Frequently Asked Questions – FAQ
Where can I download the BitLine App?
Download BitLine App from Android or iOS App stores. You can find additional information about Bitline on it’s website
How do I open an account and what do I need for the KYC process?
Download the app from the Android or IOS App Stores or go to this link to open a new account. (link)
if you wish to have a US-based account, here are the requirements:
- A valid US Social Security Number (SSN)
- You are eighteen (18) years of age or older.
- A valid US photo ID(e.g. Drivers License, ID card, Passport)
- A Valid US phone number connected to a smartphone with texting and camera access.
- A valid US address
- If an address is not listed on your ID, then you must upload a utility bill with your address from within the past 90 days.
- We DO NOT accept P.O. box numbers for a valid US address
- An active US bank account
- Your bank’s ACH routing number and your bank account number.
These are required to comply with United States law. There are no exceptions.
If you live outside the US or have international identity documents, here are the requirements:
- You are eighteen (18) years of age or older.
- A valid international ID(passport highly recommended)
- Avalid International phone number connected to a smartphone with texting and camera access.
- Avalid International address and proof of address.
- A valid Tax ID numberand proof of your tax ID number.
- An international bank account capable of international wires.
Do I need to set up a two-factor Authentication step?
Two-Factor Authentication (2FA) is an online security measure that helps to protect an online account from hackers. With two-factor authentication, hackers must not only get access to your email, but also a one-time code generated by an authenticator app on your mobile device.
We never want anyone except you to access your account, so we have instituted a two-factor identification process to our sign-in process in order to reduce the chances that someone other than you gains access to your account.
What is an Authenticator App?
An authenticator app is an app that adds 2FA to accounts you want to protect. When you set up your account for 2FA, you will receive a secret key to enter into the authenticator app. This establishes a secure connection between the authenticator app and your account. Once this secure connection is established, the authenticator app will generate a 6-8 digit code that is required to access your account, similar to the access code a website would email to you.
What makes an authenticator app secure is that it is constantly generating new, temporary access codes. Even if a hacker has your password, they would still need this access code to login. But because these passcodes are continually changing, it’s nearly impossible for a hacker to crack the code before a new code is created. In other words, for anyone to access your protected account, they must know your password and have access to your phone in a very short time frame.
How does one get an Authenticator App?
If you already have an authenticator app, by all means, use the one you already have*. If you don’t yet have an authenticator app, our primary recommendation is to use Google Authenticator. Google Authenticator is a best-in-class provider of two-factor identification. It is easy to use and quite versatile.
If you are uncomfortable using Google products, our second recommendation is to use “Authy”.
How do I reset my Password?
In order to reset your password please follow these few steps:
- Please click on the “Forgot Password” button on the Login screen.
- A new window will open, where you should enter the email address you have registered on your Bitline account.
- After that click on the “Click to verify” button and using the slider please move the puzzle piece and slide it in the right place.
- Click on the “Reset Password” button.
- The instructions on how to set up a new password will be sent to the email address you have registered on your Bitline account.
How can I get a report of my account history?
In order to download a statement of your full account history, including deposits, purchases, and withdrawals, please navigate to your Transaction Page (link), which can be found in the top-right menu of your Dashboard.
From there, scroll down to CSV Exports and click Download Deposits and Purchases CSV.
What is a “Bitline Transaction”?
A Bitline transaction is a conditional sale contract to pay a debt or to perform a conditional obligation. Bitline provides a conditional sale transaction to Vendors and secures that via customer digital assets. As an approved user of Bitline you may deposit digital assets with Bitline with the option for Bitline to liquidate these assets and issue a payment to a Vendor designated by you the user. Bitline provides a secure custody environment for your digital asset safekeeping and provides a list of vendors for the User to designate as the beneficiary of the guarantee.
Bitline will hold your digital assets in a secure custody and provide a guarantee to the Vendor of your choice. This Bitline transaction is only approved after all compliance and regulatory requirements are met and approved by both Bitline and your designated Vendor.
What is a “Vendor”?
A vendor is a business or merchant that can receive your Guarantee and thereafter issue you a credit for use with the vendor. Once you receive confirmation of your guarantee you can receive credit via the vendor’s cashier.
Can I deposit Bitcoin (BTC) and Ethereum (ETH)?
Currently, you can deposit Bitcoin, Ethereum, or Tether (USDT) to your BitLine Wallet. While it is likely that other digital assets will be added at a later date, your collateral is limited to these assets.
Can I fund my BitLine app with a bank transfer?
Currently, BitLine only works with cryptocurrency transactions. We do not yet permit fiat currencies. We do plan on adding fiat services in Q4 2023. We will keep you informed on updates and additions.
How does BitLine determine crypto currency values?
Applicable rates are indexed to those used by industry-leading platforms, as we may choose to use from time to time, in our sole discretion. We currently use rates provided by B2C2 and FTX. We may change these rate sources at any time and without giving prior notice or updating these Terms, and no claims regarding our choice of rate sources or rates made available by any third party are permitted.
How can I use my Bitline Transaction?
You choose a beneficiary (Vendor) to receive a Bitline Transaction from the Vendor menu located in the BitLine app. As vendors are approved and become apart of the network this list will expand. If you would like to request a specific venue not on our list, please do so by contacting us here.
Is there a minimum amount for a Bitline Transaction?
The minimum is $5,000 USD.
Do I have to pay a fee for Bitline Transactions?
The fee is 5% of the Bitline Transaction amount. If you unlock your Bitline Transaction after the completion of a 14 day term your fees will increase to 7.5%. If you allow your Bitline Transaction to close automatically at the end of a 30 day period, your fees will increase to 10%.
Can I have more than one active Bitline Transaction at a time?
Yes, you can have as many active Bitline Transactions as your collateral supports. All Bitline Transactions are vendor specific. While you can have many different Transactions, they are linked to the specific Venue. Understanding your maximum Transaction amount and specifying the amount you want to use at different venues is easily achievable through the application.
Can I have active Bitline Transactions issued to more than one vendor?
Yes, you may issue Bitline Transactions to multiple venues. Remember that the total value of your Transaction amount is dependent on your digital asset deposit. You can split this value to many different Vendors. Each Vendor requires their own Bitline Transaction but your Transactions can be split to different vendors.
Can I delete a Bitline Transaction once I have created it?
Yes, if you no longer want to apply your Bitline Transaction in your chosen venue, you can cancel your pending Transaction by clicking “Delete”. As long as you delete this Transaction before activating it with the Venue it can be cancelled and reapplied to a different venue.
Can I change the venue I selected for my Bitline Transaction?
Yes, you can. First, you have to delete your pending Bitline Transaction with the venue it was created. Then you can create a new Transaction in your desired new venue.
How do I activate my Bitline Transaction?
Once you have completed the KYC process and deposited your digital assets, you can then apply a Bitline Transaction to a vendor. Upon acceptance a QR code will be given to you which you must present at the cashier of the selected venue in order to activate your Transaction.
Can my Bitline Transaction be declined?
Yes, the Vendor can approve or decline your Bitline Transaction. There are many reasons why this can happen and there is a resolution process. If you wish to discuss any declined application, please contact us here.
What is a “Locked Bitline Transaction”?
A Locked Bitline Transaction is when the Vendor accepts your Transaction and your crypto collateral becomes locked. This is accomplished by turning in your QR code at the cashier of the Vendor. At this point, the benefits of the Transaction can be received.
What is an “Unlocked Bitline Transaction”?
An Unlocked Bitline Transaction is when you fully covered your Transaction and the vendor releases your locked digital assets. You can view all your Bitline Transactions and the balance of your digital assets on the Transaction page of the Bitline App.
What happens if I fail to top up and my digital asset value drops to 120% or less than the Bitline Transaction amount?
The total digital asset amount will be liquidated to settle any outstanding debts with your chosen Vendor along with any associated fees. Any remaining digital asset amount remaining will be released back into your BitLine wallet.
How many days do I have to unlock my Bitline Transaction?
You have 30 days to unlock your Bitline Transaction. Fees and rebates vary based on the number of days you use your Bitline Transaction.
What happens if I want to unlock my Bitline Transaction before the 30-day term is over?
If you unlock your Bitline Transaction before the completion of the 30 day term you may be eligible for a rebate on your Transaction fees. Transactions that are unlocked within 7 days will be eligible for a 50% rebate. Transactions that are unlocked after 7 days but within 14 days will be eligible for a 25% rebate.
Do I have to be in person in the vendor venue to unlock my Bitline Transaction?
No, you can either close the transaction directly from the Bitline Transaction page in your Bitline application, or you can also unlock your Bitline Transaction in person at the cashier of the vendor.