What is bitcoin and blockchain frequently asked questions



Q: What is bitcoin?

A: Bitcoin is the first iteration of blockchain technology.

_ _ _

Q: What is Blockchain?

A: Blockchain is a hypersecure 3rd party intermediary communication software between participating voluntary peers who maintain the public transcript (ledger).

This means digital information is distributed but not copied.

_ _ _

Q: When will the last Bitcoin be mined?

A: Year 2140 based on 32 havling events.

_ _ _

Q: Whats the difference between a coin and a token?

A:  Convention at the moment dicatates that: 

Coin is a blockchain product that has its own blockchain. 

Token is a blockchain product that rides on top of a blockchain. 

See our blog.

_ _ _

Q: When you fund your Coinsquare account and buy coins, your not able to transfer them to your wallet right away if your money is in “withholding”?  

December 13, 2017 7:35 PM

A: Due to 'regulation' exchanges are required to know your customer (KYC) and the result of this requirement is to slow the process until familiarity is achieved with the customer. 

From the time your money leaves your CAD fiat account till the time you receive your blockchain in your wallet will take about a week. The more transactions you perform will decrease the duration. 

_ _ _