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.
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.
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%
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.
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.
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!
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.
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.