What is bitcoin?

Bitcoin is the first and most famous digital Internet currency. It has been intentionally designed so that nobody, including its authors, lobbies or governments could artificially manipulate with or forge it in any way; and that it could not be possible to confiscate bitcoin accounts, control cash flows or cause inflation. There is no central point in the network, nor anybody eligible to make decisions regarding the network. Bitcoin is a deflation currency. Payments take place in a decentralized P2P network directly among individual users. There is only a limited number of bitcoins. Bitcoin transactions are quick and international.

 

What is Ethereum and Litecoin?

Ethereum and Litecoin are other digital currencies that work similarly to bitcoin. Besides bitcoin, Litecoin is considered to be “digital silver”. Currently it is mostly used for minor payments as its transaction fees are lower. In terms of total market capitalization Ethereum is the second-largest cryptocurrency, right after bitcoin.

 

What is bitcoin used for?

Bitcoin is used for long-term investments, short-term speculative investments or to make quick and international payments. It is also globally used to make payments for goods and services.

 

How can I acquire bitcoin, Litecoin or Ethereum?

In our online exchange office you will fill out and send an order form. We will subsequently contact and inform you about further steps via e-mail. We send bitcoins, Litecoins or Ethereums after your payment has been credited to our bank account.

 

How to set up a bitcoin wallet?

We offer instructions in the post entitled “How to set up a bitcoin wallet” to be found on our blog. This bitcoin wallet is free of charge.

 

How to set up a Litecoin and Ethereum wallet?

The Blockchain wallet that you can set up according to the instructions on our blog currently supports Ethereum as well. For Litecoin we recommend LoafWallet.

 

Why is it important to backup your wallet?

When setting up a mobile wallet according to our instructions, or when setting up a different kind of wallet (paper, hardware, etc.), it is necessary to backup such a wallet. In case of a loss of your mobile phone you will easily restore the remainder of your wallet on a new device. For backup purposes so-called “seeds” are used. Seeds are essentially a private key to the content of your wallet in form of English words. Seeds should be stored safely.

 

Can a single wallet be used for several cryptocurrencies?

Some mobile wallets support more than one cryptocurrency. The Blockchain wallet that can be set up according to the instructions on our blog currently supports Ethereum in addition to bitcoin. However, each of these currencies has its own address format for the reception of one or the other digital currency. To a bitcoin wallet address, bitcoins can be received only.

 

What do bitcoin, Litecoin and Ethereum addresses look like?

A bitcoin address is a set of digits and letters that always begins with number 1 or 3. An example of a bitcoin address: 1Mn3AWFe9oh8Lfw2xdT1NGvTHnhHDfBAbC,

Or: 3GCiJ7mU2rVcosSng81YtPduYQk1gihxbo

A Litecoin address is a set of digits and letters that always begins with number 3, letter M or L.

An example of a Litecoin address: MAXWDs4cS12nQaEWtdLwcFqRZGUeDuvvAU

Or: LTdxY7gFGLP11JBLo4UyHaQDCKuBh1MZks

An Ethereum address is a set of digits and letters that begins with characters 0x.

An example of an Ethereum address: 0xC71D0eE9947DDD714cEC01217E07BD4b829167E1

 

How does a transaction in our exchange work?

It will not take you more than 2 minutes to fill out an order form and to subsequently send an order to our online cryptocurrency exchange office. Fill out several fields with the data that are necessary to process your order:

  • Name and surname,
  • E-mail,
  • Telephone number,
  • your wallet address to which we will send you bitcoins, Litecoins or Ethereums of your choice. (you can find the address of your wallet after you sign in to your wallet under the field “receive”, “request” or “prijať”. A bitcoin address begins with number 1 or 3.
  • An example of an address: 1Mn3AWFe9oh8Lfw2xdT1NGvTHnhHDfBAbC),
  • choose an amount in EUR that you would like to exchange for a cryptocurrency of your choice.

If you place an order during the exchange working hours (Monday to Friday from 8am to 5pm), the information on the payment will be sent to your e-mail within 15 minutes. If you place an order, say, on Friday evening after 5pm, it will only be processed after the weekend. Payments are made via bank transfers. Bank transfers usually take 1 to 2 working days. After your payment has arrived at our bank account, we will inform you immediately via e-mail about the current exchange rate and the amount of bitcoins (Litecoins, Ethereums) we will send you. If you accept the exchange rate, we will by return transfer the respective amount of bitcoins (Litecoins, Ethereums) to your bitcoin address. If you do not accept the current exchange rate, your payment will by return be sent back to your bank account from which it has arrived at our online exchange office.

 

How long does it take until bitcoins arrive to my wallet?

Bank transfers usually take 1 to 2 working days. We send bitcoins immediately after your payment has arrived at our account and you have accepted the current bitcoin exchange rate. They will appear in your wallet 10 minutes after we send them.