What is Bitcoin?
- Bitcoin is a cryptocurrency(digital currency) file stored in a digital wallet app on a smartphone or computer.
- Owners can buy, sell, or send Bitcoin to other digital wallets through an ATM (Kiosk) like ours.
- All transactions are recorded in a public ledger called the Blockchain.
What is the Blockchain?
- Blockchain is a shared public ledger. All confirmed transactions are included in the Blockchain. This allows digital wallets to calculate their spendable balance so new transactions are verified.
- This is what makes Bitcoin so trustworthy – any time Bitcoin moves it is verified to be a secure transaction.
Who controls the Bitcoin network?
- Much like how no one owns the technology behind email, no one owns the Bitcoin network. Bitcoin is controlled by its users. Developers work to improve the software, but they cannot force change in Bitcoin protocol because users are free to choose what software or version they would like to use.
Can I remove cash from a Bitcoin ATM?
- Yes, it’s fast and easy. Click here to learn how.
What is Bitcoin mining?
- Mining is the process of spending computer power to process transactions, secure the network, and keep everyone in the system synchronized together.
- Anyone can become a Bitcoin miner by running software with specialized hardware. Miners listen for specific broadcasts in the network, performing the appropriate tasks to process and confirm transactions. They do this because they are able to ear transaction fees (paid by a user for faster processing) and newly created bitcoins.
Find more answers to Frequently Asked Questions here.