Escrow keeps the money in safekeeping until a transaction is completed. An escrow fee covers the cost of the service being provided.
An exchange is a digital marketplace where traders can buy and sell cryptocurrencies using different fiat currencies or altcoins. Cryptocurrency exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and sell cryptocurrency by inputting either a market order or a limit order.
ETH or Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Like Bitcoin, Ethereum is a distributed public blockchain network. the Ethereum blockchain focuses on running the programming code of any decentralized application. In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network.
Fiat or fiat money is a currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material from which the money is made. Fiat money only has value because the government maintains that value, or because two parties agree on said value. Fiat money was first introduced as an alternative to commodity-backed money.
Google authenticator (GA)
Google Authenticator is a mobile application that implements two-step verification services using the time-based one-time password algorithm and HMAC-based one-time password algorithm for authenticating users of mobile applications by Google.
Authenticator provides a six- to eight-digit one-time password which users must provide in addition to their username and password to log into Google services or other sites. The Authenticator can also generate codes for third-party applications, such as password managers or file hosting services. Previous versions of the software were open-sourced but subsequent releases are proprietary.
A hash is a mathematical function that generates unique identifiers needed to solve blockchain computations and secure the network.
A hot wallet is a Bitcoin wallet that is connected to the internet, such as wallets installed on a desktop computer or smartphone.
A physical or electronic log book containing a list of transactions and balances typically involving financial accounts. The Bitcoin blockchain is the first distributed, decentralized, public ledger.
A computer or group of computers that add new transactions to blocks and verify blocks created by other miners. Miners collect transaction fees and are rewarded with new bitcoins for their services.
Mining is the process of using computer hardware to do mathematical calculations to confirm transactions on the Bitcoin network. Miners collect transaction fees for the transactions they confirm and are awarded bitcoin for each block they verify.
Buy offer: This is a trade proposal created by users who are trying to buy cryptocurrency in exchange for a different payment method (i.e. gift cards, fixed currencies). Payment methods are set by the buyer in this instance. Users can find buy offers here.
Sell offer: This is a trade proposal created by users who are trying to sell cryptocurrency in exchange for a payment method set in the offer. Users can find sell offers here.
Who can create an offer?
Why create an offer?
You can trade on Noones by searching for existing offers. But in this case, you depend on the terms of others. Creating your own offer gives an option to set your own terms, trade partner-related requirements, and create a flow of trades.
An offer term(s) lists all the requirements and other additional information needed to complete a transaction on Noones. An offer term often includes the buyer’s preferred payment method and a list of actions that the seller needs to complete to make the trade successful.
Note: Offer terms must be in accordance with Noones Terms of Service.
Peer-to-Peer is a type of network where participants communicate directly with each other rather than through a centralized server. The Bitcoin network is an example of a peer-to-peer network.
A private key is a string of data (letters and numbers) that shows that you have access to Bitcoins in a specific wallet. Think of a private key like a password; private keys should not be shared with others as they allow you to spend Bitcoins from your Bitcoin wallet through a cryptographic signature. It is similar to your password when online banking.
A string of letters and numbers that is derived from a private key. A public key allows one to receive Bitcoin.
A public bitcoin address is a cryptographic hash of a public key. A public address typically starts with the number “1.” Think of a public address like an email address. It can be published anywhere and bitcoin can be sent to it, just like an email can be sent to an email address.
A message proving that the traded Bitcoin has been received and the trading or transaction is successful.
Trade instructions are specific and detailed requirements that appear when a trade begins. These are the requirements that are set when buyers pay sellers. Users should make the trade instructions as detailed as possible to avoid confusion during the trade process.
This differs from offer terms, which are the terms that need to be established before a trade takes place. Offer terms can fall under trade instructions after trade begins.
Each trade on Noones has a status. There are eight statuses your trade could possibly have:
Active funded – a trade has started, and funds have been transferred from the seller’s wallet into trade escrow.
Paid – a buyer has marked the trade as paid. It means that a buyer of cryptocurrency is sure that he has made the payment and has actually clicked the Paid button.
Expired – every trade has a payment window for a buyer to make a payment. When a trade is funded, but a buyer failed to mark a trade as paid, the payment window expires. This status means that a trade has been cancelled.
Cancelled – a buyer or a seller has willingly cancelled a trade.
Dispute open – a buyer or a seller has opened a dispute.
Successful – a seller of cryptocurrency has released funds from the trade escrow to the buyer’s wallet.
Awarded seller – a dispute has taken place, and cryptocurrency was awarded to the seller of cryptocurrency.
Awarded buyer – a dispute has taken place, and cryptocurrency was awarded to the buyer of cryptocurrency.
A transaction is an entry in the blockchain that describes a transfer of Bitcoin from one address to another. A transaction occurs when data is sent to and from one Bitcoin address to another. Just like when you send money from one person to another in a traditional financial transaction, with Bitcoin you do a similar action by sending data (Bitcoin) to each other.
Trade ID (Trade Hash)
A Trade ID or Trade Hash is a unique identifier of any trade on Noones. The Trade ID makes your trade easily trackable within the Noones platform.
How to find your Trade ID
1. From your User Dashboard, click on the Trade History tab.
2. Look for the specific trade under My Past Trades.
3. Click on the drop-down button beside the trade.
4. From there, you’ll see the ID of both the trade and the offer.
Transaction Fee (Miner's Fee)
Also known as a "miner's fee", a transaction fee is an amount of cryptocurrency that is collected by the miner from each transaction. See the list of our fees in this article.
Terms of Service (ToS)
Terms of Service (ToS) is a contract or agreement made between a company and the product user. If the user does not abide by the ToS agreement while using the product, the user may be inflicted with penalties. Take a look at Noones’s ToS here.
Transaction ID (TXID)
A Transaction ID or TXID is an identification number for a Bitcoin transaction. It is an alphanumeric string that labels each transaction within the coin's blockchain. This differs from trade IDs, which are only associated with the trades made within the Noones marketplace for receiving cryptocurrencies only. In comparison, TXIDs are recorded over the blockchain and work within the wallet for a Bitcoin trade.
A seller or vendor is someone who sells cryptocurrency. It's their duty to release crypto from escrow once payments are verified. If the seller or vendor doesn’t release the cryptocurrency, they will remain in escrow.
A wallet is a collection of Bitcoin private keys used to spend Bitcoin. Just like with paper currency that is held in your physical wallet, a Bitcoin wallet is a digital wallet where you can store, send, and receive Bitcoin securely. There are many varieties of wallets available, such as hot wallets and cold wallets.
You get a free Noones Bitcoin wallet the moment you create an account on Noones. Your public and private keys are safely stored by Noones, and access to the wallet is protected with a password and 2FA.
Trusting users is a good way to stay connected with buyers/sellers that you've had good experiences with. Their offers will then be prioritized on the offer page. Blocking users is a good way to stay away from buyers/sellers you’ve had bad experiences with. If you’re selling cryptocurrency, your offers won’t be shown to them. If you’re buying cryptocurrency, you won’t be able to see their offers.
If you block a user, they won’t be able to contact you via Messenger.
Margin is an amount added on top of the cost price to get to the final selling price or the gross profit.
It can be calculated in a fiat amount or in a percentage. A margin can be both positive and negative, and a negative margin means that you expect the buyer to pay for the item less than its cost price.
Tether (USDT) is a stablecoin that is pegged to the American dollar (USD). Noones provides an option to convert your bitcoin to Tether to protect your funds from any market fluctuations. Learn more about our BTC to USDT converter in our Help Center.
For more information about Tether visit their website.
Pegged currency is a digital currency that is directly connected and has equal value as its designated currency, such as USD or EUR. A pegged cryptocurrency is also referred to as a stablecoin.
Tether is one of the most popular pegged cryptocurrencies. Here are three examples of Tether being pegged to conventional currencies:
- 1 USDT is pegged to 1 USD.
- 1 EURT is pegged to 1 EUR.
1 CNHT is pegged to 1 CNH.