What Are Cryptocurrency Networks?
If you regularly conduct crypto transactions in BTC & ETH, it’s important to consider whether you’re using the correct network for the type of cryptocurrency.
By network, we refer to the blockchain on which the cryptocurrency transaction will be executed. It is crucial to know which network is the correct one for each type of asset.
Bitcoin: Currently, we use the native Bitcoin (BTC) network for sending and receiving bitcoins. You’ll generally find it identified in your wallet app as “Bitcoin Mainnet” or “Bitcoin (BTC)”.
Ether: Currently, we use the native Ethereum network (ERC-20) for sending and receiving ethers (ETH). You’ll typically see it labeled in your wallet app as “ERC-20”, “Ethereum Mainnet”, “Ethereum”, or “Ethereum (ERC-20)”.
Now that you’re a crypto transactions expert 😎, remember to avoid using cryptocurrency networks other than those indicated above, as funds sent to incorrect networks are often irrecoverable.
Currently, we do not operate with second-layer networks or solutions (Matic, Polygon, Lightning Network, etc.).
What Is a Transaction Hash?
The Transaction Hash, also known as the transaction code or "Tx ID", is a unique identification code that allows you to track cryptocurrency transactions.
Thanks to this code, it is possible to view and track the location of transferred cryptocurrencies on their respective networks and see details such as the execution date, the amount transferred, transaction fees, and other elements.
We might request this code from you in case there is an issue with your transaction.
How Can I View My Transaction Hash?
If the transfer was made from a wallet app, you can find the code in the transaction details, often labeled as “Tx ID”.
You can also copy this code and view it on a Bitcoin or Ethereum block explorer to verify that it is linked to your transfer.
Crypto Market Volatility
When you start investing in cryptocurrencies, it is crucial to understand that most of them are highly volatile in terms of price.
Volatility refers to the ability of an asset to dramatically change its price within a certain period, as well as how quickly or frequently these changes occur. Each market has a different level of volatility depending on its nature.
In the case of cryptocurrencies, since most are volatile, their prices can rise or fall significantly. Therefore, investors may not receive the same amount initially invested.
Consequently, it is important to understand that investing in these assets carries risk, and returns are not guaranteed in all cases.