Digital Currencies Q & A

HCEWALLET Digital Currencies

Ecash and Bitcoin wallet accounts. What are they?

Ecash and Bitcoin accounts let us send, receive and store digital fiat currencies such as (GBP, EUR, INR, etc.). HCEWALLET apps secure funds by securing Ecash and Bitcoin private keys. These private keys act as the proof of ownership for fiat- and crypto-currency accounts.

What is a Private key?

Private keys enable secure communication through insecure messaging channels. Keys come in pairs. The public key is used to encrypt the message whereas the private key decrypts the message. The only person with the private key is the end user account holder. Everyone else is free to have the account holder public key (‘account public address’). As a result, everyone can send private key holder encrypted messages without having to agree on a key beforehand. They simply use the public key (‘account public address’) and the account holder decrypts the received message by using the private key.

What is a Bitcoin address?

A Bitcoin address is like an account number. The address denotes which wallet the coins should be sent to. Bitcoin wallet addresses are case sensitive, usually have 34 characters or numbers and lowercase letters, start with either a 1 or a 3, and never use 0, O, l and I to make every character in the address as clear as possible.

How are HCE Digital Cards linked with Ecash and Bitcoin Accounts?

HCEWALLET App provides HCE Digital Cards linked to ECash and Bitcoin Accounts!

This wallet app receives securely from our secure hosted HCE SWIM MAP service  newly generated Ecash and Bitcoin Addresses. The host backs-up account holder (SWIM ID user) private key offline for safe-store and to reload into mobile devices if the account holder lose its mobile phone or if multiple devices are required to manage the account coins.

In addition, the host generates a “Host Card Emulation” (HCE) Digital Card (EMV Token) linked to a Bitcoin or Ecash Account which is also loaded in the HCEWALLET App and which provides card payments methods in merchant stores, merchant commerce apps and websites just like standard contactless EMV credit and debit cards such as Visa and Mastercard. Participating merchants can then accept payments in Ecash and Bitcoins by simply ‘Tap and Pay’ HCEWALLET phone apps on participating merchant POS (point-of-sale) contactless payments machines.

How can Ecash and Bitcoin Wallets be funded?

End users can acquire some Ecash and Bitcoins by simply downloading HCEWALLET App and using the ‘Deposit’ and ‘Buy’ functions.

Are Ecash and Bitcoin Accounts safe?

Are Ecash and Bitcoin accounts a safe way to store value digitally? It’s true that online host wallets are necessarily more dangerous than offline or mobile wallets. However, even offline or mobile wallets can be breached, meaning that security in the Ecash and Bitcoin world depends largely on keeping user 2FA (2-factor authentication) safe; SWIM ID PIN (something user knows) and associated mobile devices (something user has) storing private keys as safe as possible.

Where are Ecash and Bitcoins stored?

Ecash and Bitcoins simply consist of a string of data and they are stored on their Blockchains which in the case of Bitcoin Blockchain Network account holder BTC balances are stored on over 12,000 Bitcoin node computers globally distributed handy to trade online. After all, users need to be connected to the Internet to send value from one wallet to another over the Blockchain.

How can a Bitcoin account be opened?

We do not think that people coming from a financial or business background are likely to expect Bitcoin to be a direct alternative to our current financial system. We think that users need wallets separated into various accounts via a user system just like our HCEWALLET Mobile App!!

What types of digital wallets are there?

Online Wallets

These are web-wallets accessed via web-browser with access to money gained through username or password. This kind of solution is not recommended by us and we will never offer you such a week access control system. Note there is NO web-browser ‘Sign-In’ or ‘Register’ login option on our website www.HCEWALLET.com!!

Offline Wallets

Permanently offline wallets are of little use as Ecash and Bitcoins must be transacted via private keys over an online connection through secure access to the Blockchains. Hence our definition of offline wallet is the user keeping its HCEWALLET mobile phone or tablet switched-off and kept in a secure place for infrequent access for maintaining and safeguarding ‘saving account’ private keys.

Hardware Wallet

Hardware (Cold Storage) is a form of offline wallet but is complicated to use and too technical for the average person as it requires use of paper, brain, and hardware tokens. Please note this is just our opinion!

Mobile Wallets

Our version of a mobile wallet is HCEWALLET Mobile App which we believe is probably one of the most secure mobile wallet available today as we support use a Public Key Infrastructure with 2-Factor strong Authentication (PKI-2FA: SWIM ID). Our HCEWALLET App has undergone EMVCo (Visa and Mastercard) recommended security evaluation laboratories in 2018.

Any common mistakes to be careful of?

First of all, don’t rest money in an exchange wallet. Keep private keys for digital currency coins in an environment where the user has complete control.

Secondly, don’t keep all coins in one place. So we recommend multiple HCEWALLET wallets on multiple mobile devices – as a minimum have a ‘savings account’ coins mobile wallet and a ‘current account’ coins mobile wallet. This is just our opinion.

Thirdly, double check the target address. Ecash and Bitcoin transactions cannot be reversed, so don’t lose coins forever to a stranger!