Most frequent questions and answers
The November 15 scheduled upgrade to Bitcoin cash (‘BCH’) was contentious, causing disagreement within the Bitcoin cash community. This resulted in two different software implementations taken live. As a result, Bitcoin cash (BCH) split into two separate coins. Cryptocurrency exchanges around the world have differentiated the two coins using the ticker symbols BCH (Bitcoin ABC blockchain) and BSV (Bitcoin SV blockchain). Right now, both coins can be sent between BCH and BSV wallets using the different software implementations, but that may change.
We believe that only the original Bitcoin protocol has the technical and economic fundamentals to become global money and so we will only be supporting Bitcoin Satoshi Vision (BSV). Users who held Bitcoin cash (BCH) in their Centbee wallets on 15th November 2018 now have two coins, BCH and BSV. The two coins trade at different prices on cryptocurrency exchanges. In the transition period between 15th November and 4th December 2018, your Centbee wallet balance displayed the weighted average price of these two coins, labelled as BCH in the exchange rate indicator at the bottom of the home screen. This was creating confusion for customers. On 4th December 2018 we updated the exchange rate indicator, labelling the coins as BSV. Even though the label has changed, you still have the same amount of both coins (BCH and BSV) in your wallet.
No. Centbee wallet is built to only work using the original Bitcoin protocol, currently represented by the Bitcoin Satoshi Vision software implementation. You will only be able to keep Bitcoin Satoshi Vision (BSV) coins in your Centbee wallet.
Before 15th November, your wallet balance only showed Bitcoin cash coins (BCH). After Bitcoin cash split into two coins, people started to buy and sell both coins on cryptocurrency exchanges. This affected the price of Bitcoin cash coins (BCH) and also created new value by creating a market for Bitcoin Satoshi Vision coins (BSV). Between 15th November and 4th December 2018, the Centbee wallet displayed the weighted average of both coins. This created a lot of confusion so customers requested a more accurate indication of their balance, and also wanted to see specifically which coins were in their wallet. To make it clearer, we’ve changed the label to BSV and now show the average price of BSV as listed by a number of cryptocurrency exchanges. Even though the label has changed, your coins still currently hold the value of both BCH and BSV coins. In order to extract the BCH value from your combined coins (currently labelled BSV), you need to send the coins to a cryptocurrency exchange or wallet that offers a ‘splitting service’. Please read the FAQ explanation below on how to do this. After you’ve split your coins, you can keep your BCH coins in a BCH wallet, and your BSV coins in your Centbee wallet.
You could. If you have a low balance, it’s probably not worth the hassle to split them, but if you have quite a large sum of money in your Centbee wallet, you’ll probably want to split them so that you don’t lose the value of the BCH coins. Many customers will split their coins and either keep the BCH in a BCH wallet or sell the BCH coins in order to buy more BSV to send to their Centbee wallets.
Unless you have split them, the coins in your wallet are ‘joint’ BCH and BSV coins. We’re labelling the coins BSV because we support the original Bitcoin protocol as represented by the Bitcoin Satoshi Vision software implementation. If you want your BCH coins to appear separately, you will need to send the coins to a cryptocurrency exchange or wallet that offers a ‘splitting service’. Please read the FAQ explanation below on how to do this. After you’ve split your coins, you can keep your BCH coins in a BCH wallet, and your BSV coins in your Centbee wallet.
Unless you have split them, the coins in your wallet are ‘joint’ BCH and BSV coins. We’re labelling the coins BSV because we support the original Bitcoin protocol as represented by the Bitcoin Satoshi Vision software implementation. If you want your BCH coins to appear separately, you will need to send the coins to a cryptocurrency exchange or wallet that offers a ‘splitting service’. Please read the FAQ explanation below on how to do this. After you’ve split your coins, you can keep your BCH coins in a BCH wallet, and your BSV coins in your Centbee wallet.
Centbee is not affiliated with any specific service and so it will be up to the customer to choose a reliable service they feel comfortable with. Centbee cannot be held responsible if a service selected by a customer fails to satisfy their requirements. Do not provide anyone with your Centbee PIN, or your 12-word ‘mnemonic’ (secret phrase)!
To split your coins into BCH and BSV, you will need to send the coins to a cryptocurrency exchange or wallet that offers a ‘splitting service’. There are several companies that claim to offer this service, but it’s sometimes hard to tell which of them are legitimate. It’s important to do your own research when choosing the service that will help you split your coins. Never send all your coins at once. When you’ve chosen a service, send a very small amount of money to the service to test it. If it works and you feel comfortable using it, you can try sending larger amounts.
The Bitcoin SV developer community, the team behind the original Bitcoin protocol represented by the Bitcoin SV software implementation, is working on their own coin splitting service which will be announced as soon as it’s ready.
Centbee is based in South Africa, offering a Bitcoin SV wallet to customers everywhere. All you need is a smart-phone with a SIM card. We will send a One-Time PIN (“OTP”) to that mobile phone on registration.
Centbee is available as an App in the Google Play and iStore. We do not offer a desktop version as the security risk is higher.
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.
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. We convert every Bitcoin SV receipt instantly into local currency (South African Rand, for now) – so you don’t take any cryptocurrency price volatility risk.
Centbee does not provide investment advice. The value of cryptocurrencies can fluctuate, and you should educate yourself on the risks. The following websites provide regular updates on news in the blockchain and cryptocurrency world:
Centbee does not provide investment advice, and we are not registered as a Financial Services Provider.
There are a variety of ways to load Bitcoin SV (BSV) into your wallet:
- Ask a friend to send you Bitcoin SV – from the Contacts menu within their personal Centbee app
- Click on the ‘RECEIVE’ icon on the home screen to get your personal Bitcoin SV address or QR code. Share that address with a friend, it’s easy for them to send you Bitcoin SV from their own Bitcoin SV wallet
- Create a bar-code from the ‘Buy Bitcoin SV’ menu in the Centbee app. Show that bar-code to the teller at any store supporting Pay@ in South Africa. Here’s the list of stores :
- Exchange any of your existing cryptocurrency into Bitcoin SV on a Crypto-Exchange and send it to your Centbee wallet using your Receive address
- Purchase Bitcoin SV directly off a Crypto-Exchange and transfer into your Centbee wallet by using your Receive address
- Here is a list of Crypto-Exchanges that can currently assist you to purchase Bitcoin SV:
(Note that the list above is not an endorsement of any of the Crypto-Exchanges)
Important note: Bitcoin SV is not the same as Bitcoin Core (BTC). They trade at different prices and are not technically interchangeable. Unfortunately, they share the same bitcoin address format, so please take care not to send BTC to a BSV address (and vice-versa)