Many people around Malta have been asking what is Bitcoin and other related questions. Here are your answers:
What are bitcoins?
Bitcoin is a virtual currency born in 2009 from an inventor’s idea known under the pseudonym of Satoshi Nakamoto. The uppercase bitcoin term refers to technology and the net while the tiny bitcoin refers to the currency.
What do bitcoins serve?
Bitcoin is a virtual currency that can be used to buy real objects. With this virtual currency you can buy real goods, but you can also sell it in exchange for cash.
How bitcoins work
With an app on your smartphone or PC you can create a portfolio, that is, secret codes that will make any anonymous, but indelible, transaction in the Bitcoin network memory.
How Bitcoin Transactions Work
Bitcoins contain the public key of their owner (ie the address). When a user A transfers the coin to user B, renounces his property by adding the public key of B (his address) to the coins in question and signing them with his private key. He then sends these coins into a message, the “transaction” , through the peer-to-peer network.
What does the MFSA say about Bitcoins?
On an article published on timesofmalta.com, MFSA were reported saying that Bitcoins are not so safe due to the fact that “Unlike traditional money, acceptance of payment in virtual currency depends entirely on the voluntary consent of the recipient. Furthermore providers of services in relation to virtual currencies are currently neither regulated by law nor authorised by the MFSA,” it said. More info can be found on TOM site – https://www.timesofmalta.com/articles/view/20170731/business/mfsa-warns-about-use-of-bitcoin.654576
Where can you buy bitcoins from in Malta?
You can buy bitcoins in Malta from Sliema. The machine, which has been installed outside a Sliema shop on Blanche Huber street, allows users to buy Bitcoin and check their ewallet balance using QR codes displayed on their smartphones.