FAQ


Universal Wallet

The Bitquence Universal Wallet is designed to be the easiest and safest way to store your cryptocurrency and tokens.  It uses encrypted keys that remain under the user’s control, with the convenience of online and mobile access.

The Bitquence Universal Wallet will be available for both desktop and mobile, with native app support to follow.

No, Bitquence can never access your assets without you knowing.  You will always be in complete control of your assets, and all actions will be user-directed.

You, the user holds the funds and manage the keys.

Platform & Technology

Yes.  Bitquence is designing the entire platform to run on APIs for both scalability and security reasons.  Some will be internal, and some will be accessible externally such as data signals and Predictions.

We have a rolling release schedule that should start in late 2017 or early 2018.

Some features of the platform may require Identity Verification.  Initially, we believe identification documents will not be required but this has not been confirmed yet.

No, not initially but we will make an announcement when any changes occur.

Certain features such as Predictions and some Social features will be available to anyone.  To have a Bitquence Universal Wallet and access Wallet features will require BQX.

BQX Token

Yes, BQX is available to US and Singapore participants through reputable Exchanges.  Bitquence does not endorse or support any particular Exchange.

Binance, Coinexchange, HitBTC, EtherDelta and Coinspot.   Please note that Bitquence does not recommend or endorse any exchanges and assumes no responsibility with respect to those services.

Visit an Exchange that offers BQX.

No, not initially but we will make an announcement when any changes occur.

Compliance & Regulation

A Functional Token – also known as an “Access Token” is a token that is used to access a platform and/or a set of APIs.  BQX is both a Functional and an Access Token that is designed to be useful to both consumers and programmers.

A “Tokenized Security” is a token that pays a dividend, shares profits, pays interest, or invests in other tokens.   These tokens may not be compliant in certain jurisdictions such as the United States.

The “Howey Test” is a test created by the Supreme Court for determining whether certain transactions qualify as “investment contracts.” If so, then under the Securities Act of 1933 and the Securities Exchange Act of 1934, those transactions are considered securities and therefore subject to certain disclosure and registration requirements. A security is found to exist when all 4 of these elements exist, 1) investment of money 2) in a common enterprise 3) with an expectation of profits 4) from the efforts of others. Although our Token Sale involved an investment of money, none of the three remaining elements were applicable.

Bitquence strongly encourages its users to report and pay taxes on gains and losses.  Bitquence will give you a gain/loss report that will make this easier.

BQX is not a security, or Tokenized Security, because it does not meet the legal definition of a security applicable in the United States, Canada, Singapore, United Kingdom or any other OECD jurisdiction. In the United States, this is more commonly referred to the “Howey Test”

Consumer Protection

No, wallets, coins and keys reside under your control and responsibility at all times.

No, Bitquence can only access users assets upon the instruction of the user where the user provides a security key with each transaction to enable access to Bitquence.