What is Bitcoin?
Bitcoin is a modern payment system, which is disseminated all over the world. The the program software has open-source code. The first version of Bitcoin was represented by the developer also known as Satoshi Nakamoto in 2009.
Bitcoin is a crypto currency. This title means the usage of special cryptography to control the new currency establishing and making transactions in the network. The advantages of bitcoin in comparison with habitual currencies ( fiat currencies) are obvious : the possibility of sending fast payments to any location in the world, low transfer fee, high protection of every transaction and system decentralization. The Bitcoin network itself can not be destroyed or canceled to a particular time. The system is supported by thousands of computers all over the world. This guarantees its operability anywhere in the world.
The Bitcoin users send their payments to the network with the help of special broadcast requests. Every payment has its unique digital signature, which is checked before including into the blockchain . The users, known as miners,check these signatures and put the timestamp in a public register. The work of Bitcoin is managed by it and the miners can obtain payments for this work in coins or transactions block fee.
Bitcoins can be received by mining or as full-fledged internet currency: Bitcoin payments are supported by leading Internet shops, online-services and other resources all over the world. The Bitcoin rate grows regularly, that makes investments in bitcoins profitable.
What is GetBTC.org?
GetBTC is a modern and reliable crypto currency exchanger , which has open-source code. Our aim is to make the process of crypto currencies bidding more simple and reliable for every customer. We offer flexible opportunities for the bitcoin purchasing/selling with the help of 30 different fiat currencies( Ordinary banknotes of The States in the globe). High security of transactions and the absence of ancillary fee are factors, which help to make the process of cryptocurrency purchase and sale favorable to customers! Due to the modern and simple interface, it is convenient to work with GetBTC from any platform.
How applications and bidding are carried out on GetBTC?
When a user applies for purchasing or sale of bitcoins on GetBTC, the platform tries to automatically exchange the amount of BTC specified in the application for the required amount of the fiat currency, and vice versa. Preference is given to applications from other users, in which the required amount is equal to or greater than indicated in the current application.
If there is such an opportunity at the moment (that is, there is a suitable offer on the exchange), then the transaction will be successfully completed and your internal account will be credited with the required amount of the desired currency. In the cases where there is no required amount of currency in current applications for purchase / sale, the system creates an open application for the debt amount independently. This application is relevant until another customer of the exchange wants to purchase / sell bitcoins for the remaining amount.
If the customer clicked the "purchase / sell at a market price" option during the registration of an application, the system automatically adjusts the price of such applications in order to match the market price on GetBTC. It should be noted that open applications (and in certain cases, their unfulfilled parts) can be changed or canceled before their immediate completion.
How can I change or delete an application, which have already been registered?
In order to make adjustments to one or more open applications, you need to go to the "Open applications" page.
Cancellation of the application. To delete an application, simply click "Cancel" in the right column of this application. Removal occurs instantly.
Editing an application. On the same page, you need to click the pencil button located in the rightmost column of the application that you are about to edit. Then the system will transfer you to a separate page, where you can make any changes to your application before saving it. When the necessary corrections to the application are made, click the "Edit Application" button for the changes to take effect.
Important to remember! Changing the current prices of your applications, as well as their installation in accordance with the market prices, can lead to one or several transactions at once.
What is the book of applications?
This is a summary list of all applications for purchase and sale, which are filed by users of the exchange and are awaiting execution in the near future. All applications for purchase are indicated as bids and applications for sale are indicated as asks.
Requests that have the highest bid among all bids are at the very top of the list - they have the highest priority for execution. In contrast, requests with the lowest price are also in the top half of the list - for the same reason, which is high priority for execution.
There is also a convenient chart for analyzing the depth charts. It is a graphical diagram of the total number of bitcoins that customers can buy or sell at a certain price.
Two-factor authentication (2FA) cancel
In the case where your mobile phone is lost, or for some reason, access to the number specified in the account is not possible, you need to restart 2FA in your profile. Depending on the chosen authentication method, this process is different:
- For Authy. Go to the special reset page. After filling in all the fields required for resetting the information, you will receive detailed instructions to your email address (the email you specified when installing the application on your smartphone);
- For Google Authenticator. Here it is necessary to remember the secret code that you used to configure authentication. You need to enter the application, and add the account by entering your secret code;
- For SMS-confirmation. The procedure is similar to resetting 2FA using Authy - you can continue the process on the reset page.
2FA Authentication using reliably protects your GetBTC account from any attempt of hacking or unauthorized access to personal funds. If you use Google Authenticator, we recommend you to store the secret code in a safe place - without it, you can not reset the 2FA without it.
Which fee is charged for conducting operations on GetBTC?
You can find out the full list of commission fees on the page «Balance depositing" in your personal account. You can get full information about the fee for conducting operations right after authorization!
How safe is it to trade on GetBTC?
The security of the account and personal funds of each customer is the main priority of the our service team. The GetBTC Exchange implements all necessary measures to ensure absolute safety and security of data about users of our service. We guarantee a 100% safe and user friendly environment.
However, for our part, we ask you to take action to protect your data and funds on internal accounts. Please read the section of our website "Security of an account" for getting all the necessary information.
How quickly the money transfer to the account is taking place?
We guarantee quick and trouble-free transfer of funds to the accounts of our customers. In general, the time required to replenish the account depends on several factors:
- Entering bitcoins on the internal account. Minimum time spent - when sending bitcoins from any of your bitcoin accounts, they are credited to the internal account immediately after passing through three transaction confirmations. The speed of input depends on the workload of the Bitcoin network, the number of operations performed at certain times and other factors;
- Entering fiat money (regular currency). We work with the Crypto Capital service, which is synonymous with fast and reliable transfers from / to the GetBTC account. Transfers from this service are received to your account within one day - we check the validity of each deposit, which guarantees complete safety of work with our stock exchange.
How much time does it take to withdraw funds from my account?
When you withdraw bitcoins from the GetBTC account, the operation of crediting funds to your bitcoin-wallet is performed immediately after the transaction is detected by the network - this happens virtually instantaneously.
Important: the bitcoin-wallet, to which you send the withdrawal of funds, can expect a certain amount of confirmation for the transaction.
When you carry out the fiat money withdrawal from your personal account on GetBTC, such withdrawal may take up to one banking day inclusive. Waiting is associated with ensuring the necessary security measures - our experts manually check the correctness of each of the applications for funds withdrawal.
To be able to withdraw funds from the internal account of GetBTC, you must have a valid Crypto Capital account (CCC).
What currencies can be traded on the GetBTC exchange?
In three types of fiat currencies: dollars / euro / rubles (USD / EUR / RUB) and bitcoins (BTC).
How can I change the email address and the password to the GetBTC account?
To change your password, email address and other account information, go to the Settings page. Here you can change any information about your account.
Please note that if you change the password, you must enter it twice. In other cases, you only need to enter one password to log in to your account when authorizing.
Is it possible to deactivate an account on GetBTC?
There is such an opportunity. To do this, you need to log in to our site, go to the "Page Settings" tab, and scroll down to the "Deactivate account" button. This operation is carried out by means of two-factor authentication (2FA), or via authorization via e-mail - the exact method of confirmation depends on your account settings .
Note that after deactivation of the account on the GetBTC exchange, you can reactivate it at any necessary time. Just log in to the previously closed account, and all the features are activated again!
What are the market applications?
During the making of an application for purchasing / selling bitcoins, you can activate the "purchase / sell at a market price" option.
If this checkbox is activated, all your transactions will be executed instantly and at current market prices. This method is the most relevant for fast operations on GetBTC.
What is the stop order?
A stop order (another name is a stop-loss order) is an indication for making a purchase or a sale if the market has reached a predetermined price. When the market price reaches or exceeds the stop-price, then such an order is transformed into an ordinary market bid, and is executed at the market price.
Such stop-orders are popular in the trading environment on the stock exchange. Their main purpose is to guarantee protection against losses of a member of the exchange. The stop-order guarantees that the sale will not be made at the amount below the specified, and the purchase - at a rate higher than indicated in the stop-order. Stop orders limit the losses of bidders, hence the term «stop loss».
What measures are taken to ensure fair and equal trading environment for GetBTC?
Perhaps the most important priority of our stock exchange's activities is to provide conditions for trades based on equality and mutual respect of each of the participants. For this reason, the rules of the "switch" are established on the GetBTC exchange - it helps to protect the interests of average users from excessive market fluctuations, and also protects the market itself from artificial fluctuations on the part of large players.
The established measures on our stock exchange:
- We can not set limited purchase orders, where the price is set at 35% or even lower than the market price at the moment;
- On our stock exchange, it is unacceptable to create limited (buy-limit) orders, the value of which is lower than the sell-stop orders of the same exchange user. Honest work is the guarantee of a long and productive cooperation !;
- Similarly, with the placement of "cheating" stop-orders for sale - if their price exceeds the cost of limited purchase orders established by the user, such applications will be rejected.
The introduction of such measures allows us to guarantee the equal work and functioning of the market for each of the participants of our exchange.
What does the term "limit order" mean?
A limit order is a separate type of applications on the exchange, which are necessary for the purchasing or sale of currency at a fixed (specific) price, or at the best price.
As a rule, such applications are placed at a price much lower than the market price (with the purchase of currency) or at a price much higher than the market price (upon sale). This type of application is used to protect the bidder from financial losses - limited bids ensure that the user does not pay more when purchasing / selling than ready.
Important! Execution of applications of this type is not guaranteed as well as not guaranteed that market prices will be reached. Such applications are rationally used as an additional safeguard when trading on GetBTC.
What does the currency in parentheses (near the last price) mean?
This designation corresponds to the currency of the last transaction on our stock exchange. As well as all currencies exchanged on the GetBTC exchange, it is displayed in the same order book on our website.
Why is the last price out of the difference between the declared prices from sellers and buyers (bid-ask spread)?
We recall that GetBTC is a fully multi currency platform for exchanges. Each of the users of our exchange can place orders in any of the currencies supported on our service, using a single account for this. Absolutely all applications are combined into a single logbook - even if they were placed in different currencies. The purpose of this approach is obvious - we guarantee full liquidity of all currencies submitted to each user of our stock exchange.
When a user converts applications into his own currency (in other words - into the currency that the user uses when browsing the site at a particular moment in time), the conversion fee will be included in the price by default. You will see this application with a special icon next to it - it indicates the currency from which the application was converted. In general, the fee is charged only in one case - if this transaction actually takes place in two different currencies.
Such currency conversion fees lead to a significant conversion of bids, which may seem cheaper to users than they actually are, and to change asks, which seem much more expensive than their original denomination.
Let's summarize. In cases where the trade takes place in other currencies (or one currency), the bids will be in the upper half of the bid-ask list in their own currencies , but not in the one you specified when creating the application. Accordingly, this will lead to the fact that the extreme price will be outside the bid-ask spread for your currency.