Frequently asked questions

  • Wallets and Wallet Elements
    • What is a Bitcoin/cryptocurrency wallet?

      A Bitcoin wallet allows you to store, send, and receive Bitcoin. Coinpay provides you with your very own Bitcoin wallet.

      A Bitcoin wallet has two main elements:

      - Public Key: This is where money can be sent. Think of this as a “routing number.”

      - Private Key: This allows you to use your Bitcoin. Whoever has the Private Keys owns the Bitcoin. So keep this secret, and safe. This has all the value.

    • Where is My Public Key?

      1. Tap the Bitcoin wallet

      2. Select the “touch QR” in the top left corner to display your Public Key

    • Where is my Private Key?

      1. Tap the Bitcoin wallet

      2. Tap “more” in the top right corner and select “view Private Key”

      3. Select “proceed” and enter in your biometric authentication

      Coinpay uses your biometrics to securely store your Private Key on the hardware of your phone.This means that you can only access it by using your biometrics whether you are viewing it to put it into cold storage or signing a transaction.

    • How do I get my Bitcoin wallet in the Coinpay app?

      On the home page you simply select “create new wallet” and then select the wallet type you’d like to create!

      Currently, we allow users to create one wallet for each cryptocurrency.

      If you already have an existing wallet that you created somewhere else, and would like to import it into Coinpay, you can import it using the Private Key by selecting "import wallet" and simply scanning it in. Note that this will not work by scanning in a Public Key, since you can only prove ownership of your existing wallet with its Private Key.

  • Sending and Receiving Cryptocurrency
    • How do I send Bitcoin to my current Coinpay Bitcoin wallet?

      1. (If you already have a Bitcoin wallet, go to step 2) Make a Bitcoin wallet -> select “create new wallet”

      2. Tap the Bitcoin wallet

      3. Select the “touch QR” in the top left corner to display your Public Key

      4. Here, you can copy the Public Key as plain text or use the QR code as your Bitcoin wallet's address.

    • How long will it take for my cryptocurrency to arrive in my wallet?

      After receiving cryptocurrency your wallet will immediately show a “pending” notification.

      The cryptocurrency transaction will take some time to be verified. This depends on the type of cryptocurrency you are using and the priority that was selected for the given transaction.

      Typically:

      - Bitcoin takes 10 to 60 minutes

      - Litecoin takes 2.5 to 10 minutes

      - Ethereum takes 15 seconds to 5 minutes

      Please note that these times are typical for transactions over $1 with a medium priority on an average day. Low priority and transaction amounts can take longer. Coinpay transactions are true, on-chain transactions; therefore, blockchain volume can influence these times.

    • What does “pending” mean?

      A pending transaction means that the cryptocurrency transaction has been created and is awaiting confirmation. The amount of time a transaction will take depends on the priority and amount that was selected.

    • What is “priority”?

      Priority is the speed at which you'd like the transaction to be sent at. A higher priority means a higher transaction fee; however it will send faster because the network is more (financially) incentivized by the fee to confirm the transaction. A lower priority can be much cheaper but the transaction may take hours to send, maybe even days. The sender selects the priority, and the priority is also relative to other, current transactions being sent on the blockchain network.

      Typical speeds for a medium priority on an average day:

      - Bitcoin takes 10 to 60 minutes

      - Litecoin takes 2.5 to 10 minutes

      - Ethereum takes 15 seconds to 5 minutes

    • The transaction was sent. Why is my Bitcoin not showing up?

      Your Bitcoin is being sent by the Bitcoin Network/Blockchain and will be in your wallet soon. The selected priority will determine how long the transfer will take to be confirmed.

      - High: typically 10 minutes

      - Medium: about an hour

      - Low: 1 hour to 1 day

    • Why is the value of Bitcoin sent different that the value received?

      When sending Bitcoin there is a Bitcoin network fee involved.

  • Bitcoin and Other Digital Currencies 101
    • What is Bitcoin?

      Bitcoin, also known as BTC, is a peer-to-peer digital currency that runs on blockchain technology. With Coinpay you can purchase, store, and send Bitcoins.

    • What is Ethereum?

      Ethereum, also known as ETH, is a digital asset similar that can be sent anywhere in the world almost instantly and it runs on blockchain technology. With Coinpay you can purchase, store, and send Ethereum.

    • What is Litecoin?

      Litecoin was designed to operate similarly to Bitcoin with faster confirmation speeds. It is a peer-to peer digital currency that runs off of blockchain technology. With Coinpay you can purchase, store, and send Litecoin.

    • What is a Blockchain?

      A blockchain is a distributed network of computers that act as a secure database, or account system for value. Each computer or "node" can act as an independent party; however, the authenticity of the database is created by 51% of this distributed network agreeing, or reaching a consensus, on which information is the correct one. In other words, each computer has a vote, and the majority vote wins.

    • Who created cryptocurrencies?

      Bitcoin was the first cryptocurrency that solved the double spending problem, meaning that you cannot send the same Bitcoin twice like you can with an email. It was pioneered by Satoshi Nakomoto, and the open source software that he created has been maintained and improved on by a community of software developers. A distributed network of computers run this software and also have to agree on the most authentic version of the blockchain ledger using a democratic voting process. To date, there have been many, many variations of this original idea that a distributed network of computers individually host similar software and reach a consensus on the authenticity of information and the protocols upon which that information is shared and recorded. Currently, Coinpay supports the most prominent and sought after digital currencies.

  • Security
    • What are paperkeys? How do I access them?

      A Paper key is used to backup your funds in case of a user switching their phones. They allow easy access and ownership to your funds. FOR THIS REASON, COINPAY ABSOLUTELY REQUIRES USERS TO PRINT THEIR PRIVATE KEYS OUT AND KEEP THEM IN A SAFE, SECURE, AND SECRET PLACE.

      1. Tap the Bitcoin wallet

      2. Tap “more” in the top right corner and select “view Private Key”

      3. Select “proceed” and confirm using your biometric authentication

      4. Select “print” to view and print your paper key for safe storage

  • Fees
    • Why is there a transaction fee to send cryptocurrencies?

      Coinpay currently supports on-chain transactions only, which means that there will be a transaction fee. Digital storage costs money, whether it is the cost of your computer's memory or a company incurring the costs on your behalf. Since a record of your transaction is stored permanently on the blockchain, the distributed network of computers storing this information need to be incentivized (by you with a network fee) to record your transaction. This fee is awarded to the network of computers that confirm the transaction.

    • Does Coinpay take a transaction fee?

      When you send money to another Coinpay, you only have to pay the network fee. However, if you send money to a non-Coinpay user, we take a small 1% fee. So, everyone benefits if you invite your friends to Coinpay!