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F.A.Q

Questions frequently asked by our community... 


 Q

 What is Bitcoin? 


 Bitcoin is a cryptocurrency. A protocol allowing the capabilities of a decentralized worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. Created by an unknown person/organization named Satoshi Nakamoto. 

 Q

 What is a wallet address? 


 A wallet address is one of the key concepts that make cryptocurrency and the blockchain work. It isn’t quite as straightforward to define or explain as an email address. You first need to know about two other parts of a wallet in order to see how the address fits into the picture: a private key and a public key. The main difference is that you don’t use the same address to send cryptocurrencies as you do to receive it. 

 Q

 What's the difference between a private key, public key and address? 


 Private key: a 64 character long code using any combination of the letters A-F and the numbers 1-9. This is what you use to sign transactions to allow sending funds out of your wallet, and is therefore what needs to be completely secure and never shown to anyone but yourself.
Public key: a public key is the unique identifier for your cryptocurrency wallet that is known to the public. The public key operates in the background unless you want to dig into records.
Address: the address is another identifier, but it’s derived from the public key. This is the identifier people will enter to actually send bitcoin to you. An address is a single-use identifier that will be automatically generated for each transaction from your public key.