What are cryptocurrencies?

Cryptocurrencies are digital money.

A while ago currencies were only something physical that we used to store value (paper money, gold, silver, or other). In the digital age, money evolved and became not necessarily a tangible object but a digital one, where through a system, like credit cards, wallets, mobile or online banking, value gets transferred.

Cryptocurrencies are the next step, instead of digitizing physical assets to transfer them online, a new class of only digital assets was created, a protocol or program, that serves the same purposes of money, but it only digital.

How did cryptocurrencies become a thing?

  • Let´s go over the main milestones:

  • In 2008, the first crypto currency, Bitcoin, was invented by an unknown person using the name Satoshi Nakamoto who released a white paper about its protocol.

  • In 2009, Bitcoin went live and had its first transaction.

  • In 2011, “altcoins”, cryptocurrencies that are not Bitcoin, emerged trying to improve some of Bitcoins original capabilities.

  • In 2016, Ether was introduced, the most relevant alternative to Bitcoin.

  • Present day, there are over 14 thousands cryptocurrencies with over US$ 2 trillion combined market cap, over half of that represented by Bitcoin and Ethereum. Cryptocurrency have evolved from a relative underground movement to mainstream, with major companies like Tesla accepting cryptocurrencies payments, and an interesting investment opportunity for an increasing number of people.

Do you think we missed some important milestone? Give us a shout out to contacto@imhapi.app 😁

How is investing in crypto different from investing in Stocks?

What is blockchain?

Blockchain is a kind of relatively new type of technology used by many cryptocurrencies to keep their records. This record keeping system works by saving transactions information in a digital ledger that is organized by successive blocks. All information about a number of transactions is stored in a block which is approved by a decentralized network, closed, and then chained or linked to the previous block, creating the blockchain. After a block is closed, records can't be changed or deleted without having to redo all the sequence of blocks that came after, each of those changes would require the decentralized network to approve, making it virtually impossible. Thus, blockchain is considered a decentralized permanent digital record for transactions.

The desensitization of the blockchain is an important factor, this means that instead of having a centralized party, government or company, that maintains, controls and keeps records which can be susceptible to tampering, information of every successive block is stored and kept by all the decentralized parties, called ‘nodes’. If information is tampered in one or several nodes, there are thousands of other that can be referenced to find the discrepancy and correct it. To hack a blockchain there would need to be a simultaneous hack of the majority of the decentralized network. Because of this the blockchain ledger is considered a permanent record, unchangeable and very secure, that has no single weakness point to be targeted.

Where are the crypto assets I invest in on Hapi stored?

When you trade crypto assets on Hapi you are doing so through Bakkt Crypto, a company that provides cryptocurrency execution and custody services. Hapi provides the app and technology for users to buy, sell and hold crypto.

In Hapi currently there isn't a crypto wallet, so you cannot enter crypto you own somewhere else, or take your crypto from Hapi elsewhere. We do know this is something our users might want, and we will keep it in mind for our future developments.

The crypto assets you invest in on Hapi are stored at Bakkt Crypto, a very well respected and established company that also partners with some of the most trusted and biggest wallet providers in the US to guarantee that all crypto assets are safely stored under the highest security standards.

It is important to know that Bakkt Crypto wallet partners are insured, which provides additional protections to users who invest in crypto on Hapi. All Bakkt Crypto user’s assets are stored together in one or more omnibus-hosted wallets, which means that your crypto assets invested on Hapi are stored alongside the assets of other investors from other platforms that provide crypto throughBakkt Crypto.

You should always have in mind that cryptocurrencies are not securities, and thus are not FDIC or SIPC insured.

Which cryptos can you find on Hapi?

You can buy, sell, or hold 8 coins currently on Hapi via Bakkt Crypto:

Bitcoin (BTC)
Doge (DOGE)
Shiba INU (SHIB)
Ethereum (ETH)
Litecoin (LTC)
Bitcoin Cash (BCH)
Ethereum Classic (ETC)

You can search for these cryptos via the Explore page, find the 🔎 on the bottom menu of your app, and type Ticker Symbol or Name of the crypto you want. You will be able to learn more about them and get context and relevant information before making a decision to invest.

If you can’t find a crypto that you are interested in, write to us about it. We are trying to expand the list to include all options that our users want. Some cryptos occasionally might be not available due to limited liquidity in the markets.

The list of cryptos we offer may be expanded in the future, and we’ll keep you posted as new options become available.

Do you have additional questions? Reach out to us at contacto@imhapi.app 😁

How to buy crypto?

Trading crypto at Hapi is a user-friendly process! Follow these steps within the Hapi app:

  • 1.

    Look for the 🔍 on the bottom menu of your app.

  • 2.

    Search for any cryptocurrency by Ticker Symbol (e.g., BTC) or Name (e.g., Bitcoin)

  • 3.

    Enter the amount you want to buy (you can change between buying in coins or in USD).

  • 4.

    Select the "Buy" button at the bottom.

  • 5.

    Follow the instructions to finish placing your trade! 🚀

Keep these tips in mind:

  • When you go to buy or sell crypto in Hapi, by default, it will be by quantity of coins

  • To buy a specific dollar amount, change the order type on the top right of the screen and select the buy or sell by dollars option

  • You can purchase or sell a minimum of US$1 of any crypto

  • There is a maximum limit per trade of USD 100,000

  • Cryptocurrency operations (deposits, purchases, sales, and withdrawals) may not be available to all users; it will depend on your country of residence. Currently, countries like Bolivia, Venezuela, Paraguay, and Spain have restrictions due to regulatory issues

Anything that we can help with? Email us at contacto@imhapi.app - we are here to help! 😁