Understanding Bitcoin

Bitcoin is a decentralized digital currency that allows for direct transactions between individuals without the need for a bank. It offers advantages such as lower fees, global usability, and no account restrictions. Bitcoin transactions are verified by miners and recorded in a public ledger. The open-source nature of Bitcoin fosters innovation, similar to how the web transformed publishing. Businesses can benefit from Bitcoin by reducing transaction fees and avoiding chargebacks. For more information, visit weusecoins.com.

What is one of the main advantages of using Bitcoin over traditional currencies?

• No prerequisites or arbitrary limits

• Requires a bank account

• Higher transaction fees

• Limited to specific countries

How are bitcoins transferred between individuals?

• Through a bank

• Via a clearinghouse

• Directly over the internet

• Using postal services

Where are your bitcoins stored?

• In a digital wallet on your device

• In a physical wallet

• In a safety deposit box

• In a bank account

What is the role of miners in the Bitcoin network?

• To create new bitcoins

• To set transaction fees

• To verify transactions

• To freeze accounts

What happens to transactions after they are verified by miners?

• They are deleted

• They are stored in a private ledger

• They are recorded in a public ledger

• They are sent back to the sender

How does Bitcoin foster innovation in finance?

• By limiting the number of users

• By increasing transaction costs

• By providing a global market platform

• By restricting access to markets

What is a benefit for businesses accepting Bitcoin?

• Limited customer base

• Minimized transaction fees

• Chargebacks are common

• High setup costs