Bitcoin Basics

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What’s a sat or a satoshi?

Most of our website deals in sats, or satoshis. A sat is the lowest common denominator of bitcoin, the 8th decimal place. This is like the penny is the lowest common denominator of the dollar, the 2nd decimal place.

$0.01 is a penny, to the dollar B0.0000001 is a satoshi, to a bitcoin.

A final example, it makes more sense to tell someone you have 10,452 sats instead of B 0.00010452 bitcoin.

Why a web wallet?

You may be used to downloading apps to your phone, but they’re very privacy invasive, and can easily track you. We also wanted a solution that can work for you no matter which device you’re on — your desktop, tablet, laptop, or smart phone should all have the same experience, and that’s one of the ways we differentiate from our competition. You don’t need to download anything to use us, and we’re established and recognized privacy advocates — can your bitcoin wallet(s) say the same?

Why open source?

It’s a lot more popular from a business perspective to focus on intellectual property and closed source software, but we fundamentally believe you shouldn’t have to trust us, or our company — the source code is readable by you so you can verify there are no hidden back doors.

Business Owners

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How do I convert my sales to fiat (CAD)?

You can choose to keep your sales in bitcoin, and understand the risk and volatility associated with that decision, or you can convert all of your sales to CoinOS-CAD. CoinOS-CAD is a token that is pegged to the price of the Canadian dollar, so you’ll de-risk yourself from any bitcoin volatility by doing this. For no cost, you can withdrawal your CoinOS-CAD once a month, as long as it’s a minimum of $500 CAD. When you do the withdrawal, we convert the CoinOS-CAD for you, to CAD, and deposit it directly to your bank account.

What are the tax implications to my business?

We are not lawyers or accountants, so you should speak to yours about this and not trust us. Our understanding is if you’re converting your sales to CoinOS-CAD, as it’s pegged to the price of CAD, there are no extra implications.