FAQ – Frequently Asked Questions
What is Bitcoin?
In the past many difficulties and challenges were faced by people by trusting banks and government such as manipulation of fiat currency, wait in a long line to deposit and withdrawal, slow do cross border payments, lower security in banks etc
To put an end to this centralized system from 1980s continuous effort was made by different cryptographer, developers, software engineers to create a decentralized and transparent payment system which would be untraceable by the bank, the government, or a third party.Finally,in 2009 the first decentralized cryptocurrency, bitcoin, was created by pseudonymous developer Satoshi Nakamoto, in order to protect the value of the bitcoin system he created only 21 million bitcoins.It is not controlled or issued by any bank or government – instead it is an open network which is managed by its users,and the last bitcoin will be mined only on the year 2140.
Already 6 or 7 million bitcoins is lost from users due to not having the private key. the lost bitcoin cannot be recovered. There are 36 million millionaires in the world and it’s not possible for each of them to have 1 bitcoin even. However, as One Bitcoin has 8 decimal places, its 0.0000001 satoshi might be valuable in the future.Because it is limited (21 million bitcoins) to a finite amount that will ever be created it’s value will only continue to grow. With thousands and thousands of retailers accepting Bitcoin transactions today and more coming on board all the time this will only accelerate the skyrocketing value.
In June 2009 1 BTC was about 0.0001 USD If you are reading this article after 9 years from the date of invention of bitcoin in 2018,1 BTC is 6575$.bitcoin is an improvement on existing payment methods which were not designed for the internet era.
IS BITCOIN HALAL?
In April 2018,the firm Blossom Finance based in Indonesia, published a 22-page working paper that declares Bitcoin and other cryptocurrencies compliant with Islamic financing or Shariah Law. Here is the FATUWAA
The value of Bitcoin increase as more people buy it. However, it also decreases as people sell,The value of Bitcoin comes down to basic economics scarcity, utility, supply and demand.Bitcoin is similar to gold, in the sense that it is scare – there is a limited supply – it will be capped at 21 million Bitcoins (that is all that can ever exist).
Any currency in acceptability if more number of people except a particular standard and are willing to exchange goods and services that stands as a currency.Bitcoin or any cryptocurrency does not require to be legal tender by any govt or authority. It is people’s money as long as people use it to Exchange it has a value.
Many countries like Germany,Australia, Japan etc Govt has approved Bitcoin as legal tender mean you can use it as a currency even can pay tax.
Who controls the Bitcoin network?
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
What is Bitcoin Mining?
Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions. the last Bitcoin will be mined in 2140 based on the block reward halving frequency of four years.
Is it too late to invest in Bitcoin?
It’s never too late to invest in Bitcoin.Because it is decentralized and limited to a finite amount that will ever be created it’s value will only continue to grow. With thousands and thousands of retailers accepting Bitcoin transactions today and more coming on board all the time this will only accelerate the skyrocketing value.
WHAT DOES IT MEANS TO INVEST IN BITCOIN AND HOW TO MAKE MONEY WITH BITCOIN?
investing in a cryptocurrency is different than investing in a regular stock.The most common form of “investing” in Bitcoin is buying the currency in hopes it will appreciate in value (also knowns as “hodling”)
In early days if someone wanted to make profit or extra income what they do is give the money to someone else or they deposit money in a website and there is a huge risk of scamming and escaping with the money.
But with bitcoin you simply buy bitcoin from us and keep it in your wallet and once its price is high you can cash out to us and receive MVR.There is no fear about theft, scam,account closing,hacking.This is considered to be a decentralized investment and it’s the smartest, easiest way that you can make money while you sleep at this time.
Note: when you buy bitcoin and keep it in your wallet it’s not like the old traditional centralized system like where you keep your money in the bank or PayPal account and whenever they want they can freeze the funds and close the account. But with bitcoin decentralized wallet, you become YOUR OWN BANK. when you create a wallet, you are given a private key which is 12-24 words that is used to recover your wallet when you forget your password or phone is stolen. No one can take that away from you unless you lose it yourself or host it with a web-based wallet service which doesn’t give you a private key like coin base wallet.This is the most common form of “investing” in Bitcoin.
Do I need a Bitcoin Account Before Buying?
With Bitcoin, there are not really accounts. Instead, you should have a Bitcoin wallet. If you want to store bitcoins, then a wallet is where you keep them. In Bitcoin these wallets are not called an account but a wallet functions almost the same way. The only difference is you are responsible for the security if your wallet rather than placing the security in the hands of a bank or trust.
Where can I get a bitcoin wallet?
Dhicoins is not a wallet service – we simply send the coins to any wallet you choose. To download a bitcoin wallet for free, you can visit blockchain l web-wallet.Desktop wallet Exodus,Android App,IPhone App, A short video showing how to create a Bitcoin wallet.
What is a Backup Phrase? How does it work?
Bitcoin users need to keep in mind that no one can help you if you forget the password there is nothing called forgot password in bitcoin wallet. After you launch your wallet for the first time,you are presented with a 12-24 word recovery backup phrase or private keys. Make sure you write down the words CORRECTLY and make multiple copies and keep it in a safe place where you can access after a long time even. If somebody gains access to these words, he or she may be granted access to your funds.Storing the 12-word phrase on your computer is dangerous because there will always be the danger of a security breach.
Note: when you buy bitcoin and keep it in your wallet it’s not like the old traditional centralized system like where you keep your money in the bank or PayPal account and whenever they want they can freeze the funds and close the account. But with bitcoin decentralized wallet, you become YOUR OWN BANK when you create a wallet, you are given a private key which is 12-24 words that is used to recover your wallet when you forget your password or phone is stolen. No one can take that away from you unless you lose it yourself or host it with a web-based wallet service which doesn’t give you a private key like coin base wallet.
Bitcoin is a very risky investment and may not be suitable for all members of the public and all types of investor,and you should keep in that in mind at all times.Never spend more money on bitcoins than you can afford to lose.
Before purchasing cryptocurrency, you must ensure that the nature,the value of Bitcoin increase as more people buy it. However, it also decreases as people sell,The value of Bitcoin comes down to basic economics scarcity, utility, supply and demand.Bitcoin is similar to gold, in the sense that it is scare – there is a limited supply – it will be capped at 21 million Bitcoins (that is all that can ever exist.
When is the Right Time to Buy&Sell ?
As with any market,nothing is for sure.Market is not predictable! The Buyer of bitcoin has a limited loss and an unlimited profit potential.Bitcoin is traded 24/7 and its price changes every second. Use tools like Bitcoin Wisdom or Cryptowatch to analyze charts from other Bitcoin trading sites.These charts will help you understand Bitcoin’s price history across the many global Bitcoin exchanges.
Bitcoin is also very unique compared to other markets in that it trades 24 hours a day and never stops.Most stock markets only open on weekdays from 9 AM to 5 PM. So many traders buy and sell bitcoins because it is a fun and fast market to trade.
What is the lowest USD amount of bitcoin I can buy?
Bitcoins are divisible,you can buy as little as $100 worth of bitcoin.Keep in mind you don’t have to buy a whole bitcoin.Each bitcoin is divisible to the 8th decimal place, meaning each bitcoin can be split into 100,000,000 pieces. Each unit of bitcoin, or 0.00000001 bitcoin, is called a satoshi,and you can convert any amount of fiat (MVR/USD )currency into bitcoin currency and vice versa.Most exchanges let you buy as little as $ 100 worth of bitcoins at a time.
HOW TO BUY BITCOIN AT DHICOINS ?
1) Sign up and verify your account on our website
2) Specify the amount of USD l MVR- BTC you’d like to purchase -All fees are included in that amount,that’s why we have created a calculator that will tell you the exact amount of BTC | Bitcoins you will receive.What you see is what you get.
3) Enter your bitcoin receive address
4) Send the payment to our Bank of Maldives account
Receive your bitcoin,once we’have confirmed your bitcoin receive address and payment you will receive your Bitcoin in the most convenient way within 10 minutes.
Terms and Condition for buying BTC at Dhicoins
According to Dhicoins terms and condition, we will not send a payment to any BTC investing/mining/trading site. As some sites are credited by 1 Confirmation or manually. This makes the users worried and tensed and might think we cheated them. To prevent all of these issues, payment should be done with the users own blockchain wallet address l Exodus wallet address or any other wallet. If any user use a site address to receive the BTC we will not take any responsibility for the delaylnot credited/missing. Before any transaction, we ask the user about the receiving wallet address and users should provide us the information honestly.
After a transaction is finished, we will provide a receipt with an output transaction hash id.This hash is a proof that your transaction is finished.
HOW TO SELL BITCOIN AT DHICOINS ?
1) Sign up and verify your account on our website
2) Specify the amount of BTC you’d like to sell.-All fees are included in that amount,that’s why we have created a calculator that will tell you the exact amount of MVR you will receive.What you see is what you get.
3) Send your BTC to Dhicoins BTC address.
Receive your MVR,your payment would be send to your BML account that you provided during your signup. It can take about 10 minutes to receive the MVR to BML account.Note:Your order will be processed once your bitcoin transaction has received 1 confirmations.
Terms and Condition for selling BTC at Dhicoins
It is strictly prohibited to use Dhicoins BTC receive address as a third-party withdrawal. (investing-mining- trading).Users should send their withdrawals to their own blockchain wallet or Exodus or any other wallet and from blockchain/Exodus wallet to Dhicoins BTC receive address payment should be done. As many investing sites are scams, during the withdrawal these sites show withdrawal done l Payment completed without any hash id to track the payment and sometimes due to system problems these payments would be in pending or never received. At this point we can’t do anything and won’t take any responsibility.
We want a clean transparent relationship with our customers.Due to any involvement of a third party we do not want to tarnish the reputation that we have earned.Users are requested to keep in mind the terms and conditions while dealing with us.
Dhicoins does not accept cash from any person.All payments should be done through Dhicoins website (www.dhicoins.com) via online banking. Therefore,users don’t need to give cash to anyone claiming to be representative agent or employee or team member of Dhicoins. Our team members won’t ask to transfer money via personal Facebook profiles so users should not send money to any account except the BML account given in Dhicoins website.If any changes come into BML MVR or USD account Bitcoin or Altcoin receiving address it would be notified on our Facebook and website.
Since Dhicoins started running in 2017,this has been the policy and we will keep that way for security and confidential purposes.We won’t take the responsibility of any loss to the user after sending or giving money to any other account or person.
How long does it take for a Bitcoin transaction to be confirmed?
On average, it takes about 10 minutes to find each block. The average block time can actually be slightly shorter or longer depending on if the total hash power of the Bitcoin network is growing or shrinking. transactions on the Bitcoin network itself aren’t controlled or confirmed by Dhicoins, However due to the increased popularity of the Bitcoin network confirmation times have increased quite a bit and can sometimes take op to an hour or more. If a transaction fails to confirm after 72 hours, the funds will be sent back to the original sender’s wallet.
How long does it take for Dhicoins to send my bitcoins once I’ve paid?
Dhicoins sends bitcoins immediately after both the client’s payment and wallet address have been confirmed. You may experience delays outside of business hours or in rare cases, regardless of the hours of operation.
What is a hash ID?
A hash (or the TX ID) is a unique address of your transaction in a blockchain. Mostly, the hash is a combination of digits and lower case (upper in Ripple) letters that represents a proof that money is sent. Whenever you make a payment, you receive a hash displayed in your wallet. It looks like this:
Hash should be located in a blockchain. Our support team may ask you to provide a hash. Sometimes it’s required to find your payment and resolve your issues, if any.
What To Do If You Have an Unconfirmed Transaction?
If your bitcoin transaction has not confirmed yet, you will need to wait for it to be confirmed by bitcoin miners. Since Dhicoins does not control confirmation times, there is unfortunately nothing we can do to speed up the process once your transaction has already been broadcast to the network. If the funds do not confirm in 72 hours, the mempool may drop the transaction and the coins should be returned to the wallet of the sender.
Can you cancel or reverse my bitcoin transaction?
No, bitcoin transaction can’t be canceled or reversed as it is directly connected to the bitcoin network.If you have sent the funds to the wrong bitcoin address by mistake, you may never see those funds again. The only way to get your funds back is if you know and have the contact information of the person who controls that bitcoin address. You can contact the receiver and ask to return your funds.
Bitcoin network transactions are designed to be irreversible and we don’t have control over them. Therefore, make sure you are sending your money to the right person and verify your transactions details before you click send.
Why does it say “Transaction does not exist”?
In the following cases, you may be told that your transaction does not exist:
1) Too low fee:
2) Node reboot: When a Bitcoin node is rebooted, synchronization of transaction data may be delayed. You can try again later. If the funds do not confirm in 72 hours, the mempool may drop the transaction and the coins should be returned to the wallet of the sender.
3) Previous transaction unconfirmed. Your transaction can’t be confirmed if previous transactions connecting to yours are unconfirmed. You’ll need to wait till all previous transactions are confirmed first.
How To Avoid Delayed Transactions?
Transaction fees vary by the size of your transaction, and not all transactions are the same size. The fee for same sized transactions also depends on how busy the bitcoin network is at the moment If you want very fast confirmations, set the dynamic fees to choose the fastest fee possible. Dynamic fees are calculated by the wallet by analyzing the current state of the network and determining an optimal transaction fee from there. Because the state of the network constantly changes, the optimal transaction fee calculated one day may not necessarily be the best fee for the next day. Most wallets have a feature which dynamically calculates the rate based on network congestion. you can look up the optimal fee rate on sites like bitcoinfees and set the fee rate for each transaction based on those sites.
How can I prove that a Bitcoin transfer was made?
By checking blockchain.info and copy and paste the TIN (Transaction Identification Number) you will be able to see the records of the coins that were sent to or from your address. You can also check any other site that offers bitcoin transactions also known as TIN’s.
Why Should I Buy Bitcoin Instead of Mining?
A long time ago anyone could mine bitcoins on their computer at home. Today, only specialized computer hardware is powerful enough to do this.
Think about it like this: Should you buy gold or mine gold? Well, to mine gold you need big powerful machines, a lot of time, and money to buy the machinery. This is why most people just purchase gold online or from a broker. So Bitcoin is no different. You should just buy some if you want coins without trying to mine.
Why must I provide my personal details?
As part of dhicoins.com policy to prevent money laundering we request our clients to identify themselves if we cannot identify you we will not do business with you.
WHY PEOPLE CHOOSE DHICOINS?
These days,many people including Maldivian investors are getting scammed by fake websites and individuals by offering bitcoin and altcoins at a lower price than the market or unbelievable cheap price.
Below show reviews of people who got scammed from famous bitcoin exchanges.According to researches the 3 most major problems that people face while investing in bitcoins are:
1) Slow processing,low daily limit,not responding,hidden fees, pending of processing for days and months or Not receiving the amount of bitcoin you expected and while buying/selling of bitcoin fees are deducted from the BTC amount.
2) Buying bitcoin with a credit card can be a bit trickier and more expensive than local bank transfers,These details are then taken by a third party/inside job for theft. Therefore, many credit card companies blocked the use of credit cards to purchase cryptocurrency due to the limited mainstream acceptance and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market.
3) Not able to withdrawal your funds in USD or EURO due to system problems these payments would be in pending or never received or accounts get freezed.
Press the link below to see cases in which credit card details were given and the story of those people such as unauthorized transaction, slow processing, missing funds, hidden fees, pending of processing for days and months or never received.
However, at dhicoins customers do not face these problems.
1) Apart from the buying amount other exchanges can’t tell you and you wouldn’t know how much your bank is going to charge for the bitcoin purchase in advance. but at dhicoins our rates are final,transparent and You will be charged only the amount you specify during your order in our calculator. All fees are included in that amount, that’s why we have created a calculator that will tell you the exact amount of BTC | Bitcoins you will receive.Also we offer a higher daily buy limit of 3000$ worth Bitcoin and Altcoin.
2) We carry out our services by bank transfers and we do not take any visa card details of the customers while buying bitcoin and we do not request customers phone number while signing up in our website.This is considered to be the safest way to buy bitcoin in today’s time Our service has become known as the fastest and most trusted and reliable bitcoin exchange in Maldives since 2017.
3) You can sell your bitcoin at Dhicoins at any time.We only take 10 minutes to process the transaction once your bitcoin transaction has received 1 confirmation. your payment would be send to your BML account that you provided during your signup at dhicoins you are requested to send the BTC at high fee for faster transferring.
There is a significant difference in bitcoin rate in your bitcoin wallet and the market exchange rate. And Xe currency app.some time the exchange in Xe might be lower than that of market exchange and vice versa.Therefore bitcoin rate always fluctuates.
* Clients of dhicoins can directly buy Bitcoin or other cryptos with MVR l USD via their bank account transfer,Almost instantly.Bitcoin rates are usually at a higher price with hidden fees in many exchange sites,but at Dhicoins the exchange rate is always set at a cheaper rate.
* No fees on deposits.
* No credit-debit card details required (no fear for unauthorised transaction,
credit or debit card details hacked-leaked, other bank fees).
* No hidden fees while buy sell deposit withdrawal.
* No waiting for confirmation-verification-crypto withdrawals.
* Crypto withdrawals are processed within 10 mins.
* Almost instant account verification within 10 mins.
* Higher daily buy and sell limit than other International Exchanges.
* final amount is more transparent than other International Exchanges.
* super fast support via Facebook.
* Cheaper than other online International Exchanges.
* Users who buy Bitcoin from us and give a like and review on our page can receive a bonus gift (not fixed) at the end of the year 2018. Gift either can be in MVR or crypto, that will be decided by the our management at the end of the year 2018.
Running smoothly since 2017.The service has become known as the fastest and most trusted and reliable bitcoin and alt coin exchange in Maldives.