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Most Common Customer Questions (2021)
What is Bitcoin?
Bitcoin is a digital currency that operates on blockchain technology. It is both digital money and a decentralized payment network.
What is blockchain technology?
The blockchain is a decentralized public ledger that records crypto transactions; your information remains anonymous at all times.
What is a block in the blockchain?
A "block" contains several transactions and can only hold so many. Once the block is full, a new one is created thus forming the blockchain.
What is decentralized finance?
De-Fi is a form of finance that isn't run by a central authority, like a bank, but rather run by decentralized software that allows for the creation of things like coins and blockchains. It's just you and your money, no middleman.
Is a public ledger safe?
Yes. The transactions shown are only receipts. Receipts have no sensitive information, only information about the transaction just like a receipt from a store purchase, it's useless to a criminal.
How are transactions processed on the blockchain?
Several miners must all agree that a transaction is valid. These miners attempt to solve complex mathematical puzzles that help validate block transactions. If all miners get the same result, the transaction is validated and is added to a block.
Who are miners?
Miners are people who operate sophisticated computers in the crypto network. They power the blockchain.
How do I check the blockchain?
We recommend using tradeblock.com to check transactions and such on the blockchain.
What is a Crypto Wallet?
Crypto wallets can be digital or physical. Digital being an app and physical being a piece of paper; both are tied to a QR code. A wallet allows you to store, send, and receive cryptocurrencies.
What is a paper wallet?
A paper wallet is just like a digital wallet except on paper. A paper wallet has two QR codes to scan: one for your public key and the other for your private key.
What is a QR code?
A QR code is a scannable image that, for example, an ATM can scan to proceed with a transaction.
How is my crypto wallet tied to me?
Your crypto wallet is unique to you by a seed phrase and not by name, email, etc.
What is a seed phrase?
A seed phrase is a randomly generated set of words that allows access to your wallet. No one can access your wallet unless they know your seed phrase, even if they have access to your phone for example.
How can I protect my seed phrase?
Have your words in writing somewhere whether that be a piece of paper or stamped on a piece of metal. Remember, if you lose these words you lose access to your wallet forever.
How can I protect my Crypto wallet?
Your crypto wallet is backed by your seed phrase but also has other security measures like a password or pin. Make sure your password/pin are strong and memorable.
What is a cold storage wallet?
A cold storage wallet is a wallet that isn't connected to the internet.
Can I contact anyone to recover my crypto wallet?
Unfortunately, no. You are your own bank in the crypto world, thus all responsibility is on you.
What are cryptocurrency exchanges?
A cryptocurrency exchange allows customers to exchange coins for other coins as well as trading cryptocurrencies for other assets such as fiat money or other coins.
Are cryptocurrency exchanges safe?
Not entirely. Exchanges have been hacked before and customers have lost their money that was being held within the exchange. Cryptospace is an exchange in which customers are able to use the exchange without having their coins in it, but instead in their wallets. It is close to impossible to hack a wallet.
What are Private Keys?
Private keys are owner's use only. They allow the owner to spend or withdraw their coins they have received.
What are Public Keys?
Public keys are for public use. They allow anybody to send, and only send, coins to a wallet's address.
What is sweeping private keys?
Sweeping private keys assigns your funds to a whole new private key connected to a software wallet.
What is importing private keys?
Importing private keys are ways of transferring the same private key from one software wallet to another.
When should you sweep private keys?
You should sweep your private keys if someone else had access to them. This will stop a hacker from being able to spend your coins. It's best to sweep rather than importing.
What are the best wallets to use when doing Bitcoin transactions?
We recommend Exodus and Trust Wallet as they are user friendly and easy-to-learn platforms.
How do I check the blockchain for transactions?
When a transaction is made, it either generates a transaction ID and/or a link that'll send you to a site in which the transaction details are located. You can always check a transaction using tradeblock.com.
Why don't I see my coins in my wallet?
In most cases, your transaction is awaiting confirmations in the blockchain. They appear after the transaction has been verified.
What are blockchain confirmations?
Confirmations are steps a transaction must go through before being verified and accepted.
How long do confirmations take to finish?
Usually confirmations can take 5-10 minutes depending on network traffic.
How can I speed up my transaction?
Just like shipping, you can pay more fees for faster delivery or less fees for a slower delivery. Most wallets have these options.
What are ALT coins?
Altcoins, or alternative coins, are simply any cryptocurrency that isn't Bitcoin such as Litecoin, Dogecoin etc.
How can I find out more info on cryptocurrencies?
For a more general approach, coindesk.com is a great educational resource. Other’s include Bitcoin Magazine and CoinTelegraph. You can also reach out to us for more information.
What is Cryptospace?
Cryptospace is an official Crypto lounge providing blockchain and cryptocurrency fans education and services needed to encourage the adoption of digital currencies.
What is the difference between Cryptospace and other online exchanges?
All other exchanges require that your coins be held by them in order for you to buy and sell, taking away your ownership of your coins. Our exchange gives you the ability to buy and sell without having to hold your coins, giving you full ownership and maximum security of your coins.
Are there crypto debit cards?
Yes! There are crypto debit cards available. Accessibility is often limited due to geographical location. Two popular cards in the United States are the Bit Pay card and the Coinbase card. Both cards are reliable, but be aware that using these cards means working with the legal system and the cryptocurrency system simultaneously.
Is it safe to leave your cryptocurrency in exchanges?
Not Completely. Most exchanges are custodial meaning they have possession over their customer's funds within the exchange's wallet. Exchanges can be targets for hacking due to the amount of money being held within the exchange. The hacking of Mt. Gox is the most famous example. It's advised to use services that give you full possession of your funds.
How can Bitcoin be hacked or stolen?
The crypto network can't be easily hacked because of the way it's coded. The bitcoin platform itself isn't targeted by hackers. It's best to always keep a low amount of funds on day-to-day use wallets, and to keep a savings amount of funds in cold storage wallet.
What is KYC?
KYC, “know your customer,” is a process of verifying the identity of customers or clients. It’s a process that financial institutions have implemented in order to prevent money laundering, fraud, and other criminal activities.