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.
NEW CryptoCurrency & Bitcoin 2.0
MYCRYPTOCOIN•BITCOIN 2.0
MCC is going public (ICO) on 10th of January 2017
Until 31th - Dec - 2016 you can adquire Pre-ICO MCC
The Bitcoin Network is the first successful implementation of blockchain technology.
The term "blockchain technology" typically refers to the transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.
The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.
The potential for blockchain technology is not limited to bitcoin. As such, it has gained a lot of attention in a variety of industries including: financial services, charities and nonprofits, the arts, and e-commerce.
BLOCKCHAIN (technology) is the new standard for FINANCIAL Transparency:
Bitcoin can often refer to two things. First, the Bitcoin network that keeps track of our transactions and balances, and second, the currency that we use as the unit of value when we transact. We"ll cover both here ..
The Bitcoin Network
Bitcoin"s payment network (also called the bitcoin blockchain) is what makes it possible for us to transact with one another. The network uses distributed consensus to verify and confirm transactions, and consensus is reached via a large global network of high-performance computers (called miners) running the bitcoin software.
Whenever someone sends a transaction it is broadcast instantly to the network and verified by the miners. Miners are constantly working to confirm individual transactions and include them in the next block of transactions in the chain. Once a new block is verified, all the transactions within it are permanently recorded on the blockchain. Rewards are paid out in bitcoin to miners who confirm transactions and verify the next block as a way to incentivize productivity on the network.
Each party who participates in the mining process has an identical up-to-date copy of the blockchain or public ledger, which is a record of all the transactions in bitcoin history. Each party"s copy of the ledger is updated every time a new block is found.
The Currency
The unit of value that we send and receive on the Bitcoin network is also referred to as bitcoin, or bitcoins. Bitcoin is completely digital, meaning we can"t physically hold it in our hand. It"s also portable, divisible, fungible, and irreversible.
NEW CryptoCurrency & Bitcoin 2.0
MYCRYPTOCOIN•BITCOIN 2.0
MCC is going public (ICO) on 10th of January 2017
Until 31th - Dec - 2016 you can adquire Pre-ICO MCC