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Bitcoin (BTC): questions and answers

Every answer below is written from the sources listed at the end of this page, with the date each one was checked.

The question that decides how you read Bitcoin

Bitcoin is usually explained by what it does. The more useful question is what it refused to do — and what that refusal still costs the people who use it.

Bitcoin's founding document opens not with technology but with a complaint about institutions. Commerce on the internet, it argues, depends almost entirely on financial institutions acting as trusted third parties, and that dependence carries an unavoidable cost: mediation expense, minimum practical payment sizes, and reversible transactions that force merchants to collect more information about customers than they need.

The paper's contribution was a way to settle payments in a fixed order without anyone being in charge of that order. Mining is not there to create coins; the coins are the bribe that makes strangers keep the clock honest.

What is still unsettled

The block-size question was settled politically, not technically. Bigger blocks mean cheaper transactions and more throughput; they also raise the cost of running a full node, which concentrates verification among fewer participants. Bitcoin chose small blocks and pushed volume toward second layers, accepting higher on-chain fees during congestion as the price of keeping validation cheap. Whether that trade holds as block subsidies shrink toward zero is still genuinely open.

What this means when you swap BTC

Blocks target ten minutes, so confirmation is probabilistic rather than instant; most exchanges credit deposits after a handful of confirmations, and Monivo's providers publish their own thresholds per order. Fees are bid per transaction in satoshis per virtual byte and rise sharply when the mempool fills — underpaying does not fail the transfer, it just leaves it waiting.

Bitcoin has no memo or destination tag: an address is the whole instruction. Three address formats coexist (legacy `1…`, P2SH `3…` and native SegWit `bc1…`) and all are valid Bitcoin addresses, but a BTC send to an address from another chain is not recoverable. Native SegWit addresses usually settle cheapest because they weigh less.

Common BTC questions

How do I swap Bitcoin (BTC) instantly on Monivo?
Pick BTC as the asset you want to receive, choose what you're paying with, paste your wallet address, and confirm. Monivo routes your order to the provider offering the best rate, and most swaps complete in under 10 minutes — no account needed.
Can I swap BTC with no KYC?
Yes. Crypto-to-crypto swaps of BTC on Monivo require no identity verification and no sign-up. Only fiat purchases (card or bank transfer) require KYC, because banks and payment processors mandate it.
Is swapping Bitcoin on Monivo non-custodial?
Yes. Monivo never holds your funds. BTC is sent directly to the wallet address you provide, so you stay in control the whole time.
Which network does BTC use here?
Monivo supports Bitcoin on the BTC network. Always double-check that your receiving wallet supports this network before confirming.
What fees apply when I swap BTC?
Monivo adds zero fees on top. The quote you see already reflects the strongest quote we found across connected providers, including their network and processing costs — all fees are included in the shown amount.
Why do Bitcoin fees change so much between one swap and the next?
Bitcoin has no fixed fee. Every transaction bids for space in the next block, so the cost depends on how many other people are transacting at that moment. During quiet periods a transfer can cost cents; during congestion the same transfer can cost several dollars. The rate you see at quote time already accounts for the network fee your provider expects to pay.
Do I need a memo or tag to send BTC?
No. Bitcoin transactions are addressed to a single output address and carry no memo, tag or reference field. If a destination asks you for one, you are almost certainly looking at deposit instructions for a different network — check before sending.

Sources and dates (5)

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