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Glossary
Virtual currency / Cryptocurrency
Cryptocurrency is a virtual currency that uses cryptographic technology to carry out secure transactions. These are digital asset units on blockchains that are not legal tender but have payment functions and may have many other functions as well. That includes coins and tokens, which can also perform additional functions, such as functional features for specific products (e.g. give access to special promotions, bonuses etc.)
Blockchain
In other words a chain of blocks, figuring out this primary technology is essential in order to understand digital currencies. It is a list of scattered transactions, made out of a series of blocks or units of digital information, stored sequentially in a publicly accessible database.
Partner exchange office / partner / franchise
Partner exchange office, which offers its clients digital currencies under the brand TokenEX, cooperating with TokenEX on the basis of a franchise contract.
Wallet
It is a place where users can transfer, save, and receive their cryptocurrency.
Smart contract
A smart contract is an auto-executing contract in which the terms of the contract between a buyer and a seller are written in a line of code. Smart contracts cannot be deleted. Each digital currency is a type of smart contract.
Transaction ID
A unique transaction ID is assigned to each TokenEX transaction, it allows users to check and sell their assets. This ID number is saved in the TokenEX database, is available to exchange office staff and used to identify a particular transaction.
PIN code
A unique PIN code is assigned by the user to each TokenEX transaction, which allows them to check their funds, buy or sell cryptocurrency. ATTENTION! Once lost or stolen, the PIN code cannot be reset, or recovered. Therefore, it is crucial to keep the PIN code safely and do not share this information with anyone.
Gas Fee
This fee is paid for confirming and completing a transaction on the blockchain. It is a fee paid to other users who confirm transactions.
General information
For individuals
Additional fees that may occur are external wallet withdrawals, so-called gas fees, the rates of which are independent from the TokenEX exchange office.
- The client should go to one of the TokenEX partner exchange offices in person
- On the device available in the exchange office, the customer must provide the details of the transaction, including: the FIAT currency in which the customer wants to pay, the amount that the customer wants to spend on the purchase, and the digital currency they want to buy
- After putting in all the data, the TokenEX system will convert the number of target digital currency units that the customer will receive for the amount indicated in the FIAT currency
- Using the device, the customer sets an individual PIN code for this exact transaction, which will allow them to check the balance in the TokenEX system. It will also be required in case of sale, it must be remembered or written down and kept in a safe place
- After payment, the employee assigns digital currencies to the customer under the generated transaction ID number.
- Using the created PIN code and assigned transaction ID, the customer can check the balance of funds using the TokenEX web app.
To sell digital currency stored at TokeEX wallet:
- Visit any TokenEX exchange office in person
- Set the transaction details on the device (provide the transaction ID and PIN assigned to the transaction of purchase of your coins)
- After the staff member confirms the transaction, the client will be provided with the payment (either in cash, or via bank transfer if preferred)
To sell digital currency stored at external wallet:
- To sell the cryptocurrency from an external wallet, first they need to be entered into the TokenEX system.
- To do so, on the TokenEX website, go in to the ‘transactions’ tab, click ‘deposit funds’ and choose the cryptocurrency to deposit
- The client chooses the amount and provides the wallet address from which the funds will be deposited
- During the payment transaction, a transaction ID number is generated, and the customer sets a PIN code and chooses an exchange office to sell there
- The customer should come into previously chosen TokenEX partner exchange office
- Enter the transaction ID and PIN on the device available in the store
- After the staff member confirms the transaction, the client will be provided with the payment (either in cash, or via bank transfer if preferred)
To see how the transaction flow looks like, visit the ‘How does it work’ subpage.
For business
- Acceleration of business processes and payments
- Willingness to enrich their investment portfolio
- Reducing the costs of transfers and independence from financial institutions
- Expanding the group of clients to include those, who would be willing to pay for services or receive payment in cryptocurrencies
For the purpose of buying or selling digital currencies, such companies use the services of TokenEX. We individually recognise the needs of each client, prepare a personalized offer, and then direct them to the selected partner exchange office.
Additionally, using the knowledge and experience of the experts working for us, TokenEX provides substantive support regarding the legal and tax aspects of using digital currency in business.
Our exchange offices provide sales documentation and contracts necessary for accounting purposes. Payment can be made by bank transfers or cash, we do not require online registration, and the verification of the documents is made on the spot by the exchange office employee.