Frequently Asked Questions (FAQ)

1.Compared to traditional trading platforms or other OTC platforms, what are the difference and the advantage of Bitpie?

Bitpie is based on Hierarchical Deterministic Wallet and Multi-Signature technology and user can buy or sell digital currency upon the Online Blockchain, which mean that the private key of digital currency could be controlled by user’s own rather than by ‘platform’ or others’ party. At the same time, the Bitpie won’t keep the user’s Fait (RMB), so there is no ‘Fait Top Up and Withdrawal’ business. Once the user’s transaction completes, the creditor’s rights and liabilities of Fait will be settled and ‘Prohibit withdrawal’ issue won’t happen. All in all, Bitpie must attaches more importance to the user’s asset security than other similar platforms.

2.Is it safe for the money in my Bitpie account and in bank account?

Yes, it is. Based on the HD wallet technology, Bitpie can not access to the user’s digital assets, so it is impossible to occur the phenomenon –’Pause to withdraw’ or ‘Run away with money’ on others’ trading platforms.

3.When I trade on Bitpie, how does Bitpie protect my privacy data?

In strict accordance with national laws and regulations to protect user’s privacy, Bitpie has applied the self-developed, advanced security and encryption technology. In view of the most stringent internal controlling system, it can exactly prevent external attackers from obtaining user privacy information for protecting transactions.

4.Whether my assets are safe or not if Bitpie company has a operational problem?

Yes, it is safe. This is a significant technology that distinguishes from others’ platforms: we completely separate our own business operations from user’s asset controlling system, and the user takes the private key of digital currency through HD wallet. Therefore, even if there is a severe operational problem, Bitpie still can’t access to the user’s money.

5.Does the transaction have the minimum limits? How much money do I have at least to start trading?

The minimum limits of ‘Instant Trade’ are 0.1BTC. The buyer and seller on OTC Escrow transaction can define the limits.

6.How could I participate in digital currency transaction?

Bitpie provides IOS and Android versions.

Download Address: Apple iOS: http://bitpie.com/ios/

Android: http://bitpie.com/android/

7.What is the relationship between ‘bitpie’ and ‘bither’?

Bither and Bitpie both belong to the same technical team, however Bither is the team’s early products and Bitpie is subsequently operated product. The main similarity between the two products: they all provide HD wallet management program; the main difference: Bither is a singular App product with relatively perfect functions, however Bitpie is an integrated App to provide HD wallet and digital currency trading function.

8.What is the ‘Seed Phrase’?

Seed Phrase, showing as ‘12 words’ on Biepie, is an important concept of HD wallet technology. Because it is extremely significant, user should properly keep and backup it. In all kinds of situations, through it, user can restore HD wallet, as well as all addresses and private keys of the digital currency to ensure the safety of digital assets.

9.Could I transfer my Bitcoin on Bitpie to other platforms? Could I take over Bitcoin transferred from other platforms?

Yes, you could. Because the transmit-to-receive network is based on Online Blockchain, Bitcoin on Bitpie can be forwarded with other addresses.

10.When would Bitcoin generally be credited into account on Instant Trade and OTC after buying and selling Bitcoin?

In the absence of non-compliance or accident conditions, only if buyer confirms to transfer money successfully and the counterparty also receives transferred money, buyer will receive Bitcoin.

11.What should user do if it has taken a long time not to confirm the transferred Bitcoin?

Digital currency transaction on Block chain will maybe encounter with network congestion. With the improvement of technology, this situation can be gradually solved. However, if user is eager to confirm the transaction as soon as possible, you can buy ‘TX Accelerator’ to speed up for a particular transaction.

12.What should user do if the counterparty on OTC intentionally delays or not reply?

If the multiple-communication is invalid, user can contact the manager of Bitpie to investigate. If it is malicious, there would be a warning or punishment.

13.Who will pay for Miners’ Fee on the Blockchain?

Project

Payer for Miners’ Fee

Buying Bitcoin on Instant Trade(Less than 1BTC)

Buyer party

Buying Bitcoin on Instant Trade(Greater than 1BTC)

Bitpie

Selling Bitcoin on Instant Trade

Seller party

Placing advertisement to buy on OTC

Miners’ Fee on obtaining Escrow is paid by Seller party ,Miners’ Fee on releasing Escrow is paid by Buyer party

Placing advertisement to sell on OTC

Advertising party

Ordering to buy on OTC

Advertising party

Ordering to sell on OTC

Miners’ Fee on obtaining Escrow is paid by Seller party ,Miners’ Fee on releasing Escrow is paid by Buyer party

14.Details of rates are shown in the table below:

Fee Rate will be adjusted according to the actual situation

Project

Currency type

Payer for Miners’ Fee

Rates

Service Fee on Instant Trade

Fait

Buyer/Seller

0%

Service Fee on OTC Escrow transaction

Digital currency

Advertising party

1‰

Service Fee on OTC Deposit fee

Fait /Digital currency

Proposer

Fixed (0.5 yuan for top up, 1 yuan for withdrawal; free for BTC top up; 0.001BTC for BTC withdrawal

Service Fee on VIP OTC Deposit fee

Fait /Digital currency

Proposer

Fixed (50 yuan for top up and withdrawal; free for BTC top up, 0.01BTC for BTC withdrawal

15.How to protect against potential risks on OTC transaction?

First, we recommend that user chooses ‘ Escrow transaction Platform’ of OTC, on which any private transactions have no connection with platform. What’s more, in the case of OTC Escrow transaction, user should follow the ‘confirmed consistency’ principle. That is to say: it should be confirmed that the obligations of both sides have been fulfilled before paying money or issuing Bitcoin

16.When would OTC transaction need ‘Arbitration’?

When the two parties of ‘OTC Escrow transaction’ has encountered with disputes, and has not be able to coordinate, you can apply for arbitration.

17.What should user do if user doesn’t have a back-up of Seed Phrase?

If user loses Seed Phrase, Bitpie also could not help recover it. It is extremely important. Hence, we remind it again: Each user must keeps Seed Phrase in earnest.

18.How to solve it if user forgets Pin Code?

If confirms that has saved Seed Phrase well, user can re-install Bitpie App on another phone (or uninstall Bitpie App ) and then restore the wallet. After recovery, you can reset Pin Code.

19.What if user loses own phone, are there some solutions to provide?

If user confirms that has saved Seed Phrase well, the user’s assets must be safe. However, we still recommend user to take security precautions: Recovering Bitpie by Seed Phrase of new phone, and then transferring Bitcoin of original wallet into another (new) wallet.

20.Why does my transferred money be returned to Alipay / Online Banking /We Chat? Binding failed?

Please check whether the account information (such as name, phone number, account number, etc.) is consistent with other certification information.

21.Why does user pay OTC deposit? Which circumstances would the deposit be deducted?

OTC deposit is divided into ‘Ordering deposit’ and ‘Advertising deposit’. Ordering deposit is an essential precondition for OTC transactions and Advertising deposit is for advertising party. Hence, only if paid order deposit, user could make OTC transaction. Similarly, only if paid advertising deposit, it is allowed to put advertisement. When each party on OTC transaction violates the term of User Agreement or National Laws and Regulations, Bitpie would warn or deduct deposit of related party.

22.What is the difference between Instant Trade and OTC transaction? Why are there different prices?

Instant Trade provides the ‘quick-dealing ‘ service which helps user save time for selling and buying digital currency. The OTC transaction is a ‘ Advertisement and Promotion’ model in the system of ‘ Escrow -Multiple-signature-Arbitration’, which offers users with a greater variety of personality services.

23.Why are there different prices on different platforms?

Followed the voluntary principle of market, it is like ‘the fish on Beijing Carrefour supermarket’ and ‘the fish on Shanghai Wal-Mart supermarket’, although all are fish, but the price will not be the same.

24.Could I unload Bitpie?

If there is no special circumstance, you can carefully unload it to avoid losses. After keeping Seed Phrase well, user can unload Bitpie.

25.How to use Seed Phrase to restore the wallet?

After re-installing Bitpie, you open Bitpie firstly, and then click a button on the upper right corner, select the recovery, and finally enter into ‘12 words’ Seed Phrase

26.Are my Bitcoin, the original address and trading history still in wallet after the wallet is restored?

Yes, they are

27.What should I do if I change my phone number / Alipay / Bank Information?

The replacement of Bitpie information should be done before the change.

28.Could a phone be uploaded a few Bitpie?

Only one.

29.Could I register multiple Bitpie accounts for my different bank / Alipay / phone accounts?

Yes, you could. But the registered information in each account should be consistent.

30.How to update the latest version of Bitpie?

Clicking ‘Bottom Menu - Settingss - Detecting new version’ on IOS and Android.

31.When I plan to buy one TX Accelerator, why are showed many TX Accelerators? What does it mean that a certain transaction ID has dependent on other multiple-transactions?

A transaction is only corresponding to one tx_hash ID, but if it has inter-dependence with previous transactions that have been not confirmed, the current ID transaction that you applied to accelerate won’t pass the former to confirm. Therefore, the system will prompt you to speed up the number of previous transactions.

32.Which kind of criteria is for counting the ‘Dynamic Miners’ Fee ?

Dynamic Miners’ Fee is not a fixed proportion or a fixed amount, but is based on Network state. Due to unconfirmed transaction, there are ‘The Distribution of Service Fee’ and ‘The Amount of Bitcoin on United Byte’. The so-called Dynamic Adjustment can make a best choice according to these information.

33.What’s the meaning of ‘VIP user’ on OTC transaction?

Unlike the ordinary transaction, ‘VIP user’ refers to the personalized service provided by Bitpie to a specific user. OTC’s VIP module is designed for large clients, bulk deals, and fast trading to make Escrow transaction. For example, if you would like to complete a relatively larger and more secured trade(compared to the ordinary transaction) under a defined price, a lower cost, faster dealing speed and a limited time, you can choose to join in.

34.If I would like to know the usage of Bither wallet (bither.net), how could I look up this related information?

You can refer to the ‘Bither wallet’s official website https://bither.net/‘ Bither wallet’s FAQ https://github.com/bither/bither-doc/blob/gh-pages/faq.md, and Search results https://www.baidu.com/s?ie=utf8&oe=utf8&wd=%E6%AF%94%E5%A4%AA%E9%92%B1%E5%8C%85%E4%BD%93%E9%AA%8C&tn=98010089_dg&ch=2 Bither wallet’s FAQ