FAQ
Last updated
Last updated
If you run a business and accept payments online, you will probably benefit using Phenixio.
Almost nothing. This is why we are here. We believe it is important to make these technologies accessible to everyone. We design and develop our services with this in mind. It is easy to use without knowing about the protocol level complexity. In fact, even you haven't used Bitcoin before, you can give it a try by creating your account on Phenixio today and see how simple it is.
Although we run and operate Layer-2 Bitcoin infrastructure for you, only you hold the private keys for your on-chain wallet. This means, once we forward your payments to your wallet address (see: Payments Flow for details) nobody can control and move your funds, except you.
Even in the case of a catastrophic event that we lose access to all our servers, for example multiple meteors simultaneously hit on our data-centers on multiple locations (probability is astronomically low) you will still have the access to all of your funds, except maybe the last couple of payments you received before the catastrophic event, which is negligible.
We take security of our systems very serious. We have a dedicated page for Security, you can learn more.
We believe internet needs a native currency and Bitcoin is the superior solution by far. Due to its strong monetary fundamentals, its decentralized nature, Open & Universal Standards and Network Effect, Bitcoin/LN protocol is going to make almost all of the current payment protocols redundant. Unlike applications, protocols TCP/IP, look at rail-road, look at shipping containers. They are standard for a reason. We prefer to focus our energy on what is obviously here to stay in the long run. We are developing our services so that the real-time Bitcoin payments will become accessible by virtually everybody in our solar system. Yes, Bitcoin is already capable of operating on the interplanetary scale.
While stable-coins provide some value against price volatility by pegging to fiat currencies, such as USD, EUR, etc..., they will become unnecessary by the time Bitcoin has wider adoption.
No, Phenixio is not a custodian wallet service or a wallet solution for storing your Bitcoins long term. You should own an Hardware Wallet or setup a Custodian Service for more complicated requirements.
We essentially provide a technology infrastructure for your business. Actual payments occur on an Open & Universal Payments Network. Sending each micro-payments to your on-chain wallet is not feasible due to high transaction fees. For this reason, your Phenixio account works like a temporary bucket for collecting micro-payments on Layer-2 until they are forwarded to your private on-chain wallet (Base Layer). It is much more clearly explained in the Payments Flow section. Additionally you should also have a look at the How much trust I place in Phenixio? section above.
No, Phenixio is not an exchange. But there are many greate exchanges you can use for buying or selling Bitcoin at the market price. Just be careful when choosing your exchange. Make sure it is a trusted and reputable service with high volume liquidity. Keep in mind that exchanges are not the greatest place to store your Bitcoin, so never keep your Bitcoin on exchanges, longer than necessary.
No. From the first principles perspective, Bitcoin is already a perfect solution for the digital payments. At this point, it is really unlikely that anyone will be able to build a competing protocol, neither will us.
From the Game Theory standpoint, we can predict that the most western countries will recognize that banning Bitcoin will have a long-term negative side effects, in terms of economic growth and the prosperity of their citizens. Ultimately, it will boil down to free and open speech versus totalitarian control. Currently there are countries on the both end of the spectrum.
We will accommodate our services in jurisdictions that have open and free speech, and supportive environment for the innovation.
Currently, there is an enormous demand globally for Bitcoin, however, unlike fiat currencies, Bitcoin supply is limited and cannot be manipulated. Naturally this generates huge price fluctuations. Once supply and demand get more balanced, price volatility will become lower, more acceptable levels. In fact, we believe due to its predetermined scarcity and the network effect, Bitcoin might become the most stable asset on earth within in 5-10 years.
