Why should people trust Bitcoin Mobile?
Much of the trust in Bitcoin Mobile comes from the fact that is much like a visa payment model, with transactions and virtual bitcoins issued into existence via zero consumption mining, which can generate virtual bitcoins in real-time, the system has been built and maintained by the Bitcoin Mobile team and all payments can be made without reliance on a third party and the whole system is protected by mobile cryptographic algorithms and a payment funnel which uses the latest in mobile security similar to the system used for online banking and Bitcoin Core. Bitcoin Mobile, and the network remains secure even if not all of its users can be trusted.
Can I make money with Bitcoin Mobile?
You should never expect to get rich with Bitcoin Mobile or any new emerging technology which surrounds Bitcoin. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules, Bitcoin Mobile is a simple adaption of Bitcoin with improvements and mitigation of some risk factors, but users must remain prudent during the growth of Bitcoin Mobile and users should be sure that each decision made during trading and transactions with Bitcoin Mobile is well thought through as a mathmatically beneficial decision to the user.
Bitcoin and the blockchain technology surrounding it, is a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Bitcoin and Bitcoin Mobile will continue to grow even though both are developing at very fast rates so far. Investing time and resources on anything related to Bitcoin requires entrepreneurship. There are various ways to make money with Bitcoin Mobile such as investment, trade speculation or running new business using Bitcoin Mobile for payments. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any Bitcoin Mobile powered project.
Is Bitcoin Mobile fully virtual and immaterial?
Bitcoin Mobile is as virtual version of Bitcoin and acts the same as credit cards and online banking networks people use everyday. Bitcoin Core can be used to pay via mobile, online and in physical stores just like any other form of money. Bitcoins can also be exchanged in physical form such as the Denarium coins, but paying with a mobile phone which is the only way to use Bitcoin Mobile is usually the most convenient way to engage with cryptocurrency. Bitcoin Mobile balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Bitcoin Mobile users have exclusive control over their funds and Bitcoin Mobile currency (BTM) cannot vanish just because they are virtual and can monitored throughout the whole transaction using the Bitcoin Mobile application.
Is Bitcoin Mobile anonymous?
Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money, Bitcoin Mobile is a KYC advocate, thus it is not an anonymous service provider. Each Bitcoin Mobile user will be registered to the network like a visa card customer with full KYC/AML details as part of the initial sign-up., Bitcoin core itself is not anonymous and cannot offer the same level of privacy as fiat currency, Bitcoin Cash or Bitcoin Mobile. The use of Bitcoin Mobile leaves no public records, but users can track their own activity, like a debit or credit card.
Please view the Various mechanisms that exist to protect Bitcoin users’ privacy, and more are in development. However, there is still work to be done before these features are used correctly by most Bitcoin users, Bitcoin Mobile negates these problems using a private, permission based protocol while protecting ID using the traditional finance user model offering individual only access.
Some concerns have been raised that private transactions could be used for illegal purposes with Bitcoin. However, it is worth noting that Bitcoin Mobile is subject to similar regulations that are already in place inside existing financial systems like visa, mastercard, swift and paypal, Bitcoin Mobile also has standard which has KYC/AML upon sign-up, thus adhering to global regulatory frameworks by default.
What happens when BTM’s are lost (when a mobile is stolen or misplaced)?
When a user loses his mobile he does not lose his wallet, it can be accessed online or via another mobile, upon sign-up and KYC/AML being performed (Passport, Driving License) then you can reconnect with your Bitcoin Mobile wallet. If you cancel our account and withdraw your BTM for fiat, then this has the effect of removing money out of circulation. Lost BTM’s still remain in the block chain just like any other bitcoins or cryptocurrency. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Bitcoin Mobile does not suffer from this problem due to this retrievable BTM funds feature.
Can Bitcoin Mobile scale to become a major payment network?
The Bitcoin Core network already processes a large number of transactions per second than it did in 2017 today Bitcoin Core has the lightning network to provide transactions. It is, however, not entirely ready to scale to the level of major credit card networks, Bitcoin Mobile is the best alternative due to the speed of transactions being way above and beyond that of Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC), with speeds close to visa and paypal levels. Work is underway to improve the network and Bitcoin Mobile application, and future Bitcoin requirements are well known, thus we are already well on the way to solving the main problems using Bitcoin Mobile (BTM) as an alternative to Bitcoin Core. Since launch, every aspect of the Bitcoin Mobile is a continuous process of optimization and specialization and Bitcoin Mobile will develop more complimentary services as the community grows, more Bitcoin users will come over to Bitcoin Mobile as a zero energy consumption alternative to Bitcoin Core.
Is Bitcoin really used by people?
Yes. There are a growing number of businesses and individuals using Bitcoin. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services such as Namecheap, Overstock.com, Amazon, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of April 2017, the total value of all existing bitcoins exceeded 20 billion US dollars, with millions of dollars worth of bitcoins exchanged daily.
How does one acquire bitcoins?
- As payment for goods or services.
- Purchase bitcoins at a Bitcoin exchange.
- Exchange bitcoins with someone near you.
- Earn bitcoins through competitive mining.
While it may be possible to find individuals who wish to sell bitcoins in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys bitcoins with PayPal, and then reverses their half of the transaction. This is commonly referred to as a chargeback.
I’d like to learn more about Bitcoin and Bitcoin Mobile.
Where can I get help?
Bitcoin Mobile – Help?
Also you can view Bitcoin Mobile – How it works here