Frequently Asked Question

Bitcoin is a cryptocurrency, which offers quick, cheap, worldwide and highly private payments between two people (or customer and merchant). It is like digital cash that you use to pay for products or services and the best part is - no one controls it. Bitcoins are not printed like fiat currencies, and all transactions are made without the intermediary (the bank). Bitcoin price is solely determined by supply and demand of bitcoins. As bitcoin is a decentralized currency, therefore, there is no market intervention to impact bitcoin value. To put it simply, the rise in bitcoin price suggests that more people are willing to buy bitcoins than to sell bitcoins and vice versa. 

Bitcoin is a digital currency that is rapidly gaining popularity because it solves many of the problems of other forms of currency. It's created and held electronically and can be used to buy goods and services or transfer money anywhere in the world. Bitcoin is the first currency to be globally accepted and there is no currency exchange, no minimums, no limits and it does not require a bank account.

Bitcoin was invented in 2008 as a peer-to-peer payment system for use in online transactions. Unlike any prior payment system, bitcoin is revolutionary in that it is not controlled by any government. This designation allows for the achievement of possibilities that have been previously unattainable in the world of finance. Namely, due to the fact that no central authority is responsible for bitcoin, it cannot be debased, controlled or otherwise used as a political tool. Since bitcoin is also a peer-to-peer network, there is no need for a third party or "middleman" to facilitate transactions between a buyer and seller.

Instead of a central authority, the bitcoin transaction network consists of computers around the world running the bitcoin software, which operates the protocol for administering bitcoin transactions. That software can be downloaded and run by anyone, and any computer running the software can join the network. Each computer on the network also maintains a copy of the universal public ledger known as the "blockchain".

Cryprtocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank

Yes, bitcoin can be divided into 100 million smaller parts called satoshis. The smallest amount of bitcoin - satoshi is similar to euro or any other fiat currency cents and is named after Satoshi Yakamoto, the creator of bitcoin. Due to such divisibility, even with at high prices bitcoin is perfect for micropayments as it is feasible to make payments of value even lower than 0.01 USD. In future if required the divisibility of bitcoin can be increased to make it divisible to 100 billion smaller parts or even more as this constraint only exists in the source code.

Below you can find a list of bitcoin denomination names, bitcoin units and their value in bitcoins.

/Users/mortha/Desktop/Screen Shot 2017-12-28 at 13.34.16.png

With MorCryp, you can buy, transact, store, manage and spend your bitcoins and our other cryptocurrencies.

Keep the bitcoins or any other cryptocurrency you want to use for daily spending in your MorCryp Wallet. 

The MorCryp Wallet has no delays nor geographical limitations. There is a fee for receiving an external transaction less than this specific limit and the MorCryp Wallet is also linked directly to the MorCryp Debit Card (This functionality will be available soon, please check website for updates). If the MorCryp Debit Card is available in your country, then you can spend your bitcoins at any online or offline establishment that accepts Visa.

Ready to get started? Create a MorCryp account! 

Bitcoin Private key is a 256-bit number that could be encoded in different formats according to the wallet in use. These formats include sets of randomly generated numbers and characters that variate in number of digits.

 

/Users/mortha/Desktop/Screen Shot 2017-12-28 at 13.36.14.png

All these formats represent the same Private Key even though they look very different, but any format can be easily converted to another format.

Private Key takes the central role in ownership and control of your wallet and bitcoins or other digital currencies in it. Only with the Private Key, that corresponds your Public Key (Bitcoin address), you can use your funds in the bitcoin address as inputs for a valid transaction to another person.

The Private Key must be kept safe at all times because revealing it to third parties is equivalent to giving your funds away to the first stranger who wants to take them. Private keys should be backed up in a secure place because if you lose your Private key, it cannot be recovered in any way and your funds will be out of reach.

The Private and the Public Key pair can be compared with a password and bank account. As term "Public" suggests, Public key or Bitcoin address is a unique personal address, that is shared in the blockchain, and everyone can see it, while Private key works as a password, that you must keep just for yourself.

Keys are inseparable, based on mathematical functions (like prime number exponentiations, elliptic curves, hashing functions and many other) and connected into a complex algorithm which is irreversible, in other words, works one way:

Private Key  Public Key / Bitcoin address

The Public Key contains a string of letters and numbers, usually generated from the Private Key, that identifies the sender or the recipient of the funds. Common Public Key (Bitcoin address) starts with number 1 and requires one Private Key to unlock the funds. The newer version of the Public Key, called multi-signature Public key, starts with number 3 and to reach the coins, more than one Private Key must be provided.

/Users/mortha/Desktop/Screen Shot 2017-12-28 at 13.38.00.png

We allow you to enable 2FA on your account by installing an authenticator app (such as Google Authenticator) on your phone.

The authenticator app will generate a new 6-digit code every 30 seconds, each time you login you must enter this code.

This greatly increases the security of your account because if your email is hacked into, or your password is compromised, the hacker will still not be able to get into your account because they need the code from your phone too.

We strongly recommend all users to turn on their 2FA Authentication after signing up and if you are unable to login using the 2FA Code, Contact us at [email protected]MorCryp.com and let us know you are unable to access your 2FA Code.

Please note that the 2FA is a second security step built for your account protection. This can be enabled from your security settings in your account area. Once enabled, you will be asked to input the 6-digit code from the google authenticator app every time you login. 

Please contact us at [email protected]MorCryp.com and we will ask you questions to verify your account ownership, this may include sending us verification documentation; so it's preferable to make a backup of your authorization barcode/secret code.

Before you enable 2Factor, make sure you note down your secret code (or save a copy of the barcode image). 

You can locate the 6-digit 2FA code from the google authenticator app from your mobile. Please visit the help section videos on our website to understand how to use the 2FA code.

When logging into MorCryp mobile app, users normally follow a two-step authentication process involving two means of identification: your memorized 4-digit PIN number and a one-time software generated 6-digit code (2FA).

A PIN number is a 4-digit code that you created when you signed up with MorCryp for the first time. The PIN is something you know and that is unique to you.

Certain actions (transfer, send, etc.) require your password to authorise. If you're being asked for your password, it is the password you created for your MorCryp account

You would be asked to create your password when you sign-up for the MorCryp account. You could reset your password, by clicking on the "Reset Password" if you forgot your password. This will start the process to reset your password - you will receive the email to reset your password 24 hours later and will receive a couple of alert emails in between for security purposes.

If you remember your old password, you can click "Change Password" under your settings in your account area and change your password without the need to wait for the reset link.

MorCryp aims to provide global banking services for bitcoin and all our other supported cryptocurrency but is not designed to provide an anonymous service. Our users have the ability to easily transact, securely store, and even spend bitcoins and other cryptocurrency with a swipe of a card - with such great power comes great responsibility!

Users will be asked for an official photo ID and a proof of residence in your name.

These are the minimum requirements for all customers. MorCryp may have to ask for more information depending on certain risk factors, actions performed within an account (such as buying bitcoin) and/or to comply with applicable regulations in certain jurisdictions.

 

Users that do not want to comply with these requirements have the option to close the account and have the funds sent elsewhere. If worried about sharing your information with us, don't worry! Rest assured, all of your information is just as safe as your bitcoin and other cryptocurrency!

We ask that you provide us with the supporting documents following the requirements below:

Acceptable ID documents

Driver's License, passport, or government issued ID.

Your ID should clearly display these items:

  * Your full name

  * Your photo in color

  * Your full date of birth (you must be 18 years old or above)

  * Issue date and/or expiry date

  * Identity document serial number

  * Both sides of the ID must be uploaded if the front side does not display all   
    the necessary information

  * Document must be issued using characters from Latin alphabet, or be translated

  * Typewritten information. Handwritten texts are not accepted.

 

Valid Proof of Residence documents (your residential, current and permanent address)

Any utility bill, credit card bill, government-issued ID card, or monthly bank statement

Your Proof of Residence should include these items:

  * Your full name

  * Your complete billing home address

  * Document issue date

  * Statement/expiry date must be within the past 3 months when you upload the document

  * Logo of company/bank must be visible

  * Images of partial, cut off or folded documents are not accepted

  * No PO Box addresses are accepted as valid addresses

  * Document must be issued using characters from Latin alphabet, or be translated

  * Typewritten information. Handwritten texts are not accepted.

  * Please make sure you upload your ID and proof of residence.

  * If you have any trouble uploading the documents, this article might help you.

  * Documents that don’t fulfill the requirements will be rejected.

  * You can explore in more details how documents are reviewed, and the reasons why
    submitted documents are rejected by our Compliance team.

If your web browser is not responding while you try to upload your documents or if you receive an error message in return, please try the following steps:

First, disable any ad blocker you may have installed during the procedure.

Second, make sure that:

   *  if you are using Windows, you upload your document using Google Chrome.

   *  if you are using Mac, you upload your documents using Mozilla Firefox.

We hope this solves the problem.

If that does not help, please contact us at [email protected]MorCryp.com for further assistance.

MorCryp aims to provide global banking services for bitcoin and all of our cryptocurrencies but is not designed to provide an anonymous service. By providing some basic information, our users will help MorCryp and the bitcoin and our cryptocurrency community to create equally convenient security and consumer protection and ultimately bring more trust to bitcoin and our other cryptocurrencies!

Being a financial services company, MorCryp offers products and services that allow our users to store and transact with their bitcoins and our other cryptocurrencies. MorCryp will request certain information depending on risk factors, actions performed within an account (such as buying bitcoin) and/or to comply with applicable regulations in certain jurisdictions.

Users that do not want to comply with these requirements have the option to close the account and have the funds sent elsewhere. However, MorCryp hopes that our users understand the need for this information and how it will be kept just as safe as your bitcoins/ and other cryptocurrency.

After submitting your documents, our compliance will start the screening process of your identity verification.

If, following the completion of our review, we have determined that we are unable to provide our service to your account, the decision to do so will be based on multiple factors and for security reasons, we won't be able to provide specific details. 

However, the examples below will help you understand the most common mistakes to avoid:

- The documents submitted are expired:

- Your ID has an expired date

- Your Proof of Address is older than 3 months

 - Your registered username does not match the name on your ID and/or Proof of Address

NOTE: The better the quality of your Docs/Pictures, the faster the reviewing process will be and the higher chances they’ll have they’ll have of being approved!

A bitcoin cannot be counterfeited. This is because there is a list of every transaction that has taken place and the order in which they took place on the bitcoin network. This list is called the block chain and every bitcoin user has access to this list. Think of this as a form of "checks and balances" for the Bitcoin network. This self-regulatory nature of bitcoin is one of the key aspects of having a decentralized currency - without some form of checks and balances, the whole system falls apart.

One of the great functions of bitcoins is that they are literally able to be divided into one million pieces. Said another way, bitcoins can be divided down to 8 spaces past the decimal point. Therefore, 0.00000001 is the smallest amount that can be handled in a transaction.

The last block of bitcoin will be generated in the year 2140 and will be block number 6,929,999. After that block is mined, there will be slightly less than 21 million bitcoins in existence, 20,999,999.9769 to be exact.

"Bits" are described as a fraction of bitcoin. 1,000,000 bits = 1 bitcoin (which means that 1 bit = 0.000001 BTC). MorCryp balances are shown in bits until greater than 0.01 BTC! 

The minimum amount is currently 55 bits (or 0.000055 Bitcoins). This amount is defined by the bitcoin protocol, not MorCryp. While this is the minimum, transactions less than 0.01 bitcoin can take much longer to confirm, as there isn't as much incentive for miners to confirm these transactions. These figures may change inside the MorCryp account area based on the feasibility for business purposes.

Don't worry, bitcoins cannot be stolen just based on knowing a wallet address. In fact, your wallet address is a public address that is actually designed to be shared with others! While maintaining optimal security of your account is always advised, your wallet address is an address to receive bitcoin only and cannot be used to send bitcoin.

Bitcoin transactions and any of our other cryptocurrency transaction are irreversible. Once a bitcoin transaction has been broadcasted to the blockchain (no matter if it is currently processing or confirmed). So, if you send a transaction to an invalid address or confirm a transaction by mistake, your transaction cannot be cancelled, nor can it be returned unless the receiver sends it back to you.

MorCryp takes additional measures to protect your privacy by pooling wallet addresses. By doing this, another person will not be able to see how many bitcoins you have in your MorCryp account, nor the transaction history associated with it. On the other hand, your MorCryp wallet address can be viewed in the blockchain and has been done this way, so you can be sure they are not being moved or used without your permission.

Bitcoin is often described as an anonymous payment network, but in reality, bitcoin is pseudonymous: all bitcoin transactions are public and traceable in the blockchain but without an individual's identity visibly attached to those transactions. MorCryp adds a privacy layer to this process by pooling all MorCryp Wallet addresses. That way they will not match against the blockchain and other individuals will not be able to see your transaction history. 

Regardless of bitcoin's pseudonymous nature, regulatory requirements in many jurisdictions require that users identify themselves in order to utilize bitcoin services. In order for MorCryp to provide services to bitcoin users in these jurisdictions, including the United States, MorCryp is required to know who its customers are and how they utilize MorCryp's services. Information you provide is held in accordance with the terms of our Privacy Policy.

 

 

MorCryp to MorCryp:

FREE

MorCryp to other:

Miner fee

Other to MorCryp BTC wallet:

Free 

Other to MorCryp fiat currency wallet:

BTC/FX exchange rate

 

 

The cost to send transactions via the bitcoin network constantly fluctuates.
Since the cost to process both incoming and outgoing transactions continuously changing,
we recommend always checking this information! Check our fees page.

 

MorCryp will always update the fee as well as the minimum amount to receive from an external account without being charged.

At MorCryp, we are constantly working to improve the security of our operation processes keeping the safety of our users' accounts as the main priority. If you do not have a mobile device, you could alternatively access MorCryp on a tablet or a computer, however you would need a mobile device to use the 2FA which is an additional security layer to your account.

You will need access to a mobile device or a mobile phone operating system supporting MorCryp’s app to be able to request the second-factor code, to log into your account or send funds out if you have enabled the 2FA in your security settings on the profile tab in your account area.

We work extremely hard on the enhancement of our users’ assets security and we’ll make no exception in this matter.

In order to use MorCryp, you will need to verify your mobile phone number. When you are prompted to verify it, select your country code, then input your phone number. Enter the verification code within 3 minutes of receiving it appropriately.

In order to protect the security of your account, we need to go through a process to verify your identity in order to change your phone number! 

Please write to [email protected] to get your mobile number changed, we would follow required security measures to enable this. 

If you no longer have access to your 4-digit PIN number to log into your MorCryp account:

    *    On the login page click on “Forgot your PIN? 

    *   And then Make sure you duly follow all the necessary processes

If you are having trouble verifying your email address, there is a "resend email" option on the page. Please be sure to check if the verification email is mistakenly in your spam folder.

No. As part of our ID verification process we must first verify your phone number, email address and identity before you transfer or send bitcoins and or other cryptocurrencies. This verification is required for us to legally operate as a business in the countries where we are based and or registered.

If you went through the process to verify your identity for your MorCryp account, then our Compliance team will need to check your information. Our team will contact you once we are able to check your account status. We'll let you know if there is any additional information needed from you!

MorCryp is legally required to know the identity of our users.

To create or reset your password, click on Sign-in tab on the website and click on “forgot password” link to reset your password. You can alternatively change your password from your account profile after a successful login, you will need to know your current password to create a new password.

There are two ways to change the phone number on your MorCryp Mobile App:

If you no longer have access to your 4-digit PIN number to log into your MorCryp account:

  1. On the login page click on “Forgot your PIN?

  2. Once clicked, an email will be sent to your registered email address with a verification code. Make sure to check your email for the most recent verification code.

  3. When you click on “set new PIN” in the email, you'll easily be able to reset and confirm your new PIN!

If you still have access to your 4-digit PIN number to log into your MorCryp account, please follow the steps below:

1. Login to your MorCryp account with your email address, 4-digit PIN and 6-digit second factor. Once logged in, you will be able to reset your PIN number from your security settings (click the avatar in the upper right-hand corner).

2. From your Security Settings page, click on “Change PIN”. 

3. You’ll be taken to a new page where you can confirm your current 4-digit PIN number before changing it to a new 4-digit PIN number. Once done, simply click on “Save”!

To ensure security, if you make too many unsuccessful attempts to log into your MorCryp account, it will be blocked. To get unblocked, contact us at s[email protected]MorCryp.com 

Yes, apart from Bitcoin, MorCryp also support some other cryptocurrencies which are listed below:

   * Ethereum (ETH)

   * Bitcoin Cash (BCC/BCH)

     * Bitcoin Gold (BTG)

     * Litecoin (LTC)

     * Ripple (XRP)

     * Dash (DASH)

     * Tron (TRX)

     * ReddCoin (RDD)

     * Stellar (XLM)

     * Verge (XVG)

     * Cardano (ADA)

If you sent a different cryptocurrency to your MorCryp BTC address, this transaction will not be accepted nor displayed in your MorCryp account since it would never be successfully received to the Bitcoin network. You can only successfully send BTC to a BTC address, and same with all other cryptocurrencies.

In instances where wrong transfers were initiated, please contact the third part you have used to initiate transactions as MorCryp wouldn’t have any control and MorCryp does not accept any responsibility for any such wrong or accidental or mistaken transactions.

If you'd like to change the email address associated with your account, please contact us at [email protected]MorCryp.com from your registered email address and we'll help you change it. If your primary email address will change, make sure to let us know before you no longer have access to it.

We will update this section when we are ready.

Until PayPal accepts bitcoin, it's not possible to transfer any of your cryptocurrency from MorCryp to PayPal. 

It is currently not possible to transfer bitcoins or any other cryptocurrency to a bank. Sadly, banks do not recognize bitcoin or any cryptocurrency as an accepted currency as yet.

To find your MorCryp address for a particular wallet, simply enter into the wallet in which you'd like to view the address. Once you clicked on your chosen wallet, you'll see the wallet address at the bottom left of the page and you can see the QR code towards the right side.

To receive payments, simply share your address with another person and they can send funds directly to this address. Similar to an email address, there is no risk with sharing this information with other users!

You would not be able to delete your wallet. 

If you would like to close your MorCryp account, you will need to contact ([email protected]MorCryp.com) from your registered email address to ask us to close the account. Please move any funds out of the account before requesting to close it. So, if you still have a balance, please send your funds to an external bitcoin address so we can continue with the closure of your account. The procedure to close your account will be in accordance with MorCryp’s Terms of Use.

You need to go to sell section and execute the sell order. For more information, you can watch the related video HOW TO BUY in the help section of our website. 

If you have not found what you were looking after visiting our FAQs page and also our HELP section on the website, you may write to us using the Contact us page and usually receive a response within 24 business hours. 

Inquiries about ADDING FUNDS can be sent to [email protected]MorCryp.com and MorCryp inquiries can also be sent to [email protected]MorCryp.com

Once you have signed-up for your account, wallets would be available for all available cryptocurrencies by default.

With MorCryp, you can buy, transact, store, manage and spend your bitcoins and our other cryptocurrencies.

Keep the bitcoins or any other cryptocurrency you want to use for daily spending in your MorCryp Wallet, and the bitcoins or any of our cryptocurrency that you want to store in your secure MorCryp account
 

The MorCryp Wallet has no delays or geographical limitations. There is a fee for receiving an external transaction less than this specific limit and the MorCryp Wallet is also linked directly to the MorCryp Debit Card (Debit card Coming soon) If the MorCryp Debit Card is available in your country then you can spend your bitcoins at any online or offline establishment that accepts Visa.

Ready to get started? Create a MorCryp account! 

There are two ways to start the downloading and installation process of MorCryp mobile app.

1. Please visit our Help section on our website to watch our video on How to create an account.

2. Alternatively, you can download MorCryp mobile app directly from the Android Play Store or Apple iTunes and follow the installation instructions.

There are two ways to change the pin number on your MorCryp account:

If you no longer have access to your 4-digit PIN number to log into your MorCryp account:

1. On the login page click on “Forgot your PIN?”;

Signing Up & Creating your Account

To create a MorCryp account, you will need first to download and install MorCryp Mobile App.

Once the installation is completed, open the app as you will need to create your account entirely on the mobile app.

 

Our app is available for Android and iOS operating systems only.

 

The step by step guide that follows will take you through the entire process of setting up your new MorCryp account.

We're happy that you want to recommend MorCryp to others! However, we apologize for any inconvenience since we currently do not have a referral/affiliate program.

Since some of MorCryp's transactions are not located on the blockchain, we do not display the transaction hash ID within the details of each transaction in your MorCryp account. However, if you check the blockchain with the address in which you sent the funds to and match it up with the date, time, and amount sent, you can find the transaction hash ID.

MorCryp is the custodian of any bitcoins or any other of our cryptocurrency transferred to a MorCryp Wallet. MorCryp does not obtain any legal or beneficial right, title or interest in your bitcoins and other cryptocurrency that you store in your Wallet. In the event MorCryp goes bankrupt, closes, sells, is under criminal investigations or has their assets frozen, you would be able to transfer your bitcoins and all other of our cryptocurrency out of MorCryp at will.

Private keys to MorCryp accounts are never given out to anyone - they are kept in a safe place for you. MorCryp keeps most of your bitcoins and any other cryptocurrency in deep-cold storage, in offline servers that have never been online and will never be online. We have a process to move coins out of deep-cold storage once a day without ever exposing the private keys to the Internet. MorCryp makes sure that private keys are never on your phone or your computer; private key security is always in our hands and if someone were to hack your device, they could never get your private keys because they are not there.

© Copyright © 2018 | MorCryp.com | All Rights Reserved.