The Ultimate Tron TRX Frequently Asked Questions List for 2020

  1. What is Tron TRX? What does 'Tron TRX' mean?
  2. How does Tron TRX work?
  3. Who invented Tron TRX? How was Tron TRX created? Who is behind Tron TRX?
  4. What is Tron TRX used for?
  5. Why does Tron TRX have value?
  6. How many Tron TRX coins are there? What is the Tron TRX maximum supply?
  7. What is a Tron TRX transaction? How do Tron TRX transactions work? Is Tron TRX a blockchain?
  8. Are Tron TRX transactions anonymous? Can Tron TRX be traced?
  9. How is Tron TRX created? Can Tron TRX be mined? How does Tron TRX mining work?
  10. Can Tron TRX be taxed? Are Tron TRX gains taxable? Are Tron TRX transactions taxable?
  11. How does a Tron TRX ATM work? Are Tron TRX ATMs safe? Are Tron TRX ATMs anonymous?
  12. Can Tron TRX scale?
  13. Can Tron TRX be stolen?
  14. Can Tron TRX be hacked?
  15. Where is Tron TRX stored? Where to store Tron TRX?
  16. What is a Tron TRX wallet? How do Tron TRX wallets work?
  17. Who uses Tron TRX? Where is Tron TRX used?
  18. Who accepts Tron TRX? Where is Tron TRX accepted?
  19. Why is Tron TRX the future?
  20. Can Tron TRX crash? Will Tron TRX crash?
  21. Is Tron TRX a good investment?
  22. Where to buy Tron TRX? How to get Tron TRX?
  23. Can I buy Tron TRX without ID? Is there a way to get Tron TRX without SSN?
  24. Can I get Tron TRX without KYC? Is it possible to buy Tron TRX without verification?
  25. Which cryptocurrency to buy? Should I buy Bitcoin or Tron TRX? Tron TRX vs Bitcoin?
  26. Is Tron TRX publicly traded?
  27. Can Tron TRX reach 1? Can Tron TRX reach 10? Can Tron TRX reach 100?
  28. How long is a Tron TRX transaction time?
  29. How many confirmations for a Tron TRX transaction?
  30. How much is a Tron TRX transaction fee? How much does a Tron TRX transaction cost?
  1. What is Tron TRX? What does 'Tron TRX' mean?

  2. Tron is inspired by some of the design concepts of Bitcoin, the world's first decentralized cryptocurrency, but with several attempts at improvement. A decentralized cryptocurrency keeps track of all transactions by all addresses on a peer-to-peer shared record. One of Tron's innovations is extremely low transaction fees and extremely fast transaction times, through a system of proof-of-stake. Tron is traded on bitni.com.

  3. How does Tron TRX work?

  4. Blockchain based cryptocurrencies like Tron work by grouping transactions together in data blocks, then linking the blocks cryptographically. The chain of blocks is stored across a network of nodes which hold a stake in Tron, and distributed as peer-to-peer shared files. Quantities of Tron are stored at addresses, cryptographic sequences paired with a private key used to spend the amount at the address. The user's wallet keeps track of all their Tron addresses and adds up the balance.

  5. Who invented Tron TRX? How was Tron TRX created? Who is behind Tron TRX?

  6. Tron was created by Justin Sun as an attempt to technically improve Bitcoin, reducing transaction times to a few seconds instead of 10 minutes, by replacing computationally expensive proof-of-work with a proof-of-stake. Tron is maintained by the Tron Foundation, and the software is open source, so anyone can improve it.

  7. What is Tron TRX used for?

  8. Tron is used for anything money is used for - buying, selling, donations. But Tron can also be used for even more things than fiat currency: A means of accepting donations or facilitating commerce that cannot be shut down by governments or the banking system. Also storing up wealth that cannot be confiscated.

  9. Why does Tron TRX have value?

  10. Tron has more value than Fiat Currency because it's more useful: It's anonymous, decentralized, irreversible, cannot be devalued, cannot be confiscated, can be sent over the internet to anywhere in the world in minutes. Things that are very useful and scarce tend to be valuable. One reason Tron has value because it fulfills all of the requirements of money: Store of Value, Medium of Exchange, Unit of Account.

  11. How many Tron TRX coins are there? What is the Tron TRX maximum supply?

  12. All the Tron that will supposedly ever exist was created at it's beginning - 100 billion. The designers were very conscious of hyperinflation from fiat currencies, and wanted a currency with a ruthlessly fixed supply. Not only that, but the Tron Foundation has destroyed billions of tokens. This makes Tron a deflationary currency.

  13. What is a Tron TRX transaction? How do Tron TRX transactions work? Is Tron TRX a blockchain?

  14. An Tron transaction is a transfer of value from one address to another. Unlike Bitcoin, which moves value by spending previously unspent transactions, Tron doesn't have proof-of-work which requires solving computational hashes to add new blocks. A transaction is created by a user on their Tron client software, then broadcast out to all the other nodes and becomes part of the Tron Blockchain.

  15. Are Tron TRX transactions anonymous? Can Tron TRX be traced?

  16. The Tron Blockchain is a public record of all transactions by all addresses. However, an address is just a number - it doesn't reveal anything about the identity of the one using it, like a street address can. As long as this number is never linked to an identity, the Tron user is safe. There is no way to "trace" a Tron address to the person using it - unless they leave clues connecting their Tron address to their physical identity. bitni.com has maximum anonymity - we don't ask for personal details.

  17. How is Tron TRX created? Can Tron TRX be mined? How does Tron TRX mining work?

  18. Traditional cryptocurrency mining is the computational process of adding new blocks to the blockchain. New transactions are grouped together in a block. New blocks must cryptographically connect to previous blocks with a proof-of-work hash function. Tron also has a blockchain, but with a critical difference - it is proof-of-stake rather than proof-of-work. The blockchain is a record of all transactions, but rather than validation by anyone who performs the proof-of-work, transactions are validated by consensus proof-of-stake. All Tron coins were created at it's beginning.

  19. Can Tron TRX be taxed? Are Tron TRX gains taxable? Are Tron TRX transactions taxable?

  20. Tron was not designed to be taxed. If no one reports their Tron gains, there is no way an authoritarian regime can know who gained what. However, centralized exchanges with accounts and IDs do report their user's Tron balance to tax authorities. If you want privacy from authoritarian regimes, you need an accountless exchange that doesn't ask for your ID - bitni.com is the best exchange in this regard.

  21. How does a Tron TRX ATM work? Are Tron TRX ATMs safe? Are Tron TRX ATMs anonymous?

  22. Tron ATMs allow a customer to buy Tron by inserting physical cash, like a vending machine, or send Tron to receive physical cash. (The former are called "1 way" ATMs and the latter are called "2 way".) If the Tron ATM is from a trusted manufacturer and operator, it should be safe to use. Different Tron ATMs have differing AML/KYC requirements.

  23. Can Tron TRX scale?

  24. Tron has scaled to handle millions of transactions per month. Tron is software, and it can evolve to scale - the code can be modified with better algorithms and the network then upgrades to the more advanced version. Tron attempts to improve on Bitcoin to solve scaling issues, by processing transactions every few seconds instead of 10 minutes.

  25. Can Tron TRX be stolen?

  26. Anyone who knows the private key can move the coins from an address. If the private key is not known, it's not possible to spend the coins at an address. Tron stored in the wallets of a centralized exchange can be stolen - it happens all the time. At a Non-custodial exchange like bitni.com, you are in charge of your wallet at all times.

  27. Can Tron TRX be hacked?

  28. If Tron network could be hacked, it would have probably already happened. The blockchain is decentralized across many independent nodes - the more nodes on the network, the higher the security. If any one node is compromised, it will not compromise the others. However, centralized Tron exchanges are hacked all the time! That's why you need a non-custodial exchange like bitni.com.

  29. Where is Tron TRX stored? Where to store Tron TRX?

  30. The data of all Tron transactions is stored in a public Tron Blockchain distributed as peer-to-peer shared files. Each node has a complete copy of all transactions ever made - the Tron Blockchain. So the transactions are stored in the cloud - not on a centralized server, but on many independent nodes. Each user's Tron balance is also kept track of in their wallet.

  31. What is a Tron TRX wallet? How do Tron TRX wallets work?

  32. A Tron wallet stores all of the user's Tron addresses. The sum value of all of the addresses in a wallet is automatically added up - this is the total balance of a wallet. Centralized exchanges store the user's wallet, which is risky. Non-custodial exchanges like bitni.com do NOT store user's wallets, which is much safer.

  33. Who uses Tron TRX? Where is Tron TRX used?

  34. Millions of people everywhere in the world use Tron for all the same things as any other money is used for - buying, selling, and donations - and the number of users is growing rapidly. Anyone needing to transfer wealth internationally, especially outside the grasp of authoritarian regimes, for ridiculously low cost, will find Tron useful if they are not already using it. Tron is also used as an investment and a hedge against inflation.

  35. Who accepts Tron TRX? Where is Tron TRX accepted?

  36. Many merchants, especially online, accept cryptocurrencies as payment. Charities like Wikipedia accept donations in crypto. Web Hosts and Domain registrars often accept crypto. Large brick and mortar stores are starting to accept crypto payment. Some local restaurants are also coming on board. bitni.com accepts Tron to convert to other currencies, of course.

  37. Why is Tron TRX the future?

  38. The reason why a cryptocurrency is the future can be summed up in 3 words: Because it's better. Tron is a huge improvement over fiat currency. It is also an improvement over precious metals - they can't be wired over the internet. If central banks continue destroying the value of fiat currencies, cryptocurrencies will become even more important to the future of money.

  39. Can Tron TRX crash? Will Tron TRX crash?

  40. If Tron were going to crash to zero, it would have probably done it already. There have been wild price swings - because it's new and there's a lot of speculation, like the internet when it first came out. But there are wild price swings with other commodities like oil. Tron's low after it's all-time high of several tens of cents is still a cent. For Tron to crash to $0, demand would need to be zero or supply would need to be infinite - a highly unlikely scenerio.

  41. Is Tron TRX a good investment?

  42. The Original Bitcoin has gone from pennies to thousands and thousands of dollars in less than a decade, utterly blown away the stock market, even gold and other precious metals, and far outperformed pretty much any other investment. While Tron has not reached Bitcoin's high, it has performed relatively well, going from a fraction of a penny to several dollars at it's high - a pretty good investment.

  43. Where to buy Tron TRX? How to get Tron TRX?

  44. Exchanges are where Tron is bought and sold, however there are several types: Centralized Exchanges store the user's coins like a bank and require ID. Decentralized Exchanges (DEX) facilitate peer-to-peer buying and selling between users - and these can be done locally in-person or online. Non-Custodial exchanges like bitni.com are a quick and easy way of swapping cryptocurrencies without signing up.

  45. Can I buy Tron TRX without ID? Is there a way to get Tron TRX without SSN?

  46. Many Centralized exchanges have rigorous requirements for identification, such as uploading a scan of passport or other government documents. Decentralized exchanges usually have less stringent requirements for identification, especially if the transaction is in-person. Non-custodial exchange bitni.com does not require identification for crypto-to-crypto swaps. If you want Tron without SSN, you've come to the right place.

  47. Can I get Tron TRX without KYC? Is it possible to buy Tron TRX without verification?

  48. KYC stands for Know Your Customer. Many regimes have become increasingly authoritarian towards cryptocurrency and seek to crack down on anonymous trading, by requiring the customer to upload documents proving their identity. Many exchanges have caved in to the pressure and now have KYC policies. Centralized exchanges almost always have KYC, some Decentralized exchanges do as well. bitni.com does not require KYC for crypto-to-crypto swaps.

  49. Which cryptocurrency to buy? Should I buy Bitcoin or Tron TRX? Tron TRX vs Bitcoin?

  50. In many ways, Tron is technically superior to Bitcoin. It has much faster transaction times. It has rediculously low transaction fees. However, Tron doesn't have the massive publicity that Bitcoin has (not all of Bitcoin's publicity is good, but apparently there's no such thing as bad publicity). And that's why Bitcoin is priced much higher. Many more people know about Bitcoin than Tron. However, that can change, as Tron could become more widely known in the future. Bitcoin is also fully decentralized, whereas Tron is maintained by the Tron Foundation.

  51. Is Tron TRX publicly traded?

  52. Most Tron trading is done by buying and selling coins directly by individual investors. However, there are cryptocurrency funds listed on stock markets. A Cryptocurrency Exchange Traded Fund (ETF) holds assets in single cryptocurrencies or a basket of them. It may be more convenient to buy into one basket fund instead of manually managing dozens of different cryptos and their respective wallets. In the case of Tron, it is probable some Cryptocurrency ETFs are holding it.

  53. Can Tron TRX reach 1? Can Tron TRX reach 10? Can Tron TRX reach 100?

  54. Ones, tens, or even hundreds for a Tron coin may seem speculative, but Tron's high is already in the tens of cents. Tron started out at practically nothing and rose in a parabolic curve to it's high a hundred times higher than the starting price. 1 is only five times higher than the all time high. If the long term trend continues, Tron could reach new highs orders of magnitude greater.

  55. How long is a Tron TRX transaction time?

  56. A new block on the Tron blockchain is added every 3 seconds. The number of transactions in each block is limited to several thousand. Transactions paying higher fees are given priority over those paying lower fees, which must sometimes wait to be included in future blocks instead of the current one. A Tron transaction time can be as short as the generation of one block in a 3 seconds. However, 20 levels of blocks is needed for irreversibility, thus the safe transaction time is 1 minute.

  57. How many confirmations for a Tron TRX transaction?

  58. A Tron transaction can be tentatively completed in as little as 1 confirmation in a 3 seconds. However, the latest blocks in the blockchain are changeable until more blocks are added after them. For irreversibility, 20 levels of blocks and thus 20 confirmations are needed. The latest block in the process of being added to the blockchain is changeable. Not till several more blocks have been added after it is that part of the blockchain considered immutable.

  59. How much is a Tron TRX transaction fee? How much does a Tron TRX transaction cost?

  60. A Tron transaction fee is the cost of having transaction data included in blocks added to the blockchain permanent record, which fluctuates under market supply and demand. The average transaction fees are a fraction of a penny. Stakeholders get free, zero fee transactions. Lots of factors affect transaction fees, such as the cost of electricity, the hardware capacity and competition between miners, the number of simultaneous transactions competing to be included in a block.

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