20 key points in plain English

1. What is BitcoinPoint?

BitcoinPoint is an App which allows buying bitcoin:

In licensed stores with cash (or payment cards in certain stores)

– Online by linking an existing UK bank account (Open Banking technology)

2. How does it work?

After you download our App, in a few clicks, you can generate a transaction to buy bitcoin at a store (licensed agent) or online where you’ll be invited to safely select your bank, you will be redirected by our FCA Licensed partner to connect to your banking App or website in order to send the amount of your choice (up to a certain limit).

 

At the agent, you will only need to show a QR code to the cashier to receive the bitcoin on your blockchain wallet or on your Online Wallet.

3. Can you use BitcoinPoint to top up any bitcoin blockchain wallet?

Yes, once you’ve downloaded the App, signed up with an email address and passed KYC, you can top up as many different wallets as you want through your BitcoinPoint account.

4. What is an Online Wallet?

By default, you will top up an Online wallet which will be linked to your email address.

5. Is BitcoinPoint anonymous?

No, a user must have been identified through our KYC (Know Your Customer) process (see point 7 & 8). 

6. How many account or Online wallet can a single person own?

Only one. Even if you have different IDs.

 

7. When do you have to pass the KYC process?

In order to perform any transaction, as little as £1, you will need to go through Tier 1 verification.

8. What is BitcoinPoint’s Compliance procedure?

To obtain Tier 1 verification, you will need to scan your ID and upload a selfie with your ID and the note Bitcoin with the date of the day. The Tier 2 verification is for customers that have exceeded £5,000 (see point 20).

9. Can I sell Bitcoin through BitcoinPoint’s platform?

You can buy selling to the Agent only. Also, you can send your bitcoin to anyone: local merchants accepting bitcoins, friends and family,…

10. What is the difference between BitcoinPoint’s Online wallet and a standard Bitcoin Blockchain wallet?

BitcoinPoint has developed a proprietary Online wallet solution that allows customers to create sub-accounts of a segregated blockchain account, on a Cold Storage.

By using BitcoinPoint’s online wallet, you will not pay any network fee for transactions to other customers using a BitcoinPoint online wallet. However, transfers to standard Bitcoin Blockchains will incur network fees. 

11. How do I transfer the bitcoin on the Online wallet?

If the BitcoinPoint Online wallet customer sends his/her bitcoins to another BitcoinPoint online wallet customer, both parties will not pay any network fees. The receiver of the email will only need to download the BitcoinPoint App to access his/her bitcoins (the App is currently only available in the UK).

However, if the BitcoinPoint Online wallet customer send the bitcoin to a standard blockchain wallet, the sender will pay the network fees.

12. What is the “Go back in time” functionality?

If the bitcoins have been sent to an email address from the BitcoinPoint online wallet, the sender has 48 hours to reverse the transaction if the bitcoins have not been claimed (unless it has been sent to a standard blockchain in which case the transaction is irreversible). Contact the support to use the ‘go back in time’ functionality.

13. Is the user able to send Bitcoin to any email address?

The BitcoinPoint Online wallet customer will be able to send bitcoins to an email address linked to an existing BitcoinPoint online wallet. If the email address is not linked, an email invitation will be sent to the receiver, asking them to download the BitcoinPoint App to access the bitcoin.

14. Is holding bitcoin safe? Is the BitcoinPoint online wallet safe?

Poorly secured wallets are typically where the thefts of Bitcoin occur. If someone access to the private key of your standard blockchain wallets, all the cryptoassets may be stolen. Like any hot storage solutions, online wallets present some risks. For example, if someone accesses your email account and resets the password of your BitcoinPoint account, the person may be able to steal your bitcoins stored on the Online wallet by ’emptied’ it.

15. For amounts above £1,000, we recommend transferring your cryptoassets to a hardware wallet or cold storage solution (such as Ledger devices or FuzeW cards). 

16. Which bitcoin index are we using?

BitcoinPoint uses a proprietary index developed in-house. This index is an average of the main exchanges in GBP (CoinMarketCap, CryptoCompare, Google,…)

17. What is the fee

  • if I buy Online?

it’s currently 1% and £0.70 to cover the banking costs.

  • if I visit a BitcoinPoint agent?

BitcoinPoint adds a relatively small fee (currently 7.1%) compared to Bitcoin ATM which is added to its proprietary index. Additionally, for blockchain transactions, the network fee is currently 0.00036 bitcoin to add on the top. For BitcoinPoint Online Wallet transactions, no network fee is added.

18. How to transfer bitcoin on your online wallet to someone else?

-Go to the Wallet icon

-Make sure you have enough bitcoin in your online wallet

-Click’ SEND BTC

-Choose a Blockchain Wallet or click on the ‘Add Wallet’ button to add one, name or scan it, send your bitcoins to a new blockchain wallet or any email address.
-Choose an amount in bitcoin and click on the SEND button. 

19. Permitted activities:

BitcoinPoint cannot be used to promote, assist or facilitate any form of unlawful activity like undeclared income, money laundering from illegal activities like drug dealing,…

Any crime will be reported to the Competent Authorities.

20. What is Tier 2 verification and our AML regulation?

When a BitcoinPoint customer reaches £5,000 in a period of less than a year, we will ask him to provide documents like proof of address, the source of the funding in order to comply with the Anti-Money-Laundering (AML) regulation. 
In order to increase your buying limits from the beginning please check our profile requirements HERE.

To obtain Tier 1 verification, we will need you to take a picture of your ID/Passport and a selfie with the same document.

See point 7 & 8.