Frequently Asked Questions

Below you'll find answers to the questions
we get asked the most about Coinffeine

GENERAL ISSUES

What is bitcoin?

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen– meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games.

What is a blockchain?

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without a central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

What is a bitcoin wallet?

Broadly speaking, a Bitcoin wallet is a software program where Bitcoins are sent, received and stored.

Does Coinffeine provide a wallet?

Yes, Coinffeine provides you with a desktop wallet where you can receive, send and store your bitcoins.

What is the order book?

The order book is a list of all open sell and buy orders at that moment. You can buy or sell bitcoins immediately if you send an order at those prices (take order).

What is a taker order?

A taker order are those that match directly with a current order in the order book. Thus taking liquidity from the exchange.

What is a maker order?

A maker order are those that DON’T match directly with a current order in the order book. Thus making liquidity into the exchange.

Do you sell Bitcoins?

No, we provide a service where we put in contact people who want to buy bitcoin with people who want to sell bitcoin

Do I need to pay taxes on the profit I make in Coinffeine?

Yes, you need to make sure you comply with all the rules that apply in your home country.

What are the requirements to use Coinffeine?

You just need to have a bank account from one of the banks supported by Coinffeine (Currently, only AdvCash. You can join here.

I cannot find the solution to my questions

Make sure your question is not in the other categories and then send us an email to info@coinffeine.com

SETTING UP THE PLATFORM

How to start?

You just need to download and install the platform in the section “Download” and provide your ID and password of the bank account that you are going to use to buy and sell bitcoins. The password is saved in your own computer and it is never shared with anyone (not even us).

Do I need to have an Advcash Account?

Yes, we are having conversations with some banks in order to integrate Coinffeine with them but currently we only work with Advcash.com.

Do I need to send my money to your bank account to trade in your platform?

No, throughout the whole procedure we never manage your money, you and only you are always in control of your bitcoins and of your money.

What currencies can I trade bitcoins with?

We are always opening new markets. Currently you can trade between bitcoins and Euros.

What if I am a company or an individual trader with the intention of trading high volumes?

We may have a taylor made solution for you. Contacts us at info@coinffeine.com.

BUYING/SELLING BITCOIN

How can I buy bitcoins?

You need to place a bid order in Coinffeine. You can either place a MAKE order and wait for it to be crossed with another ask order or place a TAKE order and buy bitcoins immediately.

How can I sell bitcoins?

You need to place an ask order in Coinffeine. You can either place a make order and wait for it to be crossed with another bid order or place a take order and sell bitcoins immediately.

What are the fees to use Coinffeine?

Takers pay the highest between:
- The bitcoin fees (we assume them as long as they are not higher than the fee itself)
- 1,5% of the volume of the order
Makers pay 1% of the volume of the order

What are miner fees and does Coinffeine pay them?

Miner fees need to be paid on every bitcoin transaction; therefore, there are miner fees on every exchange in Coinffeine. Miner fees are assumed by Coinffeine as long as they are not bigger than the fee that the taker needs to pay.

Do I need to keep my computer turned on to keep my orders on the order book?

Yes and make sure your computer does not fall in sleep mode.

How long does a trade take?

Once your order is matched with another order the transaction will merely take a few minutes depending how much traffic there is in the bitcoin blockchain

Can you refund the transactions that take place in Coinffeine?

No. In the blockchain, it is impossible to bring back any transaction and so it is impossible as well in Coinffeine.

USING THE WALLET

How do I send Bitcoin to another wallet?

You merely have to press send and include all the bitcoin that you want to send to.

How do I receive Bitcoin in my Coinffeine wallet?

You need to give your address to whoever is going to send you the bitcoins. Then you just have to wait. Click on “copy address” to get your complete address.

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