Q.What is SpendTheBits wallet app and is it only Bitcoin focused?
A.SpendTheBits is a cryptocurrency payment app built on top of XRP Ledger that will enable users to spend their cryptocurrency at low cost & fast speed hence it’s not Bitcoin-centered only. In future releases, we will add more cryptocurrency to facilitate crypto-to-crypto transactions but for now we are focusing only on facilitating Bitcoin transactions.
Q.Can I buy Bitcoin from SpendTheBits App?
A.Unfortunately, right now we do not support direct buy from SpendTheBits platform. However, you can buy Bitcoin from your local exchange or ATM machine
Q.Can I use SpendTheBits App to buy bitcoin from local exchange or ATM machine?
A.Yes, you can use SpendTheBits app to buy Bitcoin from local exchange or ATM machine. Simply sign up & login into SpendTheBits app, click on hamburger menu and click on “Fund wallet”. Our app will display Bitcoin main-net QR code address. Scan it on ATM machine using your Spend The Bits wallet & complete the funding process. Funds are available after first confirmation on Blockchain
Q.Why do I see a deduction in Bitcoin amount while funding SpendTheBits App when I setup/activate a new wallet on SpendTheBits app?
A.When users setup/activate their new wallet, XRP Ledger requires a minimum of 20XRP as a retainer fee to activate the wallet.
Q.How much 20 XRP cost in USD?
A.As of today April20, 2020, Time 2:48PM from Coinmarketcap – 20 XRP is equivalent to 3.64 USD.
Q.Why SpendTheBits app which is XRP Ledger based Wallet Require 20 XRP Minimum to activate the wallet?
A.20 XRP is a fixed one-time retainer fee to stop the spamming of the XRP Ledger. These 20 XRP will remain locked as enforced by the XRP Ledger protocol. In order to serve you better, we have automated this process to activate the wallet with ease.
Q.Why would I use SpendTheBits Wallet app?
A.Currently, spending Bitcoin is expensive with high transaction fee along with long waiting time. SpendTheBits app is powered by XRP Ledger to facilitate cheap & faster crypto transactions. Using our app, users can send & receive Bitcoin from any XRP Ledger-based address within seconds in a cost-effective way. At the end of the day who doesn’t love to save money, we know we do!
Q.Difference between SpendTheBits Wallet & any other traditional wallet?
A.SpendTheBits wallet is fully powered by XRP Ledger hence lowering the network transactions fee. Crypto transactions will settle anywhere within 3 to 5 seconds between Spend The Bits wallet to any XRP Ledger-based wallet or exchange.
Q.I have SpendTheBits Wallet app, can I send Bitcoin to any non-Xrp ledger based wallet address?
A.Right now, we only support transactions from STB to STB or STB. If you wish to withdraw your funds from STB app, use withdraw fund functionality within the app and get your Bitcoin back on any Blockchain or wallet of your choice.
Q.I have send Bitcoin to wrong address, can I get my funds back?
A.Entering the correct Bitcoin address is your individual obligation. Therefore, sending Bitcoin to wrong address may result in permanent loss of your funds. We recommend you to carefully enter the receiver Bitcoin address before initiating the transaction
Q.Can I have more than 1 account?
A.At this time, our policy is strictly one account per person. Attempts to circumvent this will result in one or all of your accounts being suspended/locked out.
Q.I am a US citizen, can i download & use SpendTheBits app ?
A.At this time, we are only serving Canadian market but expanding to USA & other countries is our topmost priority