Frequently Asked Questions
A: What is Bitcoin?
"Bitcoin is a digital currency, also called a virtual currency (which is misleading), which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.
Bitcoin is a complicated system, but underneath the technical complexity allows for a simple and elegant solution for digital transactions.
Did you know? No matter the current price or value of Bitcoin, you can still participate and benefit. Follow the steps on startbch.com or
read a condensed getting started guide from AKARI at the Bitcoin Cash Starter Kit now translated into over 27 international languages.
B: Why is there confusion between BCH,BTC?
On August 1st, 2017, the blockchain underwent something called a split, or in more technical terms, a User Activated Hard Fork.
In simpler terms, this means that there are now two types of "Bitcoin+Blockchain" with different programmatic rules and technical complexities. Some developers from the original beginnings of Bitcoin did not like the direction Bitcoin was going, so they decided to part ways opting to focus on the original ideas as proposed by the Bitcoin whitepaper and original goals of the protocol: Bitcoin Cash.
"Bitcoin Cash (BCH) is just a newer version of Bitcoin that split in August in attempt to solve the scaling problems that have been plaguing Bitcoin for years [Actually there is no scaling problem for Bitcoin Cash]. At it's core Bitcoin Cash is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin Cash in this mega thread or learn the difference between legacy Bitcoin and Bitcoin Cash." (source: Bitcoin FAQ on reddit.com/r/btc) there have since been over 40 duplications of the original Bitcoin into forks but only one of them sticks to the original technical/constructive/engineering/design whitepaper document.
C: What is a Wallet?
In the Bitcoin world, a (digital) wallet is a place to store your cash just like real-world wallets. Usually a Bitcoin wallet is a piece of software that can be unlocked using private keys (although there different wallet types). When you create a wallet, you typically also create private keys that allow access to that wallet. Store these private keys safely and don't give them to anyone - as if you're the bank - because, well...you are your own bank! With the wallet you can also create receiving addresses or you can send money to others who have wallets by obtaining their receiving address. These addresses allow people to send money directly to you. So, the difference between a real-world wallet and a digital Bitcoin wallet is that you can create as many receiving addresses as you like inside the wallet and anyone, anywhere, can send directly to your wallet. You can also use multiple wallets, no need to just use one (and that is actually encouraged!). Just remember, always store your private keys in a safe place, and don't forget them. Some wallets come in App form, for smartphones. As you can see from /u/kikimonster, you can create QR codes from the receiving address, and anyone with a wallet app can send directly to that receiving address simply by scanning the QR with their smartphone's wallet app! Other wallets are in the browser on specific pages, or as Firefox/Chrome extensions. Others still are integrated into services like http://yours.org, all you need to do there is create an account - it's a really great way to get started. You can also see a list of app Wallets on https://www.bitcoincash.org/#wallets
D: What is the Blockchain?
The Blockchain is a series of Bitcoin transactions linked together to form a chain for validation purposes, the transactions are also grouped into blocks, hence: blockchain. It's a lot more complicated, but that's the gist of it. The chain is then distributed to all computers participating in the network protocol (Bitcoin protocol). This distribution creates a non-central ledger, like a database (AKA a decentralized ledger). Computers on the network validate the transactions using mathematics, and cryptography is used as a buffer to combat attempts at de-validating previously recorded transactions. In other words, some computers solve a puzzle ("Crypto") to validate transactions, and the time it takes to solve that puzzle makes it difficult for other computers to invalidate (mess-up) the blockchain. That's why they call it "Crypto". You can learn more in this great TED talk: https://www.youtube.com/watch?v=RplnSVTzvnU
E: Where can I get Bitcoin Cash?
This question is often asked, but in reality it is the same thing as asking where can I get money?
Besides using this guide at http://startbch.com to earn Bitcoin, which is recommended rather than exchanging it (buying it) ; You can exchange your traditional currency for Bitcoin Cash on many different types of exchanges or use a local Automated Teller Machine (ATM).
Check for Bitcoin Cash ATMs near you at: https://coinatmradar.com/ - You may be able to buy and sell Bitcoin Cash locally at:
F: Why do prices in my wallet change daily?
Many wallets use a bundling or aggregate value from multiple online exchanges to display a comparison of your Bitcoin balance with a local currency, such as USD. Compared to a lot of local currencies, often the value of Bitcoin can go up or down within hours. It's healthier to try to look at the BCH value without comparing it to local currencies as that should not change. Eventually wallets may not show local currencies and only work with the BCH value, but that may still be a long time for that to happen.
G: What is a "Confirmation"?
When you send a transaction to another wallet receiving address, it sends (or broadcasts) the transaction to many computers on the network almost instantly. At this point the transaction should be accepted into a block. Some of these computers will verify the transaction as it gets included into a block (on the blockchain). When transactions are confirmed once the transaction details will show a "1", each time it is confirmed again it will show a 2, 3, and so on. For BCH, many transactions don't even require a confirmation as they are guaranteed to be included into a block, and fees are extremely low. Other exchanges will sometimes require "at least 3" because they may still be using the old Bitcoin rules, which may include exorbitant fees. Proponents of Segwit+Lightning will claim these fees are necessary, but BCH proves they really aren't. Bitcoin Cash proponents are still debating the terminology used for non-confirmation payments such as "0-conf". To this date there has been no proof of fraud or successful double-spends despite several websites claiming to show data on doublespends.
H: What are some differences: BTC vs. BCH?
Bitcoin Cash (BCH) (Not to be called Bcash, which is a different token entirely) generally has lower transaction fees (they should be close to zero unless a wallet software has not been updated), the transactions are much faster and peer-to-peer (meaning direct without any middleman). The transactions from BCH are reliable because there is no "replacing" of any transactions that may not have had the correct fee included. There is no chance for refund-fraud because there is no chargebacks. Some services can have instant transfers, where the transfer is broadcasted and does not require confirmations, this is called zero-confirmation or (0-conf). BCH transactions go directly from BCH to BCH - there is no intermediary or middleman or node network or any other type of "side-chain" network attempting to "fix" the network. This is the most efficient system as the whitepaper originally proposed. The development teams that are working on Bitcoin Cash are varied, there are currently multiple different teams that work on updates. Much like Cash, Bitcoin Cash is reliable and affordable, transactions can be less than one cent. Unlike the old Bitcoin, sometimes called Bitcoin Core, Bitcoin Legacy, or Bitcoin Segwit, which has been known to get expensive exorbitant fees (7%+!!!) and excessive wait times for transactions. Another major difference is that many of the original Bitcoin developers have moved back to Bitcoin Cash and frequently working on updates or potential innovations. In this way, Bitcoin Cash is Bitcoin. Bitcoin is back! Bitcoin Cash isn't just about holding as an investment - it is money and so can be spent.
Other major differences include: A large ecosystem of growing developers contributing to making transactions faster and easier, or offering services that save people time and money when making trades. A large ecosystem of supporters, volunteers, donators and community members who support BCH on http://reddit.com/r/btc . Lastly, and perhaps very importantly, the community around Bitcoin Cash on /r/btc is open, welcoming, and non-censoring. Valid (and even invalid) critique and criticism is not censored or deleted. The community is very helpful when new people are introduced, so don't be shy. Come say hi.
I: What are exchanges, do they support BCH?
An exchange is what the name implies, you can go there to trade. It's similar to the big financial exchanges like NYSE/etc. Exchanges can help you do this where you put your tokens up for sale, and someone else will buy them in exchange... you may have purchased some tokens or received them from someone else for example, and may then go onto an exchange to get them exchanged into Bitcoin Cash. Remember, you cannot transfer from one type of crypto to another - that is impossible - you will lose your coins - you have to instead exchange them. The exchanges act as middlemen and facilitate trades automatically using computers, so be wary, unless the exchange is decentralized, storing your coins on an exchange means they own the private keys - and you don't. That means it the exchange decides to quit, they would take the coins with them! Poof! Having said that: http://CoinEx.com is an exchange that supports BCH base pairs so if you need to exchange - it may be worth looking into. Also make sure you follow your local countries regulation and laws, it may be banned or illegal to use certain exchanges.
J: Where can I go to ask more questions?
K. Yours is great, what else is useful/interesting?
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