What is Bitcoin?
- Bitcoin is a global, digital currency that is not controlled by any government or bank. It exists entirely online, and all transactions are logged publically on a shared database in a way which keeps the whole network safe and secure. Bitcoin is also called a cryptocurrency; though there are also other types of cryptocurrencies, Bitcoin is the most widely held.
What is Gracias?
- Gracias is an app for sending and receiving small amounts of Bitcoin between friends. We don’t yet offer any way to buy or sell Bitcoin, nor do we charge any fees for using the app. For now, we’re just focused on introducing newcomers to the world of Bitcoin in a way that is fun, easy and not at all intimidating.
- Gracias is giving new users $5 in Bitcoin when you sign up with our special friends & family referral code. You can also earn $2 in Bitcoin when you successfully refer friends within the app. Your friends will receive $2 in Bitcoin for signing up through your referral as well!
Why are you giving away Bitcoin?
We’re giving away a small amount of Bitcoin to our first users for
three different reasons.
- First off, we want to reward our first users for coming along on the ride with us, and for trying out something new. We know that there are a zillion apps out there, so it’s important to us that you feel welcome! And that also means we encourage you to tell us when something is not quite right, or if you have ideas for how to make Gracias better. Send any feedback you may have to: firstname.lastname@example.org.
- Secondly, we know that Bitcoin can be intimidating. Buying it is overwhelming, and you might not know where to start. We think that by giving our first users a small amount of Bitcoin, it will make it more real and less scary (!) for you in a way that can’t be accomplished if we just talk about Bitcoin.
- Thirdly, Gracias is built on a spirit of giving. Giving feels good, and it feels good for us to give Bitcoin away to people who may not have easy access to it otherwise. This idea of giving permeates the whole app, and we hope that you feel equally inspired to pay it forward to some of your crypto-curious friends!
- We’re giving away a small amount of Bitcoin to our first users for three different reasons.
Can I buy Bitcoin on Gracias?
- Not yet, but we may roll out this feature in the future. Watch this space, as they say! For now, the only way to get more Bitcoin in Gracias is to invite friends to receive a referral bonus, or get your friends to send you some of theirs! ;)
Why is Bitcoin important?
- Its global, digital nature means that Bitcoin can be sent from Idaho to Botswana without having to pay exchange fees or wait for an international wire. Because it’s out of the control of a government, bank or other middleman, no one can tell you how to use it, and no one entity can manipulate the price by printing more.
- Bitcoin has proven useful in places like Venezuela, where the value of the country’s currency has decreased dramatically from political unrest. Bitcoin was also used to pay female writers in Afghanistan who were discouraged from owning their own bank accounts.
- In America today, the most prevalent use for Bitcoin is as an investment tool. There aren’t many channels for buying goods or services with Bitcoin yet, however as the technology and market matures and stabilizes, we think this way of storing and moving value online will become more widespread. That means you will be able to use it like normal money in the future, replacing local currencies that are limited by geography or politics.
- Having a currency or financial service that doesn't rely on banks or government is part of a trend called decentralization. This shifts the power to the individual person, moving power away from huge corporations or governments and out to the people. In this shift we want to make sure all people benefit - not just the wealthy and connected. This is why we want to get underrepresented communities into the cryptocurrency game today, so that we’ll be more prepared for tomorrow.
How do I send someone Bitcoin on Gracias?
From the app dashboard, hit the B icon on the bottom of the
screen, in between the planet and smiley face icons. That will
take you to the transaction screen. From there:
- Enter the amount of Bitcoin you’d like to transfer to a friend, toggling between dollars and Bitcoin to understand the amount you’re sending.
- Choose a friend on Gracias or from your contact list.
- Write a note, add a gif, add wrapping, and click send!
- If your friend is already on Gracias, they will receive the Bitcoin instantly. If they haven’t yet joined, and you invited them via SMS, they have 30 days to download the app, create an account and redeem their gift. If they don’t redeem within 30 days, your account will be refunded with the amount sent.
- From the app dashboard, hit the B icon on the bottom of the screen, in between the planet and smiley face icons. That will take you to the transaction screen. From there:
How do I withdraw Bitcoin on Gracias?
- From your profile screen, click the ‘Transfer Out’ button
- Enter the amount you want to transfer, followed by your wallet address. You can also scan the QR code of your wallet address instead.
- Click transfer, and you’re done!
Important notes regarding transfers out of the Gracias network:
- We require a minimum transaction amount of $15. This is because the Bitcoin network charges a fee for transfers. Network fees are usually less than $1 but it varies depending on volume. Gracias does not charge a fee.
- We also require that you have an account for three days before transferring Bitcoin out of Gracias.
- Please double check your wallet address! We cannot stress this enough. Transactions sent off of the Gracias platform to an external wallet address can not be reversed or cancelled.
- The transaction can take hours to confirm. You can look up your transaction status on blockchain.com/explorer.
How do I withdraw dollars on Gracias?
- Right now, you can only withdraw Bitcoin from Gracias.
How do I buy more Bitcoin outside of Gracias?
- Today, Bitcoin is most widely available for purchase through something called an Exchange - similar to the currency exchange booths you see in an international airport. Exchanges charge a fee for the service of selling you Bitcoin for US Dollars. Exchanges determine the price of Bitcoin, based on the overall market.
- Exchanges are regulated to prevent money laundering, fraud, terrorist financing and other financial crimes. It’s very important to do your research and choose a reputable Exchange to purchase from.
- Gracias is not currently providing any Exchange services.
Where are my Bitcoin in Gracias?
- Gracias is a “custodial wallet”, meaning that we are holding the Bitcoin on your behalf. You can see your account balance at any time by clicking on the profile icon in the top left corner of the app. Note that the daily changing price of Bitcoin will affect the amount shown in your account in dollars!
- You can transfer your Bitcoin out of your Gracias account and into another Bitcoin wallet, though we encourage newcomers to learn more about the technology first before they attempt a transfer, as these are nonreversible.
- Custodial wallets are great for beginners, but over time as you learn more about Bitcoin, how it’s used and what it’s great at, you should consider moving your Bitcoin to a non-custodial wallet so that you are in full control of your money. After all, self-custody of your funds is one of the things that makes crypto so great.
Where would I store Bitcoin outside of Gracias?
- Ideally, you keep your Bitcoin in something called a “hardware wallet”. A hardware wallet is a physical electronic device that looks like a USB flash drive, and it provides a way to isolate your Bitcoin private keys in a location away from anything that can be compromised by hackers. This is the most secure way to keep Bitcoin.
- However, if you lose your hardware wallet or forget the password, there is no one to call to restore access. This makes it a riskier storage options for beginners.
- On Gracias, your Bitcoin will be stored by us in a safe location, and your account balance will be represented on your screen in our mobile app.
Why does buying Bitcoin through an Exchange require so much personal
- Exchanges are regulated to prevent money laundering, fraud, terrorist financing and other financial crimes. In order to stay compliant with the law, Exchanges need a great deal of information on their customers. Typically this information includes name, address, date of birth, social security number, and a photo of some form of government issued identification like a passport or driver’s license.
- Gracias doesn’t require this information until you accumulate a significant amount of Bitcoin in your account. If we roll out an Exchange, we will also need this when you buy or sell Bitcoin.
What is 1 Bitcoin worth?
- The price of Bitcoin is always changing based on what’s happening in the market. Click the Bitcoin symbol in the app to toggle between the Bitcoin amount and it’s current dollar value.
- You don’t have to buy a whole Bitcoin. In fact, we encourage you to only experiment with small amounts at first as you learn about this new type of money.
Why is Bitcoin the only cryptocurrency available in the Gracias app?
- We’re starting with Bitcoin, but may add other cryptocurrencies over time.
Who is behind Gracias?
- Gracias, the company, is comprised of a small team based in New York’s Hudson Valley. Gracias is a mission-driven company, with a goal to drive crypto adoption and literacy with traditionally underrepresented groups in finance and technology. Gracias was founded by Deana Burke, who is sure that only her mom would read this far down the company’s FAQ page. (Hi mom!)