FAQ-Frequently Ask Questions-On Crypto Currencies

Wallets-LiteCoin

Question-I must really  appreciate you for your updates.  It has been really informative  to me. I wanna ask,  what e-wallet can you recommend  for litecoin?  I will be glad to hear from you on this.

Answer-Litecoin is an interesting coin because at this time their wallets are some what limiting, thus I have stored some of  my coins on a paper wallet which can be seen HERE.

Could my Bank really take my funds?

In a sense of the word yes as your funds are no longer yours anyway. You are merely an unsecured creditor to the very bank you have your funds in. It has already happened in Cypris in 2013. Don't believe us check out this article. Click HERE

 

What is Bitcoin/Crypto Currency things I keep hearing about?

To put it very simply it is a new form of money that works extremely well on the Internet, plus it doesn't expose you to all the risks of identity theft.

 

Why do people trust Bitcoin?

Bitcoin and Crypts Currencies provide trust through a trust less system because everything revolves around the software completing the transaction and not "people".

 

Is Bitcoin/Crypto Currencies Anonymous?

As a general rule the answer is "NO". But their general nature they are somewhat Anonymous.

 

Is Bitcoin/Crypto Currency easy to use?

Yes. It is much easier than other online payment systems. In many cases you simply click a link and confirm that the transaction is correct. On smartphones people tend to use QR codes because it's easier. These QR codes look like this

 

What's a QR code?

It's like a bar code but a modern version made up of black and white squares. It stores information in a way that is easy for smartphones to read using their cameras. They look like this:

 

 

So Is Bitcoin legal?

Most countries around the world state Bitcoin is legal to use. Click HERE to check your country.

 

Is Bitcoin useful for illegal activities?

Yes Bitcoin can be use for Illegal activity, however that isn't the "NORM"

 

Is Bitcoin regulated?

In theory it could be but it cannot be shut down. Read more HERE

 

What do I do when my Bitcoins are lost?

Bitcoins and Crypto Currencies require a lot more financial responsibility on your part

 

What about Bitcoin and taxes?

While Bitcoin is not a "fiat currency" you should check with your Tax advisor regarding Tax implications of Bitcoin and Crypto Currencies.

 

For more Click HERE

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