FAQ

What is cryptocurrency?

Cryptocurrency – a digital currency that can be used for various purposes. If to enter into details, cryptocurrency is a mathematically complex set of algorithms that works according to a specific protocol. If to put it simply, cryptocurrency – a digital asset that exists in the form of computer code.


What is blockchain?

Blockchain ("chain of blocks") is a database that is distributed, i.e., stored on a variety of independent servers. Blockchain allows cryptocurrencies to be decentralized.


Why is the balance of wallets in fiat currency constantly changing?

Cryptocurrencies are such an asset whose exchange rate is constantly changing. That is why cryptocurrencies are a volatile asset. The CoinBight.com website displays the balance at the current cryptocurrency rate, which is updated once a minute, so the fiat balance is updated very often.


Why did I replenish my wallet, but the funds are not displayed on my wallet balance?

To change the wallet balance, the transaction must go to the "confirmed" status. Transaction confirmation – an internal blockchain process, and it does not depend on us in any way. In some currencies (for example, Bitcoin), transactions can be confirmed for a long time (from 1 hour or more). In this case, you just need to wait until the transaction is confirmed by the network.


What does “Bitcoin transaction priority” mean and how to specify it correctly?

Bitcoin transaction priority is a parameter that affects the amount of fee to cryptocurrency miners. The higher priority is, the higher fee will be, and the faster your transaction will be processed and confirmed by the network.


What is the Destination tag in Ripple transactions (XRP)?

Destination tag – an individual digital code (tag) that comes as additional information to identify transactions. This tag is issued and then requested by fund receiver from senders if all transactions from senders go to the same recipient address.


What is the best type of password to use when creating a wallet– unique or common?

We recommend to use unique passwords for each wallet – this greatly increases the security of your funds in case someone has access to your common password.


Why I cannot log in to my account without two-factor authentication?

Two-factor authentication is the most important security setting. Since cryptocurrencies are a valuable asset, it was decided to make this setting mandatory.


Can someone steal my cryptocurrency?

The CoinBight developers designed protection mechanisms for your account and your cryptocurrency wallets, as well as a set of security settings available in your account. However, you must take care of the security of your credentials, wallet passwords and API Keys, periodically change your passwords and tune into notifications on your email. If you don’t neglect security measures, the likelihood of stealing of funds is extremely small.


I forgot my password and cannot enter my personal account. What to do?

Use the password recovery form. You can find it on the authorization screen near the "Sign in" button.


Why do I have the opportunity to freeze wallets?

This opportunity is designed for those cases when you want to protect the funds on your wallet as much as possible and are sure that you will not need them in a certain period. Specify the number of days/hours, and the creation of outgoing transactions from this wallet will be prohibited in the specified time period.


Why is a larger amount debited from my wallet when creating a transaction than I indicated?

When creating transactions in some currencies (for example, Bitcoin or Litecoin), the CoinBight fee is additionally debited. You can read more about commissions and their amounts in the section "Fees and limits".


Why do I need API Keys?

API Keys are used to integrate third-party applications with cryptocurrency wallets of CoinBight. This functionality is intended only for developers.


Why does the time of different actions on the site do not coincide with my time?

The reason is the time zone settings. Go to the "Profile"/"General Settings" section and change the time zone to yours.