Frequently Asked Questions

Ever since the invention of bitcoins, an increased number of businesses have accepted it as a form of making payments. Hence, you can purchase preferred products from stores that accept it as a payment method. Bitcoins offer super convenience as you can conduct all your business transactions online using an efficient, safe, and reliable wallet thanks to BTC Exchange. 

The benefits of owning bitcoins include the fact that the users will enjoy greater liquidity as compared to other cryptocurrencies. Also:

  1. The Bitcoin allows the users to retain and hold their wealth as compared to other fiat currencies. 
  2. Bitcoins can be used to save wealth as opposed to international currency such as USD, but the weakening value of the fiat currencies do not make a feasible option. 
  3. Bitcoins are devoid of any government interference, and only the market demand and supply dictate the value of the coins. Bitcoin buyers can hence enjoy specific benefits over traditional investments such as high market demand, high liquidity, and minimalistic trading. 
  4. The value of Bitcoins will only continue to increase since it has an inbuilt scarcity feature that supports its long-term value compared to other traditional currencies. Only about 21 million will ever exist, and the scarcity imbues bitcoins with a significantly high intrinsic value, which can be compared to precious metals and gold. 

 

Bitcoins are like a form of online cash transacted on the internet. Since they are an online form of currency, they can be sent across the world using the internet, similar to how you send an email. For one to receive or send bitcoins, one requires to have a bitcoin wallet which is your online wallet where individuals can store their hard-earned bitcoins. After signing up and joining BTC Exchange, you acquire a safe, free, and simple-to-use bitcoin wallet where you can store your bitcoins. Each bitcoin wallet comes with a unique wallet address, which you send to people, and they can, in turn, transfer bitcoins to you. Your bitcoin wallet allows you to send, receive, and store bitcoins while keeping tabs with all your transactions in a similar manner to online banking.

Bitcoins are a form of digital/virtual cryptocurrency that is completely online. Bitcoins are entirely decentralized from any central bank or single administrator control and can be sent between users on a peer-to-peer exchange without the intervention of any external intermediary. Any transaction involving Bitcoins occurs through network nodes signed through a cryptography system and which gets recorded through a blockchain, which is a form of publicly distributed ledger system.

 

BTC Exchange prioritizes the processing of Bitcoin transactions, especially those that are sent with the correct fee. If the Bitcoin transaction is sent using the correct fee, it will take between 10-60 minutes when you are transferring bitcoins from your BTC Exchange wallet. However, all transactions between BTC Exchange users are instantaneous. 

To check the status of the Bitcoin transaction:

  1. Check the transaction information from the wallet transaction history page on BTC Exchange. Obtain information on the transaction ID or the receiving wallet`s address. 
  2. Visit tradeblock.com
  3. In the search field, key in the transaction ID or receiving address
  4. Click on transaction information to obtain more information on it 
  5. Check the place where it shows you the number of confirmation shown by the transaction. 

If the transactions contain;

  • Over six confirmations it indicates that the transaction is complete and the receiving wallet has received bitcoins
  • It is unconfirmed and has between 0 and 6 confirmations it indicates the transaction has left the sending wallet and is on the way
  • Unable to find the transaction- it indicates the transaction was never initiated from the sending wallet, and you should contact the owner of sending wallet.

After successfully purchasing Bitcoins on BTC Exchange.com, the bitcoins are deposited in your BTC Exchange wallet. If you have bitcoins on your wallet, you can easily send them to another bitcoin addresses since most of the bitcoin services are compatible with each other. You can also use your bitcoins to pay for goods and services in online stores that accept bitcoins as payment. To transfer your bitcoins from your BTC Exchange wallet to other parties, you simply enter the receiver`s wallet address and the number of bitcoins you wish to transfer and then click on continue. 
The prompt will lead to another page where you will review the details and then enter your password, after which you will be required to enter a two-factor authentication code, after which the transaction will compete as successful.

BTC Exchange allows over three hundred and fifty payment methods on the platform, which gives users a wide variety of payment options to help boost convenience. However, some payment options such as Paypal and Credit cards have been criticized since they have very high transaction costs as compared to others, such as Cash Deposits, mobile payments, and bank transfers. The reason for the high transaction charges on payment methods such as PayPal and Credit cards is that sellers need to protect themselves from fraudulent buyers. When selling the bitcoins, PayPal and a bank can take the money paid by the individual from their account, which necessitates the need to have high payment prices to help protect themselves from some inherent risk. 
One of the unique features of Bitcoins is that they offer the user much control over their cash, which makes it assume a very different approach as compared to traditional cash. Since Bitcoin transactions are irreversible, online payment options come with higher costs due to higher transaction risks.
It is hence highly recommended that for you to acquire the best price on the site and make use of a hard to reverse payment methods such as bank transfer, mobile payments, and cash deposit. In the buy bitcoins tab, you can search for the payment method of your choice based on convenience and price.

Yes, it is possible to purchase less than one bitcoin. Each advertisement from sellers has its limits, which indicate the least and highest figure of Bitcoins that one can purchase from a selected advertisement. The limits indicate the highest and lowest amounts of bitcoins that one can purchase from that specific trader. The smallest unit of Bitcoin that one can purchase on the platform is 0.00000001 BTC, which equates to one satoshi.

Once logged in to your BTC Exchange account, in the seller's advertisements, you will see the price of the Bitcoins. For instance, if one is in the United States and wants to purchase bitcoins using US dollars, the price would reflect as 9032.14 USD/BTC. The translation for this means that one bitcoin translates to about 9032.14 USD.

We recognize that there exist multiple online scams related to transactions involving bitcoins, which include blackmail, fake exchanges, impersonation, malware, phishing emails and phishing websites, ransomware, and pyramid schemes. At BTC Exchange, we protect all online trade using escrow. Whenever a trade is initiated in the platform, escrow reserves the number of bitcoins that corresponds to the amount of money traded automatically from the seller`s BTC Exchange wallet. Such a capability means that in case the seller decides not to honor the trade agreement of transferring the bitcoins to your BTC Exchange wallet, then the BTC Exchange wallet support will release the purchased bitcoins from escrow. The same applies to sellers who are selling Bitcoins on the platform. You are advised to never release escrow before confirming receipt of money from the Bitcoin buyer.

How do I purchase and sell Bitcoins? 

If you are a new user of BTC Exchange and want to learn how to purchase Bitcoins, you can check our user guide on how to buy bitcoins on the platform through this link https://www.BTC Exchange.com/guides/how-to-buy-bitcoins

 If you are a new user of BTC Exchange and want to learn how to sell Bitcoins, you can check our user guide on how to sell bitcoins on the platform through the following link https://www.BTC Exchange.com/guides/how-to-sell-bitcoins

BTC Exchange is a peer-to-peer bitcoin exchange platform that offers buyers and sellers with a virtual marketplace in which they can purchase and sell Bitcoins amongst each other. The platform has over 350 payment options, which makes it extremely easy for users to acquire suitable offers on-site. The users in the platform, who are also called traders, create advertisements on the platform with the price and preferred payment method which they are offering. Once you sign up on BTC Exchange, you can then browse through the website in which you will view the trade advertisements while searching for the preferred payment method.