How to use Bitinsist / FAQ

  • Bitinsist
    • What is Bitinsist?
      Bitinsist offers blockchain related actions. A bitcoin wallet, various financial services with bitcoin and a future home of new blockchain technologies. Bitinsist is the fusion of bitcoin, blockchain related technologies and financial services. We are based in the Seychelles. Besides the fact that The Seychelles is a very good place, they also provide a tax environment favorable for the company. That's why we are able to offer lower prices for our customers! Our team of Bitinsist help each other from various European cities like London and Munich.
      Information during registration


      Your information will be manually reviewed by our team and there is no further action required from you at this time.
    • How to sign up for Bitinsist?
      This first step is to sign up for your Bitinsist account. This will give you a secure place to store your bitcoin, spend bitcoins in various ways and easy payment methods to convert your local currency into bitcoin.
  • Bitcoin
    • What is bitcoin?
      Bitcoin is a digital currency that is rapidly gaining popularity because it solves many of the problems of other forms of currency. It's created and held electronically and can be used to buy goods and services or transfer money anywhere in the world. Bitcoin is the first currency to be globally accepted and there is no currency exchange, no minimums, no limits and it does not require a bank account.

      Bitcoin was invented in 2009 as a peer-to-peer payment system for use in online transactions. Unlike any prior payment system, bitcoin is revolutionary in that it is not controlled by any government. This designation allows for the achievement of possibilities that have been previously unattainable in the world of finance. Namely, due to the fact that no central authority is responsible for bitcoin, it cannot be debased, controlled or otherwise used as a political tool. Since bitcoin is also a peer-to-peer network, there is no need for a third party or "middleman" to facilitate transactions between a buyer and seller.
      Instead of a central authority, the bitcoin transaction network consists of computers around the world running the bitcoin software, which operates the protocol for administering bitcoin transactions. That software can be downloaded and run by anyone, and any computer running the software can join the network. Each computer on the network also maintains a copy of the universal public ledger known as the blockchain.
      One of the great functions of bitcoins is that they are literally able to be divided into one million pieces. Said another way, bitcoins can be divided down to 8 spaces past the decimal point. Therefore, 0.00000001 is the smallest amount that can be handled in a transaction.
      The last block of bitcoin will be generated in the year 2140 and will be block number 6,929,999. After that block is mined, there will be slightly less than 21 million bitcoins in existence, 20,999,999.9769 to be exact.
      The term "bits" describes the small fractions that make up a bitcoin. 1 bitcoin is comprised of 1,000,000 bits (meaning 1 bit equals 0.000001 bitcoins).
    • How do you use bitcoin?
      With Bitinsist, you can buy, store, spend and mine your bitcoins. Place the bitcoins you want to use for daily spending in your wallet, or fill your Bitinsist Debit Card up. You can spend your bitcoins purchasing some goods from Bitinsist Webshop.
      To buy bitcoins, just register at Bitinsist web page, login to your account and then click Buy Bitcoin. You will then receive wire transfer instructions so you can complete your purchase.
    • Can someone steal my bitcoins if I give them my wallet address?
      Your wallet address is a public address that is actually designed to be shared with others. While maintaining optimal security of your account is always advised, your wallet address is a receive only address, and cannot be used to send bitcoin. Your bitcoins are stored in different wallets, so it can not be stolen because of its absolute anonimity.
    • How long does it take for someone to receive my bitcoin payment?
      Other users will receive your payment instantaneously. Practically it takes around 1-15 minutes depending on the amount.
    • Is bitcoin anonymous?
      Bitcoin is often described as an anonymous payment network, but in reality, bitcoin is pseudonymous: all bitcoin transactions are public and traceable in the blockchain but without an individual's identity visibly attached to those transactions.
    • What is bitcoin mining?
      Coins in Bitcoin created during their generation, which is called mining. Network members provide their computing power to calculate math problems, for these efforts, they are awarded coins freshly generated. However, the more the participants engaged in mining, the more competition among them.Computers are really good at solving these math problems so that Bitcoin network makes the solution more and more elusive, increasing the complexity of the calculations, otherwise all the coins would be generated in a matter of minutes. That is why there is already a lot of specialized ASIC type of equipment on the market, they are created with the sole purpose - mining Bitcoin.
      As a fairly frequent occurrence of new models ASIC, everyone is required regularly to optimize their equipment for mining, in order to stay competitive.When a new mining rig enters the market, the old will automatically become outdated and thus become unprofitable. At the same time it is the consistent development of new technology increases the complexity of generation. The result is a vicious circle of constant optimization necessary. This explains the need to start with the best available on the equipment and the market as soon as possible, to mining makes a profit as long as possible, without losing a minute of precious time of mining.
  • Wallet
    • What is a wallet?
      A wallet allows you to easily access your money and use your bitcoin to pay for everyday expenses and was designed to provide you with the ability to use bitcoin whenever and wherever it is convenient for you. So whether you're transferring money to family around the world, buying coffee at your local cafe, or paying the electrician, your money is readily accessible. With Bitinsist Debit Card, you will be able to use bitcoin where debit and credit cards are accepted for example at petrol stations.
      When you want to buy something or transfer bitcoin, simply click the Send in your wallet menu on our web page or mobile app, enter the amount you want to send and add the bitcoin address of the recipient. If you ordered a Bitinsist Debit Card, just fill it up with your bitcoins, which will be converted to USD at Current Price and then you can use the card the same way as you would use any other debit card.
      You can see your wallet address you share with others in order to receive bitcoin to your wallet in a QR code form as well.
    • How do I set up my wallet?
      To create your wallet, start using www.bitinsist.com and just sign up. After entering your information, go to the email address that you used to create your account. There will be an email where you click the link sent to you to verify it, then you will be redirected to Bitinsist homepage and can log in by clicking the "Log in" button on the top right of the page.
  • Buy Bitcoin
    • How can I buy bitcoin?
      To purchase bitcoins with Bitinsist, simply click on the BUY BITCOINS button after logging in to our web page or app. You will be taken through a process and displays different methods to pay for the bitcoin. Bitinsist charges a fee of 1%. Also, processing fees may apply depending on the payment method and exchange circumstances. The price level at which we sell bitcoins to our customers is the price listed on the site as Current Price. You are solely responsible for ensuring the accuracy of the information included when you initiate your wire. This includes the account number, bank routing number, your Bitinsist reference number and any other information requested by us. Bitinsist cannot revoke or cancel a wire once it has been initiated by your bank.
    • Does Bitinsist charge a fee to buy bitcoins?
      Bitinsist charges a fee of 1%. Also, processing fees may apply.You can transfer your domestic currency but will be converted into USD. Processing fees are necessary charges that customers need to pay in order to perform this transaction. They represent the amount of money that Bitinsist is charged by a bank or a service for an incoming wire, direct debit or cash deposit. These fees can be received by Bitinsist through the fulfillment by the customer during payment or they can be an amount that the buyer needs to pay separately to the bank or collecting service. Please note that Bitinsist is not responsible for covering any fees that the customer is charged when making a payment. If a customer tries to have Bitinsist cover these charges instead, then the amount of BTC purchased will be adjusted accordingly from the amount paid by the customer.
    • How to wire money to Bitinsist?
      If you are purchasing bitcoin or mining capacity with Bitinsist, here's how to wire transfer:

      1. Go to your home banking website or personally to your banking branch
      2. In a different tab, pull up the payment instructions given to you by Bitinsist with Bitinsist reference number and other necessary information
      3. On your home banking site, you'll find the option of international wire transfer or personally you will be asked to fill in a form of transfering money.
      4. Enter in Bitinsist's bank account information and send the payment
      5. As soon as Bitinsist receives your funds, your bitcoins are in your wallet!
    • What rates does Bitinsist use?
      Bitinsist uses the rates available from several different exchanges in an effort to provide our customers with advantageous exchange rates.
  • Bitinsist Debit Card
    • How to use Bitinsist Debit Card?
      Bitinsist brings you instant bitcoin-to-fiat spending with Bitinsist Debit Card.
      With Bitinsist Debit Card, you can plan your spendings with top-up only the amount you need. Bitinsist Debit Card is versatile, global and anonymous if you wish (with limited use). The card can be used to pay for goods and services anywhere in the world, for shopping online or to withdraw money from an ATM. Daily limit is set to 180 USD per day by default. The maximum amount that can be spent in one transaction must be under 90% of a user's available balance when converted to the card's currency. For example, if a user has 100 USD only 90 USD can be spent in first transaction, 9 USD in the second transaction and USD in the third transaction. When you activate your card balance will be frozen a damage insurance deposit, which will come back to your account after the card expires. This deposit is 50 USD. To order this card, users have to provide residential information.
    • How can I order a Bitinsist Debit Card?
      To order your Bitinsist Debit Card, go to Bitinsist Debit Card menu and click on Order Your Card. If you cannot see this icon, unfortunately we cannot issue cards in your country. Once you click on the button, you will be taken through steps to complete your card order. Please note that you must have sufficient funds in bitcoin in your main wallet to complete your card order - remember the fees.
      Card deliveries usually take about 15-25 days (depending on your local postal service). After you’ve received your debit card in mail, you can activate your Bitinsist Debit Card directly on your Bitinsist account.
    • What is Bitinsist Debit Card? How does it work?
      Bitinsist Debit Card is a prepaid Mastercard that you can use for your purchases in stores, online and to withdraw cash at ATMs. The card is accepted in billions of stores and ATMs around the world, and to use it, you need to pre-load your card with cash to make purchases. We suggest that you pre-load only that amount of funds to your debit card, which you would like to spend as you exactly foresee.
    • What fees are associated with Bitinsist Debit Card?
      If you order a debit card, you will be charged a one-time issuance fee, which will be debited from your wallet in bitcoins. Other fees will depend on your usage of the card: there are third party fees and fees applied by Bitinsist for lost card replacement, ATM withdrawals, foreign exchange and certain annual service fees, as applicable. The fees currently charged in connection with Bitinsist Debit Card: One-time issuance fee 20$, annual fee 20$, purchasing 1% min 0,5$, atm withdrawal 4% min 3,8$, forign exchange purchase currency conversion 5%, pin-change 5$, card replacement 20$, DHL-express card replacement 98$. Please note that we are not responsible for certain third party fees associated with the Bitinsist Debit Card and such fees are subject to change from time to time. Bitinsist reserves the right to charge additional fees or to change the amount of fees.
    • What if my card lost or stolen?
      Your Bitinsist Debit Card - and its PIN - should be kept secure at all times.
      If your card is lost or stolen, please contact us immediately at +44 203-769-7038 to cancel your card.
      Once your card has been canceled, please reach out to support@bitinsist.com to order a new card.
  • Cloud Mining
    • What is Cloud Mining?
      Bitinsist provides you a sensible and simple way to invest money. Our solution is suitable for both beginners in the world cryptocurrency, and experts in the field of cryptocurrency, as well as for large investors. It's quick and easy! Once we receive your payment, the power of your contract will be added, and you can immediately start mining. At the end of the day, you will receive your first payment within 24 hours, and since then will receive payments each subsequent day. Thus, getting the first payment may take up to 48 hours (the period of mining in 24 hours + 24 hours to carry out the payment). After that will leave approximately 24 hours per payment, but please keep in mind that this can vary from day to day. We use and resell our partner’s capacity with their maximum permittance. The ROI (Return Of Investment) of bitcoin mining strongly dependent on current rates on the stock exchanges and complexity (difficulty) of bitcoin network. We recommend all our customers to conduct their own research and make their own calculations of profitability. Please note that there is always the likelihood that a miner is turned off, slow down or completely broken, but in all these cases, we provide the distribution of other miners the respective pools for a complete power loss compensation. Thus, our customers will not lose a second of time of mining.
      At the moment, we accept the following payment methods: bank transfers, bitcoin payment. The service charge covers all costs associated with mining including: the cost of electricity, cooling, maintenance work, hosting services. It is automatically calculated on a daily basis for 1MH/s GH/s TH/s.
      Lifetime contracts do not have expiration date. You will continue to mine and will be able to receive payments as long as the contract is profitable (payments cover service charges). Theoretically, it could be 100 years, however, in practice this will depend on the complexity of the calculations and the market rate cryptocurrency.
    • How does payouts work?
      Bitinsist provides daily payouts of all mined coins!
      A mining day usually starts at 00:00 UTC and ends at 23:59:59 UTC. If you just bought a contract the start time could be different and you will only mine for a fraction of that day. Otherwise your miners will mine for you 24 hours.
      At the end of the mining day we will do some additional calculations and double-checking to ensure everything is correct. About 8 hours later (max. 24 hours) you will receive payouts for each coin you have mined. Please ensure that you provide a payout address for each coin you mine, otherwise we cannot make the payout!
      If you just bought your first contract it could potentially take up to 48 hours until you receive your first payment. If you did not get anything from us within 48 hours please contact us at support@bitinsist.com.
      When you later order via credit card, your payouts will be held for a month. Unfortunately we need that to protect ourselves from credit card charge back. Once the month has passed, the full amount will be released, and from then on you will receive a daily payout.
    • Mining Capacity Share Agreement
      I (the "Customer") agree with the following terms and conditions for the provision of mining services (the "Agreement") is made on (date )
      between :

      1.Bitinsist Financial Ltd., Global Gateway 8, Rue de la Perle, Providence, Mahe, The Seychelles. ("Service Provider"); and
      2.me, the Customer.


      Pursuant to the terms of this Agreement, the Service Provider will make available to the Customer shares in the mining capacity of the Service Provider.
      1. Services
      The Service Provider agrees to provide to the Customer with the output of its mining capacity (the "Services") subject to the following terms:

      Available Technology: SHA-256 Hashing

      Term: The contract has no fixed and predetermined end date.

      Mining Power: ( ) TH/s

      Payout frequency: daily

      Mining Output ("Coins"): as agreed between Service Provider and Costumer, and, where applicable converted from time to time, e.g., Bitcoin

      The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service. The Customer will receive Coins mined in accordance with the above Mining Power and of applicable Fees as per 2.b. The Customer also acknowledges that the above Services will be rendered on a best effort basis. The availability of the Mining Power and, accordingly, the output of Coins may vary up to a maximum of 5%. Otherwise, the Service Provider ensures that it maintains all facilities and the relevant supplies in good working order, in order to avoid any of the above volatility with the diligence that it applies in its own dealings (diligencia quam in suis).
      2. Remuneration

      As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):
      a. 0.481326 EUR per GH/s upfront
      b. USD 0.0029 per GH/s and day, deducted on a daily basis from the generated Coins

      3. Limitation of Liability
      Without detriment to the Service Providers obligation to render the Services on a best effort basis, only, any liability of the Service Provider hereunder and or in connection with this Agreement shall be limited to willful misconduct and gross negligence. Further, the Service Provider shall not be liable for any damages incurred by the Customer as a result of force majeur which shall include any disruption or breakdown of a Coin market.
      4. Term
      •This Agreement is entered into for the term indicated above.
      •The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 3 days do not suffice to pay the Fee under 2.b above.
      •Otherwise, this Agreement may only be terminated by either party for good cause.
      •In case the Service Provider voluntarily agrees to refund the Customer in case of Agreement termination, a processing fee of USD 20 will be deducted.
      5. Communication
      All communication between the Service Provider and the Customer shall be made in writing which includes only e-mail.
      6. Data Protection
      The Customer agrees to the processing of its personal data provided in the context of this Agreement for the purpose described herein and also agrees, until revocation at any time to the storage of its data beyond the above Term. Should the Service Provider be required to obtain any further data in the context of providing its services hereunder, the Customer will without undue delay provide the relevant data so required by the Service Provider
      7. Representations and Warranties
      The Customer represents and warrants to the Service Provider that he is familiar with mining, crypto currencies and Bitcoin in particular and that he understands the nature and uses of mining crypto currencies and Bitcoin.
      The Customer further represents and warrants that he will be the beneficial owner of the Coins.
      8. Credit Card Services through Credit Card Service Provider
      The following provisions under this section 8 only apply to the extent the Services are paid by credit card:
      The Service Provider uses third party services and such third party’s affiliates services which enable the Customer to place monetary deposits and perform transfer of payments within the website of the Service Provider by making use of the Customers existing credit card (as and if available and applicable) (the “Credit Card Services” and the “Credit Card Service Provider”). The Credit Card Services do not include any additional service, and such Credit Card Services do not Customers account.
      The Service Provider may share and transfer (including cross border transfer) personal information with the Credit Card Service Provider for the purpose of rendering the Credit Card Services which will be made to Service Providers website via the use of the Customers credit card. The personal information will be shared with the Credit Card Service Provider after the Customer elects to execute such monetary payments by using the Credit Card Services of the Credit Card Service Provider. For the purpose of this section 8 personal information shall include information that identifies or may identify the Customer including the information submitted by the Customer through the registration form when you subscribe to the web page such as the Customers E-mail address, country and city and/or information provided or any other identifying information provided by the Customer while using the Services of the Service Providers web page.
      In addition, the Service Provider may transfer any non-personal information provided by the Customer through the Customers use of the Services on the Service Providers web page to the Credit Card Service Provider in order to allow the Credit Card Service Provider to perform preliminary examinations of non-personal information for the purpose of determining if the Customer is qualified to use the Credit Card Services of such Credit Card Service Provider (including the history of the Customers transactions on the website which will be provided without any identifying information and solely for the purpose examinations of the Credit Card Service Provider).
      By accepting these terms, the Customer represents that any and all information the Customer provides to the Service Provider is true and accurate. Any false or fraudulent information and/or use of the Services and/or Credit Card Services rendered to the Customer, is prohibited.
      The Customer is not obligated by law to provide the Service Provider and/or the Credit Card Service Provider with any personal information. The Customer hereby acknowledges and agrees that he is providing the Service Provider and/or the Credit Card Service Provider with personal information at his/her own free will, for the purposes of rendering the Services and/or Credit Card Services.
      By using the Credit Card Services the Customer hereby agrees and accepts that he will not be allowed and shall be prohibited from withdrawing any amounts that the Customer has deposited and/or is entitled to as a result of the Services rendered by the Service Provider for a period of 30 days. In case the payment by the Customer results in a charge-back or other material issues occur, the Service Provider is entitled to keep all existing, current and future Mining Output.
      9. Governing Law, Language and Miscellaneous
      This Agreement is governed by German law. To the extent permitted by applicable law the parties agree that the competent courts of Munich shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement
  • Mobile App
    • How do I get your app?
      Just simply download it from IOS Apple APPStore, register to our service and get started with the app, first register if you do not have a Bitinsist account yet.
      When you're done, the app switches to the main screen and presents the options you can choose and use.
    • What devices are supported by your app?
      You can access Bitinsist on your computer by visiting www.bitinsist.com and logging into your account. Additionally, we also have mobile app for iOS.
  • Online Store
    • How to use the Online Store?
      Order and pay with Bitcoin online. You can use Bitinsist Online Store without even registration.
      Provide your information and your shipping address, check your order and then pay your order with bitcoin.
      When you succesfully went through the payment process, a confirming message will appear on screen. You will receive an e-mail to your email address with a confirmation within a few minutes.
      If you did not receive a message or e-mail within the stated time, please send an e-mail to: support@bitinsist.com
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