BOMB MONEY MOBILE App
frequently asked questions
It’s as easy as downloading the BOMB Mobile App and then clicking “Create a new Wallet”. You will then be prompted to back up your wallet by writing down your Seed Phrase (a set of words that can be used to recover your wallet at a later time). It is HIGHLY RECOMMENDED that you do not skip this step.
Note that if you already have a wallet, you can click “I already have a Wallet” and iymport it by inputting your Seed Phrase.
For full details on creating a wallet and using the BOMB Mobile App, check out this how-to page.
A Web3 wallet is a digital wallet you can use for accessing Decentralised Finance protocols and to store your crypto. These wallets allow you to take control of your assets through self–custody. This means no one can access your funds without your approval. Self–custody is very empowering but means you are fully responsible for the safe keeping of your wallet and the seed phrase or private keys. If these are lost or compromised, you will not be able to access your wallet or your crypto.
The BOMB Mobile App will recommend that you back up your wallet right after it is created. However, if you skipped this step then you can still back it up by clicking on “Settings” and at the top you will see a “BACK UP MY WALLET” button.
You can back up your wallet by clicking on your account button and selecting “Back up my wallet”. This will show you your seed phrase. The Seed Phrase is 12 – 24 words that you must write down and keep in a secure offline location. DO NOT SHARE YOUR SEED PHRASE WITH ANYONE FOR ANY REASON INCLUDING BOMB MONEY TEAM. Nobody will ever ask you for your Seed Phrase for any reason other than to try and gain access to your wallet. NEVER SHARE YOUR SEED PHRASE!
Backing up your wallet is an important step in keeping your funds secure. In the event that you lose or damage your phone, the only way to restore your wallet (and the funds held by it) is to use your Seed Phrase that you obtained when backing up your wallet. This can also apply if you get a new phone. When you re-download the BOMB App, you will need to input your Seed Phrase in order to restore it on the new phone. Without your seed phrase there will be no way to restore you wallet and you will lose all your funds.
Think of your seed phrase like the password to access all of the funds on your wallet. You would not share your online banking password with anyone, or else they could get your funds. A seed phrase works similarly. The big difference is that if someone knows your seed phrase, they gain full control of your wallet and there is no reversing this.
In short, protect your seed phrase carefully. Don’t ever share it. Don’t save it on your computer. Keep it in a safe and secure location that you can access in case you need to recover your wallet yourself.
A stake position is created when you select an amount of crypto to invest along with a duration to invest it for. The stake position is then locked for the duration you select as it earns a set APR. After the lock duration, you can then redeem your initial investment plus the amount earned during the stake period.
For example, if you create a stake position with 1 Bitcoin for 360 days at 29.8% APR, your 1 Bitcoin would be locked for 360 days as it earns 29.8% APR. After 360 days, you would then be able to redeem your initial 1 Bitcoin PLUS the 29.8% APR earned (approximately 0.298 Bitcoin) for a total of ~1.298 Bitcoin. Once you create a stake position you cannot redeem it early unless you pay a 50% early redemption fee. Read of Terms of Service for more information.
Click on the “Stakes” tab at the bottom of the app and then click “Create Stake”. Then simply select the crypto you’d like to stake, input the amount, and select the duration (90, 180, 270, or 360 days). Voila, your stake has been created and you are now earning high yields on your selected crypto!
Note that the first time you create a stake, you will need to click “Approve” and approve the transaction in your wallet.
The BOMB Mobile App is powered by a smart contract on BOMB Chain, our custom-built blockchain, which handles all aspects of the app. This provides full transparency into everything occurring within the app and with the funds being staked. As a result, you need to approve your wallet to interact with the smart contract in order to create the stake position and earn high yields.
Note that this is only required once per wallet, so creating additional stake positions will not require approving again.
We offer varying stake durations including 90 days, 180 days, 270 days, and 360 days. You can select any duration you want, but note that the longer stake durations generally offer high APRs.
We offer different APRs depending on the crypto you choose to stake and the stake duration selected.
You can end your stake position at any time. However, it’s important to note that if you choose to end your position before the maturity date you will not receive any staking rewards and will also forfeit half of your stake position.
We do everything we can to provide a simple and safe experience but it’s well known that all digital assets/cryptoassets carry risk including high volatility and loss of value. Various governments and regulatory bodies have issued investor alerts surrounding the use of crypto so you may want to familiarize yourself with these. There are additional risks associated with the use of DeFi protocols and it’s important to remember no consumer protections or guarantees apply. Our terms of service provide more information on the risks associated with our services.
After you download the BOMB App and create a BOMB Wallet, you can then click on “Settings” and find your wallet’s unique referral code. Share this referral code to a friend and when they download the app and create a staking position worth a minimum of $100 USD, you both earn a bonus stake position worth $50. The bonus stake positions are locked for 6 months, but you will receive staking rewards at the current 6-month APR rate for Bitcoin, as listed in the app.
For full details on the referral program, click here.