Table of Contents
# 1 How and where to store Bitcoin?
Just as regular coins are stored in your wallet, Bitcoins are also stored in a dedicated digital wallet. Each wallet has its public digital address, to which coins can be received.
The address is a string of numbers and English letters about 30 characters long. There is no cost to create a new wallet, or a limit on the number of wallets you can have. There are several types of digital wallets, which differ mainly in their security level.
# 2 Is it safe to send Bitcoin?
A Bitcoin transaction is a digitally signed order and hence, securely encrypted. The transaction is signed by the outgoing wallet and gets broadcast to the internet, and then gets listed on the block explorer.
# 3 Where can I track my Bitcoin transaction?
The block explorer is a public ledger that keeps a live log of all Bitcoin transactions. The blockchain of Bitcoin is transparent, remember? The ledger is divided into blocks, each block contains many log commands, and once the block is closed, the actual transaction takes place.
# 4 How long does it take to send Bitcoin?
Usually, it takes an average of about 10 minutes to close a block and confirm a Bitcoin transaction. This varies and is subject to network traffic.
# 5 What is the cost to send Bitcoin?
The only cost of a Bitcoin transaction from one place to another (doesn’t matter the physical distance) is the transaction fee, which is added to each order and paid to the miner for his work to close the block.
Relative to the means of money transfers, the cost of transferring Bitcoin is significantly cheaper. The fee is not fixed, and most of the digital wallets automatically calculate the minimum necessary fee.
The higher the fee, the faster the transfer will be (i.e., your transaction will be handled by the miner, who prefers to take the higher fee transactions) As of writing this, Bitcoin’s transaction cost (fee) is even less than $1 for most of the transaction.
To emphasize how cheap it is to send vast amounts in Bitcoin, this transaction of $101,000,000 was sent only for as low as a $121 transaction fee, which is roughly 0.00001%.
# 6 Who is eligible to create a Bitcoin account?
Unlike banks, anyone can create a Bitcoin wallet account on its own, this brings a lot of benefits, perhaps the most important of which is accessibility and censorship-resistance.
Banks create policies to which customers must oblige; if they fail to do so, the banks have the authority to shut down their accounts. Banks can also reverse or freeze transactions and accounts. This can’t happen with Bitcoin because there’s no central authority controlling it, one of the many beauties of Bitcoin.
In terms of accessibility, literally anyone in the world who has access to the Internet can obtain, send, store, and transact with Bitcoin. Anyone can open a ‘Bitcoin account,’ which is basically downloading a digital wallet app. <- *Link to bitcoin wallets*
Sending large amounts of bitcoin is a lot quicker and cheaper than sending fiat currency through traditional bank transfers. When was the last time you sent $300 million (aprox. €254 million) for a $1 fee?
Block explorer: Sending 43.6K BTC ($313 Million or €264 Million at that time) for only $1 fee
# 7 Is it possible to buy or send less than one Bitcoin?
Bitcoin has eight numbers after the decimal. The smallest amount is 0.00000001 Bitcoin, and this unit of measurement is called one Satoshi. It is better not to send such a small amount because the transaction fee will be higher than the amount sent.
# 8 Bitcoin use: Who accepts Bitcoin? What can I buy with Bitcoin?
Today more and more business industries are adopting Bitcoin as a valid payment method. Bitcoin’s daily use as money is still not as common as the traditional FIAT, but your Bitcoin account can be linked directly to VISA debit cards (side note: you should check regarding the taxation in such case).