Duende Frequently Asked Questions
- How Can I Withdraw in Fiat Currencies (US Dollar, Euro, Yen, Yuan, etc)
Duende is a cryptocurrency-exclusive payment and e-commerce platform and does not support withdrawal in fiat currencies.
2. How Can You Measure My Balance in US Dollar?
We estimate your cryptocurrency balance in the US dollar based on the Duende/Dai USD Stablecoin market value on our platform.
3. What Is Dai Stablecoin?
Dai is a stablecoin cryptocurrency that is pegged to one United States dollar through an automated system of smart contracts. Duende is not affiliated with Dai. Please visit its website for more information: https://makerdao.world/en/faqs/dai/
4. Why Do You Support Only A Small Set of Cryptocurrencies?
Our primary goal is to offer an immediate aid to the underbanked or unbanked population. We believe that the money in trust can be simply backed by Bitcoin. No other cryptocurrencies have been as widely recognized and accepted as Bitcoin, but we do offer other most popular cryptocurrencies. We limit the total number of cryptocurrencies in use on our platform to only 5 for the sake of simplicity.
5. Why Do You Not Support Ethereum Network?
We had to opt for the Polygon network due to the high transaction cost. We do not plan to support on-chain transactions on the Ethreum network for the foreseeable future. Even for ETH, you have to use the Polygon network and the ETH circulating on our platform is actually WETH on the Polygon network, not a native Ether.
6. I Cannot Accept Random Amount of Payment Upfront
You can’t. You must set up items linked to your products/services before you are able to accept payment. This could be done by barcode scanning for physical goods and QR code generating for services. It might seem inconvenient at first glance, but you will realize that it was a much better way as all you need to do at the point of sales is just scanning the barcode/QR code of your products/services and selecting quantities of sales. We will automatically calculate the total amount of your sales, plus taxes, in case you want.
7. How Can I Deposit into My Wallets on Duende?
Use cryptocurrency exchanges that support transfer from the Bitcoin network or the Matic network to directly deposit into your wallets on Duende. Or use your personal Bitcoin wallet or Polygon wallet. Please do note that transfers on the Bitcoin network costs much higher transaction fees than transfers on the Polygon network. Currently the cryptocurrency exchanges that support transfers on the Matic network are Bitmax, Okcoin, Okex, Bitforex, and Binance. Alternatively, you can withdraw using the Ethereum network to your personal wallet, and then use the official Ethereum-Polygon bridge, and finally, transfer the cryptocurrencies through the Polygon network. We would not advise this way unless you are an advanced user. The official bridge web address is https://wallet.matic.network/bridge/.
8. How Can I Withdraw My Cryptocurrencies and How Much Is Fee?
The basic protocol follows the same way as depositing. You must use the right network and right address. Withdrawing to a wrong address or using a wrong network may result in permanent loss of your fund and you are fully responsible for your actions. We do not charge deposit fees from our side. Withdrawal fees are as follows:
DUENDE(Duende): 0.2 DUENDE
BTC(Bitcoin): 0.0011 BTC
ETH(Ethereum): 0.0001 ETH
MATIC(Polygon): 0.2 MATIC
DAI(Dai USD Stablecoin): 1 DAI
9. Is There Any Other Fees Involved with Using Duende?
Transfer inside the Duende platform between Duende users: Free
Payment: 1.5% of the total payment amount for business users. When payment is made in DUENDE, 1% for business users. Free for customer users in any cryptocurrencies.
Shopping (referring to our exclusive online shopping ecosystem): 1.5% in addition to handling payment. So the total of 3% for the whole shopping payment amount in all other cryptocurrencies and 2% in DUENDE. Only applies to business users. Free for customer users.
Food Delivery: Same as “Shopping” fee structure.
Payroll: US$1.5 worth of cryptocurrencies in your choice per employee payroll or 1.5% of the payroll amount, whichever is lower. When the payroll is made in DUENDE, US$1 or 1% of the payroll amount, whichever is lower. Free for employees.
Business Analytics: Free for all business users. Large-size businesses must join a reward program powered by Duende to give incentives to the end customers. The payment will be analyzed based on payments made in the Duende platform.
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10. My Business Does Not Appear on Duende Map
Only verified businesses are listed on the Duende app to ensure the safety of Duende users. Please verify your business.
11. I Do Not Seem to Find Menu for Making Payment as Customer
Please hold long the Duende button in the middle-bottom of the app. You will be asked to authorize the permission to use your camera. If you rejected it, please check your phone settings.
