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FAQ

Cryptocurrency

Cryptocurrency is basically electronic cash; it is a digital asset. The word currency is pretty self-evident: money. The word "crypto" refers to cryptography; which can be defined as "the art of writing or solving codes". 


Instead of using conventional banking systems to transfer funds, cryptocurrency is a direct (peer-to-peer) remittance system. It can do this because it uses a public ledger to validate all transactions. 


a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. - Wikipedia - Cryptocurrency


For a fully detailed introduction to cryptocurrency please visit our guide by clicking here: Cryptocurrency: Introduction.


Bitcoin is a type of digital currency that isn't produced the same way other currencies are made - by printing - they are instead created by what is referred to as miners. Miners generate new Bitcoins by solving complex mathematical equations (cryptography). While miners continuously try to solve these complex equations they need to use the public ledger to do so and, at the same time, end up verifying all previous transactions in the ledger.


Brief History

Bitcoin's origins are a little bit of a mystery. It was invented by an unknown programmer(s), under the name Satoshi Nakamoto. It was released to the public in January 2009. The smallest unit of Bitcoin - 0.00000001 (10-8) - is called a Satoshi.


The Ledger

As opposed to a Bank's ledger - only the bank can see the transactions (Centralized), Bitcoin's ledger is made public (Decentralized). Instead of using your name, transit, and account number to link transactions to you, Bitcoin uses addresses. This means that your personal information is never shared and becomes as anonymous as giving someone cash (sort of).


Cryptocurrency Guide

To learn more about Bitcoin and how it works please visit: Cryptocurrency: Introduction.

Ethereum (Ether) is a decentralized cryptocurrency which allows remittance on a peer-to-peer basis.


To read more about cryptocurrency and how it works please visit our guide here: Cryptocurrency: Introduction.

A cryptocurrency wallet, just like any other type of wallet, is used to store your money. In the case of cryptocurrency, it stores your Bitcoin or Ether. Also like a wallet, if you lose it, you risk losing your cryptocoins; this is why it is imperative that you backup all your access codes and/or addresses and keys.


You can download/install any wallet of your choice, however, it is recommended to install a cryptocurrency wallet from a trusted source. Never leave your Bitcoin or Ether in the hands of others unless you would trust that person, or company, with cash; it's always best to transfer your coin to a wallet that is completely controlled by only you.


For a fully detailed step-by-step guide on wallets, where to find them, etc., please visit the following page: BuyXBT Guide: Cryptocurrency Wallets.

Buying Cryptocurrency

Buying Bitcoin from us is a simple as checking out a product on any web store (i.e. Amazon). The quickest way to buy Bitcoin from us would be to click on the link in our menu in the top left-hand corner of your screen. Click on "Buy Bitcoin" and you will be brought to our buy Bitcoin page. You can also click on the following link: Buy Bitcoin.


Once you are on the Buy Bitcoin product page you can select the amount of Bitcoin you would want to update the cost. Please note that the amount is defaulted to 1 Bitcoin, so that it represents our rate in Canadian dollars per Bitcoin. The order total amount is the exact amount you will pay, there are no fees that will be added to this amount. 


If you would like a full step-by-step guide on buying Bitcoin from us please visit: Buying Cryptocurrency.

Buying Ethereum (Ether) from BuyXBT is as simple as checking out a product on your favourite web store (i.e. Amazon). Simply click on the "Buy Ether" on our main menu at the top left-hand corner of your screen. You will then be taken to our Buy Ether product page. Alternatively you can also click here: Buy Ether.


Once you are on the Buy Ether product page you can choose the amount of Ether that you would like to buy. The amount is 1 Ether by default, so that you can see our rate on a per-Ether basis. The amount added here will the exact amount to pay after checkout, there are no fees that will be added.


If you would like a full step-by-step guide on Buying Ether from us please visit: Buying Cryptocurrency.

Payment Methods

We offer you many different Payment Methods to pay for your purchase of cryptocurrency. On the You will notice that some payment methods listed below aren't like conventional web stores that offer payment by Visa, MasterCard, PayPal, etc.


Note: Much like a regular currency exchanges we need to offer methods that are more secure than credit cards and other payment gateways. This ensures security for our customers and for us. Also, we can only accept Canadian Dollars at the moment.


Below you will find a list of all our accepted Payment Methods. We will be adding more options in the future, so please check back regularly. 


List of accepted Payment Methods:

  • Cash Deposit [Links will be to FAQ below]- We currently offer cash deposit at all major financial institutions. These include: TD Bank (preferred method), RBC, BMO, CIBC, Scotia, Laurentian, and Desjardins. You simply walk up to the cashier, with the exact amount in cash, and make your deposit directly into one of our accounts.
  • Cash in the Mail - You can choose to send payment for your purchase via Cash in the Mail to one of our secure mailboxes. This is one of our slower payment methods, but customers seem to like it. We strongly recommend an option that provides tracking. The cash that you send in the mail is your responsibility (we have no way of tracking it). Also, the cost of mailing the cash is covered by the customer. Please see our Delivery Terms to find out more about mailing delays.
  • Interac eTransfer - Our customers can send us an Interac eTransfer to pay for their order. Our email address, to accept the transfer, will be sent to your email after completing your order. There are limits to sending and receiving these types of transfers (subject to bank policies) and thus we may need to disable this from time to time, if we've reached our limits.


To get more detailed explanations on our Payment Methods, click any of the above from our list and you will be taken to the FAQ for that payment method. Alternatively, you can also get a fully detailed step-by-step guide on how to use our Payment Methods by clicking here: Payment Methods.

A Cash Deposit is done at a bank at the teller counter. After placing your order, you will receive an email containing instructions on how to deposit the cash and to which account and transit number to do so.


To pay for your order you would bring the exact cash amount to the bank you choose during the checkout process. And then ask the cashier to deposit the cash into the account we provided.


To receive payment for selling your cryptocurrency, we would deposit the exact cash amount into the bank account you provide in your BuyXBT Customer Account.

To find out about our Cash in the Mail Payment Method, please visit the following link: Cash in the Mail Payment Method.

To find out more about Interac eTransfer as a payment method, please visit the following link: Interac eTransfer Payment Method.

Selling Cryptocurrency

Selling Bitcoin to BuyXBT is as easy as 1-2-3-4. Simply visit our Sell Bitcoin product page, choose the amount you want to sell to us, place your order (Checkout), and then send us your Bitcoin. When we receive your Bitcoin we will send you the amount (based on confirmed rate) for your coin.


Payout Methods

Our payout methods include:

  • Cash Deposit - We'll make a cash deposit into the account of your choice at all major financial institutions.
  • Cash in the Mail - We'll send you your order amount via Canada Post.
  • Interac eTransfer - We'll send you your Bitcoin value by Interac eTransfer (subject to limits).
  • PayPal - We'll send you your order value by PayPal.


For more details, and a step-by-step guide on how to sell Bitcoin to us, please visit: Selling Cryptocurrency.

Selling Ether to BuyXBT is as simple as 1-2-3-4 (just like selling Bitcoin).

 

First Step

Visit our Sell Ether Product page and enter the amount of Ethereum that you would like to sell to us. Once you are satisfied with the amount entered on the Ether product page, click the "Add to Cart" button. Then click on the cart icon [insert image] and then click on "Checkout".


Second Step

You will now be brought to our Checkout page. If you aren't registered with us already, please fill out the form in its entirety. If you're already one of our customers, please sign in. Review the details on the checkout page to ensure all seems correct. Choose you preferred Payout Method.


Third Step

Read our Privacy Policy and Terms & Conditions (links are located at the bottom of the Checkout page) carefully. If you agree to these, then click on Place Order button.


Fourth Step

You will receive an email that includes the details of where you should send your Ether to. Once we have received the Ether, we will pay you the order total, based on the Payout Method that you selected during the checkout process. 


For a fully detailed guide please visit the following page: Selling Cryptocurrency.


Payout Methods

For a complete guide on all our Payout Methods please visit: Payout Methods.

To learn more about PayPal as a payout method please click here: PayPal Payout Method.

To learn more about our Cash Deposit payout method please visit: Cash Deposit Payout Method.

To learn all about our Interac eTransfer payout method visit: Interac eTransfer Payout Method.

To learn more about our Cash in the Mail payout method please visit: Cash in the Mail Payout Method.