What is Backup Phrase?
A Backup Phrase is 12 randomly created words (a "personal key" to your wallet) that no one must know.
When you create a wallet, Plark generates these words and shows them on the screen.
It is highly advisable to write them down on a piece of paper because you will not be able to access your wallet if you forget the Backup Phrase.
It is also of utmost importance to keep the Backup Phase secret. Knowing it, anyone can get access to your wallet.
Apart from that, if your phone is lost or seriously damaged you will have to use the Backup Phrase to import your wallet into Plark on a different phone.
You can also find your Backup Phrase in Plark following these steps:
- Tap Settings on the main screen.
- Select Security.
- Tap View Backup Phrase.
- Enter your PIN and you will be shown your Backup Phrase.
How do I receive cryptocurrency in my Plark wallet?
In order to receive Bitcoin, Litecoin, Ethereum, or Dash from somebody, you need to provide them with your cryptocurrency address.
Here are some steps to follow if you need to find your cryptocurrency receiving address:
- Choose the desired wallet on the main screen.
- Tap Receive at the bottom of the screen.
- Provide the sender with your receiving address. Here are a couple of ways you can do it:
- Show them Receive Money screen in your Plark app, and let them scan your QR code.
- Press Share under the QR code to send them your address via e-mail or text message.
You can also specify the amount of money you want to receive through the Request an Amount option.
Important: If you send cryptocurrency to a wrong address, you will not be able to refund it.
When you want to receive cryptocurrency from someone, you need share the respective QR code with the sender. They should make sure that the address they received is the same as yours under the QR code. In most cases it is enough to check the first five-six digits.
How can I send cryptocurrency?
- Go to Dashboard. Here you can choose the cryptocurrency you want to send.
- Once you have chosen the desired cryptocurrency, tap Send.
- Enter the address of the recipient or hit Scan QR.
- Enter the amount you want to send in cryptocurrency or local currency.
- Tap Send.
- Enter you PIN to confirm the transaction.
What is cryptocurrency address?
A cryptocurrency address is simply a virtual unique address that is used for sending, receiving, and storing your money. Usually, it contains 28-36 characters. Each cryptocurrency has a different address with a different amount of characters.
Why did my cryptocurrency Receive Address change?
Whenever you want to use a Bitcoin-like address (Bitcoin itself, Dash, and Litecoin) to receive a payment, Plark automatically generates a new address for you.
A new unique address for every transaction provides better security and privacy. You still can use the old address, although it is not shown on the screen anymore.
How do I exchange my cryptocurrency?
Plark allows you to exchange your cryptocurrency to any other (Bitcoin, Dash, Litecoin, and Ethereum) by completing the following steps:
- Tap Exchange on the main screen.
- Choose the currency you would like to exchange from and to. Specify the amount you want to exchange. Tap Exchange at the bottom of the screen.
- The next screen shows you the details of your exchange where you can confirm it.
It may take up to six hours for the exchange to complete.
Which cryptocurrencies does Plark support?
At the moment Plark wallet supports Bitcoin, Litecoin, Dash, and Ethereum with more positions to be added soon.
Why does it cost money to make a cryptocurrency transaction?
Every cryptocurrency transaction is carried out through Blockchain, which makes it a successful and valid transfer. The appropriate fee is automatically calculated by Plark.
Get more info at: https://support.blockchain.com/hc/en-us/articles/360000939903-Transaction-fees.
What is mining fee and how does it work?
You pay mining fees every time you send a transaction. These fees are paid to miners and constitute the main part of their earnings.
How fast you transaction is confirmed depends directly on the mining fee amount. Plark offers Cheap, Average, and Pricy transaction fees.
Cheap fee requires a small commission but there is a risk that your transaction will take long to be confirmed. Bitcoin transactions may even take more than an hour to be confirmed.
Average fee is a sensible middle option, sort of a compromise between the fee you pay and the speed of confirmation.
Pricy fee allows you to get your transaction confirmed within a couple of minutes. Although, it requires you to pay a higher fee.