Frequently Asked Questions

About Bitvalex 

Bitvalex is a European-based cryptocurrency trading platform with crypto-to-crypto and crypto-to-fiat trading pairs and an unparalleled variety of additional services that make it a true one-stop-shop solution.

Check out our About Us page to learn more about who we are and what our mission is.

Bitvalex is a one-stop-shop solution and a true banking alternative, designed and developed to bring blockchain to the mainstream with both personal and enterprise solutions.

  • Trading Platform which supports fiat-to-crypto and crypto-to-crypto trading pairs;
  • Fiat Wallet Integration - deposit, withdraw, trade and hold securely EUR or USD on Bitvalex' platform;
  • Pre-paid Debit Card - brings cryptocurrencies to your everyday life and makes having a bank account obsolete;
  • OTC Trading Desk - over-the-counter settlement of large block trades for HNW individuals and companies;
  • Merchant Payment Gateway - a blockchain-based secure and affordable payment service for every online and offline business that knows no limits;
  • Crypto Payroll Processing - helps ICOs settle all their outstanding fiat payments in no time.

The fiat currencies available on Bitvalex are EUR and USD. Users who have passed KYC verification can deposit, withdraw, and trade with fiat.

Currently you can deposit, withdraw, and trade BitcoinLitecoinEthereum and Bitcoin Cash. Our team is working hard on adding other altcoins to our digital asset portfolio.

Bitvalex provides digital wallets for free to all account holders.

Bitvalex uses cold storage and a hot wallet like many digital asset exchanges, so your sending address for a digital asset will not be the same as your deposit address.

If you do deposit to a Bitvalex address that is not listed on your deposit page, it will not be possible for us to return the funds. It is your responsibility to ensure that the address to which you are depositing is listed on your deposit page.

If you withdraw from Bitvalex to a third party that returns the withdrawal to the address from which it was sent, those assets will not be recoverable by Bitvalex. Please take the relevant steps to prevent your funds from being sent to addresses that are not listed on the deposit page of your account.

Please note that you do not possess the private keys to the sending addresses when you withdraw. Should the ownership of the sending address is of relevance (e.g. for depositing into an initial coin offering (ICO), first send the funds to your own wallet (to which you hold the private keys) and then transfer the crypto assets.

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You can contact us at [email protected] or via the support system from your Profile page by creating a ticket.

About Bitcoin and Blockchain

Bitcoin is a cryptocurrency, which is based on an open source code protocol.  Bitcoin is distributed across a decentralized peer-to-peer network and thus is not controlled by any government or institution. Instead, Bitcoins are created by people or companies with the help of powerful hardware that solves complex mathematical problem. This process is called "mining".

The blockchain is a decentralized public ledger where all Bitcoin or other cryptocurrencies transactions are stored. All verified transactions are added to the blockchain by the "miners". Since Bitcoin’s blockchain is public, everyone can see information about all of the Bitcoin transactions that ever happened as well as the Bitcoin balance in each and every wallet.

A wallet is the place where you store your Bitcoins or other cryptocurrencies. You need to have a wallet in order to send or receive bitcoins. Each wallet has a public key /address/ and a private key. The public key or address is a string of alphanumeric symbols and its function is quite similar to your bank account number /IBAN/, whereas the private key gives full access to the funds in the wallet and should be known and used only by the owner.

Bitcoin mining involves verifying the correctness and authenticity of each Bitcoin transaction and adding the records to a ledger, the so-called blockchain. Further to distinguishing the legitimate transactions, they ensure that double spending does not occur. Double spending is when the same Bitcoins have been sent more than once.

For the service the "miners" provide, they receive a reward in the form of new Bitcoins. This essentially increases the number of Bitcoins in circulation and this is the reason why it is called "Bitcoin mining" – the creation of new Bitcoins by verifying the transactions on the Bitcoin blockchain. The amount of the reward that miners could receive is already preset in the original paper in which Bitcoin was introduced and is reduced over time. It is calculated that around 2140 the last Bitcoin will be mined and the total number of Bitcoins will be capped at 21mln. In 2018 the 17-millionth Bitcoin was created.

Yes, there are fees for transacting with Bitcoin. Apart from the newly created Bitcoins, the "miners" also receive a fee from the sender of each transaction they verify. Normally, Bitcoin transactions have low fees, but at times of high volume, they can become much higher. The fees fluctuate and are driven by normal market forces, as if you want to speed up the verification of your transaction you can pay a higher "priority" fee.

Thanks to its protocol and cryptography, history shows that Bitcoin is much more secure than legacy banking platforms such as SWIFT, which have been repeatedly hacked. The only way in which somebody could gain control of the Bitcoin network is if they control 51% of the miners. However, given the decentralized nature and already huge computing power that mines Bitcoins, this seems rather impossible and not economically viable.

Still each individual Bitcoin user needs to take the necessary care to secure the access to their wallets and to their private keys.