Frequently Asked Questions
- What is cryptocurrency
- What is blockchain
- What is bitcoin
- Inactive Coins
What is a cryptocurrency?
A cryptocurrency is a currency the same as any you know, such as the dollar, or euro; the difference is cryptocurrencies are digital and designed to be secure and anonymous. Transfers have minimal processing fees, avoiding steep wire transfer fees charged by banks.
The first cryptocurrency to be created was Bitcoin back in 2009. Nowadays, there are lots of other cryptocurrencies, often referred to as Altcoins.
What is a blockchain?
All cryptocurrency transactions have to be logged in a ledger to keep them from duplicated or fraudulently traded. The blockchain is a public ledger of all cryptocurrency transactions that have ever been executed. Each block contains a link to a previous block, a timestamp and transaction data.
What is a bitcoin?
Bitcoin is the first worldwide decentralized cryptocurrency, invented in 2009. The inventor is an unknown programmer, possibly a group of programmers, under the name of Satoshi Nakamoto.
Transactions take place between users directly, so there is no need for a bank or financial institution to intervene. These transactions are recorded in a public distributed ledger called a blockchain. Bitcoin can be exchanged for other currencies, such as dollar, euro, pounds etc.
Bitcoin is starting to be accepted as an everyday currency in over 100,000 shops, businesses and online services, such as Amazon. The name ‘bitcoin’ comes directly from the words, bit, as in a binary digit and coin, obviously from the monetary term.
What is inactive coins?
A cryptocurrency can become inactive for several reasons:
- It is removed from any and/or all exchanges that list it
- The price drops to zero
- Links and any social sites are all inactive
- The domain has not been renewed by the owner/developer
- The coin announces it is closed / closing
- The blockchain explorer is broken
- There has been no Github activity
- There is no activity on Twitter or Bitcoin Talk
- The coin had a vulnerability and was exploited
- What is cloud mining?
- Do I need my own mining hardware?
- How long does it take to mine one bitcoin?
- How profitable is it?
- Is profit a guarantee?
- Is cryptocurrency mining secure?
What is cloud mining?
Cloud Mining is the process of mining for cryptocurrencies (such as bitcoin and ethereum) using a remote data center with shared hashing (or processing) power. This allows you to mine for cryptocurrencies without needing your own hardware, paying to maintain the hardware or pay for the electricity supply.
Do I need my own mining hardware?
You do not need your own mining hardware to begin mining for bitcoin and other digital currencies. There are other options available to you, such as cloud mining.
How long does it take to mine one bitcoin?
This question depends on many factors; how powerful your mining rig is, the current difficulty level of bitcoin, if you’re solo mining or pool mining, the cost of your rig and electricity fees or your mining contract, the list goes on.
For this reason, this question doesn’t have a straight forward answer, but put simply, you will never mine a whole bitcoin on a typical laptop. The power costs alone to keep the laptop running would outweigh how much you mine. Even if you come up with a magic way of mining with low outgoings, the difficulty is increasing every day, so it will only get harder.
How profitable is it
The profitability of mining for cryptocurrencies depending on many factors, such as the difficulty level of the currency and the current price against the dollar. Therefore the profitability changes from day to day. You can use the cryptocurrency calculators we’ve built to work out your profit margins per day, week, month and year, using up to date, real time figure.
Is profit a guarantee?
In short, no, profit is not a guarantee. Cryptocurrencies are the same as any other currency, the exchange rate and value fluctuates daily, and as such, can affect your profit. It’s a good idea to keep your eye on the way currencies are moving in order to make an informed decision about how much to invest, when to invest, and when to draw down your currency.
Is cryptocurrency mining secure?
Cloud mining services are very secure. They offer two step authentication on your log in and keep your personal information safe. Each has an area to input your cryptocurrency wallet ID and this is where your currency can be paid to. The wallet is up to you to keep secure.
If you carry around cash and lose your wallet, your cash is gone. If you give your cash to someone else, it’s gone. This is the same with bitcoin or cryptocurrency wallets. If you lose your wallet ID, or give it to someone else, it’s no longer yours. It’s secure as long as you treat it as such. Never post your wallet ID online; you wouldn’t leave cash laying on the floor and expect it to still be sitting there a few days later.
What is a paper key?
A paper key, also known as a mnemonic recovery phrase, is a combination of twelve, automatically generated, random words. These are provided to you when you open a new wallet. It is very important and should be written down with pen and paper and then stored in a safe place. Taking a photo or screenshot on your phone, writing it on a note on your laptop or simply trying to remember it are all very bad ideas. Do not type it into any website, treat it like you would a big stack of cash.
If you lose access to your account, your hard drive becomes corrupt, you wish to move your funds to a new wallet or you lose the phone or laptop that the wallet is stored on, you will need to know this paper key in order to regain access.
The order of these words is paramount, so trying to be smart and jumble them up when you write them down is also a very bad idea. An example of a paper key is:
What are hot and cold wallets?
Put simply, hot wallets are connected to the internet, cold wallets are not connected to the internet. Hot wallets are like the checking, or current, account of a regular bank. You don’t keep too much in there and your day to day spending draws from this balance. Cold wallets are like the savings account of a regular bank. This is where the bulk of your money is kept and is rarely accessed. Each has its benefits and drawbacks, most people use a combination of both, to give them the benefits of each.
|Hot wallets are much more readily accessible than cold wallets. Balance checks are easy, using it in a store is simple and it can be used at any time, making it great for people wishing to trade often.
|It is vulnerable to theft, since they are connected to the internet. Keeping a small amount of money in your hot wallet makes it less appealing to hackers. It is probably not worth their time stealing a small amount of bitcoin.
|These wallets are mostly free, making them accessible to everyone. Cold wallets can range from $100 to $400, which can be off-putting if you are new to the world of cryptocurrencies.
|If your hot wallet provider is also an exchange, such as Coinbase, you are reliant upon their security. If their site was to get hacked and funds were to be stolen, you stand a good chance of also losing your money.
|If you use a software hot wallet, this is only as secure as your PC is. If it was to get hacked, your money is sitting there up for grabs.
|They are totally immune to hackers, since they are not connected to the internet.
|Not quick to use as hot wallets. They usually needs plugging in, powering on, specific software, etc.
|Hardware wallets, such as Trezor or Ledger Nano S, can be plugged in when needed.
|Since hardware wallets are usually quite small, they can be lost easily, so be sure to keep them in a safe place.
What is a 'multisig' wallet?
A multisignature wallet requires signatures of more than one person to authorize a transaction. This is popular with big business that trade in bitcoin and do not want to entrust one employee with all of the bitcoin transactions. It would require several employees to accept the transaction in order to be completed.
What is a 'hierarchically deterministic' wallet?
A standard cryptocurrency wallet is used to store your cryptocoins. It has a public address which you can give out to others in order to send or receive funds. You are also provided with a private key that you can use to spend your cryptocurrency.
A hierarchically deterministic wallet, also known as a HD wallet, allows to create many public address. A new address is generated after each transaction is completed. The old ones will still work, but for anonymity and security reasons, it is good practice to use a new address each time.
What does 'fee control' mean?
A wallet offering fee control means that you can choose how much you wish to pay, in fees, when making a bitcoin transaction. Choosing a higher fee will encourage a faster transaction and confirmation time. Also, it’s worth noting that fees are not based on the transaction amount, so you could pay the same fee to send 1 bitcoin as you would 1,000.
What does 'full control' mean?
A wallet offering full control means that you are in full control of your own transactions. Put simply, it is impossible for merchants to post unwanted charges, or add fees you might not notice. Payments can be made without any personal information linked to the transaction, meaning you have very strong protection against identity theft.
- How do i change/cancel an order?
- Out of stock items?
- Why do we display products that are out of stock online?
- What methods of payment are accepted?
How do i change/cancel an order?
Login in to your account with the account information created when checking-out your order and initiate an update or cancel an order. This information was also email to you. You can also contact our Customer Service team
Out of stock item
Why do we display products that are out of stock online?
We’re sorry if the item you want is out of stock. We continue to show out of stock products online so that you have access to the product details or so that you can buy it at a later date when the item is back in stock. You may also select to be contacted when the item comes back in to stock.
What methods of payment are accepted?
When shopping at CoinMineShop, you can be assured of an easy-to-navigate and secure site that provides easy and secure payment solutions to cater for all your needs.
Whilst your payment is being authorized, look out for https:// in the address line of the page you are directed to. This indicates that your data is being transferred using Secure Socket Layer (SSL) protection and is encrypted. We use industry standard data encryption to make sure no unauthorized parties can access your payment details.
- What are the shipping costs?
- How long will it take for my items to arrive?
- What does my status mean?
- How do I track my order?
- Why don’t you ship to my country?
What are shipping cost?
We understands that getting your items on-time is important to you, so we make every effort to process your order as quickly as possible, and provide our customers with the lowest flat shipping rates available. Now with our added feature, a premium service for faster delivery, “Priority Delivery”, we can process your order even faster!
More information on shipping and shipping rates can be viewed on our Shipping and Handling page
How long will it take for my items to arrive?
Delivery of items and expected arrival date are determined by the shipping courier and the type of shipping used
What does my status mean?
Processing means your order has been confirmed and is now being prepared.
Shipped means your order has now left the CoinMineShop warehouse, you will receive an email confirming dispatch.
Delivered means your order has been delivered to the given shipping address.
Cancelled means your order has been cancelled either by you or us.
How do I track my order?
You can track your order from your account page, once your order is shipped, you’ll receive an email notification that you order is dispatched. You can also contact our Customer Service team who will be happy to help you track your order.
Why don't you ship to my country?
We endevour to ship to all worldwide destination but countries with international sanctions and restrictions where international shipping logistics is non existence.
- How quickly can I return an item?
- What if I receive an item with manufacturing defect?
- What items are not eligible for return?
How quickly can i return an item?
Our returns procedure is simple and easy if the product is unopened and still in its original condition and packaging you can return within 7 calendar days from the date of receipt. Please click here to fill out our return form.
Kindly send back the item to CoinMineShop Headquarters: Office. If you request a pickup service for the items to be returned or exchanged, a charge of US$26 will be applied. Please refer to our Returns Policy for more information on item returns.
What if I receive an item with manufacturing defect?
We are very sorry if you have received an item and there seems to be something wrong with it. Our CoinMineShop team work very hard to ensure our products are of the highest quality for you. Please contact our friendly Customer Service Team and they will be happy to help you solve the issue with your item.
What items are not eligible for return?
Products we can’t process for return are listed below:
- used hardewares
- usb miners
- used miners
- I have forgotten my password, now what?
- How do I view my purchase history?
- How do I opt out of marketing emails?
- How do I close my account?
I have forgotten my password, now what?
Don’t worry, we’ll get you back shopping in no time. On the Login page, you may follow the Forgot Your Password? link or you may also contact the Customer Service Team who will be happy to send you a system generated password.
How do I view my purchase history?
If you want to check and see what lovely items you’ve bought in the past all you have to do is Sign In to your CoinMineShop account. Once signed in you will be able to see your purchase history by clicking on My Orders.
How do I opt out of marketing emails?
Don’t go! You’ll miss out on all our great offers. If you really have to go you may contact our Customer Service Team who will delete you from the mailing list.
How do I close my account?
Don’t go! We hate to see you leave. If you really have to go you may contact our Customer Service Team who will delete you from our server.
- How do i confirm that CoinMineShop is a secure site?
- What is Two Factor Authentication?
- What is an IP Address?
- What is VPN?
- What is a Kill Switch?
How do i confirm that <i>CoinMineShop</i> is a secure site?
When you visit our site https://coinmineshop.com a 128-bit SSL secure session will be established between your computer and us. You can confirm your session is securely encrypted by the appearance of a secure connection symbol and/or a sealed padlock on your browser
What is Two Factor Authentication?
Two-factor authentication, also known as two step or 2FA, is an extra layer of security on top of your username and password. This type of security is called “multi factor authentication”. It requires an extra piece of information to be entered after the username and password and is something only the user knows, or has on them physically, such as a hardware token.
The most common method of multi factor authentication is an app on your phone, browser, or tablet, which will give you a randomly generated code to input. The code changes frequently, so even if someone knows your password, they would still need your phone or security key to access your account, which can only be used once and is too long to be guessed.
A good example of a two step app is Google’s Authenticator App, for Android, iPhone, or BlackBerry. It can generate verification codes, and even works when your device has no phone or data connectivity. You can read more about it here.
What is an IP Address?
An IP address is a unique string of numbers separated by periods. It is an address that identifies a device on the Internet. Your laptop has a different one to your phone, or to anything else that is connected to the internet. Just like your street address for your home, each one is entirely unique.
What is VPN?
VPN stand for ‘virtual private network’. Simply put, a VPN is a secure tunnel between two devices. It will make your internet connection safer and more secure, will help you stay anonymous online and allow you to get around blocked and censored sites. An example of this, being able to watch Netflix while you are traveling abroad, where it might otherwise be region blocked. A VPN works by taking the IP address of your device and hiding it, by routing your traffic through a temporary IP address, allowing you to stay private.
What is Kill Switch?
A kill switch keeps you safe in the event that the VPN service drops out. A VPN could drop out for several reasons, so it is important to know that you will still be safe if this does happen. A kill switch works by stopping your internet connection or making sure that no internet connections are possible, when the VPN software detects a drop out.