FAQ

How does xsats work?


Once you've opened an account, you're just a few simple steps away from receiving bitcoin in your own wallet: 1) Create a bitcoin wallet (or open up your existing wallet) 2) Generate an address, where your bitcoin will be sent 3) Submit this address on the 'Buy Bitcoin' page of your xsats members profile 4) Send a transfer using your personal unique payment reference Usually within seconds of sending your payment, your bitcoin will be en route to your wallet.




How long will it take for my bitcoin to arrive?


Provided your order satisfies our requirements, we'll send your bitcoin immediately after we receive your payment. There are two main factors that determine how long it will be before you receive your bitcoin: 1) The time it takes for us to receive your payment 2) The time it takes for the bitcoin transaction to your wallet to be accepted and confirmed in the bitcoin blockchain If you pay using £, we should receive your payment almost immediately. If all looks good with your payment, then we’ll process your order and have your bitcoin on its way to your wallet in as little as a few seconds! If you pay using €, the exact time it takes for your euros to reach our account is less predictable, meaning the exact length of time it takes for you to receive your bitcoin is out of our control. With some ( SEPA Instant enabled) banks, the payment will arrive almost immediately, which will allow us to quickly process your order. Payments from other banks may take a few working days, however we will process your order immediately after we receive your payment, provided all other conditions are satisfied. For best results, use a SEPA instant enabled bank to pay for your bitcoin.
Your bitcoin may appear within your wallet as a pending transaction in as little as a few seconds. However, you won't 'fully receive’ your bitcoin until a number of confirmations have occurred on the bitcoin network. The general consensus is that a transaction is regarded as ‘complete’ provided it has undergone 6 confirmations, each separated by around 10minutes i.e. approximately 60-70 minutes after we send your bitcoin. Depending on bitcoin network conditions at the time, it may take longer. Check out our timeline, which roughly outlines the lifecycle of the transaction as your bitcoin makes its way to your wallet. Please note that these timings are just a guide, and the time it takes for you to receive your bitcoin as a 'finalised' transaction may be longer or shorter than indicated.




Why should I use xsats to buy bitcoin?


I created xsats to solve a number of problems and inconveniences I faced when searching for the best way to buy bitcoin whilst reducing my exposure to risks beyond my control. xsats was created for three primary reasons: 1) To help you effortlessly buy bitcoin at a competitive price 2) To make it convenient to receive bitcoin directly to a wallet under your control (i.e. non-custodial). Storing your bitcoin in an exchange is extremely risky - exchange wallets are huge centralised honeypots just waiting to get hacked and lose your money. 3) To make it convenient to stack sats wherever and whenever. You can set up a standing order to buy bitcoin every month, week, day - or even hour if you like! Feel the momentary urge to stack some sats? Just send a payment from your bank and feel reassured that it will be sent directly to your cold wallet and not held hostage on an exchange or otherise unworthy and insecure custodial wallet. As we all know, bitcoin is currently highly volatile. This makes it challenging to invest responsibly and suppress emotions, euphoric or depressed. We are psychologically 'wired' to panic when prices are falling and consumed by greed as prices rise, which leads to poor long term investment decisions [[insert Benjamin Graham quote]]. A far more constructive approach is one of gradual accumulation, which lowers your exposure to random short-term price fluctuations. xsats aims to make this easier by allowing you to set up and forget about a standing order, which automatically returns bitcoin to your secure storage.




What fees does xsats charge?


The price quoted on our website is the live exchange rate that you will receive. There are ZERO extra fees or costs on top of this, including no transaction fees. The number of sats shown in the 'Check Price' is what you'll receive in your wallet if you send the corresponding payment amount at that particular moment in time. Then how does xsats survive? There is a ~1% spread on our price, which covers all of our costs and enables us to eat! The rest of the savings are passed on to you :) Some more details... Bitcoin has no single ‘true price’ - like any other freely trading asset, its price is not decided by an oracle, it is determined by market forces. Since we compare prices from major sources of liquidity in real time to find you the best exchange rate, our price includes a variable spread. This spread will never diverge more than ~1.25% from the major sources of bitcoin-fiat liquidity. Through continuing to improve the efficiency of the xsats platform, we expect this spread to grow smaller over time, so you can save more sats for your fiat!




Which currencies do you support?


Right now we support the British Pound Sterling and the Euro. Please only send £ to the GBP payment details, and € to the Euro payment details provided to avoid incurring extra fees for currency exchange. Unfortunately currency conversion charges are non-refundable so please be careful to avoid this unnecessary extra fee so you can stack more sats! Twitter is the best place to hear all of our announcements so follow us @xsatoshis to hear when other currencies become supported!




Whats a bitcoin wallet?


Don't be intimidated if you're new to the world of bitcoin! A bitcoin wallet is analagous to a bank account. Except unlike a bank account, where your money is largely controlled by the bank and exists because the bank reassures you that it does and promises to give you it back when you ask for it; a bitcoin wallet holds your private keys - which alone assert your ownership of any particular amount of bitcoin. Unlike with the bank bitcoin needs no promises. Your ownership of that bitcoin is unreliant on any person, bank, government or any other entity's authority. The primary purpose of a bitcoin wallet is to securely store your bitcoin 'private keys'. A wallet also helps you interact and transact with your bitcoin in a convenient and and user-friendly fashion. Your private keys are the diamonds in your pouch that enable you to 'spend' your bitcoin. Keep them safe - lose your private keys and your bitcoin is gone too.




What are the purchase limits? Is there a minimum/maximum order?


Currently we accept individual bitcoin purchase orders from £/€15 - £/€500. For orders in the larger end of this range we may request further proof of your identity. We are obliged to request this information to prevent the abuse of our platform, and operate within the law.




I've bought some bitcoin. What next?


“An investment in knowledge pays the best interest.”
Benjamin Franklin
Take heed of Banjamin's wise words and invest in knowledge. The study of bitcoin is particularly fruitful given the amalgamation of concepts and mechanisms that together enable it to function.




Are recurring direct debits supported?


A direct debit is a form of transactions that a company may set up to enable it to pull funds from your bank account (i.e. utility companies, mobile phone operators, subscription fees, etc.). Consumers are able to dispute direct debit transactions up to 13 months after the transaction date. Bitcoin transactions, on the other hand, have finality and are irreversible. As such we are not able to configure direct debits for our clients. Alternatively, you can set up a standing order via your personal banking environment which will enable you to effortlessly purchase bitcoin at regular intervals of your choosing!




Does xsats support my bank?


We currently support all major UK and European banks. We only ask that when you buy bitcoin, please ensure that your payment arrives from your own personal £ or € bank account respectively. Please note, however, that some payment service providers (PSP) such as Revolut may send your payment from their own corporate account, instead of a personal account under your name. We may ask for additional clarification and/or evidence from you for proof that the payment was sent by you. In some cases where sufficient evidence may not be provided we may have no choice to return your funds and advise that you use a different bank to submit your payment.




Who is behind xsats?


Our founder, Ed built the xsats platform with the goal of making it easier for residents of the UK and Europe to buy bitcoin conveniently, securely and at a competitive price, without having to trust custodial wallets or exchanges. xsats achieves this by making purchasing bitcoin as simple as sending a bank payment, and immediately sending your bitcoin to your self-custodial (or other) bitcoin wallet. While studying for a masters in theoretical physics at Imperial College London, I became drawn deeper and deeper into the bitcoin rabbit hole. Like many others, the more I learnt about how bitcoin works and why it exists, the more I became convinced that the world needs the separation of money from the state, and that this fascinating system of distributed consensus is our best chance yet. I strongly believe that the properties of bitcoin (primarily its scarcity, saleability & censorship resistance) make it well placed to become adopted as the predominant global currency in years to come. I believe that the adoption of bitcoin will help restore efficiency and sanity to the global economy. Bitcoin tickles my curiosity more ways than perhaps anything else I have encountered (maybe even more than physics!). The elegance by which the Bitcoin system functions as a powerful amalgamation of relatively disparate concepts is awe-inspiring. I believe that in the future, Bitcoin’s pseudonymous creator Satoshi Nakamoto may rank alongside the greats for contributing one of the most significant intellectual feats perhaps since the conception of general relativity. I believe the bitcoin's impact on our society will be profoundly positive and of similar significance to some of the most important scientific discoveries. Hit me up if you want to talk bitcoin!




What if I forget to submit more addresses before sending additional payments?


If for example you send a third payment but have only provided us with two of your wallet addresses, then by default your bitcoin will be sent to the most recent address that you submitted. This is also true for any future payments you send if you don’t provide further addresses (i.e. all will be sent to the first address until you provide alternatives). To prevent address reuse and protect you privacy, please make sure that you always add enough addresses for future payments. You can add up to a maximum of 10 unused addresses at a time and can top up your unused address list at any time by visiting your ‘My Addresses’ members page. If you discover that the wallet associated with any of your wallet addresses has been compromised, contact us immediately so we can ensure we avoid sending your funds to the address(es).




Are Lightning Network wallets supported?


Absolutely! The Lightning Network is a second layer network that operates on top of the bitcoin network, which (among other things) enables cheaper and faster transactions by using a clever technology known as "Payment Channels". You can send your bitcoin directly to your own lightning wallet (such as 'Breeze' or 'Blue'), which allows you to spend your new bitcoin within minutes! Use xsats to instantly top-up your wallets and enjoy your bitcoin almost immediately!




Which order will my bitcoin addresses receive bitcoin?


By default, your bitcoin addresses will receive bitcoin from xsats in the order that you submitted each address. To be extra clear, this means that the first bitcoin address that you provide will receive bitcoin first when you pay for it through bank transfer. At the moment it is not possible for you to manually select the order, although this is a feature we are considering implementing. Please let us know if you'd like this feature so we can prioritise it!




How can I delete an incorrect or compromised address?


At the moment we have not developed the functionality for you to independently delete your bitcoin addresses after you have already submitted them on xsats. If for any reason you would like to delete one or many of your bitcoin addresses, if for example you lose access to your bitcoin wallet, please contact us immediately via live chat or email.




How can I buy more than £/€500 of bitcoin per order?


For orders larger than £/€500, please contact directly on xsats@protonmail.com so we can help find you the best price.




How often can I buy bitcoin with xsats?


There is no limit to how often you can use xsats! You can buy bitcoin as frequently or irregularly as you so desire. This can be monthly, weekly, daily, or even by the hour or minute if you wish! The beauty of xsats is that it gives you the freedom to buy bitcoin whenever you like. You can instantly stack some sats as quick as you can send us payment, periodically purchase bitcoin using a recurring order or do any combination of each - it's entirely upto you! Please note that currently our daily purchase limit is 10 000 000 sats (~€1000/£900 as of 17/09/19). You can increase your daily and individual order limits by completing or enhanced ID verification process here.




Can I use xsats to receive bitcoin in different wallets?


Absolutely! Although you can only send bitcoin to wallets that you control. If you’d like to spread the risk by storing your bitcoin in different wallets, or alternatively you'd like to top up your hot wallet instead of your cold storage hardware wallet, just provide the relevant address.




Why can't I just use one bitcoin address? What's the point of adding many different addresses?


The use of a bitcoin address more than once significantly harms your privacy, which is why an address should never be used more than once. Given their single-use nature, a far better name for the bitcoin 'address' would be 'invoice'. Unfortunately that ship appears to have sailed some time ago, and we are now stuck with the misleading 'address'. Click here to read more about the dangers of address reuse.




Which bitcoin wallets does xsats support?


Xsats is compatible with all major bitcoin hardware and hot wallets, including Lightning and native segwit (bech32) wallets.




I sent a payment for some bitcoin. Where's my confirmation?


You may not immediately receive confirmation as our system can only tell that you have submitted an order for bitcoin when your payment arrives in our account. For £ payments and SEPA Instant enabled € payments, you should receive a confirmation email immediately after sending payment for your bitcoin purchase, or a follow up email if we need some more information about your order. For other transfers, your confirmation may take a bit longer to arrive. If you paid via £ or € SEPA Instant and did not receive an email from us straight away: 1) Check your spam folder - sometimes our emails may end up in your spam. To prevent this from occurring in the future please add support@xsats.com to your contacts or safesenders list. 2) If you still can't find an email from xsats, please contact support@xsats.com and we'll get back to you as quickly as we can.





Still have questions?

If you have another question that has not been covered above, please reach out to us via live chat below.

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