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General Knowledge FAQs

General knowledge

What is Bitcoin?

Bitcoin is a cryptocurrency. A cryptocurrency, also called a crypto asset, is a digital asset usable on a peer-to-peer and decentralized computer network, designed to work as a medium of exchange using cryptography to secure the transactions. We invite you to visit this link to learn more about Bitcoin.

What Is Ether?

Ether is the name of the cryptocurrency used within Ethereum. The crypto-fuel for the decentralized apps on the Ethereum network. A cryptocurrency, also called a crypto asset, is a digital asset usable on a peer-to-peer and decentralized computer network, designed to work as a medium of exchange using cryptography to secure the transactions. We invite you to visit this page and this link to learn more about Ether and Ethereum.

What is Augur and REP?

Augur is a decentralized oracle and prediction market protocol built on the Ethereum blockchain. Reputation (REP) is the cryptographic token used on the platform. Reputation token holders are responsible for truthfully reporting on event outcomes and are what allows Augur’s decentralized oracle consensus to exist. For more info you can visit the Augur website.

What is a public address and how do I get one?

A public address or public key is a cryptographic code that allows a user to receive cryptocurrencies into his or her account. The public key coupled with the private key are significant tools required to ensure the security of the crypto economy.

Everyone who owns cryptocurrencies (bitcoin, ether, …) has to have a unique identifier or address - much as you would with your bank account. This is the public address of your Wallet which you need to store your crypto assets.

How do I get a public address?

Getting a Wallet is STEP ONE towards getting a public address and adding it to your Bity account in order to BUY/SELL or SWAP cryptocurrencies.

Cryptocurrency public addresses are free to create, and there’s an essentially limitless supply of them - it’s considered good practice to use a new address every time you want to receive bitcoins or ethers, as it makes correlating your monetary habits more difficult.

What does this address look like?

It is a long series of numbers and letters like this one - mine, for example, is this:

Bitcoin Public Address:

1CVmtcWSifU1gBa7anH1WaBaT2AqScMDtt

Ethereum Public Address:

0x17504553eBA2433e6952e75f4b80D23c0d519AE1

You are also given a Quick Response code (or QR code). You can send that to people, or they can scan it with the camera function on their smart phone to easily have your wallet address. It’s just a short cut rather than having to type out your full address which is rather long!

Like this one:

Should I worry about putting that on a public website!?

Not at all! This address is safe to give to anyone. It is like publishing your bank account number (IBAN), all you can expect is that someone sends you money. People can’t access your wallet at all if you publish your PUBLIC ADDRESS. So feel free to send me bitcoins if you wish! I will be very happy :).

What is a Bitcoin address?

A Bitcoin address is the public address of your Bitcoin wallet. To obtain this public address, you must create an electronic wallet (Wallet) which will contain two addresses: a private address and a public address.

How do I choose a wallet?

Choosing a wallet to store your cryptocurrencies in is a very important step to make when deciding to buy and sell crypto. We recommend that you choose a wallet that you can use day-to-day. We encourage you to read about this as there are plenty of wallets in different formats: desktop, mobile, web, paper and hardware.

For more information on choosing the right wallet to store your bitcoin, here’s a handy guide on bitcoin.org on ‘how to choose your bitcoin wallet.’

For storing your Ether, we recommend MyEtherWallet.

Should I invest in a cryptocurrency?

No financial advice:

Any information provided by Bity is NOT intended to be and does NOT constitute financial advice, investment advice, trading advice and/or any other advice to buy or sell cryptocurrency. Information provided should also not be construed as advice of any other type, for example, of a fiscal or legal nature.

You should understand that you are using information available on or through the Bity website at your own risk. All the investment decisions you make shall be based exclusively on your own assessment of your financial situation or in undertaking independent due diligence and consultation with a professional broker or financial advisory.

Risk statement:

Investments in cryptocurrencies have potential rewards, and there are also certain risks involved. The future performance of cryptocurrencies cannot be guaranteed by past performance. We STRONGLY RECOMMEND anyone wishing to invest to seek independent financial or professional advice before making a decision.

I need advice for buying or selling my cryptocurrencies. Can you help?

Information provided on the website SHOULD IN NO EVENT BE CONSTRUED AS PIECE OF ADVICE OR A RECOMMENDATION to buy or sell a particular cryptocurrency or to engage in any transaction whatsoever; nor should the information provided be construed as advice of any other type, for example of a fiscal or legal nature.

All of the investment decisions you take shall be based exclusively on your own assessment of your financial situation and your investment goals. You are solely responsible for such decisions.

Investments in cryptocurrencies are subject to certain risks. The price of cryptocurrencies may go down as well as up. The future performance of cryptocurrencies cannot be guaranteed by past performance. It is therefore possible that you do not get back the amount you invest.

WE STRONGLY RECOMMEND THAT YOU SEEK PROFESSIONAL ADVICE BEFORE TAKING INVESTMENT DECISIONS.

How do I install a wallet?

The procedure for installing a wallet is different from application to application. Below we have complied a list of the basic steps to follow.

  1. Search for a wallet to store your preferred cryptocurrency in the Google Play or App Store.
  2. Choose your preferred wallet application and install it to your smartphone.
  1. Open the newly installed app and follow the steps to create an account.
  2. Generate a new wallet address by following the application’s instructions.

That’s it! You’re now ready to start loading in your cryptocurrency from your paper wallet (also referred to as ‘cold storage’ by some wallet applications).

Have a question?

If you couldn’t find the answer to your question, you can ask directly using the Bity chat.