FAQ
Q: What is a Digital Bitcoin Wallet?
A: A Bitcoin Wallet is a free and simple app you download onto your phone which can be used to make fast and very cheap, peer-to-peer payments on the Bitcoin Lightning Network. More information on wallets here.
Q: What is the Golden Triangle?
A: The Golden Triangle is an area of south western Costa Rica with a special life energy for this time in human history, where people from all over the world come to reconnect with nature, food, community and themselves. It is a hub of self-development and education for life travelers, digital nomads and tourists. We believe this area is primed to embrace sound, digital money via the Lightning Network.
Q: What is the Lightning Network?
A: The Lightning Network is a second layer technology applied to Bitcoin that facilitates fast and direct micropayments from peer-to-peer. It cuts out all middle men, so that transaction fees are almost zero, therefore maximising any transaction for both the seller and buyer. See https://lightning.engineering or more information here.
Q: What is Bitcoin?
A: Bitcoin is an innovative payment network and a new kind of money. See www.bitcoin.org for more details.
Q: Is Bitcoin accepted in Costa Rica?
A: In Costa Rica, law permits payment can be accepted in from of a commonly agreed upon asset. Therefore as long as both parties agree it is an acceptable form of payment it is allowed.
Q: Where can I see who accepts Bitcoin as payment?
A: In the app if you click the button third from the left on the bottom it will open the map of places in Costa Rica that accept Bitcoin as payment.
Q: Has a project like this been done before?
A: Yes, in El Zonte, El Salvador, also known as Bitcoin Beach, digital payments have been integrated throughout all levels of society, from street vendors to surf shops. Bitcoin Beach is an open source project. Bitcoin Jungle will be based on the same model. See www.bitcoinbeach.com for more details
Q: Will I need any special equipment to use Bitcoin Jungle?
A: No, neither a buyer or a seller will need any special equipment to make financial transactions. It will all be done instantly via smart phones, the App and QR codes.
Q: Who owns Bitcoin Jungle and who is making the money?
A: The app Bitcoin Jungle is owned by a small team and is completely FREE to download however, all the transaction fees are being processed and received on Bitcoin Lightning Nodes. Anyone can operate a node and start taking fees. Bitcoin Jungle is not a closed system like PayPal, Visa etc.
Q: Do I have to hold Bitcoin if I accept transactions on Bitcoin Jungle?
A: The money held in your wallet is in Bitcoin but you can cash it through the Bitcoin ATM networks (coming shortly) or through a network of people that Bitcoin Jungle can connect you with for exchanging it to Colones.
Q: Is the Bitcoin Jungle only for a small area?
A: No, Bitcoin Jungle will eventually be used all over Costa Rica. The Golden Triangle is the pilot area.
Q: How is Bitcoin Jungle better than SINPE?
A: SINPE is a back led initiative to provide quick and free payments to residents with a bank account. The costs of the small payments are subsidized by larger payments made through the banking system. On the Lightning Network, fees will tiny regardless of the transaction amounts. We force that the Lightning Network will eclipse this new banking initiative as people transferring larger amounts will naturally migrate to cheaper ways to move around their money.
Q: Why does Bitcoin Jungle not show up in my apple store?
A: The apple store in America has blocked the purchase of Bitcoin Jungle in the store. This is directly connected to the bank card that you have associated with your Apple ID. Bitcoin Jungle has no say in what the store allows and does not allow.
Q: How can I download Bitcoin Jungle if I have an American Bank from the Apple store?
A: Unfortunately at this time there is no way to bypass the apple store to download Bitcoin Jungle. There is an option for you to download the app if you have a bank that is any other country in the world. You will need to update the card on file for your Apple ID. This link will go over the things you need to do in order to change your region. https://support.apple.com/en-us/HT201389
Q: What can I do if I don't have another bank other than in the United States?
A: At this time there are no other options for Bitcoin Jungle and Apple to work together. There are many other lightning wallet options though that are compatible with Bitcoin Jungle. You can utilize QR codes and lightning invoices to send and receive. You won't be able to use the username as that is only within the Bitcoin Jungle network. A recommended wallet to use is "wallet of satoshi" if you are unable to download the app.
Q: Can I download the app if I have an Android?
A: Android users have no restrictions to download the app from the play store.
Q: Do I need internet on my phone to use Bitcoin Jungle?
A: Yes, internet is required to send/ receive Bitcoin on the app. If someone sends you Bitcoin and you are not currently connected to the internet the balance will reflect in your transactions and your balance when you are have internet again.
Q: What exchange can I use to buy and sell bitcoin?
A: For Americans we recommend Swan or Strike. For Canadians we recommend Bull Bitcoin. Other options are Binance and Bitfinex.
Q: Where can I buy Bitcoin in Costa Rica with a Costa Rican bank account?
A: Costa Rican banks do not allow accounts to buy Bitcoin on exchanges. You would need a bank account in a different country or you can do peer to peer (P2P) which is buying Bitcoin from someone else that has some to sell.
Q: How much balance should I keep in the Bitcoin Jungle app?
A: You can think of your Bitcoin Jungle app as your day to day wallet. You wouldn't carry around all the money you have with you. We recommend to carry a smaller balance that you would use daily.
Q: Where do I safely keep my Bitcoin that isn't in the app?
A: There are many ways to safely store your Bitcoin. It is not recommended to keep your Bitcoin on an exchange. Like in any bank your money could be misused, lost, or stolen. Your Bitcoin is safest when you have full control of where it is.
There are 2 ways to store your Bitcoin safely.
One is with a hardware wallet like "Cold Card", "Ledger" or "Trezor"
The second way is with a software wallet like "Exodus", "Muun", and "Blue"
This list is by no means all the options and we recommend to research as many as you can to choose the right one for you.
Q: How can I get money out of my Bitcoin Jungle app?
A: There may come a time where you need to take fiat money out of your wallet for many reasons. In this case you may hear the term "cash out". The way to do that would be to find someone trusted with the amount of cash needed and sell them your Bitcoin for the cash. You can also sell on the exchange for your country and that can be put onto a debit card or PayPal depending on which exchange you use. Lastly you can use a Bitcoin ATM. There is one is San Jose and we are working on having one in Uvita coming soon.
Q: What if I need to change my phone number?
A: It is very important to note that your phone number stays with this wallet. If you lose your phone you can replace the SIM card as long as you keep your same number. If you need to change your number we recommend to empty your Bitcoin Jungle wallet completely and create a new wallet with a new phone number.
Q: Can I change my username?
A: The username stays with the wallet as long as it is active. There is no changing the username so chose wisely.
Q: How do I delete my business off of the app?
A: At this time there is no way to delete a business off the app. Reach out to us on WhatsApp for help.