We try to add the latest subjects that may help you in your Bitcoin journey.
Find listed below the popular questions and answers.
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You don’t get rich from Bitcoin like you don’t get rich from your Canadian dollars. It’s the actions you take with your bitcoins that’ll turn that into profits or losses. Best way to riches is to develop a business from what you know and love to do and accept bitcoins for your services and products.
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use.
Nobody knows. We expect and see Bitcoin to be worth far more than it’s current market valuation, it is not the first bear market of this asset and development has been doing very good but the true value of Bitcoin is up to all the market participants, you included.
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New bitcoins are generated by a competitive and decentralized process called “mining“. This process involves that individuals are rewarded by the network for their services.
In cryptocurrency networks, mining is a “validation” of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network.
They don’t. The energy spent is per block, which can have a varying number of transactions. More transactions does not mean more energy.
If mining stops, transactions can still be created and broadcast onto the network. In order for those transactions to go through, users might attach a fee to it, incentivizing now profitable miners to include the transactions into a block.
Blockchain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. Blockchain is often cited to be decentralized, immutable and censorship-resistant, but to this date only Bitcoin’s blockchain has achieved distributed, trustless, consensus.
Blockchains require some mechanism to prevent centralized control. You can’t have a secure blockchain without valuable bitcoins that the same blockchain generates, in order to pay the miners with. Without something of value being generated, there can be no useful blockchain.
Bitcoin is not anonymous, but, rather, pseudonymous. Bitcoin addresses are not tied to the identity of users on a protocol level. Anyone can create a new and completely random Bitcoin address (and the associated private key) at any time, without the need to submit any personal information to anyone.
Bitcoin is open source. That is, you can download the code from Github, tweak it, and run your own parallel-but-slightly-different version. We are in a market discovery period and legitimate will be separated from the frauds and scams with time, a lot of time.
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