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The first step is to register on Griffex, in order to buy, sell and store cryptocurrencies.

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Frequently asked questions.

Have you been transacting in crypto without any rewards? Not any longer! Griffex Wallet offers you a chance to win exciting crypto rewards with every transaction that you make.

What is a Bitcoin blockchain? open
The blockchain is a distributed, public ledger that contains the history of every bitcoin transaction. Anyone can download a copy of the blockchain, and it can be inspected to trace the path of bitcoins from one bitcoin transaction to another. It should be noted that while there is a record of every bitcoin transaction ever made, these transactions are not inherently linked to real life identities. For this reason, Bitcoin is considered pseudonymous.
What is Block confirmation time? open
If you’ve ever waited for a new bitcoin transaction to be confirmed, you were waiting for a new block to published containing your transaction. When that happens, the bitcoin network has deemed your transaction valid. Griffex currently requires 6 network confirmations before the transaction is considered finalized, however this number will vary with other Bitcoin services.
What is hard fork and soft fork in cryptocurrency? open
A “fork,” in programming terms, is an open-source code modification. Usually, the forked code is similar to the original, but with important modifications, and the two “prongs” comfortably co-exist. Sometimes a fork is used to test a process, but with cryptocurrencies, it is more often used to implement a fundamental change, or to create a new asset with similar (but not equal) characteristics as the original.

Hard forks - it's a permanent divergence in the blockchain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. A hard fork is a change to a protocol that renders older versions invalid. If older versions continue running, they will end up with a different protocol and with different data than the newer version. This can lead to significant confusion and possible error.

Soft forks - it's a divergence in the blockchain caused by non-upgraded nodes not following new consensus rules. A soft fork can still work with older versions.

In the simplest terms, hard and soft forking describe two separate ways of updating the cold wallet software when the latest version looks a bit compatibility with the previous versions.
What is a Block? open
A Block refers to a set of Bitcoin transactions from a certain time period. Blocks are “stacked” on top of each other in such a way that one block depends on the previous. In this manner, a chain of blocks is created, and thus we come to the term “blockchain”.

Finding and publishing new blocks is what Bitcoin miners do to earn bitcoins. Whenever a new block is broadcast, approximately every 10 minutes, a quantity of bitcoins is received by the miner who solved that block. Bitcoin miners keep the network secure, and this is how they are rewarded. This system ensures that all transactions are valid, and keeps the bitcoin network secure from fraud.
Why do cryptocurrencies change value? Why is the price volatile? open
Digital currency value can be volatile when compared to more established currencies and commodities. This can be attributed to its relatively small market size, and it means that a smaller amount of money can move digital currency prices more significantly.