Bitcoin FAQ, Frequently Asked Questions
What is Bitcoin?
Bitcoin is a digital currency, also known as cryptocurrency. It presents a platform on which to effectively run currency as an application, on a network, with no central point of control. Bitcoin is the first system that allows the migration of institution-based money to network-based money. Cryptocurrency is, in loose terms, the “internet of money”. Like the internet, it is borderless and open.
Click here for a more detailed overview.
What is Ethereum?
Invented by Vitalik Buterin, Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk. The project was crowdfunded during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Unlike Bitcoin, Ethereum is not exclusively a cryptocurrency. Ethereum does have a cryptographic token, Ether, a necessary element (“fuel”) for operating the platform, but this is only one aspect of a much larger framework. Contrary to popular belief, these two cryptocurrencies are not rivals; Ethereum would never be possible without bitcoin—both the technology and the currency— and they should be considered complementary within the digital ecosystem.
What is a wallet?
A wallet is like a bank account for Bitcoin or Ethereum, and is used to store, send, and receive digital currency. It holds a public key and a private key. Your public key acts like your account number that you share with people to receive funds, while your private key acts like your password that allow you to access your bitcoins. The most important part of any wallet is keeping your private keys secure and safe.
Here we’ve recommended wallets you can purchase or download for free. We suggest using the wallets from our wallet guide, as they are secure and reputable in the Bitcoin community. This guide will show you how to choose a wallet that’s right for you.
How do I choose a wallet?
There are different wallets for different use cases: Check out our “wallet guide” to choose the wallet that’s right for you.
Can people access my bitcoin using my wallet address?
No, they cannot. The wallet address is necessary in order to send and receive Bitcoin, Ether and other cryptocurrencies. For security purposes, the wallet address is randomised every time you create a new receive request.
However, never give your private keys to anyone. When you share your private keys with someone, you are essentially depositing all of your funds into the hands of that person.
My wallet shows a balance higher or lower than what I purchased through you?
Every exchange around the world will set their own rate. The Bitcoin-to-CAD conversion displayed on our webpage may differ from the exchange rates shown by your wallet provider. Many wallet services have the balance displayed in USD by default. If you purchased Bitcoin when the price was going up or down significantly, there will be a further difference in price.
How do I buy Bitcoin?
Coming soon to Canada.
How do I sell Bitcoin?
1. Visit our Sell Cart and provide us with your bank details and sell amount.
2. We will provide you with a Bitcoin wallet address to send the nominated amount of Bitcoins (valid for 10 minutes).
3. We will electronically transfer you the $ amount corresponding to your order overnight. We only accept Candian bank accounts.
Email email@example.com, if there are any changes in the amount or time in which you made a deposit.
What payment methods do I have to purchase Bitcoin?
Coming soon to Canada.
Why do I have to provide additional identification to increase my purchase limit?
To prevent theft and scams, when you place an order above a certain threshold for the first time, we may require additional identification verification.
Where will I receive the Bitcoin I purchase?
We send Bitcoin to the wallet address you provide with your order. The address will be around 32 characters long eg. “12XTtbb7A1B2Ni4VBRFybCSDDuBHoMkEiL”
Please make sure that the wallet address you provide is correct, Bitcoin & Ethereum transactions are irreversible.
How long does it take for Bitcoin or Ethereum to show up in my wallet?
This will depend on your wallet provider. Please allow 30-60 minutes before funds change from ‘Pending’ to ‘Received’. Sometimes the Bitcoin/Ethereum network will experience delays due to high transaction volume.
You can use blockchain explorer to independently verify a transaction. Go to Smartbit.com.au and use their search bar to find your wallet address. Once a transaction is sent to your wallet it will be displayed as a ‘pending transaction’.
What happens if I deposit funds after my order has expired?
If you made the deposit after the order has expired, we can still process it – but the rates may change, reflecting the rate at the time of your deposit.
Will I receive a tax invoice?
Yes, we email you a tax invoice with the breakdown of fees and pricing for every individual order.
Can I purchase Bitcoin using someone else’s bank account?
In accordance with regulation, all parties involved in any first transaction must be digitally verified. If you purchase bitcoin with someone else’s bank details, we will contact you to digitally verify that person.
I have not received the confirmation email after placing the order, what do I do?
Please make sure that you have entered a valid email address. After placing the order, please wait 15-20 minutes for the email to be sent.
I sent my receipt but have not received my bitcoin, what do I do?
During business hours (9AM to 9PM AEST), in case you haven’t received your bitcoin after 2 hours, you can contact firstname.lastname@example.org.
After business hours, we cannot process or check transactions until the following business day. Please ensure that the deposit receipt contains the reference number and/or phone number.
Why does the price of Bitcoin on your website differ from other exchanges or Google?
Exchange rates vary on a global scale. Individual markets set their rate depending on the market demand and supply. Google will display a global average.
We suggest looking up Bitcoin trading volumes and values based on different markets to understand that the price in, for example, USA will be very different to Japan. Our spot price is based on our liquidity.
Why does Bitcoin price change?
There is a multitude of factors that increase or decrease in the price of Bitcoin, including changes in regulation, economic factors, the current political atmosphere, etc.
Canada’s Bitcoin exchange. Coming soon.
Get ready to buy and sell bitcoin using Canada’s easiest and fastest cryptocurrency exchange.