Frequently Asked Questions
Answer all of your questions
What is Bitcoin and Blockchain?
Bitcoin is a digital store of value which can be distributed across a peer to peer network.
Bitcoin validates and records transactions on a global public ledger through consensus.
These transactions and ledger create what is called a Blockchain.
Bitcoin miners are paid bitcoins for validating these transactions by solving complex mathematical problems with high powered computer hardware.
Is Bitcoin Safe?
Bitcoin is safe. Bitcoin usage by poorly trained or uneducated individuals is not. Bitquest was started to help you reduce your personal risk when using digital forms of finance.
What are Altcoins?
Like Bitcoin, nearly all Altcoins use a blockchain based system. Many altcoins are based on the same protocols that Bitcoin uses, but have been modified for specific uses and features.
Is Bitcoin a bubble?
Yes. The Bitcoin bubble has been popped multiple times. Bitcoin is a speculative technology with multiple socio-economic factors determining gross value. The true value of Bitcoin is based on the mining cost to create a Bitcoin.
Is Bitcoin used by criminals?
Yes. Just like cash, Bitcoin is used by criminals. Also like cash, Bitcoin is used for legal commerce.
Should I buy Bitcoin?
Bitquest will not advise you to buy or sell Bitcoin. We are here to teach you about Bitcoin, give you access to; and help you facilitate safe trading and usage practice.
Is Bitcoin bad for the environment?
Yes. Bitcoin uses an extreme amount of electricity, and is incredibly inefficient and wasteful.
If the environmental impact of Bitcoin is important to you, there are many green Altcoin options.
Where can I buy and sell Bitcoin?
Bitquest will help you facilitate safe trades and teach you the many methods of doing so.
Is Bitcoin anonymous?
No. The Bitcoin blockchain is public. All Bitcoin transactions can be viewed online.
Certain Altcoins can increase privacy online, but nothing digital is truly anonymous.
Is Bitcoin tax free?
No. Bitcoin needs to be declared as capital gains and losses on your taxes no different then other investments.
Why should I choose Bitquest?
Bitquest is a growing community of highly experienced individuals in mining, research and interaction with the Bitcoin ecosystem. We will treat you with honesty and respect and educate you with the combined effort of our ability and experience.