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FREQUENTLY ASKED QUESTIONSBitcoin is a type of digital currency that can be sent from person to person without the need for a trusted third party like a bank or other financial institution. Bitcoin is the first global, decentralized currency.
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across multiple computers. Any transaction made cannot be altered retroactively, without the alteration of all subsequent blocks.
Each “block” represents a group of transactions and these blocks are then chained together in a sequence. The blockchain is the name given to the unique ledger technology which makes Bitcoin what it is today. The blockchain gives people the power to verify their bitcoin at all times.
A satoshi is the smallest unit of a bitcoin. It represents the 8th decimal place in bitcoin. 0.00000001 BTC is known as 1 satoshi (sat).
Much like the traditional wallet you carry in your pocket, a crypto wallet is used to store your bitcoin. Your crypto wallet can be accessed from your Coinme account.
Coinme’s custodial crypto wallet stores your private keys to ensure you will not lose access to your funds.
The Bitcoin network has an uptime of 99.99%. It’s proven to be secure, functional, and efficient. The technology used to build Bitcoin is cryptographically secured, and the world’s best developers in the open-source community continually work to inspect, audit, and improve the network.
If you’ve heard of ‘bitcoin getting hacked’ in the news, it’s actually been a security breach in the crypto exchange itself and not the Bitcoin network. The Bitcoin network itself is the most secure distributed computer network in the world.
Bitcoin can be purchased from a number of licensed brokers and exchanges. Coinme has been a licensed bitcoin exchange since 2014 and has helped thousands of individuals get their very first cryptocurrency. With Coinme, you can buy bitcoin at over 5,600 Coinstar kiosks.
Many companies around the world accept bitcoin as a form of payment. Run a quick search online and you’ll find thousands. However, bitcoin is used for many other things as well. It can be used for remittances, peer-to-peer payments, and as a store-of-value.