FAQs

FUD FAQs for Bitcoin. Fear, Uncertainty, and Doubt and Frequently Asked Questions for Bitcoin. This FAQ is designed to provide simple understandable and accurate answers to frequently asked questions and to assist Bitcoin supporters in defending Bitcoin against FUD attacks. This service is intended to be community-driven. If you have new questions or better answers please post them in the comments.

Bitcoin is too expensive!

The total number of bitcoins is forever limited to 21 million. There are ~45 million millionaires in the world. If half of them bought 1 Bitcoin, anyone owning 1 bitcoin would be a millionaire.

Bitcoins are divisible into 100,000,000 units called Satoshis, which is the unit most often used by the Lightning Network. A common Bitcoin investment phrase is “Stacking Sats“.

Source: Wikipedia

Is Bitcoin a currency?

Bitcoin is on its way to becoming a viable day-to-day currency with the rollout of the Lightning Network.

Who owns the Bitcoin network?

No one. Bitcoin is like the Internet. Bitcoin is an open-source public protocol that is supported by developers, miners, node operators, exchanges, and numerous software vendors. This distributed dedicated community is one of Bitcoin’s core strengths.

Can I earn interest on Bitcoin?

Yes, there are several sites that pay interest on Bitcoin. The rates range from about 4-6% APY

What is the blockchain?

Bitcoin is constructed from a blockchain which is a set of small blocks of information that are linked together by a unique code forming a chain.

Leave a Reply

Your email address will not be published. Required fields are marked *