Cryptocurrencies are digital assets that live within decentralized computer networks known as blockchains.
Sending cryptocurrencies from one wallet to another requires that both wallets are connected to the same network. Otherwise, the transaction is carried out, but the funds are lost along the way. That is, the amount is withdrawn from one wallet, but it does not reach the other wallet due to incompatibility between networks. This type of operation is called "cross-network transaction".
We are currently working on a solution to recover tokens that are lost between networks. But while this is not available, it is important that you are extra careful when moving funds between your wallets.
To prevent your funds from getting lost in a cross-network transaction, we've put together this quick walkthrough. Read it to make sure your funds are moved from another wallet to Bitso through the right network.
Step 1: From the Bitso app or website home screen, go to the option "Deposit".
In this example, we will be using the app, but the process is the same when depositing via web.
Step 2: Select the cryptocurrency you want to deposit into your account.
This walkthrough works for all cryptoassets listed on Bitso, but, for this example, we will be using USD stablecoins.
Step 3: Check which network will be used for the transaction.
When choosing the method to deposit your funds, you will find the network that Bitso uses to receive the cryptocurrency you selected. In the case of USD stablecoins, the correct network to send tokens through is Ethereum (ERC-20).
The other wallet should use this very same network to send your funds.
Click on the option to deposit via the network. Since we've selected USD stablecoins for this example, you will need to choose between one of the tokens listed on the screen: USD Coin, Pax Dollar or Binance USD.
Step 4: Go to your other wallet and paste the address that you copied.
After selecting the deposit option, you will come to a screen with a QR code and an address made up of letters and numbers. Copy this address and paste it into your other wallet's "Send" screen.
Important: In the "Send" screen of the other wallet, search for information about the network to be used.
If the network used by the other wallet is not supported by Bitso, try to change it on the "Send" screen of the other wallet or exchange. If you cannot make this change, we recommend that you contact the provider and ask for help to send your funds over the correct network.
If there is no information about the network to be used to transfer funds, do not go ahead with the transaction. Contact the other provider's support and get confirmation that your funds will be sent over the correct network.
By following these step-by-step guidelines, you ensure that the transaction is successful and that your funds arrive safely in your Bitso wallet. If the funds do not show right away in your account, don't worry. It may take a few minutes for the transfer between wallets to complete.