What is Bitcoin?
Bitcoin is a decentralized digital currency, without the need for a central bank, single administrator or intermediary. It can be transacted (sent) from user to user on the peer-to-peer network, called the bitcoin blockchain that was invented by an anonymous creator or group known as Satoshi Nakamoto. Unlike fiat currencies, Bitcoin has a twenty-one (21) million limited supply that can either be purchased or mine it through its Proof-of-Work algorithm.
What payment methods does Yap accept?
We are a cash business. We accept Canadian dollars (CAD), US dollars (USD), Euros (EURO), and other major international currencies. We also accept Bitcoin.
Why do you ask for personal information?
As a Money Service Business (MSB), we are compliant with all the Anti-Money Laundering (AML) and Anti-Terrorist Funding regulations in force and ensure our compliance with all laws, regulations, policies, and procedures according to FINTRAC and AMF rules. We do not share your personal information with any third party unless required by law.
Do you require an ID for transactions?
Yes, all cryptocurrency transactions of $1,000.00 CAD or more and currency exchanges of $3,000 CAD or more require verification of your government-issued ID. Furthermore, we reserve the right to request an ID in the course of any and all transactions with our customers regardless of the amount transacted in order to ensure the validity of the information provided.
What are the cryptocurrencies you buy or sell?
We buy and sell Bitcoin. And may, upon request and reservation, buy or sell other cryptocurrencies like USDT. But we require customers to first contact us for details.
Why is your rate different from the spot price/Google's rate?
We charge a small spread on each transaction. This spread covers for volatility and business risks, and is our main source of revenue. We need to charge this spread in order to remain a sustainable business. That being said, our rates are very competitive: our spreads are generally lower than banks and other big financial institutions.
What wallet should I use for my cryptocurrencies?
Cryptocurrency wallets can take many forms, software programs for mobile or desktop, web-based storage, hardware wallet or paper wallet. For Bitcoin, we recommend open-source, non-custodian and tested wallets which you can set up and back up in just a few steps. For wallets compatible with iOS and android, BlueWallet is a popular, secure, and free option. You can also use BlueWallet in combination with all major hardware wallets. You may also want to purchase a cold storage wallet such as Ledger from an authorized reseller. They support multiple cryptocurrencies and offer greater security by keeping your private keys offline.
I want to learn more about Bitcoin/Cryptocurrency. What should I do?
You can book a one-on-one consulting session with one of our cryptocurrency consultants. Alternatively, you can also attend one of our upcoming information sessions. Please contact us at info@yap.cx for more details.
I'd like to buy/sell in large quantities, or provide liquidity/marketmaking for YAP. What should I do?
Contact us at atlas-exgo.com or appelez-nous au +123456789.
What do you accept as government issued ID?
Government issued IDs we accept include documents such a driver’s license, passport; provincial health card. Other valid IDs from other jurisdictions may also be accepted as long as they are authentic and include a photo ID, your full name, address, city, country, and ID number.
I'd like to get more information about to secure my Bitcoin and I have other technical questions related to backing up my seed. Who should I contact?
Email us at info@yap.cx and we will direct you to the right person and/or services that can help you learn about the solutions and options available to you.
Do you have record keeping requirements?
Yes, as a business that holds an MSB license, we are required by law to keep a record of all transactions for at least six (6) years from the date of the transaction.