BEAMBITX FAQ
A cryptocurrency is a digital token designed to work as a medium of exchange and storage of value.
This technology uses cryptography to secure and verify transactions as well as to control the creation of new units of a cryptocurrency.
Cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
A digital currency wallet address is an identifier that represents a possible destination for a digital currency payment.
When you sign up with BeamBitx, you will be assigned a wallet address for every digital currency wallet you have.
To receive a payment from another person into your BeamBitx wallet, you simply provide them with your wallet address.
You can, in turn, send digital currency to another person by sending the coins to one of their addresses.
People can have many different digital currency and Bitcoin addresses.
A private key is a tiny bit of code that is paired with a public key to set off algorithms for text encryption and decryption.
It is created as part of public key cryptography during asymmetric-key encryption and used to decrypt and transform a message to a readable format.
Public and private keys are paired for secure communication, such as email.
A private key is also known as a secret key.
More Info here.
If you don’t own your private key, you don’t own your cryptocurrencies.
Most of the exchangers don’t provide private keys, which means they have access to your tokens.
On BeamBitx you are responsible for your own private keys and we advise you to store these keys in a safe place and do not share them with anyone.
BeamBitx has been developed in a way where users are responsible for their private keys.
If you have any issues with your account you should contact BeamBitx.
You can receive your private keys via email through a secure link and you can store those keys in a safe place.
The next steps will drive you to create your wallets on BeamBitx:
1º - Login in into your account and go to the Dashboard, select the coin that you want to create your wallet and get your private key, click on the receive tab.
2º Near the deposit address you will find a download button of the private key that corresponds to your public address.
Follow the next steps to get your private keys:
1º - Login in into your account and go to the Dashboard, select the coin that you want to get the private key and click on the receive tab.
2º Near the deposit address you will find a download button of the private key that corresponds to your public address.
3º Add the Google Multi-Factor Authentication code.
4º An email will be sent to your registered address with a JSON file:
5º A message will be sent to your registered email address.
6º Click on the download button and save the file to your computer.
Note:
You will be able to open the file with notepad.
We suggest keeping these files in a safe place or in an external application.
Like KeePass or any other third party tool.
- Store your private keys in a secure location, external media, and on paper.
- Never share your private key with anyone.
- Never trust someone asking for your personal information.
- BeamBitx will never ask for your private keys.
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Keep Your Private Keys Safe- Why It’s so Important to Store Them Offline
- Log in to BeamBitx
- Select Dashboard
- Select a cryptocurrency, for example for this case, BTC.
- Click on receive.
- Copy the deposit address..
- Using withdraw option from your external exchanger or wallet, paste BeamBitx BTC deposit address found above into the exchanger BTC withdrawal address.
- The steps mentioned above are also true for any token/coin that you wish to withdraw from an external exchanger or wallet. You just need to select the cryptocurrency that you want like you did it for the BTC option.
- Log in to BeamBitx
- Select Dashboard
- Select a cryptocurrency, for example for this case, BTC.
- Click on Send.
- On the withdraw box insert the BTC address to where you want to sent your BTC
- Click on the BTC button.
- You will receive and email confirming your transaction..
- You should always confirm the address to where you are sending your tokens, BeamBitx will be unable to recover your tokens.
- We don't have a recovery service for tokens sent to the wrong address' if you have sent tokens by mistake to a different address we'll try to investigate your case, but we cannot guarantee that BeamBitx will be able to recover your tokens.
- For us to be able to provide some assistant we'll require the following information:
- Provide us your BeamBitx account email, token name, address, amount, TXID and the transaction screenshot. We can’t help you if you don’t provide this information.
- All communication will be done through the email registered in our platform if your email is not registered in our platform we'll be unable to provide any support.
You will be able to change your password in the following way.
- If you are logged in, select the tab "My Profile" and press the change button.
- Press the button.
- A new window will appear showing the next details.
By following the below instructions your account will be disabled and set for deletion.
- If you are logged in, select the tab "My Profile" and press the Account status button.
- Press the button.
- A new window will appear showing the next details.
- Please note that all the transactions in the blockchain related to your Keys will remain available and will not be deleted.
You can change or editing the following details.
- If you are logged in, select the tab "My Profile" and press the edit settings button.
- Press the button.
- A new window will appear showing the next details.
- Don't forget to press the submit button.
You can reset your password by following the steps below.
A new window will appear. Press the link.
Provide a registered email and press the button.
Check your email and follow the instructions. Please white list us. If the email doesn't arrive to your inbox, check the Spam folder.
Platform limits: Not specified.
Deposit: Free
Exchanger API: 0.9%
Withdrawal: Withdrawal fees are regularly adjusted according to blockchain conditions. We use the minimum amount in order to get the fastest transaction.
- Log in in your account and go to “My profile” tab:
- Go to your “Google Authentication” and click on the “enable” if it is not already enabled, BeamBitx will force you to enable Google authentication after a few days.
- Always confirm that you accessing to our website, check if it has the following "https://beambitx.co" in the browser address and if certificate is valid for "beambitx.co".
- Click on "Sign Up" a new box will pop up to fill your details.
- Note: Dont' forget to accept the conditions and press on Sign Up.
- You will receive an email confirmation on your mailbox.
- Go to the Log in tab on the landing page:
- Put your credentials (you should already be registered)
- Click on the captcha “I’m not a robot” and put your google authenticator if it’s enabled.
- Log in in your account and go to “My profile” tab:
- Go to your “Account Status” and click on the “enable” or "disable".
- Don't use your daily email address and password for your account.
- We strongly recommend using KeePass to keep your passwords.
- Enable 2FA on your BeamBitx account
- Always make sure you are visiting https://beambitx.co
- Don’t click links or open attachments in emails. We just send emails for registered address', with withdrawing confirmations and informative emails.
- Enable fingerprint or pin code on your phone and use 2FA for your email account (always).
- Secure your computer. Keep your antivirus updated and we recommend using a malware solution as well.
- Don’t install unnecessary software on your computer, or software from untrusted websites.
- Secure your internet connection with firewalls and VPN's.
- Always use a wired connection if possible. If you must use Wi-Fi, consider routing through a VPN.
- If a user receives an e-mail, disguised as being from BeamBitx, advertising for some deposit or Importing Private keys, be sure that is a Phishing email.
- We only send emails for registering, withdraw confirmations and informative emails.
Be careful with this kind of attack.>
- Enable Google Two Factor Authentication
- Don’t give your password or your private key to anyone!
- Please, don’t send any token to anyone claiming to be a member of BeamBitx.
- Don’t call any phone number if someone is claiming to be BeamBitx Support!
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BeamBitx Telegram group is a platform to discuss some of the most relevant news on the crypto markets.
- We don't provide support through telegram.
- If you need support from our side, just raise a ticket on online chat,
[email protected]
Remember, that we will never ask you to send tokens to any address ever.
- Some scammers will or are impersonating official BeamBitx accounts and tweeting to ask for deposits to specific addresses in return for more tokens or some gifts.
- Never transfer tokens to these accounts or your will lose your tokens.
Remember, that we will never ask you to send tokens to any address ever.
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Extra Features and Customer Knowledge
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1. Blog
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Follow our blog, we’ll provide some of our thoughts related to cryptocurrency.
* BeamBitx provides you the possibility to avoid the volatility of the markets.
Here is the list of stable coins that you can use in our platform.
Read the article in order to know more about DAI (our favorite stable token).
BeamBitx thinks that this is one of the best explanations related to DAI and for this reason has decided to publish it on the BeamBitx FAQs.
The Dai Stablecoin is a Game Changer for Ethereum and the Entire Cryptocurrency Ecosystem.
In later December of 2017, the company Maker released their long-awaited system for a decentralized stable coin named “Dai”.
Dai is an Ethereum ERC20 token that is pegged to $1 USD — every Dai is worth $1, and always will worth $1, regardless of how much Dai is in existence.
There is no centralized authority like Tether that backs its value, and no traditional bank that backs each Dai with a real US dollar. There is nothing that can be shut down and no centralized authority that needs to be trusted. Dai lives entirely within the Ethereum blockchain using smart contracts.
The way Dai accomplishes this without centralized trust is incredibly clever and interesting, and in this post, I will try to explain why Dai can be trusted and why it’s a game changer for cryptocurrencies.
I'll not say much about the Maker organization itself, except that it’s one of the oldest Ethereum-focused companies and has been working on this project since before Ethereum existed.
The team is very well-regarded in the space and is backed by Vitalik Buterin, the creator of Ethereum.
NOTE: The author works for Airfox which created the AirToken. This post is unrelated to Airfox or AirToken.
Why Dai is a Game Changer
Before I explain the details of Dai and how it works, assume the following is true:
Dai will always have the value of $1 USD each
It can be freely traded like any other ERC20 token
Anyone with an Ethereum wallet can own, accept, and transfer it
It can be exchanged without any middleman
No individual person or company has control over it
No government or authority can shut it down
This enables several features that were previously impossible.
USD (Dai) can now be transferred instantly, across borders, and without fees (other than ETH gas fees).
Merchants can accept Dai with all the benefits of blockchain technology without the enormous risk of volatility. For example, merchants no longer need to worry about the price of Bitcoin fluctuating 15% between when they receive payment and convert into fiat currency. If a merchant charges $19.99 USD for a T-Shirt and receives 19.99 Dai, they can be confident that they have $19.99 USD whether they cash out their Dai that same day or in 2 months.
Similarly, customers no longer have to worry about spending an asset that consistently goes up in value. A customer is unlikely to purchase a product with ETH if they think the value is going up — why spend $19.99 USD of ETH today when it will be worth $24.99 tomorrow? — but customers don’t need to worry about price fluctuations when using Dai.
The way most merchants currently accept cryptocurrencies as payment is to use a middleman like BitPay, which has all of the negatives associated with traditional payment processors. These include processing fees, limits, and rules on what industries they do business with. With middlemen like BitPay, merchants are simply offering another method of payment for their customers, but see no upside other than extra sales. Even worse, if BitPay decides they don’t like you, they can shut you off without any warning for any reason.
With Dai, a merchant can process payments directly, as if they were receiving cash. If they choose to use a third-party, it’s only to provide value-added services like e-commerce integrations, accounting software, and wallet management. But there is no need for a third-party to process payments or temporarily hold funds — the blockchain itself can handle everything. No one can shut off the merchant’s ability to receive payment.
Finally, some may ask why you need something like Dai at all. Doesn’t Tether already fulfill the purpose of a dollar-denominated token? The answer is that Tether, or any other centralized stable coin, can be hacked, shutdown, steal your money, and is always operating at the whims of politics and human fallibility. Indeed, there is an enormous amount of speculation that Tether is operating fraudulently.
Not-so with Dai. As a truly decentralized stable coin, you only need to trust the blockchain.
How Dai Works
Dai is a masterpiece of game theory that carefully balances economic incentives in the pursuit of one goal — a token that is continuously approaching the value of $1 USD.
When Dai is worth above $1, mechanisms work to decrease the price. When Dai is worth below $1, mechanisms work to increase the price. The rational actors that take part in these mechanisms do so because they earn money anytime Dai is not perfectly worth $1. This is why Dai is always floating slightly above or below $1 — it is an endless wave function bouncing infinitely close to $1, but never quite achieving it. The farther Dai goes from $1, the more incentive there is to fix it. This is the magic of Dai.
The rest of this article will explain precisely how these pricing mechanisms function as well as risks, safeguards, and actions that occur in response to events.
What is Dai?
Dai is simply a loan against Ethereum. Anyone can create Dai — all that’s needed is ETH and the technical know-how to use a decentralized app (dApp).
Most users — 99.999+% — will never need to create Dai, nor understand how it’s created. The longer Dai is worth $1 USD, the more faith users will have in it, and users will spend, accept, and convert Dai as needed.
Even most cryptocurrency enthusiasts won’t need to create Dai, nor understand how it’s created. They will simply acquire Dai by trading for it on exchanges, including decentralized exchanges that live entirely on Ethereum, which makes Dai an essential component of any decentralized exchange.
Dai is quite complex, and some have argued this complexity makes Dai too obtuse to ever catch on. This is a fallacy, as the primary use-case of Dai is being a stable $1 USD pegged token, which requires no deeper understanding of how Dai works. Again, 99.999+% of Dai users will never need to understand how Dai works.
However, if you truly want to understand why you can trust Dai, you must understand all aspects of the Dai system and the economic incentives involved.
I will now go down the rabbit hole.
How is Dai Created?
As I said, Dai is simply a loan against Ethereum. By using the MakerDAO dApp, advanced users can take loans out in Dai against their ETH holdings.
First, ETH is turned into “wrapped ETH” (WETH), which is simply an ERC20 wrapping around ETH. This “tokenizes” ETH so it can be used like any other ERC20 token.
Next, WETH is turned into “pooled ETH” (PETH), which means it joins a large pool of Ethereum that is the collateral for all Dai created.
Once you have PETH, you can create a “collateralized debt position” (CDP), which locks up your PETH and allows you to draw Dai against your collateral, which is PETH.
As you draw out Dai, the ratio of debt in the CDP increases. There is a debt limit that sets a maximum amount of Dai you can draw against your CDP.
Once you have Dai, you can spend or trade it freely like any other ERC20 token.
Creating Dai is complex — why would anyone do this? Can’t I just buy Dai on an exchange?
Yes! Creating Dai is complex, and you can indeed buy Dai on exchange! This is one reason why 99.999+% of people will never go through the nonsense of creating a CDP.
However, there are several important reasons why you would create Dai, despite the hassle:
You need a loan and have an asset (ETH) to use as collateral for your loan
You believe ETH is going up in value. You can use your CDP to buy ETH on margin — you lock up your ETH in a CDP, draw Dai against it, use Dai to buy more ETH on an exchange, and then use that ETH to further increase the size of your CDP. This can be accomplished without any third-party or centralized authority allowing you to do so — margin trading can be accomplished entirely on the blockchain.
The demand for Dai has driven the price above $1 USD. When this occurs, you can create Dai then immediately sell it on an exchange for greater than $1 USD. This is essentially free money and is one of the mechanisms the Maker system uses to keep Dai pegged to $1 USD. Dai being worth over $1 USD encourages more Dai to be created.
These three reasons are enough to ensure that Dai is continually created.
How does Dai ensure that the value is always $1 USD?
Economic incentives ensure that the value is maintained.
As I said in the last section, when Dai is worth over $1 USD, ETH holders are incentivized to create more Dai and sell it, as it’s free money.
When Dai is worth less than $1 USD, CDP owners can pay down their debt at a cheaper price! This is an extremely clever solution that requires further explanation.
Let’s say I open a CDP with $1000 in ETH. I then draw out 500 Dai. In order to close this position, I must pay back 500 Dai (paying down debt destroys Dai).
If Dai is trading for less than $1 USD, say for $0.99, then I can buy Dai for less than $1 USD and then pay off my debt with a 1% discount. This is essentially free money —if I took out a $500 loan (500 Dai), then bought 500 Dai for $495 (0.99 * 500 = 495, a 1% discount), then paid off my loan, I earned a free $5 of ETH.
Of course, my demand for Dai increases its price, and eventually, Dai increases in value until it approaches $1 USD. If Dai stays below $1, CDP owners continue to pay down debt and remove Dai from the system. When Dai goes above $1 USD, Dai is created to feed the demand. It is this push and pulls, creation and destruction, supply and demand which ensures that Dai always matches the $1 USD peg.
What if the ETH price crashes? Won’t the whole system fail?
The short answer is that provided ETH is worth something, and the value of ETH isn’t extraordinarily volatile (i.e. dropping 60% of value in 10 seconds), the system successfully balances.
The long answer requires more explanation.
CDP’s have varying degrees of debt. When you open a CDP, you can draw up to 60% of the value in Dai. This means that with $1000 of ETH, you can take out 600 Dai. But not every CDP takes the full amount — the more you draw, the riskier it is. Some CDP owners will withdraw 10%, 25%, 30%, etc.
As ETH changes in price relative to USD, the debt ratio of each CDP also changes. As ETH rises in price, every CDP becomes safer as they are less indebted. As ETH falls in price, every CDP becomes riskier and more indebted.
As each CDP has a different debt ratio, each CDP can be ranked in order of riskiness. More risky CDP’s have higher debt ratios.
As ETH falls in value, each CDP gets closer to the 60% debt threshold. If a CDP crosses this threshold, any Dai holder can pay off the CDP and earn a profit, which destroys Dai from the system, closes the CDP, and penalizes the owner of the CDP.
This is complex and requires further reading to understand, but to summarize, rational actors are incentivized to remove risky debt from the Dai system by paying it off. CDP owners who let the debt get so risky are penalized for doing so, which incentivizes them not to have risky debt.
CDP owners can make their debt safer by paying down debt as the CDP gets riskier. Astute CDP owners will observe their CDP getting riskier, then pay down Dai early to prevent a penalty. But those who neglect their CDP will get penalized by the system if they cross the debt threshold.
As the value of ETH fell from $1,400 USD in January 2018 to $400 in April 2018, the Dai system’s incentive structure successfully kept the value of Dai pegged to $1 USD, which is an incredible accomplishment and proof that Dai succeeds even in a falling ETH environment.
Tether
Tether is a useful crypto whose value roughly mirrors the price of the dollar. In this respect, it is an example of what is known as a “
stable coin” (a coin that is meant to maintain a stable price
Of all the stable coins, Tether is the most widely used.
Essentially, and according to their site, Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.
Like other cryptos it uses blockchain. Unlike other cryptos, it is “100% backed by USD” (USD is held in reserve).
Some question exactly how all this is working, but conspiracy theories and doubts aside, Tether is useful as it has a steady value and can be used on many of the world’s major exchanges. It´s like a digital dollar secured by cryptography and not subject to speculation like other cryptos. That makes it rather useful. In the volatile world of crypto, it’s nice to have some stability.
TETHER ERC20 (PROVIDED WALLET BY BEAMBITX)
Tether explains in its announcement: “The ERC20 Tether will have much lower network transaction fees and much faster confirmation times (15-30 seconds) compared with Tether on Omni.
This will facilitate more efficient exchange arbitrage, and several partner exchanges are already working to integrate the new tokens. ”In last September, in a partnership with Ethfinex, Tether announced the launch of Tether ERC20 tokens on the Ethereum blockchain.
Tether has attracted its fair share of controversy due to its opaque business model, and a third-party audit is about to be conducted on Tether’s reserves.
Tether claims that these reserves, which are actually the firm’s bank accounts, hold a similar sum in US dollars as the total amount of USDT currently in circulation – around $1.5 billion.
More information on the following link:
Tether Update
TETHER OMNI PROTOCOL (BEAMBITX DOESN’T SUPPORT THIS WALLET)
What is the Omni Protocol?
Omni is a platform for creating and trading custom digital assets and currencies.
It’s a software layer built on top of the most popular, most audited, most secure blockchain -- Bitcoin.
Omni transactions are Bitcoin transactions that enable next-generation features on the Bitcoin Blockchain.
Omni Core is an enhanced Bitcoin Core that provides all the features of Bitcoin as well as advanced Omni Layer features.
The official
"website" provides all information about Tether in the Omni layer.
You can also check for more details related to Tether
here.
- You can follow us in our
blog or in our Telegram channel , we’ll provide some of our thoughts related to cryptocurrency.
If the trend goes down, sometimes the best idea is just to avoid the volatility of the market.
You can keep the price of your tokens by using the exchanger service.
BeamBitx provides a solution for the volatility with the DAI token located in your wallets and used by our third-party application, providing stability of your investments.
This can be a good solution if you don’t want to check every day the markets or if you just want to keep the price for a new investment.
The following instructions will provide an easy way of doing it:
1. Login in your BeamBitx account.
2. Go to the exchange tab:
3. On the exchanger, select the coin that you want to exchange in the “you have ” field and in “you get “ field select DAI coin.
Tick the terms and conditions and add the code of your google auth.
4. The transaction will be successfully completed after 5-30 minutes. After this operation, you will have the current price of your tokens freeze. Normally it’s a useful option when you don’t want to take the volatility risks of the markets, in especial when the prices go down.
5. If you want to get your tokens back or you just want to invest in a new asset you just need to do the inverted operation like this example.
BITCOIN
LITECOIN
DASH
ETHEREUM
BNB
0X
DAI
BAT
OMISEGO
MITHRIL
AUGUR
GOLEM
DIGIGOLD
AION
TETHER (ERC20)
Due to the list is being constantly updated by our partner please follow this
link, to check the tokens supported.
Steps to sign up at BeamBitx.co
First step: Enter the Beambitx.co page and click on the REGISTER button.
Second step: fill in the data that is necessary for the subscription, accept the terms and conditions and click on the reCaptcha to confirm that you are not a robot, once confirmed click on the REGISTER button.
Third step: once registered we will send you a message to the email provided and there you will confirm your email by clicking on the link.
Fourth step: when you confirm your email automatically you can enter the Beambitx.co page with your new username and password on the Login button
Fifth step: once you enter you will be able to access the Beambitx platform, in order to operate and exchange crypto you will have to attach some documents, click on the exchange button and a series of documents will appear to provide for the confirmation of your identity.
Sixth step:
• you will need an image of your Identity document or passport.
• a selfie photo next to your identity document, a white paper with the date of the day you are registering. (example: Hello, I register at Beambitx.co, February 11, 2020) with the language of your choice.
• You will need an image where you can confirm your home address. (receipts of water, electricity. Gas, etc ... that are in your name)
• A box will appear at the bottom where you will have to make a video in which you will say your full name, and the date of the day you are making the subscription. With the language of your preference. (to start the video, you click on the inside of the box and also start and end the video you click inside the box) the video will automatically be saved and wait a few seconds for the video to load.
Seventh step: when you have all the required documents and the video you can click on SEND and you will notice that your documents will appear at the bottom and a text that says WAITING FOR CONFIRMATION. Once we confirm your data you can exchange, buy and others on our page.
How to enter Euros to my Beambitx Wallet
First step: Click on the Dashboard button and a button called EUR Wallet will appear on the right side of your screen, display that button and click on Add EURO.
Second step: a screen will appear where you must put the deposit details.
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Details of the bank where you must make the bank transfer will appear on the right side of your screen. (Don't forget to read the entire NOTE)
Third step: When you make the transfer you must enter the amount of Euros transferred, the details of the transaction and upload the file with the proof of the transaction that your bank gives you.
Fourth step: Once you have completed these simple steps you will click on the SEND button and we will confirm your transfer. (Don't forget to read the entire NOTE).
How to buy BTC in BeamBitx
First step: You click on the MORE button and then on Buy BTC an important message will appear you read it and if you are OK you will click it.
Second step:
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You will enter the amount in EUROS you want to buy, and it will automatically show you the equivalent in BTC.
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Select the type of currency you want to buy.
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Enter the address of your BTC wallet
Third step: Once you enter that information you will click on SEND. and we will confirm your transfer. (Don't forget to read the entire NOTE)
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To be able to make purchases of BTC you must first add balance to your wallet.