Frequently asked questions
helpNeed more help?
How to buy Bitcoin in two easy steps?
Step 1: Login with your email to access your MySolidWealth account. If you don't have an account yet, visit our signup page to create one.
Step 2: Buy Bitcoin.
Choose your preferred amount and voilà. Done! :)
Extra: Verify your identity (KYC)
Two events will trigger your ID verification. This is a one-time process that will occur when:
1- Your account reaches the amount of €150
2- Payout. When you wish to cash out the funds in your account.
How do I withdraw money from my MySolidWealth account?
Once you've sold a cryptocurrency, you may want to withdraw local currency from MySolidWealth to your bank account. We make this process simple:
1. Open MySolidWealth and login
2. You'll be redirected to your funds' dashboard
3. Enter the amount and tap Sell
4. Choose your preferred payout method
5. And you're all done
(The withdrawal times depend on your country and your bank)
How do I verify my identity with MySolidWealth?
Two events will trigger a one-time ID verification.
1- Your account reaches the amount of €150.
2- Payout. The first time you withdraw funds from your account.
You'll get a notification to accept the verification process and you will be forward to secure identity verification (KYC) page.
Which documents do I have to submit?
To start with, we need your full name, your address (no post box numbers, please), country of residence, nationality, date of birth, a valid email and phone number so we can get in touch with you.
For proof of identity, we need a legible, color copy of any valid government-issued photo ID document (e.g. passport or national ID card).
For proof of address, we need a clear copy of a recent utility bill or bank statement issued by an official service provider. The utility bill should show your name, address, and issue date and must be no older than six months.
Last but not least, for validation of identity, we need a selfie with a handwritten current date.
I didn't receive a verification code
To help us verify your email address and ensure the security of your account, we sent an email to the account you registered. If you haven't received the code after entering your email address, please do the following:
– Check your Spam folder – it is possible that your security doesn't like new contacts.
– Check/Type your email address again.
– Double-check that the spelling and domain name are correct.
– Click "SUBMIT" again.
If you still don't receive the code, please contact your email provider or administrator regarding the possible reasons for not receiving the email verification code and they should be able to assist you.
My KYC registration has been rejected - Why?
When users apply for (Know Your Customer) KYC, in some cases they are rejected, which often leaves applicants feeling confused as to why. In reality, there are a number of reasons why your KYC application may be rejected.
One of the most common reasons for the rejection of a KYC application has to do with customer due diligence issues, including the identification elements.
For example, an out of date or blurry ID photo, passport or driver's license photo will automatically be rejected during the screening process. When applying for KYC, all photo identification needs to be as recent as possible, and in good condition.
When taking a photo of the identity document, please make sure that there is sufficient light, but no flash glare. It is best if it is scanned, if you have the opportunity to do that?
Another common issue found on rejected KYC applications is a discrepancy between the name used on the application and the name that is found in the supporting documents.
In addition, invalid proof of address documents will certainly cause your KYC application to be rejected. Make sure that the address you claim is the one that is printed on the documents. These documents should also contain your name (the same spelling as is on the identity documents and that you are registering).
We require a current selfie (self-taken photograph) of your face – clearly visible against a contrasting, neutral background – holding a price of paper on which you should write ‘MySolidWealth', your name and the date (remember all 3 elements).
These should be clearly visible on the picture. For the best pictures, avoid backlights (against a window, etc.), and in sufficient light.
Who would you give access to your account to? Someone with the correct credentials or someone anonymous? We are legally responsible to know who you are and that your money goes to you.
Why have I got less money that I thought?
There is no one official trading price for bitcoin. The various prices quoted on the web are close, but not exact. The price also changes every few seconds, so anyone buying or selling coins will have a contingency in case the price sudden shoots up within the seconds that you are inputting your details.
This is the same for any currency dealings – even in ‘stable' currency conversions, for example:
1000€ changed in Germany for US$ 1085.80 (XR 1:1.0858)
If you changed the US$ straight back – US$ 1085.80
=> €869.62 (XR 1:0.8009) TOTAL loss - €130.38
Prices as of March 11
MySolidWealth operates without fees, but to do this we need to minimize any risk when making these deals. You also have the back-up of secure payments on the PayPal platform – an internationally recognized and well trusted payment solution. Even if you don't have a PayPal account, you can still use it as a guest to make a credit card payment.
When should I buy bitcoin?
With MySolidWealth you can buy bitcoins (or parts of bitcoins) at anytime - 24/7. As with any currency or commodity market, there are times when the currency or commodity is becoming more attractive, and times when it looks very expensive (although this could be from the standpoint of your currency!)
It is no surprise that Bitcoin, a secure, global, and digital currency, has claimed the interest of investors.
Investing in bitcoin may seem scary but know that it takes time and effort to really understand how Bitcoin works.
Note: Bitcoin with a capital “B” references Bitcoin the network or Bitcoin the payment system; bitcoin with a lowercase “b” references bitcoin as a currency or bitcoin the currency unit.
Throughout its history, Bitcoin has generally increased in value at a very fast pace, followed by a slow, steady downfall until it stabilizes.
Bitcoin is global and not affected by any single country's financial situation or stability.
It is unlikely that many people will make a fortune from small amounts of bitcoin today. In theory Bitcoin is the ideal ‘hedge' for a person of wealth, especially if you live in an emerging market country, where the political situation is tenuous, and your currency is devaluing rapidly.
It is recommended that you DO NOT buy high, especially when a coin is close to its all-time high.
Of course, no one actually knows if the coin is at its all-time high, but normally if it's been climbing fast, people will want to cash out. Alternatively, if you think it will climb further, you can still jump in, but sell as it reaches the top, because the falls, like in a roller coaster, can be far.
If you buy high and fail to sell, then you will need to wait out an entire new market cycle to end up with profits - meaning a new bear (falling), then bull (rising) run - which could be well over a year of waiting if you are unlucky.
Remember: if you still believe in the project, then your best bet is to be patient and hold strong, even if the price is dropping fast. A simple reason people sell is that the price drops quickly. But it doesn't mean it is going to drop more
There are three situations for how Bitcoin and altcoins affect one another:
– The whole market crashes. In such a case, Bitcoin will often be more resilient than the other coins. We witnessed this first-hand in 2018: Altcoins dropped ~95%, while Bitcoin dropped ~80%.
– Bitcoin's dominance increases. Bitcoin's price increases sharply, but altcoins remain stable or go down. We witnessed this between September - November 2017.
– Bitcoin's dominance decreases. Bitcoin rises gradually, and altcoins increase in price substantially. We witnessed this in December 2017.
Cryptocurrencies are not corporate shares like stocks. You have no ownership in the company and will receive no dividends.
If you feel ready to make your first investment, then go for it. Even if only with €10, then go for it. You can't imagine the difference a small step will make versus not taking action.
This is where your experience will start, and you will feel the highs and lows of investing - it's a wild ride.
How much does it cost to use MySolidWealth?
MySolidWealth strives to be an affordable place to buy and sell cryptocurrency. Straightforward and with no surprises.
Our service is free of charge, and our compensation is derived from Buy/Sell spreads, which are among the tightest in the industry (based on internal monitoring).
How is the price calculated?
Many people wonder how the price of Bitcoin is calculated, but it's important to remember that it works no different than it would with other currencies. Let's first look at how the prices of most things are derived - we can use apples as an example. What is the price of an apple?
Well, it depends. As a starting point, one would derive the price of an apple based on two things: how much someone is trying to sell it for, and how much another person is trying to buy it for. If Florian wants to sell it for €2.50 and Michael is only prepared to pay €2.00, there is no deal. But if they agree on a price that works for both, let's say €2.25, then the transaction will happen. If it's Autumn there might be more people wanting to buy apples, so the price will go up. Or if there is a drought the supply of apples will become less, so more people are trying to buy fewer apples, which can also drive the price up.
Bitcoin and other currencies are a bit different from apples in that they are what is called 'homogeneous' - one dollar is identical to another dollar, just as one Bitcoin is the same as another. Apples, on the other hand, can vary in size and quality. All this means is that it's easier to come up with the price of a currency or Bitcoin. Once again, just what a buyer and seller will agree on.
Many people might not realize that other currencies work exactly the same - if you are holding a coin or note of your own local currency in your hand, at any given point in time there are millions of people buying and selling your local currency, so while you might observe it as stable, it's value actually continuously changes. When you want to exchange it for another currency at a currency desk, let's say for EUR, one day you pay 10 local currency to a euro, the next day maybe 11 or 9. Bitcoin works exactly the same way - you can just think of it as a currency other than the one you are used to.
How can I create a Paypal account?
See how easy it is to set up a Paypal account in this Video tutorial.
A Paypal account is very useful as you can use it as a means of payment for your transactions.
International legislation and bank policy
We don't make the laws - banks and other financial institutions are not allowed by their official regulators to deal with the kind of transactions where people could launder illegal money.
The underlying reason for blocking withdrawals or even large deposits into cryptocurrency exchanges are that people have the opportunity to trade cryptocurrencies anonymously. Obviously, incognito payments allow a much wider range of fraudulent or even criminal actions.
To minimize unlawful activity, banks and other institutions must verify their customer identity and monitor their financial transactions' history by law.
In other words, banks and financial companies such as MySolidWealth comply with international legislation that has been developed for maximum financial transparency and security. To prevent money launderers, scammers, and other criminals from using financial institutions to their benefit, (i.e., legalizing money obtained from criminal activities), there are two main policies:
- AMLD (Anti-money laundering directive). This basically states that you must provide the source of the funds if requested.
- KYC (Know your customer) policy states that you must provide proof of identity before you can start depositing, withdrawing or cashing out. Otherwise, you can only deal with a very limited amount of funds - currently 150€.
If banks or other financial institutions deal with customers whose source of funds is unknown, they will lose their license or pay massive penalties.
But why some banks allow withdrawing and depositing funds to cryptocurrency exchanges?
We, as a society, want security. Nobody wants to be hacked, robbed or deceived. That's why there are regulations and laws for our safety.
The banking system offers a possibility to cancel or return a payment because the system is centralized and trackable. The blockchain is decentralized and once the payment is confirmed, it's impossible to cancel or reverse it, because there is no institution controlling it. This is why it is vital that you check and double check where the money is going when you make a payment (even to yourself).
Some banks will allow you to operate with small amounts of money and leave you alone. Basically, it's a calculated risk, but one that helps you to get started. This limit is currently set at €150.
But once they will see any misleading or very large transactions, they will ask you to provide the source of funds. And naming the cryptocurrency exchange as a source will not help.
How do I withdraw money from my MySolidWealth account?
Buying and selling bitcoin is easy on MySolidWealth. Please note, however, that you must have completed the KYC successfully before you can cash out. This is international anti-money laundering legislation that we adhere to and that you signed up to when registering for this service.
Once you've sold a cryptocurrency, you may want to withdraw local currency from MySolidWealth to your bank account. We make this process simple:
1. Open MySolidWealth and login.
2. You'll be redirected to your funds' dashboard.
3. Enter the amount and tap ‘Sell'.
4. Choose your preferred payout method (please double check all the details).
5. And you're all done.
(The withdrawal times depend on your country and your bank)
Can I pay other people with my bitcoins?
Because we need to verify who owns the account and who any payouts go to, in accordance with anti-money laundering legislation, MySolidWealth is a vehicle to save with bitcoins not to pay.
Therefore, there is no option to pay anyone with bitcoin using MySolidWealth. Any payments you wish to make will require you to convert your bitcoin to FIAT currencies and cash out. Please note, to cash out, you must have successfully completed the Know Your Customer (KYC) verification.
Take your time when transferring your money.
Firstly, make sure that you are able to transfer the money out. The anti-money laundering legislation that we adhere to (and that you agreed to when signing up for the service), means that you must complete the KYC successfully before you attempt to move money out of your account.
Don't rush, and make sure the sending and receiving addresses are correct. Never type an address. Just copy and paste them. This way you avoid any chance of typos. And, it's faster!
After you copy and paste it, always verify the first two characters and the last three characters match your address, sometimes these can be missing when you copy/paste.
Check, double check and then check again - once you hit send, it's gone, and no one can get it back… Not us, not your bank, not your local policeman… it's gone.
about crypto Need more help?
What are cryptocurrencies?
Just like traditional money, you can earn them by providing goods or services, and asking for people to pay you in cryptocurrencies rather than in traditional money. You can also get it by mining for it, but this has become very difficult to do for the average person. So unless you have the expertise and a huge amount of money to spend on this, rather just buy cryptos.
And how to buy your cryptocurrencies? Get them from a credible cryptocurrency provider, like MySolidWealth. This is the easiest, fastest and safest way to get Bitcoin because you are virtually guaranteed to get your cryptos instantaneously and pain-free.
Bitcoin as digital gold
Over the centuries, gold has been considered as an object of value by many different groups of people all over the world. It's important to note that gold in itself has no value - it's just a piece of shiny metal. Its value comes from the fact that everyone just agreed that it has value, and therefore it becomes valuable. The reason they chose gold versus other objects is important - gold has certain characteristics that make it a better ‘store of value' (as it is commonly known) than other objects:
For one, it is rare, which means it has limited supply (there is only a certain amount of gold in the world - if it was too abundant everyone would have it and then it would have no value). It is malleable (it can be melted and made into smaller units i.e. coins, and importantly the per-unit value doesn't change when you break it into smaller pieces). It is stable and doesn't degrade, it's easy to recognize and very importantly, difficult to counterfeit.
As it turns out, Bitcoin has all of these same characteristics, and more. It has limited supply (only a specific amount of Bitcoin exists and will ever be produced). It can be made into smaller units without losing unit value (1 Bitcoin = 100,000,000 Satoshis - the smallest unit into which a Bitcoin can be broken down to, similar to the cents in a Dollar or pennies in a pound; this is also why one can buy less than one Bitcoin at a time). Its technology makes it very stable, it won't degrade, and it's impossible to counterfeit. On top of this, and unlike gold, you can move Bitcoin to any place on earth within minutes, no matter how big or small the amount. That's why many people say that Bitcoin is not just digital gold, but a better version of gold.
On top of that, Bitcoin has value as a payment system in itself, which gives it even more value. The more people use Bitcoin for payments, the more valuable this system becomes. It's a bit like buying shares in Visa and then using those shares to buy a coke at your local 7-11. Because you used the Visa shares to pay, Visa (the payment system) becomes more valuable, and Visa shares become worth more. In this way, the value of Bitcoin comes from both its gold-like characteristics as well as its payment system abilities.
Bitcoin as the internet
The modern internet was different in that it was, by design, an open system that anyone could use as they please, and it wasn't owned by anyone, so no gatekeepers. This leads to something called ‘permissionless innovation' - people can try and test new things without needing access granted by some gatekeeper. This leads to an explosion of innovation and adoption of the ‘open' internet and is the reason the internet is so pervasive today. The design also means that most parts of the internet are ‘interoperable' - this means that the internet or email I use can connect to the same internet or email a person in another country uses. This is similar to different countries speaking different languages - a German person and a Chinese person will struggle to communicate, but if they both speak English it's much easier. The internet allowed everyone to essentially speak 'one global language'.
In this sense, Bitcoin is similar to the internet. For one, it's not owned by anyone, so anyone can use it as they please - no gatekeepers. This is often referred to as ‘decentralized'. It also allows for permissionless innovation, and this is the reason why so many people are building companies and applications on top of it and it is growing so fast. Lastly, Bitcoin is also interoperable. Like email or the internet, my Bitcoin and your Bitcoin work on the same system, one big global transaction ledger and, in some sense, the world's first truly global currency.
How can I make money from Cryptocurrencies?
The answer to this is, yes you can still make money on cryptocurrency trading. You can, of course, still make money trading, say in US Dollars or Gold. Like the traditional examples, though, it is expensive to get into the market. A kilogram of gold is approx. 50,000€ (March 2020), so if you bought it a week ago, you would have made almost 2,000€… if you had bought it a week earlier, you would have 600€ profit.
For 1 bitcoin in that same time frame, bought a week ago and you would have lost 1,000€ and two weeks ago you would have lost 1,500€, but the prices could also have gone the opposite way.
If you buy 100€ worth of bitcoin, you are not buying a bitcoin - just a portion of it - a Satoshi. If that makes a 10% jump, you might not see much once trading fees are removed, depending on the exchange.
So, will you get rich? Realistically, only if you are already rich. But you can save money using MySolidWealth in a cryptocurrency that whilst currently volatile, is heading upwards in value against every national currency.
about bitcoin Need more help?
What is Bitcoin?
Bitcoin is often explained by comparing it to something specific people already know, but this is often what creates a lot of confusion. Bitcoin is a new technology that is unlike anything we have seen before, so a better way to think of it is as a combination of a few different things we are already used to:
Firstly, because it allows you to move money so easily, Bitcoin functions as a payment system, similar to bank transfers or credit cards, only a bit better.
Second, Bitcoin is in some sense similar to gold - that is why many people even refer to it as ‘digital gold' or ‘Gold 2.0'. Think of it as using gold for money, except it also very easy to move.
Third, Bitcoin is like the internet in that no single person or entity controls it, so anyone can pretty much use it as they like. This gives it some very unique characteristics.
These three characteristics also reinforce one another, so they are all interwoven. But more on all of this in the next few sections. For now, just imagine what would happen if you took a big pot and threw in a credit card, a piece of gold, and a hint of ‘internet' - mix it all up - and pull out a brand new compound - Bitcoin!
Where did Bitcoin come from?
Bitcoin was invented' by a person or group of people using the name Satoshi Nakamoto. Does anyone know who this really is? Despite many articles and investigation to unmask the person(s), there is still no conclusive evidence of who they are. Does it matter? Not at all. Satoshi designed the entire Bitcoin system in an ‘open source' manner - this means the code is available for everyone to inspect and see, so there are no hidden secrets and no influence on it from the creator. Over time many others have also worked on this code so it's already very different from the initial outline Satoshi proposed.
It's also worth mentioning that there is a common misconception that Satoshi invented Bitcoin all by himself. Like many big breakthroughs in the sciences, Satoshi's invention was built on the shoulders of giants. For the past few decades many top scientists, mathematicians, and engineers were involved in research around cryptography, systems and so on. Satoshi managed to pull all of this work together into one coherent plan and then helped to start to implement it. If you read the Satoshi whitepaper you'll even notice that he references all the other work on which he relied to complete his invention.
Bitcoin as a payment system
How did we transfer money thousands of years ago, when we all still lived in little villages and knew and trusted each other? We simply exchanged things with each other, as we still do with cash today. But when money moved online things got a bit trickier, and the way the banks and credit card systems dealt with this was to create a ‘ledger system' - basically records of account showing who owns what.
For example, if Peter wants to transfer €100 to Sophia online, the bank moves the money from Peter to Sophia. Peter cannot do it himself because there is a risk he might cheat - he can copy and paste the digital money (it's only numbers on a computer after all) and send the €100 to two different people; nobody would know. Instead, we trust the bank to send the money and make sure it's only sent to one person. Now, the bank can also cheat, but we trust them that they don't.
If the transfer is between two accounts at the same bank, it's easy to transfer, but if it's between two different banks it gets a bit more complicated. They might have different ledger systems that need to be reconciled. For this, they charge a fee, and it often takes more time to complete the transfer. When they are banks or other financial systems in foreign countries, it gets even more complicated: different languages, systems, currencies, more parties to coordinate and so on, so the fees and transfer times increase. That's why the current financial system is so complex. It's just a massive entanglement of various ledger systems around the world.
Bitcoin is changing all of this. How? It is simply one global ledger system that synchronizes across the entire internet so that everyone can access the same ledger account in real-time no matter who or where they are. The result? Money can easily be transferred between parties without all the lag times and exorbitant fees. Just like it used to be before the world became big and complicated.
And what do people use Bitcoin as a payment system for? Everything that one would do with normal money: send to friends and family - both local or abroad, buy things online, get paid for their work and so on.