Frequently Asked Questions – FAQ

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.

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.

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.

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”.

In order to reset your password please follow these  few steps:

1. Please click on the “Forgot Password” button on the Login screen.
2. A new window will open, where you should enter the email address you have registered on your Bitline account.
3. 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.
4. Click on the “Reset Password” button.
5. The instructions on how to set up a new password will be sent to the email address you have registered on your Bitline account.

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.

Generally a guarantee is a formal pledge to pay another person’s debt or to perform another person’s obligation in the case of default. Bitline provides a guarantee to Vendors and secures that guarantee via digital assets. As an approved User of Bitline you may deposit digital assets with Bitline with the option for Bitline to securitize these assets and issue a financial guarantee 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 Guarantee is given after all compliance and regulatory requirements are met and approved by both Bitline and your designated Vendor.

Your digital assets are the Collateral. The crypto funds deposited to your BitLine Wallet provide collateral for your guarantee to your chosen vendor. Bitline then provides the guarantee to the Vendor backed by your collateral and Bitline.

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.

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.

Currently, BitLine works with only cryptocurrencies. It does not yet permit fiat currencies. But we do plan on adding fiat services in Q4 2021. We will keep you informed on updates and additions.

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.

You choose a beneficiary (Vendor) to receive a Guarantee 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.

The minimum is $25,000 USD.

The fee is 10.00% of Guarantee Amount. If you unlock your guarantee before the completion of the 30 day term you may be eligible for a rebate on your Guarantee fees. Guarantees that are unlocked within 7 days will be eligible for a 50% rebate. Guarantees that are unlocked after 7 days but within 14 days will be eligible for a 25% rebate

Yes, you can have as many active Guarantees as your collateral supports. Guarantees are vendor specific. While you can have many different guarantees, they are linked to the specific Venue. Understanding your maximum guarantee amount and specifying the amount you want to use at different venues is easily achievable through the application.

Yes, you may issue Guarantees to multiple venues. Remember that the total value of your guarantee amount is dependent on your collateral. You can split this value to many different Vendors. Each Vendor requires their own guarantee but your collateral can be split to different vendors.

Yes, if you no longer want to apply your Guarantee in your chosen venue, you can cancel your pending Guarantee by clicking “Delete”. As long as you delete this guarantee before activating it with the Venue it can be cancelled and reapplied to a different venue.

Yes, you can. First, you have to delete your pending Guarantee and then create again your Guarantee in the desired venue.

Once you have completed the KYC process and deposited your digital assets, you can then apply a guarantee 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 Guarantee.

Yes, the Vendor can approve or decline your Guarantee. 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.

A Locked Guarantee is when the Vendor accepts your Guarantee 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 guarantee can be received.

An Unlocked Guarantee is when you fully covered your Guarantee and the vendor releases your locked crypto collateral. You can view all your guarantees and the balance of your collateral on the transaction page of the Bitline App.

The total collateral amount will be liquidated to settle any outstanding debts with your chosen Vendor and associated fees. Any remaining collateral amount will be released back into your BitLine wallet.

You have 30 days to unlock your Guarantee. Fees and rebates vary based on the number of days you use your guarantee.

If you unlock your guarantee before the completion of the 30 day term you may be eligible for a rebate on your Guarantee fees. Guarantees that are unlocked within 7 days will be eligible for a 50% rebate. Guarantees that are unlocked after 7 days but within 14 days will be eligible for a 25% rebate

Yes, you must be in person at the cashier of the vendor in order to unlock your guarantee.