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Bitcoin FAQ - Frequently Asked Questions

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What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.

What is a Bitcoin wallet?

A Bitcoin wallet is a secure way to store your Bitcoin balance. You can send and receive Bitcoin from your wallet at any time, from anywhere in the world as long as you have an internet connection.

Is Bitcoin secure?

Bitcoin is like cash and must be secured in similar ways. Please protect your Private Key at all times as it is sort of a PIN number to access your Bitcoin. There are thousands of computers (miners) constantly in action to ensure the safety and integrity of the Bitcoin network, which has never been compromised.

How do I activate my card?

Activating your card is easy! And only takes seconds. Click on the Activate link on the top menu or home page.

  • On the back of your card, scratch to reveal your Public Key.
  • Enter card serial number on the back bottom of the card and click Continue.
  • The confirmation page will tell you how much Bitcoin you will receive for that particular card.
  • Click on Continue to process the transaction!

What is a paper wallet?

The Coindome Bitcoin Gift Card is actually a paper wallet. A paper wallet is a physical item that contains the Public Key which is your account number and the Private Key which is like your PIN number. It is the most safest form to store your Bitcoin as there is no server or company or bank that any hacker can steal it from. The bad guys would have to physically steal your card or scan or photograph your private key. For this reason, you must keep your private key safe at all times to prevent theft.

What are some of the benefits of Bitcoin for consumers?

Using Bitcoin you have complete control over it, so it is not tied to any banks or financial institutions, cannot be frozen and carries lower transaction fees than credit or debit cards.

How do I spend my bitcoin?

Spending or transferring your Bitcoin is easy! You must scan the Private Key from your card into a digital wallet. Depending on which Bitcoin wallet you are using, this process can vary. The recommended wallet is the Blockchain Wallet which is available in the Apple App Store for iOS and in the Android App Store. Once the wallet app is installed, open it and import your paper wallet using the Private Key.

How can I verify a bitcoin transaction?

Transactions can be verified on the public Bitcoin blockchain so that anyone can independently verify that a transaction has occurred.

What is the blockchain?

All Bitcoin transactions are recorded on the blockchain which is like a public ledger that is distributed around the Bitcoin network. This means that all Bitcoin users hold and have access to the "books" so to speak. This allows proper verification of all Bitcoin transactions and prevents double-spending.