FAQ

Frequently Asked Questions

General

Bitcoin is peer-to-peer electronic cash (digital money). This digital money can be sent directly from one person to another without using a centralised financial institution like a commercial bank or central bank. Instead, the users of the bitcoin network support and enable the technology that makes the transfer of digital money possible.

Bitcoin SV describes the cryptocurrency originally invented in 2009 by its creator, Satoshi Nakamoto. Since bitcoin was created as an open source project from the beginning, any software developer could make changes to the way it worked. Some developers decided to create new cryptocurrencies that were similar to Bitcoin Core (BTC) but with new or different features. Examples of these new cryptocurrencies created are Ethereum (ETH), Litecoin (LTC), Zcash (ZEC) and Ripple (XRP). The result was that the cryptocurrency now listed on the world’s cryptocurrency exchanges as BTC (“Bitcoin Core”), is actually very different from what was originally designed. Bitcoin SV (BSV) is a cryptocurrency using the original design that was presented in Satoshi Nakamoto’s Bitcoin Whitepaper. Bitcoin SV exists to deliver digital money technology for the whole world that can process thousands of transactions per second. Bitcoin SV transactions happen almost instantly at almost zero fees, enabling micro and merchant payments. It is built and designed on a stable protocol which will never change, so that businesses will have the confidence to invest time and resources to the Bitcoin SV blockchain knowing that what they build now will remain relevant, useful and functional now and at any point in the future.

Think of a bitcoin address like a bank account number – it’s a string of characters like this:

1DRR4opijDdYcAEXFLj3eygv3Cn7nCMzJM

and is the address you send money from and to. It is sometimes called your ‘Public Key’ because it’s visible by anyone and may be shared. It is also possible to have many addresses linked to the same wallet – a bit like an ‘alias’ for email addresses.

Every bitcoin address also has a ‘Private Key’. This is like a password (made up of a 12-word phrase and a PIN number) that must be kept secret and safe and is used by your wallet software to authorize transactions.

There are differences between Bitcoin Core (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV) bitcoin addresses. This means that if you send Bitcoin SV (BSV) to a Bitcoin Core (BTC) address it won’t ever arrive. A mistake like this is like sending money to the wrong bank account, only no-one can access that bank account for you and get your money back.

Only send Bitcoin SV to a Bitcoin SV address. The easiest way to make sure you don’t make a mistake is to ask the other person to download a Centbee (or any other Bitcoin SV) wallet, and send Bitcoin SV from your Centbee wallet to their address.  Bitcoin SV (BSV) that is sent to a Bitcoin Core (BTC) or Bitcoin Cash (BCH) bitcoin address will be lost permanently.

A ‘wallet’ is software (either on your desktop or a mobile phone app) that enables you to easily view and manage your cryptocurrency. This software manages your public and private keys to authorise transactions. The wallet software connects to ‘nodes’ to read and publish transactions to the relevant cryptocurrency blockchain.

You should treat bitcoin as you would any other financial investment and spend some time doing your own research before you decide whether you’re going to buy any kind of cryptocurrency. Centbee is not a registered financial services provider and nothing we say should be taken as financial advice. Bitcoin SV (BSV) and the cryptocurrency market is still new which makes it a high risk asset class. Prices of all cryptocurrencies are very volatile (go up and down drastically) and unpredictable. Only put in money that you can afford to lose. 

The following websites provide regular updates on news in the blockchain and cryptocurrency world:

The laws on cryptocurrencies are different all over the world. A very few countries have banned it, some countries have embraced it, and many regulators are somewhere in between.

In South Africa, cryptocurrencies including Bitcoin SV are not illegal. You are allowed to buy Bitcoin SV, pay for goods and services in Bitcoin SV, and store Bitcoin SV. Centbee (based in South Africa) works closely with local regulators in South Africa to ensure that we proactively comply with laws and regulations so that we can deliver an excellent, trusted service to our customers.

Yes, profits made on cryptocurrency must be declared to your local tax authority. In South Africa, SARS will tax your profits or losses at either the normal tax rate or the Capital Gains Tax rate (CGT), depending on whether the income generated was due to:

  1. trading activities (intention to make a short term profit), or
  2. profits made on the sale of cryptocurrency which was bought with the intention to keep for long term capital appreciation (CGT).

The best way to keep your Bitcoin SV safe is to use your Centbee wallet. Make sure you back-up (preferably write down and securely store) your secret passphrase and PIN. If you lose your phone and you have not backed-up your secret passphrase and PIN, you will lose your Bitcoin SV forever.

Yes, if a service like this operates in your country. In South Africa, this is legal.

You can spend your Bitcoin SV at any retailer that accepts, or is willing to accept, Bitcoin SV as payment. Centbee is working on merchant solutions which will allow you to spend your Bitcoin SV at major retailer chains and ecommerce stores. This is a core focus at Centbee and we are committed to enabling you to spend your Bitcoin SV the way it was intended.

Centbee is not yet a registered financial services provider and nothing we say should be interpreted as financial advice.

Centbee believes bitcoin should be used for what it was intended: digital money or peer-to-peer electronic cash. Bitcoin SV is the fastest, cheapest, and most convenient way to pay for goods and services and move money across the globe. We see a future where the value will be shared as easily as we share data.

Yes, you can do this through a cryptocurrency exchange in your country where you can exchange money in your bank account for Bitcoin SV and vice versa

Wallet & Transactions

The Bitcoin SV stored in your Centbee Wallet is secured by your phone-specific security logins like biometrics and passcodes, and your Centbee wallet-specific PIN and 12-word passphrase. As long as you control access to your device, and keep your PIN and passphrase secret, your Bitcoin SV will be safe and secure.

Centbee uses your mobile number to ensure that a valid user (a real person) with a working mobile device is creating a wallet. A one-time-PIN (OTP) will be sent to your mobile phone number during the registration process.  Using your mobile number to transact with Bitcoin SV is the easiest and quickest way to send and receive Bitcoin SV as it eliminates the need to use complex receive addresses.

When topping up your Bitcoin SV balance, Centbee requires your government-issued identity number. We believe it is prudent to minimize the risk of money-laundering and is done to adhere to global regulatory standards.

When purchasing any form of cryptocurrency on any global cryptocurrency exchange, deposit limits and Know-Your-Customer processes are required. Each service provider/exchange will impose limits and procedures according to their own risk appetite and local regulatory constraints. Centbee has set certain top-up limits, which are reviewed on a regular basis.  

Yes, it is free to ‘deposit’ or ‘withdraw’ Bitcoin SV to or from your Centbee wallet. If you ‘Top-up’ your wallet we charge a small ‘load’ fee.  There is also a very small ‘mining fee’ or processing fee that is less than one cent (R0.01) that gets charged by the Bitcoin SV network when you move Bitcoin SV around.              

Yes, your Centbee wallet app works internationally for sending and receiving Bitcoin SV, to any Bitcoin SV address. All you need is a smart-phone with a SIM card. We will send a One-time-PIN (“OTP”) to that mobile phone number when you register. Centbee is based in South Africa, and some of our ‘Top-up’ features only work in South Africa at this time. We are working on expanding internationally. 

Centbee is available as a mobile phone app in the Google Play Store and App Store. We do not offer a desktop version of the Centbee wallet app.

There are a variety of ways to load Bitcoin SV (BSV) into your wallet:

  1. Ask a friend who has the Centbee wallet to send some Bitcoin SV to your Centbee wallet. If they have your mobile phone number, they can simply select your name from their Contacts list to send you Bitcoin SV.
  2. Click on the ‘RECEIVE’ icon on the Centbee wallet home screen to get your Bitcoin SV address or QR code. Share that address with a friend and they’ll easily be able to send you Bitcoin SV from their Bitcoin SV wallet.
  3. In South Africa, you can get Bitcoin SV at most supermarkets including Shoprite, Checkers, Game and Pick n Pay. Click on ‘Buy Bitcoin’ in the Centbee app, and follow the steps to create a barcode. Show that barcode (or the associated number) to the teller. They’ll use it to ring up your purchase of Bitcoin SV. Pay them the amount you want to load to your Centbee wallet, and as soon as you’ve paid, the Bitcoin SV will be in your Centbee wallet.

See the list of stores here.

4. Exchange any of your existing cryptocurrency into Bitcoin SV via a reputable cryptocurrency exchange and send it to your Centbee wallet address.

5. Buy Bitcoin SV directly from a reputable cryptocurrency exchange then send it to your Centbee wallet address.

  1. Tap the “SEND” icon from the home screen of the Centbee app.
  2. You’ll see 3 options on how to send Bitcoin SV to someone. Choose one of the options:
  • Scan your friend’s QR code and follow the prompts;

OR

  • Copy and paste your friend’s Bitcoin SV address e.g.

     1DRR4opijDdYcAEXFLj3eygv3Cn7nCMzJM

OR

  • Select your friend’s name from your phone contacts. In order to do this, you need to have your friend’s mobile phone number in your Contacts list, and they must already have a Centbee wallet.

IMPORTANT: Make that you send Bitcoin SV (BSV) to a Bitcoin SV address and not a Bitcoin Core (BTC) or Bitcoin Cash (BCH) address, your funds will be sent and cannot be recovered.

It is easy to receive Bitcoin SV in your Centbee wallet, and can be done 3 possible ways:

  1. Select “RECEIVE” from the home page of the app;
  • Share your QR code with a friend
  • Share your Bitcoin SV address with a friend
  • Ask a friend to send you Bitcoin SV from the “Contact Send” feature on their Centbee wallet

No. The Centbee app is designed to make it the easiest way to buy Bitcoin SV, keep Bitcoin SV and send Bitcoin SV to your friends. The Bitcoin SV blockchain is the only cryptocurrency that makes it possible to send money in seconds for a fraction of a cent as a fee. The way the Bitcoin SV blockchain is designed means that it is scalable and sustainable so that everything we build now will always work. In other words, we firmly believe that only the original Bitcoin protocol (Bitcoin SV) has the technical and economic fundamentals to become global money, and so we only support Bitcoin SV.

Yes, you can easily send Bitcoin SV to someone who does not have a Centbee wallet by sending to their Bitcoin SV (BSV) receive address or scanning their Bitcoin SV QR code. Double-check that you are sending your Bitcoin SV (BSV) to their Bitcoin SV (BSV) address. If you accidentally send your Bitcoin SV (BSV) to a Bitcoin Core (BTC) or Bitcoin Cash (BCH) address it will be lost and cannot be recovered or returned to you.

As long as you have safely stored your 12-word backup phrase that was specifically created for you during the registration process, along with your PIN, then you can successfully recover your wallet on a new device or SIM card.

No. Your Centbee wallet will only work on one mobile phone at a time. A Centbee wallet cannot be shared across multiple devices.

Please contact Support@Centbee.com and we will do our best to help you. (Keep your private backup phrase and PIN secret, you will not be asked to share this information

Bitcoin SV is an ideal way to receive payments from anyone, from anywhere. Payment confirmation is fast (instant for lower-value amounts), and the cost is low. As the Bitcoin SV blockchain is cryptographically secure, your payments are irrevocable – no more “chargebacks” and “disputes” from your bank / service provider.

Centbee can provide assistance with setting up a merchant account. We can ensure that your receipts are private, and settled daily into your South African bank account. Please contact us at info@centbee.com for more information.​