Frequently Asked Questions

General

Please read our quick start guide for buying bitcoins.

If you purchase bitcoins using BitWallet, the bitcoins will appear in your BitWallet account. From there you can easily send the bitcoins to any Bitcoin address, BitWallet user, by email or even to any mobile phone.

All Bitcoin services are compatible with each other, so the same bitcoins you buy from BitWallet will work in your favourite online Bitcoin shops, and also in the local shops that accept Bitcoin.

Please note that BitWallet cannot be used in some spefic cases. For example, you cannot use it with sites which return bitcoins to you based on the sending address. Also, you cannot use BitWallet to receive newly generated coins from mining.

If you want to sell bitcoins, you can simply open a trade to sell your bitcoins. You can create multiple receiving addresses for improved privacy.

Type your city to Change location field and pick the nearest location from the list.

Currently we do not support changing usernames due to security reasons.

For security reasons we do not restore the user accounts. Please register a new user account.

Receiving bitcoins from external accounts can take between 5-20 minutes. This is due to the network confirmations required.

BitWallet wallet uses three (3) confirmations.

Bitcoin transactions are not reversible, thus if your user account is compromised you may lose your bitcoins. Read BitWallet security guide for more information.

In the case you have an incident that someone else has accessed your account

  • Change your password immediately
  • Contact our support department immediately with details of the incident

Common issues and problems

You should be able to log in with your email as well. You can also use the Lost Username tool.

Please check the email is correctly typed in your account profile. Also, please make sure you check your Junk/Spam folder to make sure the email didn't end up there. If you are still having issues, please contact support.

Some payment methods and banks (cash deposits, Western Union) do not allow you to set the reference message or number with the payment. Usually in this case you get a transaction id after the payment has been complete.

In this case, contact the the Bitcoin seller through the trade messaging platform and give the seller the transaction id, so that the seller can use this transaction id to verify when your payment arrives the seller.

The sellers usually release bitcoins as soon as they get the payment. Often there can be unexcepted delays with bank transfers and other online payment methods. You can keep in touch with the trader in in your profile Dashboard. You find your old Contacts there, grouped by Active (open trades), closed and cancelled. You can still message the seller even if you cancel your trade.

If you use the escrow feature, there is nothing to worry about. The page will clearly indicate if escrow is enabled or not.

If the seller is not responsive for 48 hours you can start a dispute and BitWallet support will look into the matter.

This concerns the cases where you are buying bitcoins online.

After sending in a trade request, you have a time window of 90 minutes to complete the payment (payment window duration may vary depending on the payment method). During this time you need to complete your payment and press Mark Paid. Then, the seller is notified you made the payment and bitcoins will be held for you in the escrow until the seller releases bitcoins for you when seeing the payment on his/her account.

If you paid the purchase, but did not mark the payment complete before the payment time window expired, please contact the seller. The Bitcoin seller has functionality to reopen the purchase. You can contact the seller and your other existing trade contacts under Dashboard in your BitWallet user profile. Send a message to the seller and kindly explain your situation.

Reopened purchases get escrow protection re-enabled until the seller can confirm they payment has succefully arrived.

If the seller does not respond to this request for 48 hours please contact BitWallet support using Support request form and mention your trade id number.

Sending bitcoins to external accounts can take between 10-30 minutes. This is due to the network confirmations required.

The receiving party might require more confirmations to show the payment as received.

The receiving addresses can be used to receive bitcoins to your BitWallet account. Note that it takes usually about 5 to 20 minutes for the bitcoins to be confirmed. For privacy, you can request new addresses as you have used the old ones.

The address list keeps track on how many bitcoins you have received to each address.

Check that the time of your authentication device is correct and try again. For Google Authenticator app you can find Time correction for codes option in Settings.

For paper-based two factor issues make sure you are typing only the six digits which are part of the two-factor code, not the digit from the first column which is the code counter.

When enabling two-factor you are asked to back up the mobile two-factor activation number on paper. Install the authenticator app on alternative device. You can also install it on PC too. Enter the activation number to Set up account menu in Authenticator app and then the Authenticator app will start yielding valid two-factor authentication codes again.

You can send only five trade requests per hour. If you have exceeded this limit you need to wait one hour before you can create additional requests.

First try reset password by email on reset password page.

In the case you have have forgotten and lost access to username, email and password which you have used with BitWallet, open a lost password support request and provide us information of:

  • Account username
  • Email
  • Phone number
  • Describe your latest actions on the site
  • Provide your IP address you have used to access the site (http://whatismyipaddress.com/)

BitWallet transaction and escrow services

If you want to purchase or sell bitcoins with bank transfer or other electronic payment methods without meeting the advertiser, the escrow service is here to protect you as a buyer or seller. It should be pretty fast as well - most sellers release the bitcoins within 10 minutes, and you can use them right away.

Only the buyer can cancel the trade. BitWallet staff will handle disputes. Each successfull trade will build up your reputation.

Very safe. The bitcoins are locked from the seller when they are in the escrow. The seller can only release them to buyer, or after 24 hours, file a dispute. Usually sellers strive to provide speedy service, and you will get your bitcoins fast. Sometimes delays happen, depending on transfer method, and patience is required. However there isn't a risk that the seller can run with the bitcoins. The seller can file a dispute, and then the BitWallet staff researches the case manually.

Advertisement prices are based on Bitcoin exchange rates. The Bitcoin exchange rate is volatile and may change rapidly. BitWallet updates its exchange rates and advertisement prices every five minutes.

When you open a trade request the exchange rate of the moment of sending the trade request is used. It may slightly differ what did you bid for, because the prices are constantly being updated. You see the used exchange rate in the trade discussion with your trading partner. If you do not accept the used exchange rate you can always cancel the trade.

When the price is floating, the purchased Bitcoin amount fluctuates with the Bitcoin exchange rate. The traded Bitcoin amount is determined when the trade is closed, instead of when the trade is opened. This reduces market rate risks in local cash transactions where the time between opening the trade and closing the trade can be several days.

The floating price is based on current bitcoin exchange rate variable. The seller can specify an additional margin on top of that.

Setting up advertisements

If you cannot find your exact location, please select the next biggest city around your location.

Some advertisements are marked as Trusted only. These advertisements are only available for your friends you have marked as trusted in BitWallet.

Making trusted people

To add people to your trusted list, you can invite your friends by email, visit their public BitWallet user profile or give trustworthy feedback after finishing a trade with them. You find people you trust under your profile.

Creating special deals for trusted people

To create a trusted only advertisement, check the option on the advertisement edit form.

The seller of Bitcoins decides trust. For a selling advertisement, only people who you have marked as trusted can access it. For a buying advertisement, only people who trust you can access it.

BitWallet system fetches market data, currency and Bitcoin exchange rates, every five minutes. Your advertisement prices are updated correspondingly.

Sometimes, especially when Bitcoin price is fluctuating fast, advertisements with the same price equation may display different price due to the asynchronous nature of the process. Also, sometimes market data is not available for some currencies, which leads to delays updating the advertisement prices.

The price of the purchase is determined on the moment the Bitcoin buyer sends in the trade request.

Disputes

If there are issues with a trade and it cannot be properly cancelled or finished you can start a dispute. Dispute is available only for trades where escrow protection has been enabled (always enabled for buy/sell Bitcoin online advertisements). In the case of a dispute, BitWallet support team manually resolves the trade.

Disputes are always specific to a trade where you are an involved party. A dispute can be started 24 hours after the buyer pressed Mark payment complete button or 24 hours after the escrow has been funded. After the payment window, Start dispute button appears on the contact page. You can find your old contacts from your profile page, under Dashboard.

A dispute can no longer be started if the Bitcoins have been released from the escrow. The Bitcoin seller should never the release escrow if they payment is not cleared. Transferring Bitcoins outside the escrow is a risk: BitWallet support cannot examine and clear any issues on them.

Dispute case examples

  • The Bitcoin buyer claims they have paid even if the Bitcoin seller has not received the money. It might be that the transaction simply takes longer than usual.
  • The Bitcoin buyer is not responsive, Mark payment button has been pressed. The seller's Bitcoins are held in escrow. The BitWallet support team will manually check the case for potential abuse, and cancel the escrow if appropriate.
  • The are issues with the payment: the bank account is temporary frozen due to money laundering and fraud checks. This may happen even if the transfer is legimate, as sometimes local regulation enforces banks to do this.

Only the buyer can cancel the trade. BitWallet staff will handle disputes. Each successfull trade will build up your reputation.

Feedback

Only your trading partners can change the feedback they have left. If you believe the feedback has mistakes you can contact your old trading partners through Closed contacts in your Dashboard and ask them to change the feedback..

BitWallet team never edits the feedback left by users.

Feedback from the banned users is automatically removed.

Bitcoin generally

You can send Bitcoins to anyone in the world from your BitWallet account. We provide you 4 ways of sending bitcoins.

Bitcoin transactions are confirmed by the Bitcoin network. Each individual computer in the Bitcoin network confirms the transaction, increasing the total confirmation count of the transaction. When the confirmation count of the transaction reaches a certain threshold, usually 3-6 confirmations, the transaction appears in the receiving wallets. Reaching six confirmations usually takes 5-15 minutes and you can follow the status of the transaction in various services, as described below.

To check the status of your Bitcoin transaction

  • Simply check your transactions page in your BitWallet to see the payment status and number of confirmations.
  • Click on Edit > View Details to view your transaction on the block chain.

The Results

  • You cannot find the transaction: the transaction never left from the sending wallet. Contact the provider of the sending wallet.
  • 0-3 confirmations or unconfirmed: the transaction has left the sending wallet and is still under way.
  • More than three confirmations: the receiving wallet should have received the transaction. Please contact the provider of the receiving wallet if the transaction still does not appear in the receiving wallet.
If the receiving Bitcoin address is outside of BitWallet service and the transaction has confirmations, please contact the provider of the receiving Bitcoin address. BitWallet cannot help with transactions that have left from the wallet. BitWallet cannot reverse the transactions.

Paid transaction fee affects how fast confirmations are registered by the Bitcoin network. BitWallet reserves this fee from your wallet.

Bitcoin transactions are irreversible, so once a transaction is initiated, there is no way to reverse it. Therefore you should investigate who owns the address and where did you get that address in the first place. Please note that same wallet can have multiple incoming addresses. Bitcoin protocol ensures that Bitcoins are not sent to address which does not exist, but they can be sent to address which is inactive or not controlled by anyone.

BitWallet is a web wallet. The Bitcoin transactions of sending and receiving Bitcoins are not connected to each other. If you are looking for your BitWallet Bitcoin address status in blockchain.info or other Bitcoin transaction exploration service, you may see unrelated transactions from your Bitcoin address.

This is how web wallets operate. You cannot make connection with incoming and outgoing transactions for the same Bitcoin address.