaggerated by the media. While the Bitcoin system itself does not directly identify its users, every transaction that has ever occurred in Bitcoin is stored and logged forever in the publicly accessible Bitcoin blockchain. Whenever bitcoins are used for purchasing goods or services or exchanged to national currency, the store or exchange provider can identify the customer.

3 - Bitcoins were sent to a wrong or inactive address. Can you send them back to me?

Unfortunately, we are not able to do this. Bitcoin transactions are irreversible.

This is why it is very important that you double check the address you are receiving Bitcoins to and make absolutely sure that it is the right one! The reason for this is that the owner of a Bitcoin wallet is the only one with control over it and being authorised to perform any actions with it.

Contrary to credit cards, Bitcoins can be sent only when using the private key of a wallet owner. Private keys are not public and hence not accessible to us.

In case you have had Bitcoins sent to a wrong address, you have to personally contact the wallet owner in question and ask him to send you back the Bitcoins received by mistake. As there is no directory of owners of wallets, the most common way to contact an owner, is to send a micropayment with a message.

4 - Can a vendor take funds from my wallet without my consent ?

It is not possible for a vendor to withdraw bitcoins unauthorised from you as only you are in control of your own wallet.

Unlike credit cards, which can be processed once the vendor has the card details, bitcoins can only be sent using the private key of the wallet holder.

Private keys are not public and thus not accessible for a Vendor to misuse at a later stage, once the payment has been accepted from a customer.

5 - Can I be sure that I can use Bitcoin in the future or exchange it back to national currency?

No currency can provide an ultimate guarantee that it will keep its value forever.

The security and value of national currencies depend on sensible decisions made by the leaders of central banks and the politicians who elected them.

Similar to gold, there is no company or central bank issuing Bitcoin or regulating its exchange rate. The monetary policy of Bitcoin is instead regulated by open source software and mathematics. This means that the supply of Bitcoin can be accurately predicted 10, 50 and even 100 years ahead.

Bitcoin is still young and what role it will play in the world economy in the future is yet to be discovered.

The number of merchants accepting Bitcoin payments can both increase and decrease significantly, and there are currently no “legal tender” laws requiring merchants to accept Bitcoin as payment. Accepting Bitcoin as a method of payment is completely voluntary.

In the same manner, the Bitcoin exchange rate compared to euros or dollars may also increase or decrease significantly as the price of Bitcoin is determined solely by supply and demand on exchanges - like the price of gold increases or decreases based solely on supply and demand.