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Cryptocurrency​

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates independently of a central bank and is decentralized. Cryptocurrencies leverage blockchain technology to gain transparency, immutability, and decentralization.

Mimbla supports payments in the following cryptocurrencies:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Monero (XMR)

And we are working on adding more cryptocurrencies in the future.

Blockchain​

A blockchain is a distributed ledger that records transactions across a network of computers. It is a chain of blocks that contain data and are linked together using cryptographic hashes. Each block contains a list of transactions, a timestamp, and a reference to the previous block.

Wallet​

A cryptocurrency wallet is a digital wallet that allows users to store, send, and receive cryptocurrencies. It stores the user's private and public keys, which are used to sign transactions and verify ownership of the cryptocurrency. Mimbla provides users with a wallet to store their cryptocurrency and manage their transactions, given that they have an account and have available funds it is possible to receive and withdraw funds.

Address​

A cryptocurrency address is a unique identifier that represents a destination for a cryptocurrency transaction. It is a string of alphanumeric characters that is derived from the user's public key. Each address is associated with a specific cryptocurrency wallet and can be used to send and receive payments.

Every time you create an invoice and an user selects a form of payment, a new address is generated for that specific transaction.

Balance​

A balance is the amount of cryptocurrency that a user holds in their wallet. It is the sum of all incoming and outgoing transactions for a specific cryptocurrency address. Mimbla provides you with a balance for each cryptocurrency you hold in your wallet and additional information about your transactions.

We also give you an estimated balance in USD, this is calculated using the current exchange rate for the selected cryptocurrency.

Payment​

A payment is a transfer of cryptocurrency from one party to another in exchange for goods or services. It is initiated by the sender and recorded on the blockchain as a transaction.

Invoice​

An invoice is a request for payment that is sent from a merchant to a customer. It includes details such as the amount due, the due date, and the payment address. Once the customer pays the invoice, the merchant receives the payment and the transaction is recorded on the blockchain.

API Key​

An API key is a unique identifier that is used to authenticate requests to an API. It is generated by the API provider and is used to ensure that only authorized users can access the API.

Webhook​

A webhook is a mechanism that allows an application to send real-time notifications to another application. It is triggered by events such as a payment confirmation or an invoice update and sends a payload of data to the receiving application.

Merchant​

A merchant is a business or individual that sells goods or services and accepts cryptocurrency as a form of payment. Merchants use payment gateways to process cryptocurrency payments and receive funds in their wallets.

Exchange rates​

An exchange rate is the value of one cryptocurrency in terms of another cryptocurrency or fiat currency. It is determined by the supply and demand for the currency on the market. Exchange rates are constantly changing and can be influenced by factors such as market conditions, economic indicators, and geopolitical events.

Mimbla provides you with real-time exchange rates for the cryptocurrencies supported on the platform. This allows you to calculate the value of your cryptocurrency holdings in terms of other currencies, for now we only support USD, but we are working on adding more currencies in the future.

Our exchange rates are updated every minute, so you can be sure that you are getting the most accurate information.

Accuracy and Precision of the Rates​

The rates are updated every 5 minutes and are provided in USD, EUR, and GBP, Mimbla fetches the rates from multiple sources and calculates the average to provide the most accurate rate possible, Mimbla does not charge any fees for the rate conversion, the rates are provided as a reference and the final amount will be calculated based on the rate at the time of the payment, keep in mind that the rates are subject to change and the final amount may vary slightly due to the volatility of the cryptocurrencies.

It's also important to note that Mimbla does not share any internal data with third parties, the rates are calculated internally and are not shared with any external service, the rates are provided as a reference and the final amount will be calculated based on the rate at the time of the payment.

It is recommended to always check the rates on the Mimbla dashboard before accepting any payments to ensure that you are using the most up-to-date rates or if you are using the API, you can should always specify the crypto parameter and set the amount for a more precise operation, the downside of this approach is that you will need to make multiple requests to get the rates for different cryptocurrencies or you will need to get your own rates from a third-party service and just set the amount parameter in the request.