Frequently asked questions
What is Bitcoin?
Bitcoin is a new digital asset and provides a whole new technology. It enables a new payment system and a completely digital money. It is completely decentralized payment network that is powered by its users with NO CENTRAL AUTHORITY or middle men !
Bitcoin is basically Cash for the internet.
What are the advantages of Bitcoin
Payment freedom - You can send and receive bitcoins anytime and anywhere in the world in no time. No banks, no borders, no one in control of the money except the owner of bitcoins.
Less risks for merchant - Bitcoin transactions are irreversible and are not connected to any account with sensitive information. Anyone can create a wallet anywhere online or offline by staying completely anonymous. This protects merchants from losses caused by charge-backs since the bitcoins are considered like Cash. Merchants can get to new markets where credit cards are not available or risky.
Transparent - All information concerning the bitcoin transactions and money supply is available to anyone anytime through the block chain for anybody to verify and use in real-time.
Difference between Bitcoin & Conventional money
Backed up by: Products, services, economy of the issuing country.
It's governed by: Central Banks
International transfer cost: Up 40$ or 2-3% of a transaction
International transfer takes: Several days
Once you have paid: Chargeback is possible
Backed up by: Products, services and a sound consensus of users
It's governed by: Mathematics and distributed computing
International transfer cost: 0.10 to 1.50 $
International transfer takes: A few minutes (maybe seconds)
Once you have paid: No chargebacks
A Bitcoin wallet contains ...
Address(es) : Imagine a bank account number. Your Bitcoin wallet also contains such a number or multiple ones and each address has a Bitcoin balance. During a transaction, the address is visible to all users in the network.
Private Key(s): This is a secret code (similar to a PIN) generated for each address where you hold Bitcoins. This key is known only to you and allows transferring money from a Bitcoin waller to another.
Where can I spend them?
Online: There are currently (October 2019) more than 20,000 online retailers. This includes the big names like Microsoft, Overstock, Intuit, Dish Network and more
Point of sale: In Bitcoin friendly Cafes, shops worldwide.
Bitcoin Exchange: Swap Bitcoin or even other cryptocurrencies to ILS, USD or any other regular currencies.