Crypto FAQs

How many cryptos are out there?

There are currently more than 6500 different crypto currencies in the world, which are all traded publicly. The total value of the cryptos is more than $2.2 trillion, with bitcoin being responsible for half of it.

Why are cryptocurrencies so popular?

Cryptos are so popular as years go by because they are decentralised, their value seems to be growing and investors seem to think that it is one of the best ways to earn money.

Are cryptocurrencies legal?

While China has banned their use, in the US they are completely legal. It simply depends on which country you are in and the regulations of it on cryptos.

What is a Bitlicense?

It is a business license of virtual currency activities, which is issued by the New York Stake Department of Financial Services and has regulations specifically designed for companies.

What are centralised coins?

These are coins that are controlled by third parties that run them and follow specific rules and regulations. There are risks though, associated with centralised exchanges, like the fact that they can easily be hacked, plus the exchange can easily disappear overnight.

How to calculate crypto gains?

There are a lot of sites you can visit, online, in order to calculate your cryptocurrency gains. In each one, you must select the platforms and exchanges you have traded on, then import your trading history, your crypto income and then you are ready to generate your report.

What are “penny” cryptocurrencies?

If you are new to the crypto world, then you have probably not heard about “penny” crypto currencies. If not, then you know that penny cryptos are cryptos whose market price is less than $1. Even though Bitcoin, Ethereum, Dogecoin, Litecoin and other “big” crypto currencies are more popular, penny cryptocurrencies also seem to be very attractive to people around the world.

What are transaction fees?

Every crypto transaction has to be added to the blockchain, the official public ledger of all the transactions. The work is done my miners, using powerful computers and spend great amounts of energy and power doing this. For every block added to the blockchain, comes a block reward, as well as fees that were sent with the transactions confirmed and included in the block.

What is blockchain technology?

This phrase is referred to the secure, transparent and publicly accessible ledger, that allows everyone to transfer units of a value using a public key encryption and proof or work methods. The technology used is decentralised, meaning no government, bank or any other third parties have control over it.

How many bitcoins are out there?

Only 21 million bitcoins can ever be created. However, this will never be a limitation, as transactions can be denominated in sub-units of a single bitcoin (bits). For example, there are 1.000.000 bits in 1 bitcoin. BTCs can be divided to eight decimal places or even smaller units, if that is ever required.

What is a bitcoin address?

A bitcoin address is quite similar to the email address as we all know it, and uses a long strip of 27-34 numbers and letters. The address makes sure that the bitcoin blockchain recognises when bitcoins are received and sent.