What is Bitcoin?
Bitcoin is a decentralized digital currency, enabling direct online transactions between users without the need for banks. It is secured by and uses blockchain technology for security, transparency, and irreversible payments.
How do I buy Bitcoin for the first time?
Select a reliable exchange, complete KYC verification, fund your account, and then place either a market or a limit order. Then transfer the Bitcoin you bought to a secure wallet to ensure its safety.
What is a Bitcoin wallet, and which type should I use?
A Bitcoin wallet is a place where public and private keys are kept. First-timers should use hot wallets for their daily transactions and cold wallets for their long-term storage.
Why do Bitcoin transaction fees change?
Transaction size, network demand, and mempool congestion are the major factors that determine fees. When fees are high, transactions are given priority. However, using technologies such as SegWit and batching can help reduce costs.
How can I avoid Bitcoin scams?
You should never share your private keys or seed phrases, avoid promises of unrealistic returns, use trustworthy apps, enable Two-Factor Authentication, keep recovery phrases backed up offline, and check recipient addresses thoroughly.