FAQ

What is ByCoi.io and its crypto currency?

ByCoi.io and its virtual crypto currency BYC was issued in 2019. 120 billion coins, as assets, were issued with no possibility of reissuance. Approximately 107 billion BYC are in circulation within the ByCoi.io wallet and the ByCoi.io blockchain.

How does BYC work?

The virtual cryptocurrency can be used as payment for services and products on various platforms. The first company to use it to its full potential is OVID.ie, an Irish e-commerce platform with thousands of members. It will be launched in the autumn 2019.

How does one acquire BYC?

BYC has been launched on a licensed European exchange BCB Exchange here. The European Exchange is fully licensed to trade any cryptocurrency against fiat by the FIU in Estonia.

Who controls the ByCoi.io blockchain?

ByCoi.io private blockchain, transactions are done using private keys by consensus of the participants and as permitted validators when nodes connect. The blockchain uses smart filters and global administrators that need to be in 100% consensus for any smart filters to change. The transactions are recorded in blocks and can be publicly viewed in the explorer.

How do I register and what is the process doing so in ByCoi.io?

To register you visit https://wallet.bycoi.io/registration


1. Add your first name, last name, email and choose a password.

2. Check your email for activation link and verifying your email.

3. Click activation link to confirm your email.

4. Login with your email and password.

5. Choose country code in the dropdown then add your mobile phone number (without the "0") click next.

6. You will receive a one time 4 digit pin that you have to add to verify your mobile phone.

7. Pay the software, custodial and KYC fee of 30€. You can choose debit or credit card or PayPal to pay with.

8. Do ID verification by using your country ID (that is valid and accepted) and take a selfie of your face to verify its authenticity.

9. You will now arrive to your WALLET. Here you are shown your PRIVATE KEY one time only. Download the private key, including your wallet address and public key. If you loose your private key, your access to your BYC is lost forever. We are also sending out an SMS with your private key.

What advantages are it in the technology used for the ByCoi.io blockchain?

ByCoi.io blockchain is based on MultiChain technology and it solves the related problems of mining, privacy and openness via integrated management of user permissions. The core aim is threefold: (a) to ensure that the blockchain’s activity is visible and transparent, (b) to introduce controls over which transactions are permitted, and (c) to enable mining to take place securely without proof of work and its associated costs.

How difficult is it to make a BYC payment?

Payments are incredibly simple. When you are in the shopping cart of a merchant/store that accepts payment in BYC, your connect directly to your own ByCoi.io wallet using built in shopping cart apis. After you approve the transfer of the virtual currency, your purchase is complete. The entire process takes 1-2 seconds.

What are the advantages of ByCoi.io?

Its a liquid virtual crytpo currency with over 107 billion BYC coins in use by over 1 million users in over 200 countries. It is also accepted on a large e-commerce platform named OVID.ie in the autumn of 2019.

How is the 0.1% transaction fee paid when making transfers between BYC wallets?

Whenever a transaction between BYC wallets takes place the fee of 0.1% is split 50/50 between the sender and the receiver. So, for example, this means that when you send 100 BYC to another wallet holder, the fee for you as a sender would be 0.05 BYC.

Is there a cost to the wallet and system?

We are following all Know Your Customer (KYC) and Anti Money Laudering (AML) regulations in the EU and we are required to make KYC and AML due diligence for all our users. There is a KYC, software and custodial fee included. The current fee is €30.

What is a private and public key?

The public key is visible to everyone using the explorer to identify user in the block chain. The private key is your personal key to validate transactions.

What happens if I lose the private key or can not remember it?

When you register your wallet and are approved in the KYC/AML process you will be shown the private key ONE time only! You can download the private key as a txt file on your local computer. Your private key is also send to your mobile phone as SMS upon completed registration and KYC process. If you lose your private key, you are unable to use your wallet balance anymore since the private key is not stored by us or anyone else. IT IS IMPORTANT to keep a copy of your private key in a secure and safe place.