Account FAQ

A Peach account is not like a normal account you would have with other services, like an email address and a password. Your Peach account is a file that lives on your phone, which makes it so that we don't need to store your data and don't have to know who you are: you are in control. This file holds all your data: from your bitcoin wallet keys to your payment details

This means more privacy for you, but it also comes with responsibility. You will need to back up this file, because otherwise, losing your phone will mean you no longer have access to your Peach account or the funds in your Peach wallet.

This file is also encrypted with a password you set yourself. Since the file is stored digitally, you should make sure that this password is strong.

A safe password is long and random. Humans are very bad at randomness, so we recommend using a password manager to generate passwords for you, to make sure that you get both. A passphrase is generally safer than a password, since it's longer. This could look something like this:

Confider+Thrift9+Elves+Straining+Distant

Since the Peach account is a file, we cannot limit how many times someone gets to try a different password. This could lead to someone using a computer to "brute force" (guess many times) your Peach file open and access your Peach wallet funds & personal data.

Since we don't store your password, you cannot recover it if you don't have the phone on which the Peach app is installed anymore.

If you're still logged in to Peach, no need to panic if you forgot your password. You can simply create a new backup with a new password through the settings:

You should always store your backup file away from your phone, like on an SD card, on your PC or an external hard drive. Otherwise you're still screwed when you lose your phone. You can also store it in cloud storage, but it's extra critical that you have a long and secure password if you do.

The file backup can recover your entire Peach account, so that you won't need to re-add all your payment methods etc. when you lose your phone. When you recover your account with the seed backup, you'll regain access to your account & funds, but you'll lose your:

• Chat history
• Payment data
• Counterparty's payment data in the trade history

When you make a Peach account, you'll automatically get a referral code. When others use this, you'll get one Peach point for every 10 000 sats that your referees trade on Peach. Peach points can be traded in for cool rewards, that change over time. Right now, you can get:

• A custom referral code (100 points)
• 5x trading without paying any Peach fees (200 points)
• Convert your points into sats (starting at 300 points)

If you choose the last option, we pay you 21% of the fee generated by the first 5 trades done by your referred user (note that our fee for the first trade will be 0% and then 2%). Every point you get 42 sats.
You have to request it manually via a ticket or by mail, since the automatic payout is not implemented yet.
We can payout on lightning network or onchain.

When someone uses your referral code, that person starts off with a gift of 100 Peach points themselves and a free trade!

The Peach score is your reputation on Peach. It is based on the user rating (the thumbs up/down your counterparty gives you after a trade) and on your actions, like disputes, how fast you pay, and more.

Unconfirmed transactions that have fees set too low or are too old can be forgotten by nodes in the bitcoin network. If this happened to you after buying bitcoin on peach, you can use the in-app contact form to get assistance. Make sure to mention the associated trade id.

To avoid this situation, make sure to set your fees at a sufficient rate. If you are not sure, you can choose an automatic fee rate that will adjust to the current fee situation. If you fear a transaction will get purged, you can bump it's fees by using RBF or CPFP depending on the situation.

To know more about how to accelerate transactions, take a look at our Youtube video to learn how to do a CPFP from Peach: https://www.youtube.com/watch?v=24OtQkL0CxU

Peach is a 100% compliant company. We are an affiliated Swiss financial intermediary and our compliance framework allows for KYC-less money exchange transactions under certain thresholds.

Peach is a self-custodial Bitcoin wallet which means that the user is in control of their private keys (seed phrase) #notyourkeysnotyourcoins. You should always make sure that your seed phrase (12 words) is safely stored offline. Go to Settings > Backup. With your seed phrase, you will be able to access your sats from another wallet, like Sparrow wallet on desktop, check out this Video Tutorial