FAQs

1. What is Bitcoin?

Bitcoin is a decentralized digital currency that allows users to send and receive money globally without relying on banks or other intermediaries. It operates on a secure technology called blockchain.

2. Is Bitcoin legal?

Yes, Bitcoin is legal in most countries, including Lesotho. However, it is not yet regulated by the government. You are free to use it responsibly while following general financial laws.

3. What does decentralized mean?

Decentralized means that Bitcoin is not controlled by any single entity, such as a government or bank. Instead, it operates on a network of computers around the world, ensuring transparency and resistance to censorship.

4. Why use Bitcoin?

Bitcoin offers several advantages:

  • Low fees for international transfers.
  • Financial inclusion for people without access to traditional banking.
  • Protection against inflation due to its limited supply.

5. Is Bitcoin safe?

Yes, Bitcoin is secure as long as you follow best practices. Use trusted wallets, keep your private keys safe, and never share your recovery phrase.

6. How do I get started with Bitcoin?

  • Create a Bitcoin wallet to store your funds.
  • Purchase Bitcoin through trusted platforms.
  • Learn about Bitcoin security to protect your investment.

7. What is a Bitcoin wallet?

A Bitcoin wallet is a tool used to store, send, and receive Bitcoin. Wallets can be mobile apps, desktop programs, or physical hardware devices.

8. How can I buy Bitcoin?

You can buy Bitcoin on reputable exchanges like Binance, Paxful, or Luno. Look for platforms that operate in Lesotho and support secure payment methods.

9. Can I lose my Bitcoins?

Yes, if you lose your private keys or recovery phrase, your Bitcoins are irretrievable. Always back up your wallet and store your keys in a safe place.

10. What are Bitcoin’s advantages over banks?

  • No intermediaries: You control your money.
  • Faster international transactions.
  • Lower fees for sending and receiving money.
  • Available to anyone, even those without a bank account.

11. What is the Lightning Network?

The Lightning Network is a technology built on Bitcoin that allows faster and cheaper transactions. It is especially useful for small, everyday payments, making Bitcoin more practical for regular use.