Bitcoin 101

Put simply, bitcoin mining is the process of verifying bitcoin transactions. It basically involves adding transaction records to the Bitcoin public ledger (the blockchain) to record the movement of bitcoins between wallets. The miners that do this job are rewarded for using their computer power to create new blocks on the blockchain with bitcoin. Why…

Just as the name suggests: it’s hardware that is used to mine bitcoin. There are numerous different types of hardware you can use, such as GPUs, ASICs or FPGAs, and each has its own advantages and drawbacks. This page explains everything you need to know. Where can I find the…

Mining Bitcoin without having to own and manage the hardware. Also known as cloud hashing, cloud mining is a service that allows users to lease mining capacity (hashing power) of hardware in remote data centers and earn bitcoins as the miners generate them. How does it work? In order get started…

Also referred to as a digital wallet, a bitcoin wallet is a program or software where bitcoins are stored, like a bank account. The wallets come in many forms, each providing unique features. There are web-based wallets, mobile wallets, and offline based wallets such as hardware and paper wallets. Why are…

A bitcoin hardware wallet, also known as a ‘hard wallet’, is a physical electronic device that stores your bitcoins. Hardware wallets are the most secure type of Bitcoin wallets and act like cryptocurrency safes, important for after having paid for your bitcoin. How do bitcoin hardware wallets work? Exactly how your…

A bitcoin desktop wallet is a programme that you download and store on your computer. Once you have installed a desktop wallet, you’ll be able to access and transfer your coins using the app’s user-friendly interface. A wallet is usually necessary if you have already bought bitcoin. How do bitcoin…

A mobile wallet is an app on your phone that stores and moves your bitcoin. Mobile wallets can be downloaded through Google Play or the App Store and are completely free. It’s important to note that all your wallet details are stored locally using your phone’s memory rather than online,…

Also known as a web wallet, an online wallet is a way of storing your bitcoin on the internet. In other words, it’s a wallet that runs on your browser, just like a website. Online wallets are regarded as more vulnerable to hacks than other types of wallet, but they are very…

A paper wallet is an offline wallet you can make yourself and keep on a piece of paper. This may sound a little confusing, but they’re actually one of the most secure ways to store bitcoins if you know how to make one. How do bitcoin paper wallets work? Paper wallets typically…

A bitcoin debit card is a card that is linked to a cryptocurrency account or wallet, allowing you to spend your bitcoins both online and in real shops and ATMs. When you make a purchase, the bitcoins in your account are converted to fiat currency based on the current market rates, and that…

5a – What is bitcoin used for? Bitcoin can now be used for almost anything that you’d usually purchase with ‘regular’ currency. Examples being: many Australians today pay their household bills using bitcoin, you can gamble with bitcoin in many online casinos and betting sites, buy furniture from Overstock, and…