Is Bitcoin legal? Very few countries have declared Bitcoins ‘illegal’ which means consumers can’t use Bitcoins in everyday transactions but that doesn’t mean that they cannot use it for making payments.
Why use Bitcoin? Bitcoin was initially introduced as a decentralized, alternative mode of payment to substitute international bank transfers, as they were time-consuming, expensive and could be tracked very easily.
Who is Satoshi Nakamoto? No one really knows who Satoshi Nakamoto is. It’s just a pseudonymous name used by a Japanese software developer who proposed the idea of Bitcoin in 2008 and wanted to develop it as an e-payment mode based on mathematical proof.
What is Bitcoin? Bitcoin is the precursor of digital currencies, what we know as cryptocurrencies—one of the fast-growing financial assets in the virtual world with a cryptographic verification system. It was introduced in 2009 and is separated into 2 components.
Who created Bitcoin Cash? Bitcoin cash was developed by Amaury “Deadal Nix” Sechet”, who also happens to be the brainchild behind this idea. He was a former Facebook Engineer, but decided to focus full-time on the bitcoin cryptocurrency in early 2017.
Where is Bitcoin Cash Accepted? Bitcoin cash is accepted in numerous online and offline stores for purchasing goods and services. While many stores took time to adopt and implement bitcoin cash, the progress of adopting its use is hastening.
Bitcoin Cash Wallets - Currently, numerous wallets support bitcoin cash and can range from hardware and paper wallets to mobile and online wallets. Thus, it is suitable to various users, including safety conscious ones to those who want easy access on the go.
How to Mine Bitcoin Cash? Like Bitcoin, Bitcoin Cash can be mined, and mining uses the Proof-of-Work algorithm and the SHA-256 or any appropriate equipment or a cloud mining pool, as used in mining bitcoins.
Which exchanges sell Bitcoin Cash? There are numerous exchanges where bitcoin cash (BCH) can be purchased. Bitcoin cash can be purchased with bitcoins (BTC) on exchanges like Binance, Bittrex, Bitfinex, Poloniex, Coinbase, GDAX, Huboi and Kraken.
CryptoNewsMagnet’s mission is to bring accurate and transparent news on bitcoin, ethereum, altcoin and ICO to fellow enthusiasts. In addition to providing industry news and insight, we also offer guides that are deemed pivotal in a beginner’s understanding of the cryptocurrency industry.