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Frequently Asked Questions

What is TxQuick?
TxQuick Blockchain Trading Corp (TxQuick) is a digital currency exchange. Using TxQuick DEMO you can experiment with various emerging digital currencies by trading in other digital currency you already have.

Who is "burnside"?
Burnside is a long time member of his local communities and the internet community dating back well over a decade. He has:
  • started a hosting company in 1997 that is still in operation today.
  • spent over a decade helping operate the National Cristina Foundation. (check them out!)
  • donated monthly for over a decade to Compassion International. (check them out!)
  • worked on a successful game with a massive virtual economy at a social gaming company for almost 5 years.
  • been a wildfire firefighter, combine driver (at ~10 yrs old!), national forest researcher, little league coach and donor, cub scout leader and donor, boy scout leader and donor, summer camp counselor, fraternity treasurer, president of a student run community food company, everquest guild leader (those were the days!), high school varsity football and varisty basketball team member, game programmer (starting with BASIC when he was ~8!), community volunteer, donor for numerous charity projects, and Christian believer for most of his life. (WWJD?)
What's next for Burnside? Making TxQuick the best exchange in the world.

Why was the site created?
Burnside had an itch to scratch. He had multiple interests culminate at around the same time:
  • Long time curiousity into how financial markets work. (Specifically, he lost a lot of money trading on E-Trade between 2006 and 2012 and wanted to understand how to avoid that in the future.)
  • A new awareness of how much fun and complex virtual economies can be. (from his day job, plus past experiences with Everquest, WoW, EVE Online, Second Life, etc.)
  • An itch to get back to doing some hands-on programming. (The last full game he had written himself was in 1995.)
  • A fascination with crypto currency software, wanting to figure out how it works, and wanting to accumulate some in the process.
Put it all together and with a lot of encouragement from the LTC community LTC-GLOBAL was born. The goal was a virtual community in which it would be safe to learn and grow an understanding of how the various market instruments and players all interact together. Eventually the community demanded a BTC denominated version and thus BTC-TC was born.

Why use crypto-currency? Why not just make up tokens?
Lots of different options were considered. We considered using in-game tokens made out of thin air. But there are numberous arguments as to why that wasn't optimal and probably wouldn't even work:
  • You would have to figure out how to disburse "tokens". Who gets how many? In real life people don't start with the same amount. Do I gift them at signup? (exploitable... just sign up a million times!) Do I let people buy them with real dollars? (ugh, didn't want anything with real money.)
  • If you use tokens, people wouldn't take it seriously, thus the entire experiment and game wouldn't be anything like reality. (ever play monopoly with a 10 year old?)
So it was obvious that we needed something that people had to put time into to get... and something that they cared about, otherwise it was a worthless exercise. Setting something up using WoW gold and/or Linden dollars was considered, but after reading their Terms of Service that was out. (They could seize our character's wealth at any time!) Crypto currency seemed to solve all these problems:
  • People had to put time into getting it. (Most people that had it got it by "mining", aka, running free software on their PC's as a hobby.)
  • It was open source, beta, and distributed so there was no risk of Blizzard or Linden Labs seizing the "bank".
  • It is not backed by anything other than energy and community effort, thus little risk of any government ever deciding it was real money. (Or so we thought...)
  • The open source software even came with accounts, transactions, and provable integrity built in. It was perfect!
What was thought initially was the perfect answer has now proven to have it's hurdles, but we are optimistic that they can be tackled and worst case, an organized shutdown is always an option.

Is it legal for this exchange to operate?
Most countries require currency exchanges to register and abide by a very strict set of rules. TxQuick will be maintaining financial services registrations and ongoing relationships with regulators in all of the jurisdictions we operate in.
Is it legal for me to use the site?
Most countries will have no problem with you as a user using digital currencies. Countries that have outlawed them outright will be blocked from using TxQuick.
Why should we trust this site after so many others have failed?
We are different in several key ways:
  • Our principal architects are 20+ year hosting veterans and 5+ year digital currency veterans. Everyone here has "been around the block".
  • We are quick to jump on security improvements and work hard to stay ahead of the curve.
  • We maintain the majority of deposits in offline multi-sig cold wallets with private keys in the possession of geographically diverse management.
  • We operate as transparently as possible. We are audited yearly, and are seeking public company registration in Canada so all corporate documents will be publicly available on SEDAR.

What happens if your servers are compromised?
If the hot wallet is stolen we will patch and repair whatever damage is done in the compromise. Then we will resume operations using funds from the cold wallet. Funds lost will be replenished first from the exchange's private holdings, and any remaining funds will be replenished over time from exchange revenue.

Do you have any banner media I can use on my site?
Sure. One so far. (248x50)




Do you verify or do any research into the currencies listed on the exchange?
Currencies listed on the exchange have been vetted by attorneys knowledgable in securities laws to confirm for us that they are in fact currencies and not securities.

Other than that we do not do any verification or research into the identities of the currency's developers or claims currency developers make. BEFORE you trade DO YOUR OWN RESEARCH, or pay someone to do it for you. Remember -- Even under the watchful eye of the SEC, Bernie Madoff, Enron, etc, all made off with billions of USD. Nothing is 100% safe, but if you do your research, you at least know the risk you are getting into.
What fees are there for using TxQuick DEMO?
We currently have the following fee structure:
Asset Trades using 2FA (Buyer): % (Trade Value X 0)
Asset Trades using 2FA (Seller): % (Trade Value X 0)
Asset Trades not using 2FA (Buyer): % (Trade Value X 0)
Asset Trades not using 2FA (Seller): % (Trade Value X 0)

Option Trades (Buyer): % (Trade Value X 0 -- Note that the listed price currently INCLUDES THE FEE)  

Deposits: Free
Withdrawals:  BTC FLAT FEE
             Plus anything bitcoind adds

Transfers (BTC): Free
Transfers (Assets): Free

Create a Virtual Currency Asset: 5 BTC
Forced Buyback using 2FA (Asset Issuer): % (Trade Value X 0)
Forced Buyback not using 2FA (Asset Issuer): % (Trade Value X 0)
Forced Buyback (Asset Holder): Free

Forgotten PIN Reset: 0.5 BTC
Unlock Permanently Locked Withdrawal Address: 0.5 BTC
Our fee structure is subject to change at any time.

Where do the fees go?
Fees go towards paying the expenses of operating the site. (Server Hosting, SSL Certificates, Development, etc.) All fees that are left over are divided up among TxQuick investors.

How many Asks can I place on a given currency?
As many as you actually own. The My Orders section of the asset's Trade tab will show you how many you own, and how many are currently reserved.

How many Bids can I place on a given currency?
As many as you can afford. The My Orders section of the asset's Trade tab will show you how much currency you have available and how much is currently reserved.

What happens if I place a Bid that exceeds what I can currently afford?
The system will attempt to cancel other outstanding bids, in order from highest bid to lowest bid, until you can afford the bid that you are trying to enter. Some have asked why not just turn the bid away? We implemented it this way on purpose, to streamline the process. We assume that when you place a new bid, you are ok with canceling older bids, and this saves you time by not having to cancel them manually.


How do I deposit BTC into my account?
After you've logged in, head over to the Wallet page. At the top of the main Deposit/Withdraw tab there is a box called Deposit Details which will have your Deposit Address(es) displayed.

How do I withdraw BTC from my account?
After you've logged in, head over to the Wallet page. First you must set your Withdrawal Address. It will ask you if you want to make it permanent. This is a currency feature, but be careful, it really is permanent. Once you set it, it cannot be changed ever again.

Once you've set your Withdrawal Address, then a new Withdraw box will show up with the option to plug in a Withdrawal Amount and your PIN/gAuth code to execute the withdrawal.

Why is there a withdrawal limit?
We limit our "hot wallet" exposure to theft by using manual withdrawals for larger balance withdrawals. Don't worry, there is no limit on your manual withdrawal. It just takes us a little bit more time to process it because we have to process it from our cold wallet manually rather than from our hot wallet.

How long does a manual withdrawal take to process?
It's almost always less than 12 hours. We process 2-3 times a day most days.


How do I use your Open JSON API Endpoints?

The following endpoints can be used without authentication
Description Endpoint
List of all assets and market data https://demo.btct.co/api/ticker
Ticker data for a specific asset https://demo.btct.co/api/ticker/COGNITIVE
Order book data for a specific asset https://demo.btct.co/api/orders/COGNITIVE
Contract data for a specific asset https://demo.btct.co/api/assetContract/COGNITIVE
All trades on the site in the last 48 hours https://demo.btct.co/api/tradeHistory
Trade history for a specific asset https://demo.btct.co/api/tradeHistory/COGNITIVE (optionally add: ?range=all)

Replace out 'COGNITIVE' with the name of the ticker you wish to view. In addition, if you browse to your account page, there are custom URLs there that you can use to view your portfolio and asset holders. Do not share your API key or URL with anyone!


How do I use your API-key JSON API Endpoints?

The following endpoints can be used with API-key authentication. Your API key is available in the Account page.
Description Endpoint
Your personal portfolio
(the days argument is optional, but allows you to look back historically)
https://demo.btct.co/api/act?key=[API key]&days=[X days ago]


How do I use your API-key CSV API Endpoints?

The following endpoints can be used with API-key authentication. Your API key is available in the Account page. All CSV endpoints also work without the API key argument if you are currently logged in.
Description Endpoint
Your personal portfolio https://demo.btct.co/csv/portfolio?key=[API key]
Your complete trade history https://demo.btct.co/csv/trades?key=[API key]
Your complete dividend history https://demo.btct.co/csv/dividends?key=[API key]
Your complete deposit history https://demo.btct.co/csv/deposits?key=[API key]
Your complete withdrawal history https://demo.btct.co/csv/withdrawals?key=[API key]
Bitcointaxes.info compatible CSV https://demo.btct.co/csv/bitcointaxes?key=[API key]


How do I use your OAuth 1.0a Authenticated Trade API?

OAuth can get somewhat complicated, eventually we'll try to break it down as much as possible but in the meantime; The quick start overview:

  1. Make sure you have PHP 5.3 or higher with the OAuth module installed.
  2. Download burnside-exchange-client_0.8.zip, decompress it, and install it in your document root on your webserver.
  3. Edit the config.php in the burnside-exchange-client directory. Adjust the Callback URL as appropriate for your installation, it should point at the URL necessary to reach your installed get_access_token.php file.
  4. Browse to the index.php file to get started, eg: http://mydomain.com/burnside-exchange-client/ -- it should work now in TEST MODE.

Next, to actually make trades with it:

  1. Create your application in the Account page on the API Management tab. This gets you an OAuth Consumer Key and Consumer Secret.
  2. Edit the config.php in the burnside-exchange-client directory. Plug your Consumer Key and Consumer Secret into the configuration of the application you have downloaded and set the testMode variable to false.
  3. Browse to the index.php file to get started, eg: http://mydomain.com/burnside-exchange-client/

Please download the zip and examine the code in the burnside-exchange-client software to see how it all works. Eventually we'll expand on this section. In the meantime, Twitter also uses OAuth 1.0A, and they have some great docs at https://dev.twitter.com/docs/auth/using-oauth.

Management of your OAuth Application (aka Consumer) and/or Access Tokens
Description Endpoint
Create your OAuth application and/or manage your active access tokens https://demo.btct.co/account, then browse to the API Management Tab

OAuth Authentication and Trading Endpoints
Description Endpoint
Request token endpoint https://demo.btct.co/oauth/request_token
User authorization endpoint https://demo.btct.co/authorize
Access token endpoint https://demo.btct.co/oauth/access_token
Trade endpoint (aka API endpoint) https://demo.btct.co/oauth/trade

Actions That Can Be Posted To The API/Trade (/oauth/trade) Endpoint Once Authenticated
Action - POST[act] Description POST Arguments Returns
get_portfolio Your personal portfolio none JSON array of assets held and current orders
transfer_asset Transfer an asset ticker (asset to send)
tsfr_price (approximate value, not required)
tsfr_quantity (quantity to transfer)
send_username (username to send them to)
JSON success/fail message
transfer_coins Transfer Currency tsfr_amount (amount to transfer)
tsfr_comment (40 chars or less, not required)
send_username (username to send them to)
JSON success/fail message
ask_submit Place an ask order ticker (asset to sell)
ask_price
ask_quantity
ask_expire_days (0,90,30,14,7,1)
JSON success/fail message
bid_submit Place a bid order ticker (asset to buy)
bid_price
bid_quantity
bid_expire_days (0,90,30,14,7,1)
JSON success/fail message
cancel_order Cancel an order order_id (ID given in get_portfolio)
JSON success/fail message


Try out burnside's simple PHP example in TEST MODE HERE