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PLUSBIT-WALLET-KNOWLEDGE-BASE

Wallet

What is PlusBit Wallet?

PlusBit is a software platform only and does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds. PlusBit is not a bank or financial institution and does not provide investment or financial advice or consulting services to users of the Services. We are solely the provider of the Services. You are fully and solely responsible for evaluating your investments, for determining whether you will exchange blockchain assets based on your own.

What can I do with the PlusBit Wallet?

With the PlusBit Wallet you can:

  • Store funds in Bitcoin (BTC), DASH, ILCoin (ILC) and ZEL.
  • Send and receive cryptocurrency.
  • Pay invoices.
  • However, there are some things you cannot do with any true crypto wallet, including the PlusBit Wallet:
  • Store fiat money (USD, EUR, JPY, etc). In a true wallet you store cryptocurrency.
  • Send funds directly to bank accounts.

Simple account creation using just a username & password (no printing of PDFs, writing down pass phrases, or adding encryption settings)

After installing the PlusBit multi-asset platform, a new user is prompted to create a username and password. The username and password (login credentials) should be unique and strong, ones not used for other services/logins and not easily guess-able or personally identifiable.

No account, login, or private key information is stored remotely by PlusBit; treat your username+password as you would a mnemonic passphrase or private key as it cannot be recovered if lost/forgotten. Since no personal data is stored by PlusBit, your private keys are generated by PlusBit on each login, and an account is registered to a specific device. If you wish to have access to the same account on desktop and mobile, you must register the exact same username+password locally on the new device, then login.

How do I enable/disable assets?

You can enable assets by tapping "Add Asset" at the bottom of the portfolio screen. This will take you to the new screen where you can toggle on the assets you'd like to display in your portfolio. You can hide assets that you don’t want to see by tapping "Remove Asset" at the bottom of the portfolio screen. This will take you to the new screen where you can toggle off the assets you'd rather not see.

How do I receive crypto?

Receiving deposits to your wallet can be accomplished in just a few simple steps!

  • Open PlusBit and scroll to find the asset you'd like to deposit, and tap on that asset line.
  • Tap the "Receive" tab on the screen.
  • Here you will see your address in plain text and as a QR code.
  • You can use this address to receive funds from another wallet, an exchange account, or from a friend who feels like sharing!

How do I send crypto?

Sending coins to your wallet can be accomplished in just a few simple steps!

  • Open PlusBit and scroll to find the asset you'd like to send, and tap on that asset. Tap the "Send" tab on the screen.
  • Paste the address you'd like to send to or you can use the QR reader by clicking on the QR icon.
  • Enter how much you would like to send. You can write this manually or use "Max" to send all fund.
  • To set the fee you want, select one of the options "Economy", "Standard" or "Fast".
  • Finally click the Send button. Voila! You just sent your transaction

Adjusting transaction fees in the wallet

In cryptocurrencies, a transaction fee (or shortly fee) is a payment to the miners for adding a transaction into the blockchain. When a transaction has been included in the blockchain, it is considered confirmed. The size of the fee sent with the transaction determines the confirmation time.

PlusBit wallet allows for a custom fee rate to be set which allows users to select their level of urgency: Economy, Standard or Fast. Customizing your transaction fee can help you save extra fees if you are not in a hurry. Choose "Fast" if you require fast confirmation or "Economy" if you can wait a while to save on fees.

PlusBit Wallet doesn't has feature a slider by which the tx fee 'satoshi per byte' can be adjusted manually. This is not recommended for new users. Setting the transaction fee too low may result in your transaction being stuck indefinitely.

Send "Max" feature in the wallet

  • Open PlusBit and scroll to find the asset you'd like to send, and tap on that asset. Tap the "Send" tab on the screen.
  • Use "MAX" button to send all of the available balance (excluding the network fee).
  • Check all the information before sending and click Send X amount.
  • Success! You’ve just sent an asset.

How do I see transaction details?

You can review your transaction history and details from the wallet section of your PlusBit.

  • To start, open PlusBit and tap on the related wallet icon on your portfolio screen and then tap the "Activity" tab on the screen.
  • You will see a summary of the asset's price, market value, and your balance.
  • From here you can scroll down to see your transaction records.
  • To see more details about a particular transaction, click on the item you're interested.

How to change the local currency?

You can see your total balance and cryptocurrency price in your local currency. You can change the currency from USD to other fiat currency by tapping "Settings" at the bottom of the portfolio screen.

  • Click on the sign of settings in the right bottom corner.
  • You will see the available functions. Choose "Change fiat currency".
  • You will see the list of currencies.
  • Search for the currency you would like to choose from the drop down menu and click on it.
  • Now your balance is shown in the chosen currency.

How to use a Fingerprint (Touch ID login)?

The fingerprint feature is here! Read this guide on how to enable it on your device.

  • Open the wallet.
  • Click on the sign of settings in the right bottom corner.
  • Click "Enable Biometrics"
  • That’s it! Now you can enter using the fingerprint.

How to log out?

Every transaction in your wallet is protected with a password. All the sensitive information, such as your private keys and your backup phrase, is protected with a password as well. That way, even if you leave your wallet open on your mobile device, you are secured enough. Still, if you want to close the wallet completely, there is a simple way to do it.

  • Click on the sign of settings in the right bottom corner.
  • And click Log out.
  • That’s it! You are out of the app. You will have to log in to enter again.

What happens if I "Delete Wallet?"

If you click the delete wallet function it will remove all wallet data. If you then create a new account with the same username and password you will restore your wallet.

Security

Open source code

We believe in trust through transparency. Our core wallet technology is, and will always be, open-source and free. Check us out on Github: https://github.com/PlusBitPos/PlusBit

Can PlusBit Wallet Team have access to my transactions/keys/phrase?

The simple answer is – no, PlusBit Wallet Team cannot monitor your wallet or private information such as keys or backup phrase. We don’t store your private information, we are a decentralized wallet. You are the master of your funds and their safety. The wallet only belongs to you, because you control your private keys. This gives you great freedom.

I received an email from PlusBit Wallet Team, asking me to provide my private key/login credentials

Never share your private key/login credentials with anyone, including the members of our team. If you are asked to provide your private key/login credentials, you are communicating with a scammer. Your private key/login credentials – is the key to your funds. If somebody will have it, your funds can be stolen.

We advise being very careful when it comes to your private information. If you have received an email from similar to no-reply@plusbit.tech, info@plusbit.tech addresses asking to provide your private key/login credentials – that’s a phishing attack. A phishing email may ask you to follow the link, to reply to a different email, share your private information. Never do this!

I forgot my username/password. How can I recover them?

PlusBit does not keep a copy of unencrypted password locally nor remotely. Due to this feature, there's no way to retrieve the password nor to change it. When you lose (or forget) either username or password, you will lose access to your wallet PERMANENTLY. Thus it is IMPORTANT and IMPERATIVE that you keep a copy of your information somewhere safe.

How to back up PlusBit Portfolio?

PlusBit uses your username & password to generate your addresses and access funds. Your username + password is your backup phrase. Don't share it with anyone! A single different character in username or password will create a different set of addresses (e.g. a capitalization, space, order of numbers, etc.). Ensure you secure your EXACT username + password to access your account. Store in a secure location. This is your only backup option to restore PlusBit.

There are individual private keys in WIF (wallet import format) for each asset. Back up each WIF private key that holds assets to maximum protection. Go to Settings tab, click the Private Keys, print your backup document and store securely.

As a result, it is the responsibility of the user to properly manage their credentials. If they are lost, it is not possible to access your account. Again, this is why it is a good idea to back up this data in a safe place. If you don’t own your private keys, you don’t own your bitcoins or any other altcoin. So even if you lose your password and username, you can recover your money with your private key.

What are private keys?

Private keys are a crucial part of how crypto assets work. Private keys in the context of blockchain assets prove ownership of assets associated with a particular wallet address and allow you to access and spend the assets in that address.

Where are my private keys stored?

The private keys to your blockchain assets are generated and encrypted locally and stored on your device. These keys are never stored in the cloud and they remain 100% in your control.

How do I view my private keys?

To reveal your private keys, go to Settings tab, click the "Private Keys", copy your WIF private keys and store them securely. There are individual private keys in WIF (wallet import format) for each asset. Your Private Keys are everything. They control your assets and that is why it is important to keep them very safe and secret. So when you first create a wallet you are required to write down your private keys.

What if PlusBit goes out of business? What will happen to my assets?

Even if PlusBit goes out of business, you have full control over your private key, so your assets are safe in your device.

What if I’m a beginner in digital currencies?

PlusBit is a great wallet for beginners! We put a lot of effort into usability, and our support team is always there to help.

What happens if PlusBit’s servers are hacked?

All of your information is encrypted on your device, and only you have the key! So hackers won’t be able to access your data.

Does PlusBit have fees to send or receive?

Almost all blockchain transactions incur network or miner fees (with a few exceptions). Other than the fees that go to the network, PlusBit does not charge fees for sending or receiving.

Assets

What is Portfolio?

Portfolio hosts all the assets supported by PlusBit. To use a asset simply click on it's icon to bring you to the assets wallet page.

Which cryptocurrencies are supported?

  • Bitcoin (BTC)
  • ILCoin (ILC)
  • Dash (DASH)
  • Zel (ZEL)

Don't see your favorite currency? Submit a request and we'll add it to our list!

Others

Which companies are partner with PlusBit?

PlusBit is using the ZelCore explorers developed on Flux. PlusBit is powered by ZelCore and we’re just getting started! On the other hand ZEL, DASH and ILCoin are early supporters.

How do I contact PlusBit support?

To contact us with any questions, concerns, or feedback, simply click social media icons from the "Settings" section of your mobile wallet. Or send email to info@plusbit.tech.