What is Bitcoin?
Bitcoin is the world's first cryptocurrency and it is one of the most important inventions in all of human history. Bitcoin is a digital currency, it does not exist in paper (phusical) form, exist only digitally. Bitcoin can be used to purchase any goods similar to other currencies.
Bitcoins is becoming a mainstream currency which is not controlled by the government. Bitcoin is controlled by all bitcoin users around the world therefore makes you the true owner of this asset.
What is payment mode?
Bitcoin can be purchased in many payment methods. In which method we are buying or selling bitcoin is call payment mode. We allow our members to create their own payment modes by using the following modes of payment.
National Bank Transfer
|Cash in Person
What is Bitcoin wallet?
Bitcoin Wallets used to store Bitcoins. Wallets secure funds by guarding our private keys. These private keys act as the proof of ownership for our Bitcoins. Each wallet assigned with a unique Bitcoin Address.
What are the risks when buying Bitcoin on Ipaytoken
Ipaytoken is a peer-to-peer marketplace where you can buy bitcoin with over 10 payment modes. This allows transacting with users on the platform. We provide an escrow service to protect you. As this works between two individuals there may be some cases when everything doesn’t go as smoothly you can use our dispute service.
Potential risks involved and how to avoid them
Vendor may ask you to cancel the trade after you have paid
We are keeping watch for the scammers and we are constantly terminating them from our website. A common tactic for a scamming trader is to ask you to cancel the trade after you’ve made a payment. If you cancel the trade the bitcoins will be released from escrow back to the trader, refuse to do and click on I have paid then open a dispute. Our support team will then investigate the trade and award the coins. Be ready to provide some additional proof if requested by the support team.
As mentioned above – Once you’ve followed all the traders’s instructions and provided all the documents they need, make sure you click the “I have paid” button. If you forget to do so, the trade will time out and the bitcoin will be released from escrow back to the trader.
Make sure trader is Online before uploading documents and making payments
It is good to wait until the trader responds before making payments or uploading documents. A simple hello should do. Otherwise for example, You completed sending money to the trader account and the trader have gone away from the computer and does not check this. Before making any payments, make sure the trader is there.
Never trade out off escrow
Many scammers may try and ask you to do a trade outside of Ipaytoken. They will ask for your contact details and get in touch. This way there’s nothing to protect you – after you’ve made a payment there is no guarantee that the seller will send you the bitcoins. If you have any concerns during a trade, use dispute option and don’t cancel the trade.
Can my bitcoin transaction be cancelled or reversed?
Ipaytoken is unable to cancel or reverse your bitcoin transaction once sent.
This is not due to our business model, this is simply how bitcoin works, transactions on the Bitcoin network are designed to be irreversible and we have no control over them. This applies in all cases.
- If Someone sent out your coins
- If you sent to the wrong bitcoin address.
- If you released bitcoins by mistake.
- If you were scammed.
- Once you sent the bitcoins out it cannot be reversed. We are very sorry about this, we know it is painful but there is nothing we or anyone anyone can do.
Why has the balance of bitcoin in my wallet changed?
It will happen by sending out bitcoins to a different wallet or receiving bitcoins into your wallet. There’s a miners’ fee with every bitcoin transaction. This is not something that Ipaytoken charges you. It is a fee sending money between any different external wallets. Currently the miners fee is 0.0005 BTC
Why do you need to pay this?
This is an incentive for the miners on the bitcoin blockchain to keep confirming transactions. When sending money from one user to another within Ipaytoken there is no fee. Ipaytoken doesn’t charge for deposit.
If you see the amount in USD the amount will differ as the bitcoin price is very volatile, always check the amount in BTC not USD.
How does Ipaytoken work?
ipaytoken offers a platform for trading in Bitcoin. The service operated by the platform allows buyers and sellers, to buy and sell bitcoins. Sellers list their offers to sell Bitcoins. They let you pay for the bitcoin in different ways, by cash, debit cards, and bank transfers etc.... This allows us to offer many ways to pay even for people that don’t have a bank account.
- Ipaytoken doesn't charge you any fees for buying bitcoin
1. If you want to get some bitcoin then your first choice is how you want to pay for it. This determines the price, speed, and privacy you can get it for. Decide how you want to pay for the bitcoin and search.
2. Once you find a deal you like you start a trade with the seller. You’ll be in a live chat with them and they will tell you how to pay them.
3. Once you pay they release the bitcoins directly from escrow to your Ipaytoken wallet. You can now store the bitcoins in your account.
What is the minimum amount to start a trade?
Currently minimum trade amount is 20 USD. .
Ipaytoken takes no fee from the buyer at all. Each seller has a different price so it is up to you to select the best one. For example, traders may charge a 30% margin to convert your money to bitcoin. This means you give them a $100 cash and get back $70 of bitcoin to your Ipaytoken bitcoin wallet.
On Ipaytoken the Seller of bitcoins pays a 1% fee. The buyer of bitcoins does not pay Ipaytoken any fee at all.
The Ipaytoken wallet is a free bitcoin wallet. Only the sender pays bitcoin network miner fees. The bitcoin miners fee goes to the bitcoin network, not Ipaytoken. If you want to understand who bitcoin miners are, what they do and why they take a fee then search and read this bitcoin mining article.
What are the rules to sell bitcoins?
- As a vendor accept any and all risks and liability for trading. It is up to you to protect yourself.
- DO not share your contact information for external communications, Ipaytoken escrow must be used at all times else you will be banned. No exceptions.
- You must be available to buyers, A low response score will reduce your sales dramatically as the system will send you far less business if you are not responsive to your buyers chat messages.
- You must be polite, decent and honest with your customers at all times. No abusive language is allowed.
- Your offer terms must be clear and short. Your buyers should understand your terms for dealing with you. Be concise and accurate and use bullet points.
- Provide your customers with helpful aids and examples if necessary. For example if you require them to upload a selfie with photo id then put a example picture (with face and details blurred out.
How to start selling bitcoins?
To start selling bitcoin on Ipaytoken you need to create an offer. Go to Create Offer page.
Fill in the required details and fund your wallet for the offer to become visible to the public.
Once the trade starts the bitcoin will automatically move to escrow. Once the trade starts the buyer must complete a payment within payment window time.
After receiving the payment from the buyer please verify it and release bitcoins to them. Trade is successfully completed!
Disputes. How and when dispute can be started? What to do if you are in dispute?
Disputes should be started in any of the following cases…
Disputes are useful when a trade does not go as planned. When a dispute is started a support team member will interact to settle the trade.
Follow the below steps to start and win a dispute
- If you are buying bitcoins, have followed the trader instructions and paid the trader but the trader not releasing bitcoins.
- If you are a trader and the buyer is not responding and locking up your bitcoins in escrow.
- If the buyer of bitcoins forces you to release coins first, without making payment.
- Click on Dispute.
- Please provide a clear reason for the dispute to the support team. Please explain the reasons in complete sentences as clear as possible what happened.
- Wait for a support team member to investigate.
- Provide all the evidence as you can get, such as:
- Proof of payment (transaction receipt, screenshot of payment, video proof)
- Proof of ownership (transaction receipt, online receipt, screenshot)
- Phone call recording of a conversation with concern person.
- Additional proof requested by the support team.
What to do if dispute lost.
If you lost a dispute it could be for several reasons. If you were not able to provide clear reasons and evidence as requested by the support team to prove your claims within the given time or if we considered that provided evidence is not enough, you would have most likely lost the dispute. We also check both of your trading history and if you were able to follow the trade instructions or offer terms.
Once a decision has been made, this means the investigation has already been done. It is final and you must accept the decision according to the Ipaytoken Terms of Service.
How to Write Good Terms of trade
Examples of Good Terms of Trade
Please give clear instructions what you need from the buyer or seller. Add any info on documents, receipts or photos you require. Make sure your instructions are in line with our terms of service. Any suggestions to trade off site are strictly forbidden and this kind of activity will get you banned from Ipaytoken.
- Upload a picture of your full screen showing that the funds are already available in your PayPal accountand it is verified.
- Type out the e-mail linked with your PayPal.
- Give me your Facebook Profile link.
- Show the proof that your account is verified
- Funds must be pain in the form of service, and I will let you know the next step.
- I have the right to stop working with anyone if I suspect fraud.
- Pay Via cash on the following NAME, ADDRESS etc…
- Provide me the following info in the chat: sender name, sender city/state, sender phone number, MTCN code, Exact payout amount in USD or any other currency.
- Click the PAID button and wait for me to pick up the funds to release bitcoins.
What if the buyer never sends the payment or applied for a charge back?
As a trader you accept all liability for trades. Do not release bitcoins until you are 100% sure you received the payment. If a chargeback happens after you release the escrow then use the “Dispute” button. The support number will investigate and if the scammer has bitcoins you will get them back otherwise you will get a dump of their info to pursue them yourself.
What if i opened a trade with a buyer and he does not respond? Will my bitcoin be held forever?
Don’t worry, Your bitcoins will be freed from escrow once the trade expires. If the buyer clicks on I have paid and not making the payment you will click on dispute. Once a dispute has started a support team member will look into this and award the bitcoins back to you.
Which of my offers will show up in the listing?
Your all offers will be shown up in the listing. You are able to create only one offer with the same Payment method at a time
How to enable 2FA – 2 factor Authentication with Google Authenticator?
We highly recommend you to use Google Authenticator to enable 2FA
Step 1. First download the Google Authenticator app in your mobile phone.
Step 2. Go to your settings on ipaytoken.com like shown below
Step 3. Once you see your settings page, click on Twofactor
Step 4. Once you select Google Authenticator, you will see a barcode appear – you will have to open your Mobile App to scan it – and then enter the 6 digit number appear in the google authenticator app.
Step 6. Once you entered the 6-digit code, click enable and you’re done! Congratulations!
You can use 2Fa for Login AND bitcoin send outs. Just bring up the app and get the code every time to login or send out.
How long does it take for all my coins to be available after they are sent?
We wait for 3 confirmations before we make your balance fully available. This is the industry standard for a truly secure wallet. This can take anywhere from five minutes to an hour depending on the bitcoin network.
How to create your Ipaytoken bitcoin wallet
When you create a Ipaytoken account you automatically get a free bitcoin wallet.
How to receive and deposit funds to your wallet.
Every wallet assigned with a bitcoin address. You can use this address to receive bitcoins.
What is Bitcoin Address?
Bitcoin address is used to receive, store and send bitcoins. A Bitcoin address is like a bank account number. The address denotes which wallet the coins should be sent to. Bitcoin wallet addresses are case sensitive; just know they’re a string of characters that denote a destination on the Bitcoin Blockchain.
How to Send Bitcoin from your wallet
Sending bitcoin is simple. You just need their bitcoin address and the amount in terms of bitcoin.
Frequently Asked Questions about sending bitcoins from your bitcoin wallet
Is everyone who takes bitcoin-compatible with your wallet?
YES! All bitcoin wallets are compatible with each other. The bitcoin in your Ipaytoken wallet can send to any other bitcoin wallet.
Can I send a fraction of a bitcoin?
Yes! You can send any fraction of a bitcoin not less than 0.001.
Does Ipaytoken sell bitcoins? Can I just link my bank account to you?
No, ipaytoken will not send bitcoins. ipaytoken offers a platform for trading in Bitcoin. The service operated by the platform allows buyers and sellers, to buy and sell bitcoins. You can deposit your bitcoins in your wallet, you do not have any option to link your bank account with your account.
Is Ipaytoken wallet secure?
Yes. Multi-Conformation wallets are a good choice if you’re serious about security and convenient, reliable Bitcoin transactions. “Multi-confirmation” means that the site requires a manual confirmation from you for your coins to be moved; this greatly improves security. 2-factor extra protections can be enabled when logging in, sending out bitcoins or in trade releasing bitcoins to buyer as a seller. We currently support Google Authenticator, Authy 2-factors. Please also beware of phishing websites. Always make sure you are on https:// Ipaytoken.com before entering in any account details. Ipaytoken support will never ask for your account details such as username or password in any way, not over email or chat. Never send bitcoin or account details to anyone! Ipaytoken support will never ask you to send bitcoin or account details. Ipaytoken has no app on iPhone or Android so never download any Ipaytoken apps as they are malware and contain viruses. It is up to you to protect your account.
What if I have followed all the instructions and made a payment but the trader not releasing the Bitcoins?
If a trader not releasing the bitcoins go to dispute option. Our support team member will look at the evidence provided and award the coins to the party in the right.