• Slide Background Image
    CryptoConvert - Exchange Rates Made Easy
    Instant Crypto Conversions
    at Your Fingertips!
    Get rapid access to current conversion rates on your favourite Cryptocurrencies

Bitcoin FAQ's

What is Bitcoin?
Bitcoin is a decentralised peer-to-peer digital payment system that is powered by its users with no central authority. It is the first-ever ‘Cryptocurrency’ and by far the most popular one. Bitcoin is based on blockchain technology, which enables users to make transactions and create an unchangeable, secure record for each one.
The identity of the creator/s of Bitcoin remains unknown, but the Bitcoin whitepaper which was published in 2008 was authored by a person or group of people going by the name of Satoshi Nakamoto. Bitcoin is open-source and developers around the world can view and modify the Bitcoin code, therefore Nakamoto does not own or control the network.
Bitcoin can be bought from many online Cryptocurrency exchanges. Online merchant Instacoins also allows users to purchase BTC with their Debit/Credit Card or Bank Wire Transfer through a safe, quick and simple process.
In order to purchase Bitcoin, you must open a Bitcoin wallet so that any BTC funds may be stored safely. Users should store their funds in an offline ‘cold wallet’ to prevent themselves from being targeted by hackers.
The term ‘HODL’ was originally a typo which has now been converted into an acronym for ‘Hold on for dear life’. The term is used to describe the activity of holding onto Cryptocurrencies regardless of price fluctuations, driven by the belief that the coin’s price will become highly profitable in the future.