Faq's

Frequently Asked Questions

Find the answers to frequently asked questions regarding the BBC Coin Network.

No there is no need of KYC procedure to use the platform. This is an open platform.

There is no limitations to amount.

Operated by MYBBC GLOBAL PTY LIMITED
- Headquartered in Dubai
- Corporate Office in Cayman Islands

The following currencies are accepted on the platform :
1. Bitcoin - BTC
2. Ethereum - ETH
3. Tether - USDT

Your BBC Coin Balance is avialble from within your Alterdice Account.

Generally citizens from across the globe are eligible to participate in the program. However, US Citizens are not allowed to participate in the purchase of our discounted crypto currencies, they may however earn as a Free Affiliate and market to those outside of the US.

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

Refers to a digital currency, secured with cryptography to enable trusted transactions. Blockchain is the underlying technology, functioning as a ‘ledger’ or record of transactions made. Hundreds of currencies are in circulation, such as Bitcoin, Ether, Monero, etc. Each is designed by one or more brilliant individuals, usually meant to run as a decentralised system so that no single entity can control it. Cryptocurrency units are usually generated on the basis of an algorithm announced to everyone in advance, by ‘miners’ using powerful computers. Having expended a lot of time and electricity on ‘mining’, these miners can hold on to the units or sell to others.

Let’s look at a national currency like the rupee. It can be deposited in your name at a bank, or privately stuffed into a mattress at home far away from anyone’s eyes. Similarly, a cryptocurrency can be held on your behalf by a company, usually in your wallet at a crypto exchange online. You could also hold it in without being affiliated to anybody, in a private cryptocurrency wallet.

As indicated by ‘currency’, they were originally intended to be used in the same way as rupees and dollars are, as a medium of payment between people for products and services purchased. Consider store reward cards, an alternative physical payment method that is denominated in their own units, and not in national currency. Similarly, cryptocurrency with its own units was meant to enable easy digital transactions online, at lower costs than what conventional banks charged.

Initially with no government control, crypto became a useful tool to escape political censors and repressive regimes, which was an admirable goal. However, crypto eventually became known as a method of transacting for illegal substances on hidden parts of the internet. Governments discourage such behaviour and made use of crypto’s built-in ledger to pursue criminals. With the extent of tracking that is now possible in 2021, it is safe to say that it is difficult to use cryptocurrency for crime. Bitcoin for instance, sees over 300,000 transactions daily on average, with crypto exchange trades accounting for over half of them in the last two years.