FAQ - English - Paypite



Purchase Paypites

How do I purchase Paypites?

You can purchase Paypites in 3 different ways on the association’s website:

– Via bank transfer: 1% bank fees apply
– Via credit card and Paypal: 2% bank fees apply
– Via 2 other virtual currencies: Bitcoin or Ether (no charge)

In 2018 cash counter exchanges will also be available for purchasing Paypites with cash.

For crypto traders, Paypites can also be purchased on certain cryptocurrency exchanges (available on ForkDelta for now).

What is the price of a Paypite?

Like any cryptocurrency, the price of Paypite is fixed by the market price on the cryptocurrency exchanges. Its launch price was set on January 15, 2018 at € 0.15. Its price now fluctuates up or down in the markets. The current price of the Paypite is available in your wallet.

Is the number of Paypites limited?

Yes, the number of Paypites in circulation is limited to 274 million (just like the number of Francophones in the world.)

Will I have coins or notes?

Paypite is an alternative currency in the form of computer codes encrypted and exchanged between computers. Unlike conventional coins issued by governments, there are no notes or coins since this currency is dematerialized.

Pay with Paypites

Can I purchase products or services with my Paypites?

You can already pay a supplier with Paypites by transferring Paypite from one account to another Paypite account.
And we are currently developing services available in 2018 that will allow you to pay merchants (via phone, credit card, etc.) or withdraw money at your local currency exchange center.

Transfer Paypites

How much does it cost to transfer a Paypite?

It is completely free to transfer from one Paypite account to another one, unrestricted amount, and location.

Can I transfer money to someone if they do not have a Paypite account?

Yes, you can request a transfer by inserting the recipient’s email address. This will then create an account with the same email address you used for the recipient. In the same manner, if you do not have a Paypite account, a Paypite member can send you Paypites indicating your email, and you can use this email to create an account. You can also transfer Paypites to anyone with an Ethereum address, even if this person does not have a Paypite account.

How long does the to transfer Paypites?

A Paypite transfer usually takes about 30 seconds.

How to transfer Paypites?

Head to your Paypite wallet. Enter the number of Paypites you would like to transfer to the recipient, and it’s done instantly!

Manage Your Account

What are the registration fees?

It is free to register for a Paypite account.

Where are my Paypites stored?

Your Paypites are stored in your Paypite wallet. You can also store them on other platforms like MyEtherWallet if you have an account with them (Ethereum address).

I am not a French speaker, can I use Paypite?

The Francophone is a large community that includes all nationalities, continents, countries, race, ethnicities, etc. So if you do not speak French, we still welcome you with great pleasure and hope you get a chance to learn it.

How do you secure your Paypite Portfolio?

For reasons of confidentiality we can not disclose all our security procedures. Nevertheless, portfolios are protected by advanced encrypted authentication methods that secure its usage. In addition, transactions rely on tamper-proof and anonymous code. Transaction security is provided by cryptography to protect against electronic counterfeiting. The complex procedure carried out to secure the data is not carried out by a single central unit instead by voluntary members who together validate a block of changes: this blockchain database constitutes the blockchain. Paypites are stored in multi-signature portfolios, and transfers to external accounts must be approved and signed by two members of our team.

How to manage my alerts?

You will be notified by email of all the changes occurring on your account: purchase, transfers, etc. Remember to save the address contact@paypite.org in your favorites to be sure to receive them.

In order to use Paypite, what questions do I get asked?

Only your personal email and password are required to create an Account.
You have the option to include further information such as: phone number, last name, first name, etc. It is not mandatory to purchase Paypites, but this would allow us to further improve and customize our communications.

If you subsequently wish to pay or transfer Paypites to another account, we will need to verify your identity to ensure our members’ compliance with the law and to prevent identity theft, financial fraud, money laundering and terrorist financing. We will ask you to indicate your identity (last name, first name, address, telephone number) and send us (via upload on our site) your selfie and a photo identification (identity card or passport). Once these elements are validated, we will not ask for these documentation again.

The Cryptocurrency Paypite

What is a cryptocurrency?

A cryptocurrency (or digital currency) is an alternative currency in the form of encrypted computer codes exchanged between computers. Unlike conventional coins issued by governments, there are no notes or coins since this currency is dematerialized. Cryptocurrency uses a system that is not tied to any controled organizations (banks or governments) based on the blockchain, equivalent to a large ledger that lists all transactions since its creation.

What is the specificity of Paypite as a cryptocurrency?

Paypite is based on the Ethereum blockchain. The transaction time is fast: less than a minute compared with Bitcoin that takes another 30 to 60 minutes. The cost of transactions is 100 times lower than that of Bitcoin transactions. In addition, it consumes fewer energy resources than Bitcoin.

How do I resell my Paypites?

You can purchase and sell Paypites on cryptocurrency exchanges.
Paypites are currently listed on ForkDelta (https://forkdelta.github.io/#!/trade/0x0ff161071e627a0e6de138105c73970f86ca7922-ETH), we are also considering to list them on other cryptocurrency exchanges.

Why rely on the Ethereum network?

Ethereum is now a powerful blockchain that allows us to quickly deploy Paypites and develop the services we hold dear to unite the French speaking community. Ethereum responds very well to our needs today. However, in our quest to further facilitate payments between French-speakers, with faster and less expensive transactions, we are also considering the possibility of adopting another blockchain in the future. If this adoption occurs, it will not affect nor cost anything to Paypite users.

Where can I find Paypite's source code?

The code source of Paypite is under the open source MIT license and is available here: https://github.com/Paypite/money-paypite-erc20/

The Paypite contract is deployed on the Ethereum blockchain at this address: https: // etherscan.io/token/0x0ff161071e627a0e6de138105c73970f86ca7922

Can I make money investing on Paypite?

We can not predict the future of the market, it is up to us to advise you a prudent investment as part of a diversified investment strategy. Nevertheless, we have every reason to be confident in the progression of Paypite. In recent months the news of cryptocurrency and Bitcoin has skyrocketed, and in just one year the value of virtual currency has jumped more than 1800%. Many people have invested at the right time and are now millionaires. Unlike many other virtual currencies, Paypite is operated by a non-profit, serves the underprivileged, and developed cross-continentally. It responds to the needs of simplifying exchanges between Francophones around the world, making intercontinental transactions easier than ever before. Just as other recently created virtual currencies (Ether, Ripple, Litecoin, etc.) have also have experienced exponential growth overtime.

Paypite is based on the blockchain technology, and benefits from the latest innovations of the industry. And unlike many other virtual currencies, Paypite does not rely solely on speculation: it responds to a real need for simplification of exchanges between French-speakers across the globe. Today, similar to the Bitcoin at its origin, the price of Paypite at the moment is very low and accessible to all. This is the perfect time to invest.

How is Paypite managed by the association?

The association owns some of the Paypites, which allow it to finance developments so that the site can offer useful offerings to the French-speaking community (platform for linking French-speaking providers for example) but also help entrepreneurs to fund projects (we will soon launch the “Paypites de la francophonie”!).

In order to finance its mission, the association will be able to sell Paypites on the cryptocurerncy market. In order to maintain the price of Paypite, it will never sale below market price on cryptocurrency exchanges.

What are the costs of mining?

Paypite benefits from the Ethereum miners’ network. Internal transfers between Paypite accounts are however free of charge, while external transfers are subject to mining costs on the Ethereum network (generally between 0.10 € and 0.40 €).