Frequently Asked Questions (FAQ)
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Bitcoin is a decentralized currency – this means it isn’t governed by a specific government of jurisdiction. It can be obtained by mining mathematical calculations on the Blockchain and through things such as buying and trading. A Bitcoin address is semi-anonymous, meaning it contains no personal information about you, but anyone can still see transactions.
Official Google Definition
“Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.”
An altcoin is any digital cryptocurrency similar to Bitcoin. The term is said to stand for “alternative to Bitcoin” and is used describe any cryptocurrency that is not a Bitcoin. Altcoins are created by diverging from Bitcoin consensus rules (the fundamental rules of the cryptocurrency’s network) or by developing a new cryptocurrency from scratch. They work off the fundamental idea of being traded or earned though a Blockchain.
Most popular altcoins use the same fundamental building blocks as Bitcoin. This approach is relatively easy to carry out because Bitcoin is a free, open source platform. When an altcoin forks at the blockchain level, an alternate system of consensus rules must be used and the coin will have an entirely different distributed ledger. The same is true for altcoins built from scratch.