Frequently Asked Questions
BitcoinWhat is Bitcoin?
Bitcoin is a cryptocurrency, which was first introduced in 2008 by an unknown person or a team going by the name of Satoshi Nakamoto. It is distributed across a decentralized peer-to-peer network, meaning that it is not controlled by a central bank as fiat money is. The code of the protocol of the Bitcoin network is open source. Nevertheless, the security of it is guaranteed by the fact that everybody has to accept the same “rules” in order for the network to function.
Increasing the supply of the Bitcoin units is called mining. Since the users of the network send Bitcoin to each other, somebody has to monitor for the authenticity of each transaction, which is the main job of the miners. The miners are essentially servers, whose computing power is used to verify the correctness of the cryptocurrency exchange and then to include each transaction into the so-called blockchain – the ledger of the Bitcoin network. As a reward the miners receive new Bitcoin tokens, which effectively increases the supply of the cryptocurrency. The system functions in a way that the miners receive less and less often this reward. This means that the provision of new coins is reduced as time passes and it will cease when the number of available Bitcoins reaches approximately 21 million. This is the main benefit of Bitcoin as it protects the currency from losing its value due to inflation, unlike fiat money, which is currently often printed without any backing.
You can pay with Bitcoin anywhere in the world instantly without the huge bank fees and any intermediaries. Each transaction is irreversible, which protects from types of fraud typically associated with credit cards. In the meantime, your personal information is untraceable. This is why the number of businesses that accept Bitcoin payment is growing fast.
The cryptocurrency is also a great instrument for making international money transfers as the corresponding substantial bank fees could be avoided, especially if currency exchange is involved.
The ever-growing price, the decentralized network and the immunity against inflation make Bitcoin an interesting investment opportunity and is often compared to gold as a great storage of value.
Bitcoin price is highly volatile. This means that the price of your asset can substantially go south or north in a short period of time. The price trend since inception is for a constant upward movement in the long run, however, in the shorter time span the value of Bitcoin can rise quickly followed by a steep price correction. Unfortunately, it is impossible to predict whether this tendency will continue in the future, thus Bitcoin is considered a high risk investment but the potential of the digital currency is enormous.
The price of Bitcoin is influenced by the supply and demand of it and the latter depends on various factors. Generally speaking, the optimistic views about the distribution and usefulness of the cryptocurrency affect its value in a positive way. As Bitcoin is “immune” to inflation, given the controlled and decreasing supply of new Bitcoin units into the network, it is considered that the price will continue to grow, as long as there is no abrupt demand reduction.
1 Bitcoin could be divided into 1 million bits, called satoshis, named after the inventor of the digital currency.
WalletWhat is Bitcoin wallet?
This is the equivalent of a bank account, where you can store your cryptocurrency. The wallet is necessary to have in order to send and receive Bitcoin. Each wallet has a public and a private key. While the former is like your “IBAN”, the latter should be known only by you in order to guarantee the security of your funds.
There are both software and hardware solutions, which allow you to store your Bitcoin assets. You have the freedom to choose the type of wallet that meets your security and UX requirements. Our recommendation is free and flexible and is offered by Jaxx.io. The wallet currently has 7 different software versions - mobile and desktop applications for different operating systems as well as extensions for Firefox and Chrome. If you download your desktop version to a USB stick, you can use it on different devices as a hardware solution. Please mind that the service offered by xChange.bg does not depend on the wallet you are using and xChange.bg does not receive any monetary or other reward for its recommendation.
xChange.bgWhat is the function of the xChange.bg website?
You can buy Bitcoin on our platform by paying with fiat money and if you already own the cryptocurrency, you could sell it to us again in exchange of conventional currency.
In addition to this, you could easily send money to your friends and family in Bulgaria, avoiding the bank fees for international money transfer. Simply, if you sell Bitcoin on the xChange.bg platform, fill in the details of the person you would like to send the fiat money to. You could also buy Bitcoin on xChange.bg and send it to a person anywhere in the world so that they can use it or exchange it for currency at a local platform.
We work in your interest, constantly striving to provide the tightest spreads on the local market. Our in-house strategy is specifically designed to ensure that our clients buy at cheaper and sell at higher rates. It also allows us not to charge any additional fees apart from its small commission, which is already incorporated in the rates you see on the xChange.bg website. You could also choose from a variety of payment methods and we do not require additional verification of your identity for purchases up to 30,000 leva.
We do not compromise with the quality of our service and our clients. The software for automated buying and selling of Bitcoin is fully created in-house, securing one of the best rates on the market. Additionally, our system makes use of SSL encryption for secure transmission of data, Cloudfare protection against DDOS and other attacks as well as encrypted Source Code and database.
When you make your first order, we will send a password to the provided email address with which you can access your personal account and transaction activity. We recommend that you change the temporary password as soon as possible to ensure the security of your account.
Each and every client, who recommends our platform to new clients is eligible for a bonus. Please contact us at [email protected] for further information.
Buying and SellingWhat fees am I going to pay?
xChange.bg works on a small commission, which is included in the provided rates for purchase and sale of Bitcoin on the website. In addition, xChange.bg does not deduct the miner fee for the Bitcoin transaction except for the cases when the order for purchase is below 100 leva. In this circumstance, the client receives 0.0005 BTC less, which is equal to the average miner fee. You should also keep in mind that when you sell Bitcoin you must cover the miner fee. It is usually between 0.0005 and 0.001 BTC.
Depending on the chosen method of payment, there is a fee owed to the corresponding bank or payment service.
In the case of purchase via bank, there are two options in front of you – bank transfer from your account to our account or direct cash deposit at a branch of our bank. If you opt for the former, you have to pay the fee directly to your bank. If you choose the second option then you need to pay the fee to the bank, where our account is. In the case of sale, you cover the fee of the bank transfer.
In order to send money to your friends and family in Bulgaria avoiding the high bank fees for international transfer, first you need to own Bitcoin, which you can sell to us. We will then send the corresponding fiat amount to the person you would like us to.
You can check the options you have to buy bitcoin from a local dealer in the country you are located here: https://www.buybitcoinworldwide.com.
It takes a few minutes after we receive 6 confirmations of the Bitcoin transaction to send the corresponding amount in fiat money. Depending on the chosen method, the time will vary when the money ends up on your account.
After we receive the fiat money sent by you, we will automatically process the Bitcoin transaction, which would take around 20-30 minutes to see the Bitcoin in your wallet.
As a consequence of the high volatility of Bitcoin, the price at the moment you submit your order might not be the same as the one at the time of the actual fulfillment of the transaction. The effective rate that is used for purchases is the actual one at the time of receiving your funds in our accounts. If you sell cryptocurrency, the actual price at the time you send the cryptocurrency to our wallet will be used to calculate the fiat money amount we send you. Please note that the payment will be sent to you after the Bitcoin transaction has received at least 6 confirmations.
You can buy bitcoin in three easy steps:
Step 1 – Choose the BGN amount for which you would like to buy Bitcoin or the amount of Bitcoin you would like to purchase. Changing either of the two fields will automatically recalculate the other one. To make it easier for you, you could also choose any of the preset amounts. It is important to note that the fees given the chosen method of payment will be added on top of the chosen amount. The xChange.bg commission is already included in the initial price, so you don’t have to worry about having further expenses.
Step 2 – Choose the method of payment. You have the option to pay via wire transfer.
Step 3 – Fill in the Bitcoin wallet address, where you want to receive the cryptocurrency, it could be yours or of any other person. On the email you provide, the instructions, the confirmation of the purchase and the status updates will be received.
After you finish the three steps, you will receive the instructions in order to fulfill the transaction in the next window as well as on the provided email. You will be provided information on where to send the BGN amount and what reference for the transaction to include.
You can sell Bitcoin in three easy steps:
Step 1 – Choose the dollar amount for which you would like to sell Bitcoin or the quantity of the cryptocurrency. Changing either of the two fields will automatically recalculate the other one. To make it easier for you, you could also choose any of the preset amounts. It is important to note that the fees given the chosen method of payment will be deducted from the amount you will receive. The xChange.bg commission is already calculated in the initial price, so you don’t have to worry about having further expenses.
Step 2 – Choose how you would like to receive the payment.
Step 3 – Fill in the required information on the receiver of the payment and on the provided email you will receive the instruction for fulfillment of the order.
Once you are done with the three steps, you will receive the details for our Bitcoin wallet address, where you should send out the Bitcoin you are selling. The information will be provided in the next window in the browser as well as on the provided email address.
You can buy or sell Bitcoin in exchange of euro and dollars via bank transfer or direct deposit to our account. Please write to us at [email protected] for detailed instruction.
You can buy or sell ETH (Ethereum), XRP (Ripple) and LTC (Litecoin) on the xChange.bg platform at favorable rates. Please note that if you would like to buy Ripple, you need to register at gatehub.net in order to be able to receive the cryptocurrency.
The process of buying and selling altcoins is not yet automated thus the minimum order value should be 1000 EUR or 2000 BGN. Please send us an email to [email protected] and we will fulfill your transactions in the shortest time span possible.
SecurityAre my details and transactions protected?
At xChange.bg we use SSL encryption, which is a security technology, protecting all of the information you provide on our website. In addition, xChange.bg does not store, analyze and use statistical and marketing information, which includes your personal data. This does not allow for the individual or group identification of our clients