Help and FAQ’s

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Frequently Asked Questions (FAQ’s)

Do I have to create an account with bbcstaticminer before I can start mining cryptocurrency?
Yes. As one of the world’s largest crypto mining operator,bbcstaticminer is globally recognized and licensed whichrequires proper ID verification of our customers.
Bbcstaticminer does not share or sell any information whatsoever to 3rd parties.

How do I create an account with bbcstaticminer?
In order to create an account with bbcstaticminer,
1. Simply log in to www.bbcstaticminer.com
2. Click on the create wallet icon, fill in your details in all the required sections
3. If you were referred, input the referral code then click on the “I agree icon to accept the terms and conditions“
4. Next up you click “create wallet”.
You’ll receive a verification email or text that links you back to the site and also notifies you that your miner has been installed successfully into your bbcstaticminer wallet.

How do I activate my bbcstaticminer wallet?
Firstly, choose a suitable mining plan depending on the crypto currency you chose to mine from our various mining options as listed below:
Basic plan - 1 month plan, minimum mining deposit of $150
Premium plan - 3 months plan, minimum mining deposit $5115
Platinum plan - 6 months plan, minimum mining deposit $20115
Customizable plan - 1 year plan (Customizable), minimum mining deposit $49115

Select your preferred miner from the miner options (note: the Antminer S17e (64th) is a preferred option for short term miners i.e. those seeking to mine for a period of 1 – 3 months.
For Bitcoin BTC or BitcoinCash BCH while the Avalon miner 1246 is a preferred option for long term miners i.e. those seeking to mine for a period of 3 – 6 months for Bitcoin BTC
 or BitcoinCash BCH) (Note; the NVIDIA Geforce GTX 1070 is a preferred option for short term miners i.e. those seeking to mine for a period of 1 – 3 months for Ethereum ETH while the AMD Radeon RX580 is a preferred option for long term miners i.e. those seeking to mine for a period of 3 – 6 months for Ethereum ETH)

Once you’re done choosing a plan, make a deposit to automatically activate your mining plan.
Can I purchase cryptocurrency through bbcstaticminer with a debit card or credit card?
Yes. Bbcstaticminer offers you the option to purchase crypto, simply click on the purchase link to buy cyptocurrency you desire to acquire. (please note always verify and ensure you purchase your bitcoins from only fully registered and trusted platforms to avoid losing your money).

How much crypto can I buy/sell through bbcstaticminer?
You can transact as little as 0.014 BTC, BCH or ETH and as much as 10 BTC, BCH or ETH per day from bbcstaticminer

Do I make money if I register or refer someone with my referral link?
Yes you do, you can earn between 5 – 10% of each new clients initial deposit you refer and register on our platform. Once you’ve activated your account and selected a mining plan, you can start making some extra bitcoins from telling others about us, once you get them to register using your referral code and start a mining plan.

General

What is Bitcoin?
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.

Who created Bitcoin?
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.

What is Ethereum?
Ethereum is a decentralized open source blockchain featuring smart contract functionality. Ether (ETH) is the native cryptocurrency token of the Ethereum platform. It is the second-largest cryptocurrency by market capitalization, behind Bitcoin. Ethereum is the most actively used blockchain in the world.

Who created Ethereum?
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by a crowdsale that took place between July and August 2014 and the system went live on 30 July 2015, with 72 million coins premined.Ethereum has a decentralized replicated virtual machine, called the Ethereum Virtual Machine (EVM), which can execute Turing-complete scripts and run decentralized applications. Ethereum has been utilized for many initial coin offerings and is also used in decentralized finance.

In 2016, as a result of an exploitation of a flaw in The DAO project's smart contract software, and subsequent theft of $50 million worth of Ether, Ethereum was split into two separate blockchains, Ethereum (ETH) with the theft reversed, and the original chain continued as Ethereum Classic (ETC).
Ethereum is currently developing and planning to implement a series of upgrades called Ethereum 2.0 with specifications including a proposed transition to proof of stake and an increase in transaction throughput using sharding technology

Who controls the Ethereum network?
Ethereum is not really controlled by anyone, in the sense that there is no omnipotent entity or a conspirator running it from the shadows. Ethereum exists solely through the participation and work of the community of its users and developers. They are, collectively, referred to as the Ethereum network. But, who controls the Ethereum network, you may ask? The answer is the same as for Ethereum itself: nobody controls it, as it is a genuinely decentralized platform which was originally built by crowdsourcing the work of a community of programmers. Once the code and network infrastructure were in place, the network itself was handed over to all the users who wanted to participate in it.

How does Ethereum work?
The Ethereum blockchain is essentially a transaction-based state machine. In computer science, a state machine refers to something that will read a series of inputs and, based on those inputs, will transition to a new state.

Is Ethereum used by people?
Yes. There are a growing number of businesses and individuals using Ethereum. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services. While Ethereum remains a relatively new phenomenon, it is growing fast. As of May 2018, the total value of all existing Ethereum is worth billions of dollars, with millions of dollars’ worth of Ethereum exchanged daily.

How does one acquire Ethereum?
As payment for goods or services. Purchase eth at Bbcstaticminer. Exchange eth with someone near you. Earn ETH 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.


How difficult is it to make a Ethereum payment?
Ethereum payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient's address, the payment amount, and pressing send. To make it easier to enter a recipient's address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology

What is Bitcoin Cash?
Bitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin.1 Bitcoin Cash increased the size of blocks, allowing more transactions to be processed and improving scalability.
The cryptocurrency underwent another fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash is referred to as Bitcoin Cash because it uses the original Bitcoin Cash client.

Who created Bitcoin Cash?
Amidst a war of words and staking out of positions by miners and other stakeholders within the cryptocurrency community, Bitcoin Cash was launched in August 2017. Each Bitcoin holder received an equivalent amount of Bitcoin Cash, thereby multiplying the number of coins in existence. Bitcoin Cash debuted on cryptocurrency exchanges at an impressive price of $900. Major cryptocurrency exchanges, boycotted Bitcoin Cash and did not list it on their exchanges. But it received vital support from Bitmain, the world’s biggest cryptocurrency mining platform. This ensured a supply of coins for trading at cryptocurrency exchanges when Bitcoin Cash was launched. At the height of cryptocurrency mania, Bitcoin Cash’s price skyrocketed to $4,091 in December 2017. Paradoxically enough, Bitcoin Cash itself underwent a fork slightly more than a year later due to the same reason it split from Bitcoin. In Nov. 2018, Bitcoin Cash split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). This time around, the disagreement was due to proposed protocol updates that incorporated the use of smart contracts onto bitcoin’s blockchain and increased the average block size.
Bitcoin Cash ABC uses the original Bitcoin Cash client but has incorporated several changes to its blockchain, such as Canonical Transaction Ordering Route (CTOR) – which rearranges transactions in a block to a specific order.


Who controls the Bitcoin Cash network?
Bitcoin Cash SV is led by Craig Wright, who claims to be the original Nakamoto. He rejected the use of smart contracts on a platform that was meant for payment transactions.The drama prior to the latest hard fork was similar to the one before forking Bitcoin Cash from Bitcoin in 2017. But the end has been a happy one as more funds have flowed into the cryptocurrency ecosystem due to the forking and the number of coins available to investors has multiplied. Since launching, both cryptocurrencies have garnered respectable valuations at crypto exchanges.

What are the advantages of cryptocurrency?
Payment freedom It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. cryptocurrency allows its users to be in full control of their money.
 
Choose your own fees There is no fee to receive cryptocurrency, and many wallets let you control how large a fee to pay when spending. Higher fees can encourage faster
confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 crypto for the same fee it costs to send 1 crypto. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants' bank accounts daily.

As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks. Fewer risks for merchants cryptocurrency transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs. Security and control cryptocurrency users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. cryptocurrency payments can be made  without personal information tied to the transaction. This offers strong protection against identity theft. cryptocurrency users can also protect their money with backup and encryption.

Transparent and neutral All information concerning the cryptocurrency money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the
core of Bitcoin to be trusted for being completely neutral, transparent and predictable.

Why do people trust Cryptocurrency?
Much of the trust in cryptocurrency comes from the fact that it requires no trust at all. cryptocurrency is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how cryptocurrency works. All transactions and bitcoins issued into existence can be transparently consulted in real- time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer- reviewed cryptographic algorithms like those used for online banking. No organization or individual can control cryptocurrency, and the network remains secure even if not all of its users can be trusted.

Is Cryptocurrency fully virtual and immaterial?
cryptocurrency is as virtual as the credit cards and online banking networks people use every day. cryptocurrency can be used to pay online and in physical stores just like any other form of money. cryptocurrency can also be exchanged in physical form such as the Denarium coins, but paying with a mobile phone usually remains more convenient. cryptocurrency balances are stored in a large distributed network, and they
cannot be fraudulently altered by anybody. In other words, cryptocurrency users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual.

Is Cryptocurrency anonymous?
Cryptocurrency 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. However, cryptocurrency is not anonymous and cannot offer the same level of privacy as cash. The use of Bitcoin leaves extensive public records. Various mechanisms exist to protect users' privacy, and more are in development. However, there is still work to be done before these features are used correctly by most cryptocurrency users. Some concerns have been raised that private transactions could be used for illegal purposes with cryptocurrency. However, it is worth noting that cryptocurrency will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Cryptocurrency cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, cryptocurrency is also designed to prevent a large range of financial crimes.

What happens when Cryptocurrency are lost?
When a user loses his wallet, it has the effect of removing money out of circulation. Lost cryptocurrency still remain in the block chain just like any other 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. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Can Cryptocurrency scale to become a major payment network? The cryptocurrency network can already process a much higher number of transactions per second than it does today. It is, however, not entirely ready to scale to the level of major credit card networks. Work is underway to lift current limitations, and future requirements are well known. Since inception, every aspect of the cryptocurrency network has been in a continuous process of maturation, optimization, and specialization, and it should be expected to remain that way for some years to come. As traffic grows, more cryptocurrency users may use lightweight clients, and full network nodes may become a more specialized service. For more details, see the Scalability page on the Wiki.