What is cryptocurrency?

Cryptocurrency is digital money. Cryptocurrency does not have physical coins or banknotes, it is not issued by a specific state or central bank, and it exists only in electronic form. The cryptocurrency rate is set on special online platforms — crypto exchanges. They work only online and are not subordinate to states or central banks.

Usually, when you transfer money to another person, you need a bank or other intermediary. With cryptocurrency, it is different: you can send money directly to the recipient without involving banks in the transaction. This is made possible by a special technology, blockchain. It helps to safely transfer digital money from one person to another. 

How is cryptocurrency created and distributed?

Almost all cryptocurrencies work on blockchain technology. It uses a complex technical process that produces a digital registry of all transactions made. Each transaction is recorded in a separate block — that's why the technology was called «blockchain». Blockchain is very difficult to hack, so it is considered a reliable way to store information.

Anyone can create a cryptocurrency if they have the necessary knowledge. There are different ways to distribute it: ICO, mining, AirDrop, listing on exchanges and crypto exchangers.

What is a crypto wallet?

A crypto wallet is a digital wallet that allows you to securely store, send, and receive cryptocurrency. It exists only in electronic form and does not physically store your cryptocurrency. A crypto wallet provides information about your account status and allows you to make transfers, just like in a regular banking app. To access a crypto wallet, you will need special keys.

Why is it important to choose the right crypto wallet for withdrawals?

The process of sending cryptocurrencies is irreversible — you will not be able to cancel, block, dispute or force (without a private key) the transaction. Therefore, it is important to check that the chosen crypto wallet is suitable for the desired currency and its receipt before withdrawing from MC Pay. We do not have cross-platform payments, so we cannot withdraw BTC to the ERC20 network.

IMPORTANT! If you specify an incorrect address or network when withdrawing cryptocurrency, the funds will be irretrievably lost.

What are keys in a crypto wallet?

A key is a special encryption code consisting of letters and numbers. It is needed to manage your cryptocurrency. When you open any crypto wallet, you get two types of keys:

Private (closed) key

This is a secret code that allows you to access your wallet and manage the crypto assets stored on it. Do not lose or give the private key to anyone under any circumstances — otherwise, you will no longer have access to the wallet, and all the cryptocurrency may be stolen!

Public (open) key

The public key can be compared to a bank card number — it can be sent to other people to transfer cryptocurrency to your wallet. By the key number, users can only see its status (whether the wallet is active or not), but will not interact with the cryptocurrency stored on it: they will not see your balance and will not be able to withdraw money.

How are keys stored in MC Pay crypto wallets?

After creating a MC Pay crypto wallet you will receive a private and public key. They will be available only to you, the keys can be found in the crypto wallet profile.

All private keys for the blockchain are stored by MEDIACUBE PAY INC. The company has a crypto license and cannot transfer your keys to third-party companies, nor use them independently. 

IMPORTANT! If you delete your account at MC Pay, you will permanently lose access to your MC Pay crypto wallet!

What are the benefits of MC Pay crypto wallets?

With MC Pay crypto wallets, you can purchase the most popular cryptocurrencies and use them at your discretion:

BNB — Binance coin

BTC — Bitcoin

ETH — Etherium

USDTE — Tether USD on Avalanche Network

ADA — Cardano

DOGE — Dogecoin

XRP — XRP Ledger

TRX — Tronix

BCH — Bitcoin Cash

So what is the advantage of our crypto wallets?

Speed

Crypto wallets are created in just a few minutes.

Reliability

MC Pay uses trusted providers to protect your funds from hacking and theft.

Quick exchange

Instant exchange between cryptocurrencies.

Who is a provider?

A provider is a partner company that carries out our transactions within its infrastructure. The providers we work with for crypto transfers are Inxy and CoinsPaid.

There is also a technical provider, a company that provides its payment infrastructure to service our crypto wallets. The technical provider we work with is GammaG

What fees are there?

Fees depend on the currency, crypto transaction provider and blockchain fee.

Detailed information about fees and the current cryptocurrency rate can be seen when making a withdrawal transaction in the selected payment method. 

What are tokens in cryptocurrency?

Tokens are digital assets that operate within existing blockchain networks such as Ethereum, Tron, or BNB Chain. Tokens can be sent to other users or traded on an exchange.

Creating a token is easier than creating a cryptocurrency — just follow the ready-made instructions offered by the chosen platform (Ethereum, Tron, BNB Chain, Cardano, etc.). The most famous token at the moment is stablecoin.

What is a stablecoin?

A stablecoin is a token whose value is usually equal to the value of a national currency, for example, 1 token ≈ 1 US dollar. That is why it is called stable. Stablecoins are needed to store cryptocurrency without rate fluctuations, transfer money with a minimum fee, or trade on exchanges.

The most popular stablecoins tied to the dollar are: USDT (Tether), USDC (USD Coin), BUSD (Binance USD).

What are TRC20 and ERC20 ?

TRC20 and ERC20 are blockchain protocols that operate in different networks and allow cryptocurrency transfers:

ERC20 are tokens that are created and operate in the Ethereum network (ETH cryptocurrency);

TRC20 are tokens that operate in the Tron network (TRX cryptocurrency), they cannot be sent to the ERC20 network

How is the cryptocurrency rate formed in MC Pay?

We request the purchase rate of the required cryptocurrency from the provider we work with.

Please note! The preliminary rate may differ from the actual one, since the confirmation and execution of the transaction occurs a little later than its creation in MC Pay.

The rate is formed on the crypto exchange based on the current supply and demand, as well as the price of the last completed transaction. If the exchange users are ready to buy cryptocurrency at a price higher than it was in the last transaction, the cryptocurrency rate increases. If users actively sell this cryptocurrency at a rate lower than it was in the last transaction, the rate decreases.

What to do if the sent cryptocurrency has not arrived?

Check that the specified wallet number is correct and its status — is it active or not? It is also worth making sure that the platform or wallet where the funds were sent supports the required type of tokens. If you did not find any errors, contact the manager or Support to get help in solving the problem.