{"id":16356,"date":"2016-10-13T21:01:54","date_gmt":"2016-10-13T13:01:54","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=16356"},"modified":"2022-08-07T20:11:25","modified_gmt":"2022-08-07T12:11:25","slug":"bitcoin-questions","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/","title":{"rendered":"Everything You Need to Know About Bitcoins"},"content":{"rendered":"<p>Many netizens have heard of bitcoin, the digital currency. This means it <strong>exists electronically<\/strong>. To be more precise, bitcoin is a type of <strong>cryptocurrency<\/strong> \u2013 the implication of security and encryption is important.<\/p>\n<p>In this post, we attempt to identify ten questions about Bitcoins that can give you a clearer understanding of what it is, what it does, and how you can use it to buy products or services online.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-1\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/hottest-cryptocurrencies-to-know\/\" class=\"ref-block__link\" title=\"Read More: Top 10 Cryptocurrencies You Should Know\" rel=\"bookmark\"><span class=\"screen-reader-text\">Top 10 Cryptocurrencies You Should Know<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/hottest-cryptocurrencies-to-know.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-28062 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/hottest-cryptocurrencies-to-know.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">Top 10 Cryptocurrencies You Should Know<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tCryptocurrency, or digital currency, is an invention of the Internet. Basically, someone out there thought, \"hey, what if...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>1. What are bitcoins?<\/h2>\n<p><strong>Bitcoin<\/strong> (capitalised) refers to the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/bitcoin.org\/en\/download\">software or network<\/a> (ie: the Bitcoin Network), while <strong>bitcoin<\/strong> (not capitalised) refers to the digital currency itself (ie: two bitcoins).<\/p>\n<p>The price fluctuates depending on what people were willing to pay for it. It traded for as low as pennies (during the infancy stage) to a <strong>record high of 20,000 USD that was reached on December 17, 2017<\/strong>.<\/p>\n<h2>2. Who developed the idea of bitcoins?<\/h2>\n<p>The idea of Bitcoin was conceptualised by <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/en.bitcoin.it\/wiki\/Satoshi_Nakamoto\">Satoshi Nakamoto<\/a>, an anonymous figure. In May 2008, he shared a white paper [<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/bitcoin.org\/bitcoin.pdf\">PDF<\/a>] about Bitcoin, a peer-to-peer cryptocurrency.<\/p>\n<p>Without disclosing who he was, Satoshi <strong>outlined how the currency would work<\/strong>: bitcoins would be \u2018mined\u2019 by computer software, transferred directly amongst users, and recorded in an untamperable ledger without the need of a third party.<\/p>\n<p>Then he disappeared.<\/p>\n<p>Part of Bitcoin\u2019s appeal is Satoshi Nakamoto\u2019s anonymity, which many view as a selfless act toward a new era of the financial revolution. Online detectives have identified a few candidates, including a <strong>real-life Japanese person sharing the same name<\/strong>. Some even theorized that Satoshi Nakamoto is <strong>a pseudonym for a collective.<\/strong><\/p>\n<p>In May 2016, the Bitcoin community was shocked when Australian entrepreneur <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/technology-36168863\">Craig Wright<\/a> identified himself as Satoshi Nakamoto. Some people believe his claim, some didn\u2019t, but on the whole the Bitcoin community is unaffected \u2013 the Bitcoin ecosystem is decentralised, and cannot be controlled by any person(s), including the creator.<\/p>\n<h2>3. What is so special about bitcoin?<\/h2>\n<p>Bitcoin is a peer-to-peer currency and runs on a system that <strong>allows you to send and receive bitcoins without a third party<\/strong>.<\/p>\n<p>To put simply, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Fiat_money\">fiat currencies<\/a> rely on third parties, such as banks or payment processors like Visa, to verify the transaction. This is how you and I can ensure the payment sent was indeed received.<\/p>\n<p>However, <strong>bitcoin transactions are recorded in a public ledger<\/strong> called the <strong>bitcoin blockchain<\/strong>. This information are permanent and <strong>publicly viewable<\/strong> on <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/blockchain.info\/\">Blockchain.info<\/a> and <strong>cannot be edited or deleted.<\/strong><\/p>\n<p>This means that the transaction records <strong>act as proof of transaction<\/strong>. Bitcoin is also programmed to be non-duplicable, which means <strong>double spending is highly unlikely.<\/strong><\/p>\n<h2>4. What is decentralized currency?<\/h2>\n<p>Bitcoin is also a decentralised currency, as in <strong>no one government, individual or group holds authority over it<\/strong>. This makes bitcoin <strong>spendable anywhere in the world<\/strong> as long as the receiver <strong>accepts bitcoins as payment<\/strong>.<\/p>\n<p>Decentralised currencies are a unique concept. Similar to the internet, it is <strong>free from geographical boundaries<\/strong> \u2013 this is why bitcoin is also dubbed \u2018the currency of the internet.<\/p>\n<p>Due to lack of control and regulations, <strong>many countries are understandably wary of bitcoin<\/strong> \u2013 and other cryptocurrencies in general \u2013 but some progressive countries such as <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money\">Japan<\/a> have started to recognise it as currency.<\/p>\n<h2>5. Is bitcoin anonymous?<\/h2>\n<p>Bitcoin\u2019s anonymity is a myth. Or rather, <strong>it is now much harder to make anonymous transactions<\/strong> with Bitcoin. Because as the ecosystem matures, many bitcoin service providers <strong>have started implementing KYC\/AML<\/strong> regulations.<\/p>\n<p>KYC\/AML stands for <em>know your customers<\/em>\/<em>anti-money laundering<\/em> . This requires users to <strong>submit proof of identity<\/strong> and <strong>proof of residence<\/strong>.<\/p>\n<p>It is also <strong>fairly easy to trace bitcoins<\/strong>. Bitcoins are usually bought from bitcoin exchanges, received as <strong>payment<\/strong>, or <strong>donated<\/strong>. With transaction details publicly viewable online, it is <strong>possible to trace where the bitcoin came from<\/strong>.<\/p>\n<h2>6. How do you use bitcoins?<\/h2>\n<p>Bitcoin can be used for spending, similar to money. Some people also keep them <strong>for investment<\/strong> purposes, while others prefer to <strong>use them as a method to make international money transfer<\/strong>.<\/p>\n<p>Bitcoin exists electronically and is kept in \u2018bitcoin wallets\u2019. There are many types of bitcoin wallets: desktop wallet, mobile wallet, online\/web-based wallet, hardware wallet and even paper wallet.<\/p>\n<p>To read more about <strong>bitcoin storage<\/strong>, check out <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/learn\/what-is-bitcoin\/\">this article<\/a> by CoinDesk. You can have as many wallets and bitcoin addresses (where you receive money from others) as you like.<\/p>\n<h2>7. How many people are using bitcoin?<\/h2>\n<p>Estimates vary \u2013 it is hard to find out the exact number of people who use Bitcoin. One way to measure the number of bitcoin users is by <strong>measuring the number of bitcoin wallets<\/strong>.<\/p>\n<p>According to the Bitcoin Market Journal, there are currently almost <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bitcoinmarketjournal.com\/how-many-people-use-bitcoin\/\">32 million bitcoin wallets<\/a>. Even though many bitcoin users have more than one wallet (it is common to hold a few wallets), this is an indication that <strong>the number of bitcoin users worldwide is increasing<\/strong>.<\/p>\n<p>Another way to estimate bitcoin usage is by <strong>the number of bitcoin transactions<\/strong>, which has steadily increased. Although this could mean that the <em>same<\/em> people are simply making <em>more<\/em> bitcoin transactions, it is <strong>fair to assume that there are new bitcoin users in the mix<\/strong>, too.<\/p>\n<h2>8. How do I acquire bitcoins?<\/h2>\n<p>There are three main ways to get bitcoins: mine them, buy them, or work for them.<\/p>\n<h3>Bitcoin Mining<\/h3>\n<p>Bitcoin mining used to be really profitable. However, at the current time <strong>it is no longer cost-effective for the average individual<\/strong>. One will need to buy specialized Bitcoin mining equipment, get\/rent dedicated spaces for them, and pay their associated costs (rental, electricity and cooling costs).<\/p>\n<h3>Buy Bitcoins<\/h3>\n<p>You can buy bitcoins from many online exchanges. There are a lot more options now than ever before \u2013 there are global bitcoin exchanges and also country-specific bitcoin exchanges. You can also buy them from other people via <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/localbitcoins.com\/\">Localbitcoins<\/a>.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg\" width=\"713\" height=\"517\" alt=\"localbitcoins.com\"><\/figure>\n<h3>Work for Bitcoins<\/h3>\n<p>Some people get paid in bitcoins instead of cash currencies.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/xbt-freelancers.jpg\" width=\"765\" height=\"314\" alt=\"XBTFreelancer\"><\/figure>\n<p>\u2026 and <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/coinality.com\/\">Coinality<\/a> list jobs with bitcoin payments.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/coinality.jpg\" width=\"996\" height=\"584\" alt=\"Coinality\"><\/figure>\n<p>There are other less effective ways to acquire bitcoins. You can get (very) small amounts of bitcoins from <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/bit.makejar.com\/\">bitcoin faucets<\/a>, which <strong>pay you to look at advertisements<\/strong>. You can get them as donations.<\/p>\n<p>There are also <strong>bitcoin \u2018investments\u2019<\/strong> but if you wish to not lose money, <strong>avoid companies that are listed in <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.badbitcoin.org\/thebadlist\/\">Badbitcoin Badlist<\/a><\/strong>.<\/p>\n<h2>9. How do I send\/receive\/spend bitcoins?<\/h2>\n<p>Bitcoin wallets come with <strong>bitcoin addresses<\/strong>, which represent a destination, similar to an email address. Bitcoin addresses are alphanumeric, between 27-34 characters in length.<\/p>\n<p>Many bitcoin service providers have a user-friendly user interface which allows users to <strong>generate bitcoin addresses, and send and receive bitcoins<\/strong>.<\/p>\n<p>To send bitcoins, users simply have to <strong>ensure positive balance<\/strong> in their bitcoin wallets, <strong>insert the receiver\u2019s bitcoin address, and hit send<\/strong>. There is a small miner\u2019s fee to process the transaction \u2013 miner\u2019s fees are given as a reward and incentive to Bitcoin miners for maintaining equipment.<\/p>\n<p>Bitcoin transactions <strong>usually take less than an hour<\/strong> to arrive, but it can take longer or shorter depending on the fee amount and the bitcoin service provider.<\/p>\n<p>You can spend bitcoins anywhere that accepts bitcoins as payment. You can also use a Visa\/Mastercard-linked bitcoin debit card issued by companies like <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.coinbase.com\/\">Coinbase<\/a>.<\/p>\n<h2>10. What are bitcoin\u2019s disadvantages?<\/h2>\n<p>Depending on who you ask, you\u2019ll get different answers. Coders and programmers <strong>might argue that bitcoin is already an outdated network<\/strong>, compared to some of the newer cryptocurrency networks available.<\/p>\n<p>Here we will concentrate on bitcoin\u2019s disadvantages to the casual user:<\/p>\n<h3>Advanced digital knowledge is necessary<\/h3>\n<p>Bitcoin can be stolen in many ways. It is the bitcoin owner\u2019s responsibility to keep them safe, and this means <strong>implementing additional layers of security<\/strong> such as 2-factor authentication. Keeping them in web wallets <em>can<\/em> be dangerous (see point below).<\/p>\n<p>If you have a significant amount of bitcoins, you are advised to keep them in <strong>hardware wallets<\/strong> such as <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/go\/trezor\">Trezor<\/a> or <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.ledgerwallet.com\/\">Ledger<\/a>.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/ledger-nano-s.jpg\" width=\"768\" height=\"463\" alt=\"Ledger\"><\/figure>\n<h3>Bitcoin service providers can be hard to trust<\/h3>\n<p>The biggest names have failed the Bitcoin community. Who can forget the Mt. Gox incident in 2014. It was the biggest bitcoin exchanger at the time and <strong>practically <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/BL-263B-352\">disappeared overnight<\/a> along with almost 745,000 bitcoins<\/strong>.<\/p>\n<p>In 2016, thieves <strong>stole almost 120,000 bitcoins<\/strong> during the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2016\/08\/03\/the-bitfinex-bitcoin-hack-what-we-know-and-dont-know\/\">Bitfinex hack<\/a> \u2013 and experts still don\u2019t know how they did it.<\/p>\n<h3>Lack of acceptance<\/h3>\n<p>Cold hard cash is still the widest and most used form of payment \u2013 it\u2019s acceptance is second to none. By contrast, <strong>bitcoin is only accepted at a handful of shops<\/strong>. However, bitcoin debit cards help to address this issue \u2013 linked to payment processors, they help make bitcoin spending a bit easier.<\/p>\n<h3>Lack of protection<\/h3>\n<p>In general, bitcoin is <strong>not considered legal in most countries around the world<\/strong>. Therefore, theft or scam victims have <strong>almost no option for recourse<\/strong>. However, the legal landscape is ever-changing, and one of the best spots to update yourself on whether bitcoin is acceptable or not is Bitlegal.io.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/bitcoin-legal-countries.jpg\" width=\"1049\" height=\"496\" alt=\"Bitlegal.io\"><\/figure>\n<h3>Anti-bitcoin politicians<\/h3>\n<p>While many countries around the world mainly cautioned the public against the risky nature of Bitcoin, some politicians or political parties have extreme views about bitcoin. <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/russia-hold-cryptocurrency-conference-regarding-bitcoin-challenges\/\">Russian<\/a> and <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/2016\/06\/07\/front-national-seeks-bitcoin-ban-france\/\">French<\/a> lawmakers are considering  banning it altogether.<\/p>\n<h2>Wrap Up<\/h2>\n<p>Bitcoin is cool, but the underlying technology behind it \u2013 the blockchain \u2013 is even cooler. Turns out, having a method to record data in a way that cannot be tampered or deleted is a good thing. It is also a <strong>cost-effective method to store information<\/strong>. Many companies including <strong>major banks have <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/www.techworld.com\/picture-gallery\/e-commerce\/bitcoin-beyond-how-banks-are-investing-in-blockchain-technology-3625324\/\">expressed interest<\/a> in the blockchain technology<\/strong>.<\/p>\n<p>What do you think of Bitcoin? Share your thoughts on the system in the comments section below.<\/p>","protected":false},"excerpt":{"rendered":"<p>Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of cryptocurrency \u2013 the implication of security and encryption is important. In this post, we attempt to identify ten questions about Bitcoins that can give you a clearer understanding of what it is,&hellip;<\/p>\n","protected":false},"author":156,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3401],"tags":[1963,4601,1964],"topic":[4521],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Everything You Need to Know About Bitcoins<\/title>\n<meta name=\"description\" content=\"Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything You Need to Know About Bitcoins\" \/>\n<meta property=\"og:description\" content=\"Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/\" \/>\n<meta property=\"og:site_name\" content=\"Hongkiat\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hongkiatcom\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-13T13:01:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-07T12:11:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg\" \/>\n<meta name=\"author\" content=\"Suraya Zainudin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:site\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Suraya Zainudin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/\"},\"author\":{\"name\":\"Suraya Zainudin\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/person\\\/0692f802a8739c34875621494e03825b\"},\"headline\":\"Everything You Need to Know About Bitcoins\",\"datePublished\":\"2016-10-13T13:01:54+00:00\",\"dateModified\":\"2022-08-07T12:11:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/\"},\"wordCount\":1584,\"commentCount\":34,\"publisher\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/bitcoin-questions\\\/local-bitcoins.jpg\",\"keywords\":[\"Bitcoin\",\"Security and Privacy\",\"tor network\"],\"articleSection\":[\"Culture\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/\",\"name\":\"Everything You Need to Know About Bitcoins\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/bitcoin-questions\\\/local-bitcoins.jpg\",\"datePublished\":\"2016-10-13T13:01:54+00:00\",\"dateModified\":\"2022-08-07T12:11:25+00:00\",\"description\":\"Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#primaryimage\",\"url\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/bitcoin-questions\\\/local-bitcoins.jpg\",\"contentUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/bitcoin-questions\\\/local-bitcoins.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/bitcoin-questions\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Everything You Need to Know About Bitcoins\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/\",\"name\":\"Hongkiat\",\"description\":\"Tech and Design Tips\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#organization\",\"name\":\"Hongkiat.com\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/wp-content\\\/uploads\\\/hkdc-logo-rect-yoast.jpg\",\"contentUrl\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/wp-content\\\/uploads\\\/hkdc-logo-rect-yoast.jpg\",\"width\":1200,\"height\":799,\"caption\":\"Hongkiat.com\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/hongkiatcom\",\"https:\\\/\\\/x.com\\\/hongkiat\",\"https:\\\/\\\/www.pinterest.com\\\/hongkiat\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/person\\\/0692f802a8739c34875621494e03825b\",\"name\":\"Suraya Zainudin\",\"description\":\"Suraya is a freelance writer specializing in personal finance, investing, nonprofits, women's empowerment, and FinTech.\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/author\\\/suraya_zainudin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Everything You Need to Know About Bitcoins","description":"Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/","og_locale":"en_US","og_type":"article","og_title":"Everything You Need to Know About Bitcoins","og_description":"Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of","og_url":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/","og_site_name":"Hongkiat","article_publisher":"https:\/\/www.facebook.com\/hongkiatcom","article_published_time":"2016-10-13T13:01:54+00:00","article_modified_time":"2022-08-07T12:11:25+00:00","og_image":[{"url":"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg","type":"","width":"","height":""}],"author":"Suraya Zainudin","twitter_card":"summary_large_image","twitter_creator":"@hongkiat","twitter_site":"@hongkiat","twitter_misc":{"Written by":"Suraya Zainudin","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#article","isPartOf":{"@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/"},"author":{"name":"Suraya Zainudin","@id":"https:\/\/www.hongkiat.com\/blog\/#\/schema\/person\/0692f802a8739c34875621494e03825b"},"headline":"Everything You Need to Know About Bitcoins","datePublished":"2016-10-13T13:01:54+00:00","dateModified":"2022-08-07T12:11:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/"},"wordCount":1584,"commentCount":34,"publisher":{"@id":"https:\/\/www.hongkiat.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg","keywords":["Bitcoin","Security and Privacy","tor network"],"articleSection":["Culture"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/","url":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/","name":"Everything You Need to Know About Bitcoins","isPartOf":{"@id":"https:\/\/www.hongkiat.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#primaryimage"},"image":{"@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg","datePublished":"2016-10-13T13:01:54+00:00","dateModified":"2022-08-07T12:11:25+00:00","description":"Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of","breadcrumb":{"@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#primaryimage","url":"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg","contentUrl":"https:\/\/assets.hongkiat.com\/uploads\/bitcoin-questions\/local-bitcoins.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.hongkiat.com\/blog\/bitcoin-questions\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.hongkiat.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Everything You Need to Know About Bitcoins"}]},{"@type":"WebSite","@id":"https:\/\/www.hongkiat.com\/blog\/#website","url":"https:\/\/www.hongkiat.com\/blog\/","name":"Hongkiat","description":"Tech and Design Tips","publisher":{"@id":"https:\/\/www.hongkiat.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.hongkiat.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.hongkiat.com\/blog\/#organization","name":"Hongkiat.com","url":"https:\/\/www.hongkiat.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hongkiat.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.hongkiat.com\/blog\/wp-content\/uploads\/hkdc-logo-rect-yoast.jpg","contentUrl":"https:\/\/www.hongkiat.com\/blog\/wp-content\/uploads\/hkdc-logo-rect-yoast.jpg","width":1200,"height":799,"caption":"Hongkiat.com"},"image":{"@id":"https:\/\/www.hongkiat.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/hongkiatcom","https:\/\/x.com\/hongkiat","https:\/\/www.pinterest.com\/hongkiat\/"]},{"@type":"Person","@id":"https:\/\/www.hongkiat.com\/blog\/#\/schema\/person\/0692f802a8739c34875621494e03825b","name":"Suraya Zainudin","description":"Suraya is a freelance writer specializing in personal finance, investing, nonprofits, women's empowerment, and FinTech.","url":"https:\/\/www.hongkiat.com\/blog\/author\/suraya_zainudin\/"}]}},"jetpack_featured_media_url":"https:\/\/","jetpack_shortlink":"https:\/\/wp.me\/p4uxU-4fO","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/posts\/16356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/users\/156"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/comments?post=16356"}],"version-history":[{"count":3,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/posts\/16356\/revisions"}],"predecessor-version":[{"id":61350,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/posts\/16356\/revisions\/61350"}],"wp:attachment":[{"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/media?parent=16356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/categories?post=16356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/tags?post=16356"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.hongkiat.com\/blog\/wp-json\/wp\/v2\/topic?post=16356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}