Here are answers to most common questions. Can't find an answer? Contact us!
What Can BioCrypt Do?
The BioCrypt Platform will allow users to make and receive payments with just the scan of your chip. Other markets that you will find BioCrypt in ranges from Vouchers, ID Verification, Security, and eventually being able to eliminate the need for both wallets and keys.
Why Trust BioCrypt?
BioCrypt is a platform operating on our own encrypted blockchain (BioChain). The blockchain is fully decentralized and allows for users to participate in a peer to peer transaction system. If the user is using a BioCrypt Chip, the security is truely in the hand of the user. The chip communicates with the blockchain using PGP Encryption with a BioMetric Authentication System. Our main priority at BioCrypt Technologies, Inc. is security!
What Is A BioCrypt Wallet?
If you have BioCrypt, the only suggested wallets are the official wallets listed on our website at http://BioCrypt.Tech. If you have either a BioCrypt Chip implanted or in the wearable form, you will have the wallet built in but will need to also install one of our official BioCrypt Mobile Apps in order to manage the devices beyond using it as a wallet only.
What Happens if I lose my BioCrypt?
Unfortunately, since unique private keys are associated with individual BioCrypt wallets, if the keys are lost, there is ultimately no way to retrieve that key without a passcode seed or other retrieval system; and that key is required to spend those tokens. However, there will be a secondary BioMetric Authentication System.
What Is A Private Key?
Every BioCrypt address contains a private key. The private key, allows you to ‘unlock’ and spend your BioCrypt. It does this by signing transactions, which tells the BioCrypt network (BioChain) that you are indeed the owner of the address in which the BioCrypt are held and that the transaction is valid. Whoever holds the private key for a BioCrypt address is able to spend the BioCrypt which that address holds, so in a very fitting analogy, your private key is essentially the key to the safe which is holding your tokens. You can also use the private key of an address to sign a message, verifying that you are the owner of the BioCrypt held at any given address. This is all secured through mathematics, using asymmetric cryptography.
How To Accept BioCrypt Payments?
It is very easy for any merchant to accept BioCrypt, and most of the time preparing to add the feature to your payment services takes less than 10 minutes. Merchants can accept BioCrypt both online and at physical locations by contacting us. BioCrypt has significantly lower fees than PayPal, credit card companies and bank services making it far more appealing to store owners than the legacy payment card processors. The cryptocurrency is also irreversible so chargebacks are not possible, and this leaves the decision to refund fully within the hands of the store owner. Merchants can accept BioCrypt through our custom built platform, through a Point-Of-Sale (POS) device or simply using their own tablet or smartphone. Adding BioCrypt as a payment method for your store can also increase your customer base for those who like to pay with cryptocurrency as well as broadening your company’s reach into the global market.
Is BioCrypt Legal?
BioCrypt (Bio) is legal and is a utility token. BioCrypt passes the Howie test to distinguish it as a utility versus a security.