What is Ethereum (ERC-20) and what are its tokens?

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Ethereum is a free, public platform that allows independent developers to create and run decentralized applications (dApps). You can find further information on it at the Ethereum webpage.


What are ERC-20 tokens?

On Ethereum, other cryptocurrencies can be created. Using Ethereum's own ERC-20 token standards, one can create their own token and program that coin's desired characteristics such as its security, parameters, what smart contracts are subject to, etc.


Send or receive ERC-20 tokens sent to you:

You should only forward ERC-20 Tokens listed to your Bitso address. Credits will be computed after 30 confirmations on the blockchain.

It is very important to verify the sending network when sending ERC-20 tokens. At Bitso, we only use the conventional network to send ERC-20 Tokens, which is the Ethereum Network. Some platforms offer the option of sending via other networks with lower commissions, however, these only work internally or on a few platforms. If the Ethereum Network is not used, your tokens will not reach Bitso and will be lost.

Furthermore, we also do not recommend forwarding ERC-20 Tokens directly to Crowd Sale sites or ICO Addresses, as they will also be lost.


What is a crowd sale or ICO address?

An Initial Coin Offering (ICO) is a method of raising funds through the use of cryptocurrencies. Its use is more common in projects that do not yet have a complete development of their platform, product or service, and payments are usually made with Ethereum.

Typically, ICO tokens are created on Ethereum following the ERC-20 token standards.

Anyone can create an ERC-20 token and, despite being a tool for raising capital, ICOs also have the largest variety of new coins. Some may be scams or pyramid schemes, where people advertise and sell worthless coins.

To avoid being involved in schemes that could cause you to lose your funds, the capacity of sending assets to these addresses through Bitso is not enabled.

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