Here you'll find some of our frequently asked questions.
The first wallet which works in conjunction with the product launch will be HandCash. That stated, we would like to work with many wallet providers. If you are a Bitcoinˢᵛ wallet provider, please don't hesitate to contact us at support@centi.ch to help us integrate with your wallet.
Centi is essentially an electronic cash payment enabler to the consumer and merchant alike. Neither the merchant nor Centi know the identity of the person who makes the payment unless a customer opts in for identification (to make use of features which would require identification in the future). Customers who are very privacy aware should ensure privacy measures are taken on the side of their wallet.
Centi is a financial service provider and is a member in the Financial Services Standards Association (VQF) which is a FINMA supervised Self Regulatory Organisation (SRO). It is evident that electronic-cash, such as Bitcoinˢᵛ (BSV) keeps it’s own records preserved much better than e.g. physical cash. This means better records for compliance which we take very seriously at Centi. Centi retains all records for as long as legally required and will also monitor transactions for associated risks. Local cash limits are automatically enforced for all merchants.
We consider Bitcoinˢᵛ as a continuation of Bitcoin as it was intended to be: Open, transparent, comprehensible, stable, scalable and compliance compatible. The provenance of Bitcoinˢᵛ leads back to the very same Genesis Block as other Bitcoin implementations. The main difference compared to other bitcoin forks is that all the originally intended functionality is restored. Further in Bitcoinˢᵛ economics drive the technology, where others try and have the technology drive the economics. If you want to learn more about Bitcoinˢᵛ please visit: https://bitcoinsv.io/vision/
Centi is convinced that Bitcoin has huge untapped potential. At a later stage of the business, we will explore this potential within Bitcoin. We see this potential in one single blockchain and not dozens. The network effects of all users, merchants and services using the same network vs. separate ones is immanent — after all, we also use one Internet to communicate. In communication we are also using one Internet. While Centi acknowledges the need to have competing blockchains from a global competitive perspective (even in a winner takes it all scenario, there need to be contestants first), we build on what we know works to fulfill our vision and most importantly support our business needs. We keep our cost low by keeping it simple. We don’t need to follow several development groups updates in order to know all the necessary maintenance activities required for different chains and nor do we need to confuse the people working the cashier at our merchant's outlets. We strive for the highest simplicity and reliability and this can only be achieved by clear focus and building on what supports the anticipated scale of the business.
Centi allows you to accept Bitcoinˢᵛ (BSV) from your customers. You should know that this is an electronic cash payment, which means no settlement times, no possible personal data breaches,no chargebacks or disputes — completely hassle free. All of this this is fully integrated within your regular payment systems and you are paid out periodically. In fact, you don’t need to understand Bitcoin technology. It’s literally so simple, you don't even need to press a single button. Furthermore, Centi offers attractive fees and if you agree to be listed in the Centi Merchant Directory, additional clients can find you. You have the unique chance to become part of the first Bitcoin merchant network which achieves a decent network effect for Bitcoin. Rest assured, the features we plan to enable for you in the future will redefine how you think of a simple payment.
Currently only full conversion to local currency is supported. We want to demonstrate that Bitcoin is a very efficient payment method, even when leaving it all fully adapted to your current setup. As we add more features, this will become even more apparent. If there will be demand by enough merchants to keep some of the Bitcoin, we may consider developing such a feature.