Cryptocredits Guide for Law Enforcement

Updated Feb 1, 2019

  • Cryptocredits users don’t make transaction requests to us instead, they transact themselves, directly with a virtual currency network.
  • Cryptocredits’s wallet is essentially a backup service, like Dropbox or Amazon Cloud, except much more limited.
  • We can only back up one kind of file – an encrypted wallet.
  • Cryptocredits is not a financial intermediary. This is different than how virtual currency exchanges operate. We never know any of our users’ private keys.
  • We don’t take control of or transmit our users’ virtual currency. .Cryptocredits is noncustodial.
  • Cryptocredits users can store and spend the same virtual currencies, in as many other industry-standard software wallets as they like… at the same time as they are stored in a Cryptocredits wallet.

Cryptocredits can’t:

  • Spend virtual currency on a user’s behalf (or against the user’s wishes).
  • Freeze or forfeit virtual currency on law enforcement’s behalf.
  • Determine the balance of wallets.

Cryptocredits does not know its users:

  • Verified legal names
  • Social security or national ID numbers

Here’s what client-side banking looks like:

  • User registers wallet software & encrypted backup from Cryptocredits
  • Wallet & keys are decrypted in the user’s browser using their password
  • Users send & receive virtual currency using the wallet software as they please
  • Wallet is re-encrypted in the user’s browser & backed up to Cryptocredits for future use.