Frequently Asked Questions

• How does Bitcoin work?

  Bitcoin is a digital currency that can be created and mined via a distributed ledger known as a b♔lockchain. Bitcoin miners use software to run complex mathematical formulas to c🌼reate and confirm transactions known as blocks that get added to a computerized accounting system. For their efforts those miners are rewarded with bitcoins or fractions of bitcoins that can be bought and sold through various cryptocurrency exchanges.

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• How much is one Bitcoin?

  Like other currencies or assets, the value of a Bitcoin depends on the supply of the cryptocurrency and the market demand for it versus other competing cryptocurrencies. News about the crypto industry also can impact th𝓡e value of the digital currency. On Nov. 10, 2021, Bitcoin reached an all-time high of about $68,0000.

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• What’s the difference 💮between Bitcoin and 🦋Ethereum?

  Ether (ETH), the cryptocurrency of the Ethereum network is the second most popular digital token after Bitcoin, and its currency is known as Ether, the second-largest cryptocurrency by market capitalization. Ether and Bitcoin both are digital currencies traded via online exchanges and stored in cryptocurrency wallets. They also are both decentralized, meaning that they are not issued or regulated by a central bank or other authority. While both use distributed ledger technology, they differ in terms of the algorithms on which they function. Both use what is known as a proof of work, or PoW, consensus protocol as a kind of accounting system, but in 2022 Ethereum is moving to a new consensus protocol system known as proof of stake, or PoS, which is considered more secure and scalable.
  

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• What's the difference between Bitcoin and Ripple?

  A🐻s many investors know, Bitcoin is the most well-known cryptocurrency but there are several competing digital currencies including Ripple’s XRP, which is the cryptocurrency ranked sixth in terms of total market capitalization, as of the end of 2021. While Bitcoin transaction confirmations may take many minutes with high transaction costs, XRP t🐽ransactions are confirmed in seconds with little cost, which has spurred many banks to adopt the XRP payment system.

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