Help Centre

Centbee Wallet Frequently Asked Questions​

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: 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. 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. 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.

Here is a list of Crypto-Exchanges that can currently assist you to buy or exchange Bitcoin SV (BSV). IMPORTANT: The list below does not constitute an endorsement of any of the cryptocurrency exchanges. Okex Float SV CoinSquare Coinify CoinGate VALR Altcointrader Bitfinex Bittrex Poloniex

6. You can now top-up your Centbee Wallet with Bitcoin SV directly in-app through your Bank account. Bank account transfers are completely safe and secure and are powered by Ozow. Currently only available in South Africa. Enter your Profile details for KYC before purchasing Bitcoin Click “Top up” on the Wallet Menu Select “Bank Transfer” option Enter any amount from R20 Click “NEXT” Select your bank and enter your banking credentials Approve transaction in your banking app Bitcoin SV is instantly loaded onto your Centbee wallet

Tap the “SEND” icon from the home screen of the Centbee app. 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: 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 walletIt is easy to receive Bitcoin SV in your Centbee wallet, and can be done 3 possible ways: 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. you.

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.​

Centbee Wallet users in South Africa can now purchase prepaid Airtime, Data and Electricity directly from their Centbee Wallet

Open your Centbee app and select the main menu on the left-hand side of your screen. Select “buy” and choose Mobile Airtime or Mobile Data. Enter your mobile number and select your service provider and airtime package (currently only available in South Africa). Airtime will be loaded directly to your mobile number.

Open your Centbee app and select the main menu on the left-hand side of your screen. Select “buy” and choose Electricity. Select your provider e.g. City of Johannesburg, then enter your meter number and the amount of electricity you would like to buy. Wait a minute, then view your Transactions tab to access your token number.

If your transaction is failing, check that: You have sufficient funds in your wallet to pay for your purchase That your internet connection is stable You have selected the correct network provider that matches your mobile number (for airtime and data purchases) You may need to wait a minute or two for us to retrieve the Electricity token / voucher number If you are still experiencing problems, please contact the Centbee support team on +27 087 094 0995

About Bitcoin


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.


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:

coingeek.com
bitcoinsv.io


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:

trading activities (intention to make a short term profit), or
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. In South Africa, you can purchase prepaid Airtime, Data and Electricity directly from the “buy” menu within the Centbee Wallet.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. In South Africa, you can purchase prepaid Airtime, Data and Electricity directly from the “buy” menu within the Centbee Wallet.


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


Paymail is a BitcoinSV protocol that allows payment to user-friendly payment destinations through memorable handles, such as an email address, instead of complicated legacy Bitcoin addresses. see how to set up your paymail here


Section #1

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.


Section #2

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.


Section #3

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


Section #4

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.


Section #5

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.


Section #6

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.


Section #3

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.


Section #3

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

Here is a list of Crypto-Exchanges that can
currently assist
you to buy or exchange Bitcoin SV (BSV).
IMPORTANT: The list
below does not constitute an endorsement of
any of the
cryptocurrency exchanges. Okex Float SV
CoinSquare Coinify
CoinGate VALR Altcointrader Bitfinex Bittrex
Poloniex

6. You can now top-up your Centbee Wallet
with Bitcoin SV
directly in-app through your Bank account.
Bank account
transfers are completely safe and secure and
are powered by
Ozow. Currently only available in South
Africa. Enter your
Profile details for KYC before purchasing
Bitcoin Click “Top
up” on the Wallet Menu Select “Bank
Transfer” option Enter any
amount from R20 Click “NEXT” Select your
bank and enter your
banking credentials Approve transaction in
your banking app
Bitcoin SV is instantly loaded onto your
Centbee wallet


Section #3

Tap the “SEND” icon from the home screen
of the Centbee app.
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.


Section #3

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


Section #3

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.


Section #3

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.


Section #3

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. you.


Section #3

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


Section #3

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


Section #3

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.


Section #3

Centbee Wallet users in
South Africa can now
purchase prepaid
Airtime, Data and
Electricity
directly from their
Centbee Wallet


Section #3

Open your Centbee app
and select the main menu
on
the left-hand side of
your screen. Select
“buy” and
choose Mobile Airtime or
Mobile Data. Enter your
mobile number and select
your service provider
and
airtime package
(currently only
available in South
Africa). Airtime will be
loaded directly to your
mobile number.


Section #3

Open your Centbee app
and select the main menu
on
the left-hand side of
your screen. Select
“buy” and
choose Electricity.
Select your provider
e.g. City
of Johannesburg, then
enter your meter number
and
the amount of
electricity you would
like to buy.
Wait a minute, then view
your Transactions tab to
access your token
number.

div>

Section #3

If your transaction is
failing, check that: You
have
sufficient funds in your
wallet to pay for your
purchase That your
internet connection is
stable You
have selected the
correct network provider
that
matches your mobile
number (for airtime and
data
purchases) You may need
to wait a minute or two
for
us to retrieve the
Electricity token /
voucher
number If you are still
experiencing problems,
please contact the
Centbee support team on
+27 087
094 0995

What is a wallet?

Traditionally, a wallet is a small folding case for carrying paper money, credit cards, and other flat objects. And while many believe that a cryptocurrency wallet has the exact same characteristics as a traditional wallet, in reality, it functions differently.

Bitcoin lives as a record of transactions on the blockchain. Bitcoin never leaves the blockchain, so, in essence, a cryptocurrency wallet is somewhat of a misnomer as it does not store the digital currency.

Instead, your Bitcoin wallet is a tool that interacts with the BitcoinSV blockchain to send, receive, and manage the Bitcoin assigned to addresses. When a person sends Bitcoin, they are transferring possession of the coins from one address to another.

Some wallets are not linked to the real identity of the owner. All transactions from the wallet are stored publicly and permanently on the BitcoinSV blockchain. The data, such as the wallet address, can be traced to the user’s identity in several ways.

How does the crypto wallet work?

The crypto wallet stores private and public keys that interact with the BitcoinSV network. An alphanumeric identifier is generated based on the public and private keys. This identifier is commonly known as the “address” because it refers to a specific location on the blockchain. This address is what parties give to one another in order to transact using Bitcoin.

The private key stored must have ownership of the public address. To complete a Bitcoin transaction, the public and private keys must match. The transaction is signed by the sender and recorded on the Bitcoin (SV) blockchain. Once that happens, the balance of the receiver will increase, and the sender’s decreases accordingly. The private keys must never be disclosed, or else the party risks having their Bitcoin stolen.

What are the most common crypto wallets?

The majority of crypto wallets are software-based and come in many forms such as desktop, mobile, web, etc. Software-based wallets are convenient and more comfortable to transact with because by in large, they are connected to the internet.

  • Web wallets such as those you will find on cryptocurrency exchanges allow you to access blockchains through a browser interface without having to download and install the software. Users can create a new wallet and set a personal password to access it. The downside is, some service providers hold and manage the private keys on the user’s behalf. In effect, the information stored on centralized servers is vulnerable to hacking.
  • Desktop wallets are downloaded and operate locally on the user’s computer. Desktop wallets offer users full control over their keys and funds. While desktop wallets are considered safer than web wallets, users are still susceptible to theft if their computer has any viruses or malware installed. It is thus crucial to back up the wallet.dat file then keep it somewhere safe. If the hard drive is damaged and there is no backup, the coins are lost.
  • Mobile wallets are relatively convenient and more comfortable to use in contrast to other available options. With a mobile wallet, users can check their account transactions or make in-store payments using QR scanning instantly. These properties make mobile wallets best suited for performing daily transactions. Similar to desktop wallets, mobile devices are vulnerable to malware infection and malicious apps. Users are encouraged to keep their private backup keys (or seed phrases) secure in case the smartphone gets lost or damaged.

Keeping Your Bitcoin Wallet Secure

For users looking for more security, offline hardware wallets are an alternative to their online software-based counterparts. Hardware wallets, also known as cold wallets, are the physical electronic devices that use a random number generator (RNG) to generate public and private keys. The keys are stored inside the device.

Offline storage means a virus can’t infect a hardware wallet, nor can hackers access it through an internet connection. Similar to a vault, hardware wallets are at an advantage if users are holding a large amount of the cryptocurrency. The disadvantage is that users will need to connect the hardware wallet to a computer to access their wallet, thus making them relatively less accessible.

The most secure yet least popular way to store cryptocurrency is a “paper wallet.” As the name suggests, paper wallets are printed out on a piece of paper. A software program generates a set of public and private keys. The keys are then printed on a piece of paper along with a QR code and kept offline. If the owner loses the piece of paper, they also lose access to their funds.

Using a paper wallet is relatively straightforward. Users transfer funds to the public address shown on the paper wallet. Alternatively, to withdraw or spend currency, the user needs to transfer funds from the paper wallet to a software wallet. This process can either be done manually by entering the private keys or by scanning the QR code on the paper wallet.

A significant flaw of paper wallets is that they aren’t suitable for sending funds partially, but only its entire balance at once. If a user imports the paper wallet private key into a desktop wallet and spends just part of the funds, the remaining coins will be sent to a “change address” that is automatically generated by the Bitcoin protocol. If the user doesn’t manually set the change address to one that they control, they will likely lose their funds.

Choosing the Right Bitcoin Wallet

We have examined many options available in the market today as well as their pros and cons. Each option has something unique to offer the user. Some are focused on providing security while others focus on creating easy accessibility. No one wallet covers all areas. Losing access to cryptocurrency wallets can be quite costly, so it’s important to back them up carefully.

Before choosing a cryptocurrency wallet, it’s crucial to think about how you intend to use it so you can select the most suitable wallet.

  • Are you storing a large amount of Bitcoin that you don’t plan to use in the short term?
  • Do you need access to your Bitcoin anytime and at any place?
  • Are you trading Bitcoin for financial gain?

Ultimately, it comes down to your needs, such as how many Bitcoins you have, how frequently do you plan on using it for cryptocurrency exchanges, the amount of privacy and security you need, etc. Moreover, users can also choose to combine different wallet options to fit their needs. Whichever method requires thorough research and consideration before moving funds into the wallet.

Hungry for more? Here’s a quick guide to Bitcoin smart contracts.

Bitcoin SV Transactions

The Bitcoin (BSV) blockchain maintains a public ledger that keeps a record of all the transactions that ever happened. Each node on the network has a complete copy of the ledger. Mining is the process in which new transactions between parties are verified and added to the Bitcoin (BSV) public ledger and how the blockchain is secured. Thus, blockchain mining is the mechanism in which new Bitcoin (BSV) coins are minted and introduced into the existing circulating supply.

The Fundamental Component of Mining

Bitcoin (BSV) mining is designed to be resource-intensive and challenging, so the number of blocks found each day remains constant. The process utilizes a consensus algorithm called Proof of Work or PoW.

Under PoW, miners compete against each other to solve a complicated mathematical equation so they alone can complete transactions on the Bitcoin (BSV) network for a given block. The puzzles are designed to be hard to solve, but when finished, the solutions can be quickly verified.

Once a miner finds the solution for a new block, they broadcast that block to the network. All other miners will verify that the answer is correct and that the block will be confirmed.

The underlying principle that controls the immutability and security of the Bitcoin (BSV) blockchain is cryptographic hashing. Dr. Craig S. Wright, using the pseudonym Satoshi Nakamoto, used the SHA-256 hash function when creating the Bitcoin (BSV) protocols. Hashing outputs a 256-bit number represented in the 64 character hexadecimal number system for more natural human comprehension.

Blockchain mining difficulty is a measure of how difficult it is to find a new block, e.g. the higher the difficulty, the harder it is to find a block. Difficulty regularly adjusts, ensuring that the rate at which block mining occurs remains constant and proportional to the amount of hashing power within the network. For example, when new miners join the network increasing competition, the hashing difficulty will rise to prevent the average block time from decreasing. If miners leave the network, the hashing difficulty will go down, keeping the block time constant when there is less computational power dedicated to the system. The blockchain network modifies its difficulty levels after the discovery of every 2016 blocks.

How Does Mining Work?

Mining is a crucial element that allows the Bitcoin (BSV) blockchain to work as a decentralized peer-to-peer network with no third-party central authority. In broad terms, transactions get inserted into the blockchain by nodes when one party sends a Bitcoin to another. Miners run a unique software program to inscribe the blocks onto the Bitcoin (BSV) blockchain.

Nodes are the base of the blockchain. A node is a miner that connects to the Bitcoin (BSV) network to find blocks and process transactions. Nodes communicate with each other by transmitting information within the distributed system using the Bitcoin (BSV) peer-to-peer protocol. All network nodes receive the transactions then verify their validity.

What Happens After?

A miner collects transactions from the memory pool, individually hashes them, then assembles them inside a block. After the transactions become hashed, the hashes are organized into a Merkle Tree (or a hash tree).

A Merkle Tree is formed by arranging the various transaction hashes into pairs and then hashing them again. The output is organized into pairs and hashed once again then repeatedly, until “the top of the tree” is reached. The top of the tree is called a root hash or Merkle root. It is a single hash that represents all the previous hashes used in its generation.

The block’s header contains the following:

  • Root Hash
  • Hash of the previous block
  • Timestamp
  • Client software version
  • Target
  • A random number called a nonce

Hashing the block header results in the output being the block hash. The block hash will serve as the identifier of the newly generated block.

Mining a block is challenging because the SHA-256 hash of a block’s header must be lower than or equal to the target for the block to be accepted by the network. Miners continually hash the block header repeatedly, by iterating through the nonce until one in the network miner produces a valid block hash.

Once found, the originator node will broadcast the block to the Bitcoin network. Other nodes check to see if the hash is legitimate and, if so, append the block into their copy of the blockchain, so they have updated ledger then move on to mining the next block.

Failed Block Updates

Occasionally, two miners broadcast a valid block simultaneously, and the network ends up with two competing blocks. This “race condition” occurs because accepting a block into the blockchain network does not happen instantaneously. Miners have varying network speeds and connectivity. Whichever competing miner broadcasts their block to the most other miners will end up winning.

When this appears, miners begin to mine the next block based on the block they received first. The competition will continue until the next block is mined based on either one of the competing blocks. The rejected block is called a stale block or an orphan block.

The miners of this block will shift back to mining the winning block’s chain, forfeiting the block reward. Miners want to get on the longest chain quickly in order not to waste time and resources on continuously mining a chain that is orphaned.

Security Risk

In the off chance where a group or an individual has a large proportion of blockchain network’s mining power, they then potentially have the ability to corrupt the blockchain using their power. Controlling and damaging the blockchain through applying the mining power is known as a 51% attack.

Proof of Work helps to protect the Bitcoin (BSV) network against attacks. A successful attack would require a lot of computational power over a long period as an attack must be sustained to do any sort of real damage.

Therefore, it would be inefficient since the cost incurred would be higher than the potential rewards for attacking the network. For miners, it’s more beneficial to use their power to mine additional blocks fairly to generate profits as opposed to attempting an attack.

Block Rewards

The first step in blockchain mining is to add a coinbase transaction, e.g., a unique type of bitcoin transaction that can only be created by a miner. This transaction has no inputs, and there is one created with each new block mined on the Bitcoin (BSV) network. Block rewards and any transaction fees collected by the miner are sent in this transaction as compensation for finding the new block.

Admittedly, there’s more to the mining process on the Bitcoin (BSV) Blockchain. Thankfully, you can learn it along the way as you master Bitcoin concepts such as tokenization and smart contracts. Keep reading, and soon, you’ll become a cyrptocurrency and blockchain expert, too!

  • How to sign up
  • how to restore your wallet 
  • how to back up your wallet
  • how to send
  • how to top up your wallet
  • how to  spend

Developer API

Centbee Developer APIs provide Bitcoin SV functionality to businesses and individuals who want to make use of the Bitcoin SV Blockchain.

Merchants

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.


Benefits of using ScanPay:

  • Contactless payments – no physical contact / Covid19 risk
  • Zero transaction fees
  • Zero withdrawal fees (during pilot phase)
  • No terminal rental
  • Assist customers with Bitcoin SV to spend their cryptocurrency easily
  • Fast – payments process instantly
  • Free publicity for your business in the Centbee app under the “buy” section
  • Expose your brand to new customers
  • Position your brand as innovative and adaptive

ScanPay will also allow you to accept payments on the move. The app is simple and easy for staff to use. We provide a website for you to view all transactions and request withdrawal of balances (as Bitcoin SV or Rands).

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.

KYC/AML

Centbee is committed to complying with all laws and regulations that govern its activities as a financial services provider and supports the global effort to fight financial crime. Centbee performs ‘Know-Your-Customer’ procedures as part of its customer on-boarding processes, by asking for and verifying certain customer information, depending on the type of service that the customer registers for. This ensures that Centbee stays operational by complying with relevant laws, and by delivering the best possible customer experience.

What is KYC?

While AML refers to an umbrella framework made up of a range of processes, Know Your Customer is a component part of that framework — specifically, the process of verifying customer identities. Sometimes referred to as Customer Due Diligence (CDD), KYC is so important because the risk-based approach to AML is predicated upon firms knowing who their customers are and what level of money laundering risk they present. In more detail, the KYC identity verification process requires that firms:
  • Establish basic information about their customers: name, address, birthdate, etc.
  • Obtain information about the nature of the customer’s business in order to understand the business relationship into which they are entering.
  • Establish the beneficial ownership of companies (if this is not the customer).
The KYC process should take place during onboarding in order to ensure that customers are being truthful about who they are and the business in which they are involved. KYC should also take place throughout the business relationship to establish that a customer’s risk profile continues to match the firm’s information on them.