Frequently Asked Questions

The following is a collection of the most frequently asked questions. We will make sure to keep it updated whenever possible to answer all upcoming questions.

General

We allow everyone from any region to use our platform and perform online/global as well as offline/local trades without asking them to verify their identity (no KYC) unlike most other exchanges do. This is only possible if we stay anonymous, too. We kindly ask you to respect this.

What we can reveal is that all our team members are involved into cryptocurrencies for many years. We have seen many projects come and go and have learned from the mistakes of others. Trusting in us means trusting in people who value the latest technologies and well established methods. Our developers are experienced in security vulnerabilities and have already discovered and reported many of such on other platforms.

You probably also don't know who Satoshi Nakamoto is but still you trust Bitcoin, don't you? We believe that we don't necessary have to do without anonymity to build trust. In cryptospace it is important to put trust into projects themselves rather than putting trust in the people behind those.

Always remember: Be your own bank! We suggest not keeping too much funds in a web wallet. You should never deposit too much money on any exchange, only deposit as much as you need to complete a trade. On bitsburg you don't need to make deposits to find trade partners and communicate with them, you only need to do so before you're funding a trade and thus profit from our escrow service. This is generally very important to protect yourself from scammers and hackers.

If you really want to put your trust into the people behind the project rather than the project itself, become a part of our community and you will get to know us and notice that we're very friendly and helpful.

Although we're working on this project for more than a year now, we're still in the early stages. We put the main focus on security and have run thousands of scenarios against our system to identify possible vulnerabilities. Nobody can, however, guarantee that a platform is completely free of more serious bugs, especially because they can also be located in used libraries. Open Source can help to more easily discover and fix bugs but can also lead to bugs being abused. Please also refer to Ledger to read more about this topic.

As we're not decentralized it wouldn't help us building trust either because we're still hosting this specific platform. Also do latest hacks against DeFi projects show that Open Source and decentralization is not always the safest way to go, it can actually be much safer to put trust into the experienced ones.

Currently our platform is only available in English but we're already working on translations. Automatic translations are not very reliable, so we're doing this manually which is a lot of work and thus time consuming. Hence we can't tell you when a specific translation gets added. Especially can't we tell you which translation is added next because we first have to analyze which one is required the most.

Our website is completely free to use, however, fees are charged when withdrawing Bitcoin from the wallet to cover network fees and protect ourselves from abuse that could harm us. Additionally, we charge fees from sellers for every completed trade to cover our costs (mainly hosting, marketing and rewarding the team).

Withdrawal fee: ₿0.0004 to external wallets, internal transactions are free
Trading fee: 1%

You find your statistics at the bottom of the subpage "Overview" in your dashboard.

To change your email address and password navigate to the "Account" subpage within the "Settings" page.

Besides choosing a good password, you can also enable 2-Step authentication which prevents others from accesing your account and funds. To do so navigate to the "Account" subpage within the "Settings" page.

Navigating to the "Sessions" subpage in your dashboard shows you all devices which you are currently signed in on and a history of all your sign ins. Should you recognize that a stranger logged into your account you should immediately change your password and log out that session.

If you were not logged in for more than 10 minutes we will inform you about new notifications via email.

To get in contact with us you can simply use the contact form or send us a message via one of our community channels being Bitcointalk, Discord, Reddit and Telegram.

Profiles

Profiles provide you with information about a user. Besides the name and an avatar, these include the rank, the feedback score, when the user was last active, detailed feedback that the user received and offers of the user.

If you are logged in you can also block and trust users from within their profile. Users that you trust or block are listed in your dashboard. If you block a user they can still send you trade requests but you will not receive notifications from those users anymore resulting in these trades to timeout.

  • User: All new users have this rank.
  • Trader: Complete at least 1 trade.
  • Bronze Trader: Complete at least 10 trades with a total volume of at least ₿0.01 and achieve a positive feedback score of 70%.
  • Silver Trader: Complete at least 100 trades with a total volume of at least ₿0.1 and achieve a positive feedback score of 70%.
  • Gold Trader: Complete at least 1,000 trades with a total volume of at least ₿1 and achieve a positive feedback score of 70%.
  • Diamond Trader: Complete at least 10,000 trades with a total volume of at least ₿10 and achieve a positive feedback score of 70%.

Team members have the rank Moderator or Administrator. Please note that team members will never trade with you, never ask you to send funds anywhere and never ask you for personal information such as your password!

To upload an avatar and thus customize your profile navigate to the "Profile" subpage within the "Settings" page.

Trading

We're a Bitcoin trading platform but you can also deposit altcoins via our partner CoinSwitch which are then automatically converted to Bitcoin. Just keep in mind that you might be charged a conversion fee for this service.

As one of the choosable payment methods are altcoins and goods, you can also trade Bitcoin for altcoins/goods and vice versa on bitsburg.

There's a limit of USD100,000,000 per trade but there's no limit in the amount of trades you can do.

There's neither a bond required, nor anything else. If you want to trade on bitsburg just create an account and start browsing offers or post your own.

To prevent coin lockers, sellers decide when they fund a trade and thus who they want to trade with. You don't even have to make a deposit before you fund a trade.

To find trade partners you can either browse offers or post an offer (login required). Your own offers are also listed in your dashboard where you can edit them.

When you are logged in and view a trade you can directly enter the amount and send your possible trade partner a trade request. The trader partner will receive a notification and hopefully get back to your shortly whereby you receive a notification again. Both of you will receive notifications whenever a trade action is done or a message/attachment is sent in the chat. Additionally, active and completed trades are both shown in your dashboard.

It is the time left for a buyer to mark a trade as paid before it times out and thus gets canceled automatically.

As seller you can only cancel the trade before you funded it.

In such a case a dispute can be opened whereby a moderator may decide after both parties were given the possibility to describe their view. Buyers can open a dispute if the trade was previously funded, sellers can open a dispute if the trade was previously marked as paid.

When a new trade starts the buyer and the seller can first communicate with each other. As long as the trade is not funded by the seller a warning is shown to the buyer suggesting not to make the payment yet. If both parties agree with the trade conditions the seller can fund the trade whereby the Bitcoin amount requested by the buyer gets locked. Once this happened the seller can't cancel the trade anymore. In the next step the buyer has to make the payment and mark the trade as paid. Now the seller can release the Bitcoin to the buyer. The buyer can still cancel the trade or in case of a conflict a dispute can be opened by both parties to invite a moderator who will help clarifying the situation.

Wallet

To make a withdrawal navigate to the Wallet page. Here you also find a history of all transactions concering your account. We additionally notify you about any transactions.

We require 3 confirmations before we count your deposit as completed. This is a necessary step to prevent double spends.

Withdrawals can take longer than usual if the hotwallet is empty. We store most of the funds in coldwallets which we do to protect your money. Rest assured, whenever this happens we receive a notification and will fill up the hotwallet again whereby your withdrawal will automatically continue getting processed.

Yes, you can. And the best is that when sending Bitcoin from a shared wallet they are not necessarily sent from your own address which makes it hard to trace you and thus is a real alternative to mixing services.

Affiliate

Affiliate is a program where you get rewarded for referring new users. Basically you tell them about bitsburg and ask them to create an account through your referral link. Then you earn a revenue on all sales of users that created an account via your link.

If you participate in the affiliate program you earn 0.5% on all sales of your referrals. There's no maximum of referrals that you can invite to bitsburg.

To become an affiliate you simply have to share your referral link which you can find on the "Affiliate" subpage in your dashboard. You may send it directly to your friends, post it on communities, put it in signatures or even use it with ad banners.

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