Knowledgebase

As a new user, you can get started with Bitcoin without understanding the technical details. Once you’ve installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once.

Balances - Blockchain

The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. It allows Bitcoin wallets to calculate their spendable balance so that new transactions can be verified thereby ensuring they’re actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.

Transactions - Private Keys

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast to the network and usually begin to be confirmed within 10-20 minutes, through a process called mining.

Processing - Mining

Mining is a distributed consensus system that is used to confirm pending transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all the subsequent blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively to the block chain. In this way, no group or individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.


Importance Notice | APRIL 2019

“…….In statement issued Securities Commission Malaysia (SC) confirms that they are indeed developing a regulatory framework for both ICOs and digital asset exchanges which will come into effect in the 1st quarter of 2019. As such, the operation of any platform which facilitates the trading of any digital assets will require authorization from SC and compliance with the relevance guidelines issued under the security law.

Due to the above statement, BITPoint Malaysia has decided to Suspend the following services effective immediately :

1) New Account Registration suspension
2) Fiat Deposit suspension
3) Digital Currency Deposit suspension

We are in the midst of applying for digital asset exchange platform license. We will keep you updated on our progress as we have many plans for in the future .We appreciate your continuous support and we apologize for any inconvenience caused.

Thank you…”

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