Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It was designed to work as a decentralized digital currency without a central bank or single administrator, though in practice many aspects of its use are centralized.
Bitcoins can be sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries, though intermediaries are widely used. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.
cited from Wikipedia, April 25, 20y18
Bitcoin is a standalone currency, completely independent of traditional currencies such as the koruna, the euro, etc. The bitcoin value – like most other currencies – is based only on demand and supply on the market and is therefore given economic equilibrium.
cited from Wikipedia, April 25, 2018
Litecoin is an alternative digital currency and a payment decentralized P2P network based on bitcoin. Litecoin began using scrypt as the first algorithm. Abbreviation Litecoin is LTC. The creator of Litecoin is Charles Lee. An important feature of Litecoin is full decentralization – it is designed so that no one can influence, destroy, fake, confiscate accounts, control cash flows, or inflate the currency. There is no central point that could make decisions about the network. The Liteco code is released as an open source.
cited from Wikipedia, 25.4.2018. translated
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
cited from litecoin.org, 26.8.2018
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
cited April 25, 2018 (https://ethereum.org)
Tether (USDT) is a cryptocurrency stablecoin pegged to the U.S. dollar and backed „100% by Tether's reserves,“ according its website.
Tether is owned by iFinex, the Hong Kong-registered company that also owns the crypto exchange BitFinex.
Citation from Znvestopedia.com, 25.6.2022
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Here are the most common questions from our customers. If you can not find the answer you can try our knowledge base Knowledge base
The first step to using cryptos is to create a wallet. The wallet principle is based on a pair of two keys – public and private. The private key entitles the user to crete transactions – the private key must remain secret, otherwise anyone with the private key can handle your cryptocurrency. Loss of private key leads to irreversible loss of cryptocurrency.
A public key is a publicly known address to which another user can send money (cryptocurrency) on a given network, just like the bank account number.
Each blockchain transaction has its transaction number – the so-called transaction ID, otherwise also called Txid. The vast majority of wallets show the TXID after user sends the funds. The transaction can also be found in the block explorer of the given currency.
Search for your public key in the block explorer and you will find all the transaction IDs for all your trasactions.
TXID is unique token, for example: 1c12443203a48f42cdf7b1acee5b4b1c1fedc144cb909a3bf5edbffafb0cd204
Each cryptocurrency is built on its own blockchain, which records user transactions. Blockchains are incompatible with each other. Sending BTC to a public address in the Litecoin blockchain will result in irreversible loss of bitcoins.
Exceptions are platforms such as Ethereum or EOS. These serve for the simplified creation of tokens on a given network. However, native tokens can only be sent to addresses on a given network – Ethereum supports multiple tokens, but can only be sent on Etehereum blockchain. Still, you can not send BTC to Ethereum addres – and any attempt will result in irreversible loss of funds.