FREQUENTLY ASKED QUESTIONS 2017-12-10T21:50:47+00:00

FREQUENTLY ASKED QUESTIONS

Stage 1: Register an account here. You get a free and secure bitcoin and litecoin wallet and address to store and trade bitcoins and litecoins. If you already have an account on Sleekarena trading platform, move to the next step.

Stage 2: Go to the home page and use the search box to look for the best advertised cryptocurrency in terms of price, currency and trader availability. Fill in the form by selecting the trade type you want (Buy Bitcoin or Sell Litecoin). Then, enter the amount you want to buy in your preferred currency and choose a payment method. Click the search button.

Stage 3: The result should populate adverts base on your search filter if advertisement is available. Check the amount per bitcoin or litecoin on advertised trade. If the price offer is okay by you and the trade limit, click on the buy button to proceed.

Stage 4: On the next page, enter the amount of bitcoin or litecoin you want to buy if you are comfortable with the trade conditions. You must also be prepared to make payment within the time specified for the trade. You must login to continue the trade otherwise the buy button won’t be available for click.

Click the button to continue.

Stage 5: You should now be on trade processing page. Check the payment details if it is provided so you can make payment. You can chat the trader to supply the payment information. Always ensure trader has given consent via chat to trade before you make payment. And use the payment code supplied as payment description. Make sure you allow enough time after making payment for trader to confirm payment details and release bitcoin.

After making payment, chat the trader to confirm payment and then release bitcoins. You may upload confirmation of payment details via chat.

Do not hesitate to report trade few minutes before it expire so that admin can look into it.

You also have the option to cancel trade when you are not comfortable with trade process.

Stage 6: Once trade is complete, your bitcoins or litecoins would be added to your wallet on your dashboard. You’ll see how the coins travel through different levels of blockchain confirmation on your dashboard. You can also see it under transactions.

The first thing you need to do is register an account. Two wallet addresses (one bitcoin address and one litecoin address) would be created for you free to receive, send and store your bitcoins and litecoins.

Now transfer your coins to your account on Sleekarena using the appropriate wallet address. If you want to transfer bitcoin to your account, use your bitcoin wallet as the receiver address. You do that for litecoin transfer too. You will see the transfer movement on your account under “Transaction” as it move through blockchain confirmation process. You can use this to monitor your coins.

When the coins has arrived your wallet, you then search for the best trader that display “Sell Advert” maybe ‘Sell BTC’ or ‘Sell LTC’. Sell advert implies that the trader wants to buy coins.

Click the sell button to see more information about the advert. Ensure you trade with trader that has good reputation on the platform. You shall see this on the advert page.

Use the form on the advert page to open trade request for the coins you want to sell. The trader would receive sms on his or her mobile phone if the number has been verified. Do not forget to include your payment details for trader to make payment.

You can also use the chat box on trade processing page to contact the trader. A copy of the message is sent to the recipient email address and vise versa.

Please, make sure trader has paid your money and you have received it before you release your coins. Coins released or sent can not be recalled. Cryptocurrency transaction are irreversible. So, tread with caution.

All you need to do is create an account, fund your wallet with coins (bitcoins and litecoins) and create your first advertisement. You should also verify your account by going through all the KYC procedures. This is important for people to trust you as crypto merchant.

It is the simplest and most trustworthy way to buy and sell both bitcoin and litecoin.

You can buy and sell bitcoin and litecoin in your prefer currency whether in your local currency or any other currency of your choice. You have limitless selection of currency.

It is over-the-counter (OTC) form of transaction. That is, the trade take place on person-to-person basis. You trade with real people and not bots. Therefore, no form of price manipulations.

Both clients and traders are protected by escrow integration on trade process for safe and smooth transaction.

You set the price you want to sell or buy bitcoins and litecoins.

Traders get trade alert (sms) on their verified mobile number so as to process trade on time. You can not miss any trade request on Sleekarena whether you are online or not.

You have a chat box (with file upload enabled) to quickly interact with co-trader or client.

Your account is protected with the opportunity to turn-on two factor login authentication process to further secure your wallet. Coins are not released until the second verification is confirmed when two factor authentication is active on your wallet.

You trade safely with the opportunity to view the trust level of people you intend to trade with.

And many more

Sleekarena trading platform allows you to trade both bitcoin and litecoin. When trade is initiated, the value of the coins is removed automatically from sellers wallet and kept in an escrow.

Seller releases the coins when he or she has confirmed payment. If trader does not release coins before trade time expire and client has make payment, the coins removed would not be returned and trader would not be able to cancel trade process.

But if client has not make payment and trade expire, coins removed would be returned to trader wallet from escrow.

Both client and trader (client means buyer and trader means seller) can report trade if they notice any fraudulent activity. Sleekarena Support team shall look into the report and act accordingly.

You can send or receive bitcoins and litecoins on your wallet and track your coins movement on blockchain.

Go to “Two Factor Auth and Password Settings” on your dashboard. Click ‘ON’ and follow the instruction on the new page. Make sure you have installed authenticator apps like Google or LastPass authenticator or similar apps on your smartphone.

Scan the QR or enter the secret pin on the field allocated on your app to generate the required code for activating two factor login process.

You may de-activate two factor authentication on your account by a click on “OFF” beside the “ON” button.

The ‘Create Advert’ page is intuitive with detailed explanation of how to fill each field on the form. Below is the screenshot of advert posting form.

Click image to view larger version

Create cryptocurrency advert

Sleekarena trading platform is a peer-to-peer community and therefore registering, buying and selling Bitcoin and Litecoin is completely free.

Transfer of coins within Sleekarena users is also free.

However, users who created advertisements are charged 0.0002 flat fee for every completed bitcoin trade and 0.02 on litecoin trade. So, ensure you cap these values into your price setting when creating advertisement for your cryptocurrency trade.

Deposit and Withdrawal fees

Bitcoins and Litecoins deposit to wallets are always free on Sleekarena trading platform.

However, transactions to other Bitcoin or Litecoin wallets are subject to network transaction fees. The size of the fee changes depending on the current usage rate of Bitcoin or Litecoin blockchain.

Therefore, we automatically adjust this fee based on the current network congestion to ensure your transactions are confirmed as quickly as possible. The transaction fee is paid from your wallet when you send bitcoins or litecoins out from your wallet.

Bitcoin is often described as something in between gold and a dollar bill – it is not quite a currency (no one is printing it) and it has elements of gold (limited supply). It is actually called a ‘digital currency’ and it can only be created and stored online.

There is no single entity that controls bitcoin. All transactions are made on ‘peer to peer’ bases i.e. from one individual to another and all transactions are entirely anonymous.

Bitcoins are produced by several users running computer scripts all over the world; these scripts solve difficult mathematical problems and once solved, an amount of bitcoin is ‘released’. These mathematical problems ensure that transactions are anonymous and it also gives rise to the term ‘cryptocurrency’ which is often used to describe bitcoin and other altcoins like Litecoin, Ethereum, etc.

Bitcoin is used to purchase products and services electronically, and there is an increasing demand for it in markets where anonymity and security is crucial.

Digital currencies are on the rise and their popularity is fueled by a number of different factors.

1. Bitcoin is decentralized – no central bank influence.
2. Bitcoin is anonymous – all transactions are private, though could be tracked because they are recorded.
3. Bitcoin is convenient and cheap to buy – instant, low cost transactions with no debit/credit card or bank required. It thrived on peer-to-peer community trade.

The best way to describe a bitcoin transaction is to compare it with a typical ‘cash in hand’ transaction that is known for many years ago.
When an individual purchases an item from another individual with cash, there is no government record taken to know that this transaction ever existed.

While all bitcoin transactions are monitored on the ‘block chain’, much like cash payments, there is no record of the individuals involved in the transaction.

Bitcoin does not run through a central bank and there is no ‘bank’ that controls money supply by printing or removing bitcoin from the market. Bitcoin is produced through these mathematical problems mentioned above and there is a limited supply that cannot be manipulated by anyone, anywhere in the world.

This lack of government or bank control means that seizures of bitcoin are theoretically impossible. The impact that Black Friday had on the poker community many years ago cannot be repeated if players deal with bitcoin.

Bitcoin was developed by a software developer known as ‘Satoshi Nakamoto’. Satoshi grew tired of the conventional means of processing payments and the fees that came with them. So, his idea was to create a currency that was unlinked from “legal” currencies and the associated transaction fees.

That is not to say that bitcoin is free from fees, but the fees on transactions are heavily reduced and are insignificant in comparison to what you might expect from a wire transfer or PayPal for instance.

You may read or download the first nine page bitcoin introductory presentation by Satoshi Nakamoto here.

No one owns bitcoin, the currency is held entirely on the internet and there is no single person, business or government with control over its supply or the rules on how it can be used.

Bitcoin is generated by a ‘pool’ of bitcoin ‘miners’ that run mathematical problems to solve the blockchain and earn bitcoin. This network of miners is also the very same network responsible for processing the transactions that take place. This implies that bitcoin is not only a currency, but a payment network as well.

Bitcoin is limited because the protocol that established the network is forcibly capped at releasing around 21 million bitcoins. However, this is 21 million ‘whole’ bitcoins.

A single bitcoin can be divided into halves, quarters, tenths and still transacted – in fact, the smallest possible amount of bitcoin is called a ‘Satoshi’ and is 0.00000001 of 1 bitcoin. In this regard, there is plenty of bitcoin to go around.

You can buy and trade as low as 0.001 bitcoins on Sleekarena and still make profit while you trade as the coins keep appreciating in the global market.

  1. Decentralized: there is no one central authority for bitcoin. Banks, governments and businesses cannot control transactions and are unable to seize funds from any bitcoin users.
  2. Easy to use: once you’re familiar with bitcoin you will find it easy to use. Accounts can be set up in minutes while bank accounts can take months with various hoops to jump through. There are no questions and no fees to setting up a bitcoin wallet.
  3. Anonymity: spend your money on what you want, when you want. Bitcoin is an anonymous way to transfer value through the Internet – go have fun!
  4. Transparency: the blockchain publicly stores all transaction information for anyone to see, meaning that while transactions are anonymous, they are entirely transparent.
  5.  Free from fees: one of the most important wins for bitcoin is that the fees pale in comparison to a traditional money processor. Sending the equivalent of $0.01 through the Internet is now easy and makes micro-transactions more accessible for everyone anywhere in the world.

Bitcoin is indeed a network of digital transactions where the digital currency is sent to and fro an account called ‘wallets’. Each transaction is digitally signed using secured security certificates to verify that the transfer is completed successfully. You can see this transaction on your Sleekarena dashboard and a link to view it on blockchain.

Everyone within the bitcoin network can view the transaction on the blockchain which acts as a virtual ledger. Though transactions are publicly viewable, however they do not reveal any sensitive information beyond what is necessary to successfully complete the transaction i.e. the required payment addresses and the total amount to be transferred.

While there speculations of holding onto bitcoin in the hope of a price increase (which is good for trading purposes), the virtual currency is now adopted by a huge range of merchants making the incentive to spend ever greater.

When receiving bitcoin, we set at least 3 confirmations before the transaction is considered complete. Each confirmation takes roughly 10 minutes or less.

For larger sums of money, the number of confirmations is usually set to 5, meaning that there is no doubt that the funds have been received and the sender cannot reverse the transaction. This can result in transactions taking several hours. Once all of the confirmation steps have passed, the seller can be sure that the bitcoin has safely transferred.

For micro-transactions, people often choose to accept zero confirmations, meaning that payment can be received instantly but is also susceptible to an unethical user opting to reverse the transaction – for small sums, this tends not to be a worry.

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