Frequently asked questions
What is the first thing I should do when I receive my BitPiggy?
The first thing you should do when you receive your BitPiggy is verify the Public Key that has been exposed on the Opendime matches the QR code on your BitPiggy. Use your favorite Bitcoin mobile wallet to scan the QR code and make sure the actual address matches. Once you have confirmed that the address matches, feel free to make your first deposit.
How is the BitPiggy intended to be used?
The BitPiggy is intended to teach children how to save for future goals. A child may choose to take a portion of their allowance in Bitcoin rather than traditional currency. Parents, family, and friends can easily make deposits by scanning the QR code with their Bitcoin wallet.
What is the second thing I should do when I receive my BitPiggy?
We recommend that a parent or guardian expose the private key on the Opendime (use an offline computer), make a physical copy, and save it in a safe place (fireproof safe or box). You may also save the Opendime as a redundant copy, but make sure to store it in a safe place because anyone is able to gain access to the funds through the physical copy or Opendime.
Is it safe to share my public key?
By sharing your public key, people are able to make deposits and view your balance.
Is it OK to reuse the same public address for multiple deposits over time?
There is a privacy trade off because someone will be able to see your current balance.
Can you explain how and why you should use Opendime?
We use Opendime to generate a public key without exposing the Private Key.
Where can I learn more about Bitcoin?
There are many useful resources available and there is plenty to learn! We recommend starting at https://Bitcoin.org/en/resources or https://lopp.net/bitcoin.html
What are the potential advantages/risks of saving value in Bitcoin?
It is yours, it belongs to you, you control the private key.
Bitcoin is limited in supply, there will only be 21 million bitcoin ever mined which means that your share of the 21 million can never be dilluted.
Since Bitcoin is limited in supply, your share of the 21 million could be worth significantly more in the future as more people need/want Bitcoin.
You can always verify your balance, check your public key using a block explorer.
The value of the currency is volatile. If this is money you will need in the short term, keep it in your native currency.
You could lose your private key and the Bitcoin will be stuck on the block chain for eternity.
The Bitcoin experiment could not work out and your savings could be virtually worthless in your native currency.
How can I pay for my BitPiggy?
We accept Bitcoin and all major credit cards.
Where Can I buy Bitcoin?
After I've reached my savings goal and I sweep my savings, what should I do with my Opendime and Private Key?
We recommend not using this address any longer, but keep a copy of your Private Key in case someone accidently continues to send funds to this address.