About Cryptocurrency

Bitcoin ( BTC )

Bitcoin , named as digital currency, is a on line payment system with virtual pricing tool. It was invented by pseudonym Satoshi Nakamoto and released it as open-source software in 2009. Bitcoin is often called cryptocurrency due to its crypto technology to control production and transfer of virtual currency. Bitcoin is different from on line game points, since bitcoin is decentralized digital currency and on-line game points, however, are controlled by game platforms. Bitcoin can be applied to the scope which is much more than on-line games. Bitcoin can be treated as banknotes in our life, though it is negotiable and exchangeable in different types.

Ethereum ( ETH )

The concept of Ethereum(ETC)was created by Vitalik Buterin after inspired by Bitcoin(BTC)between 2013 to 2014. Ethereum was ranked the runner-up on the most valuable cryptocurrency chart, right after Bitcoin. Nevertheless, Ethereum is not to be sniffed off, it has Turing completeness and Smart Contract which can finish dealing contracts automatically. Both two functions have played important roles in achieving the wide ecosystem. By the end of 2015, Ethereum Token Standard (ERC20) was created. Not only every token which was designed by ERC20 standard can work on the exchange through using Smart Contract but played a crucial part in ICO (Initial Coin Offering).

USD Tether ( USDT )

The USDT is launched by Tether Limited, one of the world's largest cryptocurrency trading platforms, Bitfinex. The users deposit the US dollar in Ted's bank account. The Ted company offers a US dollar voucher equal to one US dollar, that is USDT. Ted claims to have a 100% asset reserve and users can trade USDT back to US dollars on its platform 1:1. At present, USDT has become the basic anchoring currency of the mainstream exchanges, with a flow of 2 billion US dollars, and the price is basically stable at 1 US dollar.

What is the minumum unit of Bitcoin?

Ths smallest amount of bitcoin is 0.00000001 bitcoin which is called "satoshi".

What is the use of bitcoin?

Some famous enterprises and on-line service such as, Microsoft, Namecheap, WordPress, Reddit and Flattr, begin to accept bitcoin as payment. In the scope of shopping online, buying gmaes and other software, payment in restaurant, finance and trade, the useage of bitcoin is expanding. In the future, the trend of using bitcoin for living expense is taking shape.

What is Bitcoin Wallet? How do I choose a suitable wallet?

A Bitcoin wallet is like a wallet with cash. Just like your wallet is for cash storing, Bitcoin Wallet is for storing bitcoin. Like in real life, your wallet must be secured. How to select a Bitcoin Wallet? BitoEX provides a secure and reliable on-line wallet for you. You still can use other wallets from the different company.

Is Bitcoin legal?

To the best of our knowledge, Bitcoin has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as Bitcoin exchanges. Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.

What determines bitcoin's price?

The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency. BitoEX buys and sells bitcoin from bitcoin exchange, and the price will raise and down according to the price of bitcoin exchange.

How do I give tip to sombody else?

Once you know others wallet address, you can use the transfer functionality in BitoEX to leave them a tip.

Can I cancel a bitcoin transaction?

BitoEX verifies every transaction via OTP authenticatiion or transaction password. Due to the nature of the bitcoin protocol, bitcoin transactions cannot be cancelled once you confirm.

Does my bitcoin be stolen if I give somebody else my wallet address?

You do not have to worry about this situation. Your wallet address is just like your bank account . It is just for receiving bitcoin.