Frequently
asked questions

How to register an account on Cyber Credit?

To register for an account, simply return back to Cyber Credit home page and click on the ‘Register’ button. You will then be directed to a registration page. Please fill out all the required information to open an account.

How can I improve the security of my account?

First of all, you need to secure your email account to the maximum extent. Please refer to your email service provider to learn the important steps of how to secure your email account.

For Cyber Credit account, you will need to enable Google authenticator (two-factor authentication).

• The two factor authentication mobile App feature will protect your account in minutes.
• The first step is to download and install the app for your mobile phone or desktop computer.
• The second step is to make sure you keep a written copy of the google authentication key and store it in a safe place. If you lose or change your device the key will be needed. ​
• Scan QR barcode revealed with mobile app and enter the Authentication code given by your mobile app in the box and click "Enable" button.
• The two-factor authentication has been enabled now and you will require six-digit code from your mobile app every time you sign in to your Cyber Credit account.

What benefits will I gain once I join Cyber Credit network?

You can earn interest with Cyber Credit lending programs. If you are a token holder, you will benefit from capital gain by buying low and selling high. You will also be able to build your own credit profile and start doing business with other verified members on the network. Once the On-The-Grid merchant system is online, you can also sell your goods and services for cash or tokens of your choice.

How to deposit and withdraw crypto-currencies from Cyber Credit?

Please log on to your back office page. From there, you can choose the crypto wallet to want to make deposit or withdrawal. Simply input the desired amount and your Google Authentication code to proceed accordingly.

How do I buy CYB tokens?

First, you will need to register a Cyber Credit account. Next, you need to click on ‘Buy Token’ tab, fill in the amount of tokens you want to make purchase. Next, you will need to deposit Bitcoin/Ethereum to your back office wallets and make the purchase.

How does Guaranteed Buy Back program work?

You can get your money back if you’re not satisfied with Cyber Credit via the GBB program. Conditions are as follow:

• The buyback period will be 30 days after the ICO initial launch date.
• Your tokens must be purchased directly from Cyber Credit back office website, not from any other member via internal transfer.
• Your purchased tokens remain untouched and have not been converted or used for lending program.

You will need to submit a support ticket to Cyber Credit via back office platform in order to get your refund. Cyber Credit will not pay for any transaction cost related to the buyback.

What benefits will I gain once I join Cyber Credit network?

You can earn interest with Cyber Credit lending programs. If you are a token holder, you will benefit from capital gain by buying low and selling high. You will also be able to build your own credit profile and start doing business with other verified members on the network. Once the On-The-Grid merchant system is online, you can also sell your goods and services for cash or tokens of your choice.

How to deposit and withdraw crypto-currencies from Cyber Credit?

Please log on to your back office page. From there, you can choose the crypto wallet to want to make deposit or withdrawal. Simply input the desired amount and your Google Authentication code to proceed accordingly.

Lending program will be launched 1 month after the ICO finished date. Content will be updated later.

Exchange market will be launched 1 month after the ICO finished date. Content will be updated later.

How does Cyber Credit rating system work?

The credit rating system works based on 3 main components:

1. Centralized KYC (know your clients) process: you will need to submit required documents such as IDs, proof of address, banking verification etc. in order to get your KYC approved.
2. P2P Vouching and Transaction Feedbacks: Cyber Credit uses a feedback system for each transaction you make on the system. Your credit score will partly depend on your feedback score. Your known acquaintances can also vouch for you to help you increase your credit score.
3. Public Profile: you can link your account with pre-existing public profile such as Facebook, Twitter, Google +, etc. to increase your creditability and credit score.

When do I have to submit my KYC documents?

You are required to submit your required KYC documents before you make any withdrawal from Cyber Credit system except for the ‘guaranteed buy back’ refund withdrawal.

How long does it take for my KYC to be approved?

Once your documents are fully submitted, it would take up to 10 business days for your KYC to be approved.

What documents are required for my KYC approval?

The KYC process will be divided into smaller stages. Each stage will require a different document to be submitted. Please refer to the KYC tab in your back office for more information regarding required documents.

What is Bitcoin?

Bitcoin is the world´s very first digital decentralized cryptocurrency, created in 2009 by Satoshi Nakamoto. The system works without a central repository or single administrator which is categorized as decentralized. You can use them to make purchases around the world and convert them into your country’s currency, by using local or international exchanges. 24 hours a day 7 days a week.

Why does Bitcoin have value?

Bitcoin has value because it has the characteristics of money (durability, portability, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (gold and silver), or trust in central authorities (fiat currencies).

With these attributes, all that is required for any type of currency to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing demand of the users, merchants, and startups. Bitcoin's value comes only and directly from people willing to accept and use it as a payment.

What determines Bitcoin price?

The price of a bitcoin is determined by supply and demand. When the demand for bitcoins increases, the price increases, and when the demand falls, the price falls. There is only a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because bitcoin is still a relatively small market compared to what it could be, it doesn't take significant amounts of money to move the market price up or down, and thus the price of a bitcoin is still very volatile.

Is Bitcoin secure?

The Bitcoin technology, protocol and cryptography, has a strong security track record and public ledger (blockchain). The bitcoin network is probably the biggest distributed computing project in the world. 

Why do people trust Bitcoin?

Bitcoin is a fully decentralized (no intermediaries) open-source. Any developer in the world is able to verify exactly how bitcoin works. All existing transactions and the amount of bitcoins in circulation can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control bitcoin, therefore the network remains secure. 

Is it difficult to make payments using Bitcoin?

Making payments with bitcoins is easier than using debit or credit cards. It can be received even without a merchant account. Payments are made from a digital wallet application, either on your computer or smartphone.

Can I make money with Bitcoin?

Bitcoin is a growing space of innovation and there are business opportunities that also include risks. Investing time and resources on anything related to Bitcoin requires entrepreneurship. There are various ways to make money with Bitcoin such as trading, mining, speculation or running new businesses, though all of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any project.

Is Bitcoin full virtual and Immaterial?

Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Bitcoin can be used to pay online and in physical stores just like any other form of money. Bitcoins can also be exchanged in physical form, but paying with a mobile phone usually remains more convenient. Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Bitcoin users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual.

Is the usage of Bitcoin confidential?

Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other currency. Though all bitcoin transactions are public (blockchain), the user´s confidential information remains private as long as no centralized institution gets involved.

Some concerns have been raised that private transactions could be used for illegal purposes with Bitcoin. However, it is worth taking into consideration that Bitcoin will definitely be subjected to similar regulations that are already current in some financial systems; this means it will not prevent criminal investigations from being conducted.

Is Bitcoin legal?

To the best of our knowledge, bitcoin has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as Bitcoin exchanges.

Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.

Can Bitcoin be used for illegal purposes?

Bitcoin is money, and money has always been used both for legal and illegal purposes. Cash, credit cards and current banking systems widely surpass Bitcoin in terms of their use to finance crime. Bitcoin can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.

Bitcoin is designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime. For instance, bitcoins are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Bitcoin transactions are irreversible and immune to fraudulent chargebacks. Bitcoin prevents against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures.

Some concerns have been raised that Bitcoin could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established. 

Can Bitcoin be regulated?

The Bitcoin protocol itself cannot be modified without the cooperation of all its users, who choose what software to use. Attempting to assign special rights to a local authority in the rules of the global Bitcoin network is not a possibility. Any organization could choose to invest in mining hardware to control half of the computing power of the network and become able to block or reverse recent transactions. However, there is no guarantee that they could mantain control since this requires to invest as much as all other miners in the world.

It is however possible to regulate the usage of Bitcoin in a similar way to any other currency, just like the dollar. Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction's laws. Therefore, Bitcoin is no different than any other currency or resource and can be subjected to different regulations in each country. Bitcoin´s use could also be made difficult by restrictive regulations; in this case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.

What about Bitcoin and Taxes?

Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bitcoin.

What about Bitcoin and consumer protection?

Bitcoin is freeing people to transact on their own terms. Each user can send and receive payments in a similar way to cash but they can also take part in more complex contracts. Multiple signatures allow a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This allows innovative dispute mediation services to be developed in the future. Such services could allow a third party to approve or reject a transaction in case of disagreement between the other parties without having control on their money. As opposed to cash and other payment methods, Bitcoin always leaves a public proof that a transaction did take place, which can potentially be used in a recourse against businesses with fraudulent practices.

It is also worth to mention that while merchants usually depend on their public reputation to remain in business and pay their employees, they don't have access to the same level of information when dealing with new consumers. The way Bitcoin works allows both individuals and businesses to be protected against fraudulent chargebacks while giving the choice to the consumer to ask for more protection when they are not willing to trust a particular merchant.