What is Bitcoin?
Bitcoin represents the first technology to be able to transfer ownership without a third party over a communication channel like the Internet. This technology has the potential to disrupt the current financial system.
Over the Bitcoin network payments are instant and near cost less to anywhere in the world. It is a bit like going from mail to email. Just like the Internet, Bitcoin is distributed in a peer to peer network without and central authority. All code is open source which means anyone can substantiate the validity of the technology.
'Don't Be Evil' is the motto of Google, in this new paradigm it is being replaced by 'Can't Be Evil' - with Bitcoin the trust is based on the protocols, the white paper and cryptography not on an organization. Asking if Bitcoin is a commodity, currency, payment protocol or a platform is equivalent of asking if the Internet is email, telephony or TV - the answer is, it is all of the above!
What is the intrinsic value of Bitcoin?
Cars have value because they have utility and are scarce, it is the same with all things. Bitcoin has utility as a payment network that can disrupt billion dollar industries. It is scarce since there will never be more than 21 million bitcoins created.
Unlike Gold, Bitcoin can be divided into 100 millionth of a unit.
Unlike Gold, Bitcoin can be sent across the globe in an instant for virtually no cost.
Unlike traditional currencies, the government, nor anyone else, can't print more of it at will.
Is it secure?
Bitcoin gives power to the people, it also means that it gives people responsibility to keep their bitcoins safe.
It is important to recognize that the theft you have heard of is not a security breach of the system itself. The good news is that you don't have to trust anyone.
The bitcoins everyone owns are stored across thousands of computers in the peer to peer network. They are 'unlocked' by your Private Key. You can let someone else hold your Private Key, like an online wallet or exchange, or store it on your computer or print it out and store it in a safe place. If you let someone else hold your Private Key, you need to trust that they don't lose it, or in worst case steal it.
What is Bitcoin mining?
Mining is the process that keep Bitcoin secure. Hundreds of millions of dollars have been invested in computers that are dedicated for Bitcoin mining. These miners earn newly minted bitcoins at a pre-determined rate as well as transaction fees.
How do I get Bitcoin?
You can be paid by Bitcoin for example by freelance work, mine Bitcoin or you can buy Bitcoin from an exchange, an ATM or an individual who wish to sell to you. An easy and quick way is to use an ATM, we have a machine located at 1 Raffles Link, Citylink Mall, #B1-K4 next to TCC (The Connoisseur Concerto) at shop #B1-26.
You can read more about Bitcoin on this site and there are links to more resources around the web under Need Help?
If you have any questions, please send us an email we will do our best to answer them.