Bitcoins are a digital version of cash. They can be kept in a wallet on your computer or smartphone to which only you have access, thus no one can freeze your account. Much like cash no one can tell you where you can spend your money, and it is possible to make payments without revealing personal information.Who operates Bitcoins?
There is no central bank and no central payment processor. Instead a distributed network of computers all over the world compete to process transactions. These are referred to as miners.How are Bitcoins created?
Currently 12.5 new Bitcoins are minted by miners every 10 minutes on average. This amount is halved every four years, ensuring that there will never be more than 21 million Bitcoins in circulation. The limited supply exists to protect their value.Do I need to install software?
To keep a wallet on your own computer or smartphone you will need to install the appropriate software. Alternatively there are also online wallets. Here is a list of popular wallets for different platforms:
- Mycellium (Android)
- Breadwallet (iPhone)
- Electrum (Desktop Windows/Mac/Linux)
- Blockchain.info (Web wallet)
We wanted to promote the use of Bitcoins by making it easier to convert small amounts of cash between Bitcoins and Euros without the need to open a trading account somewhere.What were the trading limits?
We could trade between 50 and 500 Euros per transaction, with a weekly limit of 500 Euros per person or group of persons.Why were there trading limits?
Because it was always just a hobby and we had limited resources, but also because we were primarily interested in helping people get started who have legitimate interest in Bitcoins.What currencies were accepted?
We only accepted and paid Euros from and to bank accounts within SEPA (Single Euro Payment Area).