Have questions?

1) What is bitcoin?

Bitcoin was the first digital Asset, It was created by Satoshi Nakamoto in 2009. Bitcoin was built and functions on blockchain technology. It is often referred to as “peer-to-peer: electronic cash” giving you the option to send funds across the internet.

2) What is the blockchain?

Blockchain is the network which Bitcoin and others like it function. It is an open ledger, which all the transactions are verified against.

3) What is the function of the blockchain?

The blockchain is an open ledger, it has “miners” or computers running bitcoins (or any other digital assets) program. The miners solve algorithms within the blockchain’s code, adding transactions in the form of blocks to the open ledger. “Nodes” carry the blockchain’s history in its entirety and they come to a consensus to verify the open ledger.

4) What is cryptocation?

Cryptocation is an educational program dedicated to helping you get up to speed with blockchain and the digital asset market. 

5) Why do I need it?

As with any financial markets, you need to know what you are getting into. Every investment takes the right knowledge to invest properly. 

6) What will I be learning?

We offer a crash course in everything crypto. After going through our program we aim to help you become well versed in digital asset market.

Crypto Exchanges

What exchanges are regulated?

Exchange

Yes

No

Coinbase

Bitstamp

Binance

Gemini

 

Are exchanges insured?

Exchange

Yes

No

Coinbase

Bitstamp

Binance

Gemini

What types of accounts do they offer?

Most exchanges offer two types of accounts. One is a personal account used for non-commercial uses. Their second account is a corporate account used for business purposes.

Who sells and who buys cryptocurrencies?

All exchange users. This means that you as a user will always be buying cryptocurrencies from another user, and that makes them the seller.

What is a digital currency exchange?

This is a platform in which individuals are able to safely and securely buy and trade digital currencies in a timely manner. It is highly recommended to do your homework on which exchange works best for you based on fees and its user-friendly options.

Is the currency price locked when I click the desired deposit amount?

Stated in most exchange platform’s disclaimer displayed currency amount shown on your screen is an APPROXIMATION based on the last price of the cryptocurrency. This means the price is NOT locked in when you hit submit. Your currency will be purchased at the market price after your payment has been approved.

How can I make my account more secure?

It is recommended that you change your password at least once every six months. Your password should be twenty characters with both upper and lowercase, numbers, and special characters.

Blockchain

What is Blockchain?

The Blockchain is a ‘Distributed Ledger Technology (DLT)’. This technology is a secure way to store information about past transactions and to keep a perfect record.

How does Blockchain work?

It gets its name from how information is stored. Each Blockchain is composed of blocks and each block stores information about transactions. All transactions are confirmed and encoded. Every block has their own code and unique sets of rules that dictate what can and can not be done. This ensures that the information cannot be altered on this block. If any information does need to be changed it is considered a new transaction, and a new block will be created in the chain. The new block will record who made the change, and what changes they made.  

How does Blockchain remain secure?

The system can remain secure because they are distributed. The chains are located on multiple machines. These machines are located all over the world. Miners facilitate the Blockchain protocols. The miners are constantly confirming, and validating the transactions. The machines are connected to a network receiving and sending data. This ensures chains are also up to date, and new transactions compared to the old transactions add up.

What is a private blockchain?

Private blockchains are deployed either within an organization or shared among a known group of peers. This way no one else can access the data residing within the blockchain. They can be secured similarly to securing other integrated enterprise applications.

What is PoW?

PoW stands for proof-of-work. It is a complex piece of information that is used to create particular conditions. The verification of this information should be simple, and the purpose of the PoW formula is to check if calculations were conducted when creating a new crypto blockchain.

How is Blockchain, Crypto and Bitcoin relative?

Blockchain is responsible for keeping the bitcoin network secure. Essentially this makes it next to impossible for someone to steal your identity and prevents double spending on the network. Cryptocurrency serves as a digital coin that is moved around or stored on the network.

If we haven’t answered your question please feel free to reach out to us on our hotline or email us at support@cryptocurrency.org